Gray Television : Investor Presentation, March 2024

Gray Television, Inc. (NYSE: GTN)

Investor Presentation

March 2024

Updated for December 31, 2023 Financial Information

Notes and Disclaimer

As of March 2024, Gray Television, Inc. ("Gray") owns local network-affiliated television stations in 114 markets. Station rankings (i.e., number 1, number 2) reflect all-day ratings in 2023 according to Comscore. DMA population estimates and ranks according to Nielsen. All numerical and financial data are presented on an as-reported ("AR") basis as of 12/31/2023 unless otherwise indicated.

This presentation contains certain forward-looking statements that are based largely on Gray's current expectations and reflect various estimates and assumptions by Gray. These statements may be identified by words such as "estimates", "expect," "anticipate," "will," "implied," "assume" and similar expressions. In addition, statements in this presentation relating to the value and growth opportunities for revenues are based on Gray's current expectations and beliefs and therefore constitute forward- looking statements. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties which in some instances are beyond Gray's control, including estimates of future revenue, future expenses and other future events.

Gray is subject to additional risks and uncertainties described in Gray's quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and management's discussion and analysis of financial condition and results of operations sections contained therein. Any forward-looking statements in this presentation should be evaluated in light of these important risk factors. This presentation reflects management's views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this presentation beyond the published date, whether as a result of new information, future events or otherwise.

See additional definitions and disclaimers at the end of the presentation.

2

Investment Highlights

• Best-in-classbroadcaster with diverse assets and national reach

• Highly desired and relevant content that reaches mass audiences

• Resilient, scalable revenue streams with stable revenue base

• Demonstrated strong Operating Cash Flow generation driving deleveraging

• Demonstrated strong recurring Free Cash Flow generation driving deleveraging

• Demonstrated strong focus on paying down debt and reducing interest expense

• Demonstrated ability to leverage reach and content to continue growing core and digital advertising revenues

• Leader in bringing local professional sports teams to broadcast stations, expanding audience and customer reach for teams and host stations in home markets and outer markets

• Historic 2024 Super Bowl revenue and favorable time/location for 2024 Olympics expected to provide further momentum

1. Industry leader in political advertising revenue due to station ranks and market locations
2. Assembly Atlanta now contributing positive operating cash flow
3. Future near-term new revenue stream opportunities from NextGen TV deployments

3

Company Overview

Gray Is the

Nation's Second

Largest Television

Broadcaster

Gray Owns the Most

#1 Ranked Local News

Television Stations of

Any Broadcaster

$3.5 Billion L8QA Revenue

$1.1	Billion L8QA Operating Cash
Flow
32%	L8QA Operating Cash Flow /
		Revenue Margin

89%	Markets with #1 and/or #2
Ranked Local TV Station

5

Gray's National Footprint in 2024

Reaches 36% of Total US Television Households

48% of Gray TVHH in Midsize Markets

45% of Gray TVHH in Large Markets

7% of Gray TVHH in Small Markets

6

Gray's Local Stations Deliver Viewers

Gray Local Newscasts Deliver More Household Viewership in

their Markets than All Competing Premium Content

101,383,761

70,424,405

34,599,792

• More than Total Network PrimeViewership on NBC, CBS, ABC and FOX Combined
• More than Total NFL Game Viewershipon ABC (MNF), CBS, FOX, and NBC Combined

Big Four Network Programming Contributed Only

30% of Gray's 2023 Television Ad Revenue

5% 6%

7%

8%

52%

Gray Local	Network Prime	NFL on Broadcast
News	Combined	Combined

Source: ComscoreTV Household Viewership in Gray's then-113 Markets (September 5-11, 2023)

10%

12%

7

Leading Partnerships with Networks and MVPDs

Owned and/or Operated Big Four Affiliates

33 O&O channels (Expires 2H 2025)

57 O&O channels (Expires 12/31/25)

19% 15%

26 O&O Channels (Expires 12/31/24)

32%

33%	55 O&O channels
	(Expires 2H 2025)

Successful History of Retransmission Renewals

• As of March 1, 2024, Gray completed retransmission renewals representing more than 70 percent of its traditional MVPD subscriber footprint in its current three-year retransmission renewal cycle that began with the successful renewal of agreements with three of the largest traditional MVPDs in the first quarter of 2023.
• Retrans renewals have met Gray's financial expectations, and all negotiations were completed without consumer disruptions or "blackouts."
• Gray anticipates that it will successfully renew agreements with a small number of cable operators serving less than 30 percent of its remaining traditional MVPD subscriber base, primarily during the second half of 2024.

ü Gray's renewal cycle begins again with 22% of traditional MVPD subscribers in 2026 Q1 and 17% in 2026 Q2. 8

Gray's Stations Are Best-In-Class, Outperforming Peers in Core Advertising Growth in 2023

6%

4%

4%
			2%
2%
		1%	1%
0%
-2%			-1%
-2%
-4%
	-4%
-6%
-6%
-8%
Q1 2023A	Q2 2023A	Q3 2023A	Q4 2023A
		Peer Average	Gray

"Core Advertising Revenue" is total net advertising and marketing revenue excluding net political advertising revenue. Peer average presents the average year-over-year change in Core Advertising Revenue reported in quarterly company filings by Nexstar Media Group, TEGNA, Sinclair (excluding Diamond Sports), and E.W. Scripps. Gray's figures reflect year-over-year change in core advertising revenue per

quarterly company filings.9

Gray Excels at Political Advertising Revenue

$20 $15

$10

$5 $0

$20 $15

$10 $5 $0

2022 Political Ad Revenue per TV Household

$14.66

$9.13 $8.73 $7.65

$2.99

Gray

TEGNA

Sinclair

Nexstar

Scripps

2020 Political Ad Revenue per TV Household

$18.06

$11.64

$9.52 $8.13

$3.66

Gray

TEGNA

Sinclair

Nexstar

Scripps

Revenue per company filings. TV Household estimates from Comscore for applicable year. Gray is CHB for 2020. Scripps includes Ion for	10
both periods.