GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

FORMULA GROWTH LTD's Holding History (CIK: 0001093219)

Note: Option positions (PUT/CALL) are excluded.

Q2 2016

Shares 66,000 Value ($000) $716 Avg Close $11.80 Range $10.43 - $14.77

Q1 2016

Shares 66,000 Value ($000) $774 Avg Close $12.31 Range $9.95 - $16.26

Q4 2015

Shares 40,000 Value ($000) $652 Avg Close $15.66 Range $12.46 - $17.70

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2016	66,000	$716	$11.80	$10.43 - $14.77
Q1 2016	66,000	$774	$12.31	$9.95 - $16.26
Q4 2015	40,000	$652	$15.66	$12.46 - $17.70