X0202 4 2006-06-14 0 0000043196 GRAY TELEVISION INC GTN 0001008889 ROBINSON J MACK 4370 PEACHTREE ROAD,NE ATLANTA GA 30319 1 1 0 0 Chairman & CEO Common Stock (GTN) 118950 D Common Stock (GTN) 85500 I Spouse Common Class A Stock (GTN.A) 10400 I Spouse Common Stock (GTN) 43750 I Spouse as Trustee for Children Common Class A Stock (GTN.A) 1062380 I Spouse as Trustee for Children Common Stock (GTN) 35000 I Delta Fire & Casualty Ins. Co. Common Class A Stock (GTN.A) 33750 I Delta Fire & Casualty Ins. Co. Common Stock (GTN) 10000 I Delta Life Ins. Co. Common Class A Stock (GTN.A) 135795 I Delta Life Ins. Co. Common Class A Stock (GTN.A) 221706 I Bankers Fidelity Life Ins. Co. Common Stock (GTN) 6000 I Georgia Casualty & Surety Co. Common Class A Stock (GTN.A) 132354 I Georgia Casualty & Surety Co. Common Stock (GTN) 72000 I Assoc. Casualty Insurance Co. Common Class A Stock (GTN.A) 22000 I Assoc. Casualty Insurance Co. Common Stock (GTN) 50000 I American Southern Insurance Co. Common Stock (GTN) 4261 D Common Class A Stock (GTN.A) 101200 I Gulf Capital Services, Ltd. Common Class A Stock (GTN.A) 2006-06-14 4 P 0 5000 6.11 A 624840 I Spouse Common Class A Stock (GTN.A) 789575 D Option - Class A Common Stock (GTN.A) 15.39 2000-11-19 2008-11-19 GTN.A 11570 11570 D Option - Common Stock (GTN) 10.93 2005-11-20 2008-11-20 GTN 45720 45720 D Option - Common Stock (GTN) 9.58 2004-09-30 2007-09-30 GTN 125730 125730 D Option - Common Stock (GTN) 9.82 2004-01-07 2007-01-07 GTN 76581 76581 D Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 41316 54 I Spouse Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 27544 36 I Spouse as Trustee for Children Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 27544 36 I Spouse as Trustee for Children Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 133894 175 I Georgia Casualty and Surety Co. Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 133894 175 I Bankers Fidelity Life Insurance Co. Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 228003 298 I Delta Life Insurance Co. Series C Pref Stock 13.07 2007-04-22 2012-04-22 GTN 38256 50 I Delta Fire & Casualty Insurance Co. Option - Common Stock (GTN) 12.30 2005-05-19 2007-11-19 GTN 57150 57150 D Options-Common Stock (GTN) 9.71 2005-06-07 2010-06-07 GTN 142875 142875 D Shares are held in an IRA account. Held in 401K plan and based on plan statement as of 12/31/05. Reflects anti-dilution adjustment undertaken as a result of the spin-off completed on December 30, 2005. In April of 2002, the Company issued Series C Preferred Stock to Mr. Robinson and certain of his affiliates in exchange for Series A and Series B Preferred Stock then held by Mr. Robinson. The Series C Preferred Stock is convertible into the Company's Common Stock ("GTN")at a conversion price of $13.07 (as adjusted for the spin off of TCM) per share. The Series C Preferred Stock is redeemable at the Company's option on or after April 22, 2007 and is subject to mandatory redemption on April 22, 2012 at a value of $10,000 per share. Each share of Series C Preferred Stock is convertible into a number of shares of common stock determined by dividing the liquidation preference ($10,000) by the conversion price ($13.07 as adjusted for the spin off of TCM). Dottie Boudreau by power of attorney 2006-06-16