GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

ADAGE CAPITAL PARTNERS GP, L.L.C.'s Holding History (CIK: 0001165408)

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

Q3 2015

Shares 638,663 Value ($000) $8,149 Avg Close $14.21 Range $10.38 - $18.07

Q2 2015

Shares 500,000 Value ($000) $7,840 Avg Close $14.67 Range $13.18 - $16.67

Q1 2015

Shares 650,000 Value ($000) $8,983 Avg Close $11.36 Range $9.17 - $14.80

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2015	638,663	$8,149	$14.21	$10.38 - $18.07
Q2 2015	500,000	$7,840	$14.67	$13.18 - $16.67
Q1 2015	650,000	$8,983	$11.36	$9.17 - $14.80