Gray expects to accept for payment and pay for additional 2015 Notes validly tendered on or before the Expiration Time up to the Maximum Tender Amount, subject to proration if applicable. Gray reserves the right, but is not obligated, to increase the Maximum Tender Amount.The Tender Offer is subject to the terms and conditions set forth in the Company's Offer to Purchase, dated September 24, 2012 (the "Offer to Purchase"), and the related Letter of Transmittal (the "Letter of Transmittal"). The tender offer will expire at 12:00 midnight, New York City time, on October 22, 2012 (the "Expiration Time"), unless extended or earlier terminated. 2015 Notes tendered after the Early Tender Deadline and on or before the Expiration Time may not be withdrawn, except as required by law. Gray has engaged BofA Merrill Lynch and Wells Fargo Securities, LLC as the Dealer Managers for the Tender Offer. Persons with questions regarding the Tender Offer should contact BofA Merrill Lynch at (888) 292-0070 or Wells Fargo Securities, LLC at (866) 309-6316. The complete terms and conditions of the Tender Offer are described in the Offer to Purchase and related Letter of Transmittal, copies of which may be obtained from D.F. King & Co., Inc., the Information Agent and Tender Agent for the Tender Offer, at (800) 431-9633. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell with respect to any securities. None of Gray, its board of directors, the dealer managers or the information agent and tender agent makes any recommendation in connection with the Tender Offer. Holders must make their own decisions as to whether to tender their 2015 Notes and, if so, the principal amount of 2015 Notes to tender.