GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

Standard Investments LLC's Holding History (CIK: 0001539436)

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

Q1 2015

Shares 43,425 Value ($000) $600 Avg Close $11.36 Range $9.17 - $14.80

Q4 2014

Shares 37,106 Value ($000) $416 Avg Close $9.58 Range $7.16 - $11.73

Q3 2014

Shares 105,670 Value ($000) $833 Avg Close $10.95 Range $7.88 - $13.94

Q2 2014

Shares 20,365 Value ($000) $267 Avg Close $11.23 Range $9.02 - $13.44

Q1 2014

Shares 147,407 Value ($000) $1,529 Avg Close $11.35 Range $9.04 - $14.98

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	43,425	$600	$11.36	$9.17 - $14.80
Q4 2014	37,106	$416	$9.58	$7.16 - $11.73
Q3 2014	105,670	$833	$10.95	$7.88 - $13.94
Q2 2014	20,365	$267	$11.23	$9.02 - $13.44
Q1 2014	147,407	$1,529	$11.35	$9.04 - $14.98