GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

SHEPHERD KAPLAN KROCHUK, LLC's Holding History (CIK: 0001218583)

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

Q4 2015

Shares 18,607 Value ($000) $304 Avg Close $15.66 Range $12.46 - $17.70

Q3 2015

Shares 30,974 Value ($000) $395 Avg Close $14.21 Range $10.38 - $18.07

Q2 2015

Shares 35,290 Value ($000) $554 Avg Close $14.67 Range $13.18 - $16.67

Q1 2015

Shares 28,986 Value ($000) $401 Avg Close $11.36 Range $9.17 - $14.80

Q4 2014

Shares 42,500 Value ($000) $476 Avg Close $9.58 Range $7.16 - $11.73

Q3 2014

Shares 35,000 Value ($000) $275 Avg Close $10.95 Range $7.88 - $13.94

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	18,607	$304	$15.66	$12.46 - $17.70
Q3 2015	30,974	$395	$14.21	$10.38 - $18.07
Q2 2015	35,290	$554	$14.67	$13.18 - $16.67
Q1 2015	28,986	$401	$11.36	$9.17 - $14.80
Q4 2014	42,500	$476	$9.58	$7.16 - $11.73
Q3 2014	35,000	$275	$10.95	$7.88 - $13.94