GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

Welch Group, LLC's Holding History (CIK: 0001443095)

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

Q4 2025

Shares 12,369 Value ($000) $60 Avg Close $4.89 Range $4.25 - $5.86

Q3 2025

Shares 12,369 Value ($000) $71 Avg Close $5.43 Range $3.50 - $6.31

Q2 2025

Shares 12,369 Value ($000) $56 Avg Close $3.88 Range $3.13 - $4.77

Q1 2025

Shares 12,369 Value ($000) $53 Avg Close $3.93 Range $3.15 - $5.29

Q1 2019

Shares 10,000 Value ($000) $214 Avg Close $18.64 Range $14.44 - $23.45

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	12,369	$60	$4.89	$4.25 - $5.86
Q3 2025	12,369	$71	$5.43	$3.50 - $6.31
Q2 2025	12,369	$56	$3.88	$3.13 - $4.77
Q1 2025	12,369	$53	$3.93	$3.15 - $5.29
Q1 2019	10,000	$214	$18.64	$14.44 - $23.45