GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

FARMERS & MERCHANTS INVESTMENTS INC's Holding History (CIK: 0001259969)

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

Q4 2017

Shares 507 Value ($000) $8 Avg Close $15.62 Range $13.90 - $17.50

Q3 2017

Shares 507 Value ($000) $8 Avg Close $14.30 Range $13.30 - $15.75

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	507	$8	$15.62	$13.90 - $17.50
Q3 2017	507	$8	$14.30	$13.30 - $15.75