GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

WATER ISLAND CAPITAL LLC's Holding History (CIK: 0001222765)

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

Q1 2018

Shares 81,276 Value ($000) $1,032 Avg Close $15.09 Range $11.80 - $17.80

Q4 2017

Shares 38,812 Value ($000) $650 Avg Close $15.62 Range $13.90 - $17.50

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2018	81,276	$1,032	$15.09	$11.80 - $17.80
Q4 2017	38,812	$650	$15.62	$13.90 - $17.50