Dividend Summary for ticker GTN (Common Stock) and GTN.A (Class A Common Stock) Gray Television, Inc.

Record Payable Amount Type 09/15/08 10/15/08 $0.03 Regular Cash 06/25/08 07/25/08 $0.03 Regular Cash 12/14/07 01/15/08 $0.03 Regular Cash 03/14/07 03/30/07 $0.03 Regular Cash 12/15/06 01/02/07 $0.03 Regular Cash 09/15/06 10/02/06 $0.03 Regular Cash 06/15/06 06/30/06 $0.03 Regular Cash 03/15/06 03/31/06 $0.03 Regular Cash 12/14/05 12/30/05 $0.03 Regular Cash 09/15/05 09/30/05 $0.03 Regular Cash 06/15/05 06/30/05 $0.03 Regular Cash 03/15/05 03/31/05 $0.03 Regular Cash 12/14/04 01/04/05 $0.12 Special Cash 12/14/04 12/30/04 $0.03 Regular Cash 09/15/04 09/30/04 $0.03 Regular Cash 06/15/04 06/30/04 $0.03 Regular Cash

Dividend Summary above provides dividends for both classes of common stock.

Gray continues its tradition of 39 consecutive years of cash dividends. Both classes of Common Stock receive dividends on an equal basis. However, there can be no assurance of Gray's ability to continue to pay any dividends on either classes of Common Stock.