GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

BRIGADE CAPITAL MANAGEMENT, LP's Holding History (CIK: 0001421306)

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

Q1 2017

Shares 425,000 Value ($000) $6,163 Avg Close $12.66 Range $9.95 - $15.10

Q4 2016

Shares 1,100,000 Value ($000) $11,935 Avg Close $9.81 Range $7.00 - $11.40

Q3 2016

Shares 1,000,000 Value ($000) $10,360 Avg Close $10.90 Range $9.15 - $11.90

Q2 2016

Shares 545,000 Value ($000) $5,913 Avg Close $11.80 Range $10.43 - $14.77

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	425,000	$6,163	$12.66	$9.95 - $15.10
Q4 2016	1,100,000	$11,935	$9.81	$7.00 - $11.40
Q3 2016	1,000,000	$10,360	$10.90	$9.15 - $11.90
Q2 2016	545,000	$5,913	$11.80	$10.43 - $14.77