GRAY TELEVISION INC

Ticker: GTN CUSIP: 389375106 Class: Common Stock

Park Avenue Institutional Advisers LLC's Holding History (CIK: 0001640801)

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

Q1 2017

Shares 39,500 Value ($000) $573 Avg Close $12.66 Range $9.95 - $15.10

Q4 2016

Shares 39,500 Value ($000) $429 Avg Close $9.81 Range $7.00 - $11.40

Q3 2016

Shares 39,500 Value ($000) $410 Avg Close $10.90 Range $9.15 - $11.90

Q2 2016

Shares 39,500 Value ($000) $429 Avg Close $11.80 Range $10.43 - $14.77

Q1 2016

Shares 39,500 Value ($000) $463 Avg Close $12.31 Range $9.95 - $16.26

Q4 2015

Shares 15,000 Value ($000) $245 Avg Close $15.66 Range $12.46 - $17.70

Q3 2015

Shares 15,000 Value ($000) $191 Avg Close $14.21 Range $10.38 - $18.07

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	39,500	$573	$12.66	$9.95 - $15.10
Q4 2016	39,500	$429	$9.81	$7.00 - $11.40
Q3 2016	39,500	$410	$10.90	$9.15 - $11.90
Q2 2016	39,500	$429	$11.80	$10.43 - $14.77
Q1 2016	39,500	$463	$12.31	$9.95 - $16.26
Q4 2015	15,000	$245	$15.66	$12.46 - $17.70
Q3 2015	15,000	$191	$14.21	$10.38 - $18.07