GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

Covalent Partners LLC's Holding History (CIK: 0001531611)

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

Q3 2014

Shares 904,535 Value ($000) $7,128 Avg Close $10.95 Range $7.88 - $13.94

Q2 2014

Shares 490,870 Value ($000) $6,445 Avg Close $11.23 Range $9.02 - $13.44

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	904,535	$7,128	$10.95	$7.88 - $13.94
Q2 2014	490,870	$6,445	$11.23	$9.02 - $13.44