GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AM's Holding History (CIK: 0001132716)

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

Q4 2016

Shares 1,649,653 Value ($000) $17,899,000 Avg Close $9.81 Range $7.00 - $11.40

Q3 2016

Shares 2,910,861 Value ($000) $30,157,000 Avg Close $10.90 Range $9.15 - $11.90

Q2 2016

Shares 364,057 Value ($000) $3,950,000 Avg Close $11.80 Range $10.43 - $14.77

Q4 2015

Shares 35,000 Value ($000) $570,000 Avg Close $15.66 Range $12.46 - $17.70

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	1,649,653	$17,899,000	$9.81	$7.00 - $11.40
Q3 2016	2,910,861	$30,157,000	$10.90	$9.15 - $11.90
Q2 2016	364,057	$3,950,000	$11.80	$10.43 - $14.77
Q4 2015	35,000	$570,000	$15.66	$12.46 - $17.70