GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

ELEMENT CAPITAL MANAGEMENT LLC's Holding History (CIK: 0001535630)

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

Q4 2018

Shares 26,269 Value ($000) $387 Avg Close $17.36 Range $13.75 - $20.24

Q3 2018

Shares 24,641 Value ($000) $431 Avg Close $16.37 Range $14.60 - $17.90

Q2 2018

Shares 20,647 Value ($000) $326 Avg Close $12.00 Range $10.70 - $17.00

Q1 2018

Shares 11,515 Value ($000) $146 Avg Close $15.09 Range $11.80 - $17.80

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2018	26,269	$387	$17.36	$13.75 - $20.24
Q3 2018	24,641	$431	$16.37	$14.60 - $17.90
Q2 2018	20,647	$326	$12.00	$10.70 - $17.00
Q1 2018	11,515	$146	$15.09	$11.80 - $17.80