GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

Tiptree Advisors, LLC's Holding History (CIK: 0001455452)

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

Q2 2014

Shares 100,000 Value ($000) $1,313 Avg Close $11.23 Range $9.02 - $13.44

Q1 2014

Shares 405,139 Value ($000) $4,201 Avg Close $11.35 Range $9.04 - $14.98

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	100,000	$1,313	$11.23	$9.02 - $13.44
Q1 2014	405,139	$4,201	$11.35	$9.04 - $14.98