<SEC-DOCUMENT>0001387131-15-000348.txt : 20150205
<SEC-HEADER>0001387131-15-000348.hdr.sgml : 20150205
<ACCEPTANCE-DATETIME>20150205101932
ACCESSION NUMBER:		0001387131-15-000348
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150205
DATE AS OF CHANGE:		20150205
GROUP MEMBERS:		CONTRARIUS INVESTMENT MANAGEMENT (BERMUDA) LTD

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAY TELEVISION INC
		CENTRAL INDEX KEY:			0000043196
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				580285030
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-47013
		FILM NUMBER:		15578390

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		4042668333

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAY COMMUNICATIONS SYSTEMS INC /GA/
		DATE OF NAME CHANGE:	19950612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAY COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19911011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAY COMMUNICATIONS SYSTEMS INC
		DATE OF NAME CHANGE:	19880331

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Contrarius Investment Management Ltd
		CENTRAL INDEX KEY:			0001483738
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Y9
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		2 BOND STREET
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE2 3NP
		BUSINESS PHONE:		44 1534 823 136

	MAIL ADDRESS:	
		STREET 1:		2 BOND STREET
		CITY:			ST. HELIER
		STATE:			Y9
		ZIP:			JE2 3NP
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>ciml-13ggti_123114.htm
<DESCRIPTION>SCHEDULE TO REPORT ACQUISITION OF BENEFICIAL OWNERSHIP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">









<P STYLE="font: 12pt/3pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: black">&nbsp;</P>

<P STYLE="font: 12pt/0.75pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: black">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">UNITED
STATES</FONT><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"> &nbsp;</FONT></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: normal 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<HR ALIGN="CENTER" NOSHADE SIZE="1" STYLE="color: Black; width: 20%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: normal 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; font-weight: normal; font-style: normal"></FONT></P>

<P STYLE="font: normal 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; font-weight: normal; font-style: normal"></FONT></P>


<P STYLE="font: normal 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt; font-weight: normal; font-style: normal"></FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Under
the Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">INFORMATION
TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO &sect;240.13d-1(b), (c) AND (d) AND</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">AMENDMENTS THERETO FILED PURSUANT TO &sect;240.13d-2.</FONT></P>



<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><U>&nbsp;</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 15%; padding-right: 0.8pt; line-height: 115%"><U>&nbsp;</U></TD>
    <TD STYLE="width: 70%; border-bottom: black 1.5pt solid; font: normal 10pt/115% Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">GRAY TELEVISION, INC</P>



<FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name of Issuer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: normal 10pt/115% Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"> COMMON STOCK</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Title of Class of Securities)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center; line-height: 115%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">389375106</P>



<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(CUSIP Number)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">December 31, 2014</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Date of Event Which Requires Filing of this Statement)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">Check the appropriate box to designate the rule pursuant
to which this Schedule is filed:</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 3%; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman">&#9746;</FONT></TD>
    <TD STYLE="width: 97%; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rule 13d-1(b)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&#9744;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rule 13d-1(c)</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rule 13d-1(d)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&#42; The remainder of this cover page shall be filled
out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">The information required in the remainder of this cover
page shall not be deemed to be &quot;filed&quot; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&quot;Act&quot;)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>see</I></FONT> the Notes).</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>




<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo --><!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CUSIP
    No.</B> 389375106</FONT> <P STYLE="margin: 0"></P>


</TD>
    <TD STYLE="width: 34%; text-align: center; vertical-align: top; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13G</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: right; vertical-align: top; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    2 of 7 Pages</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Names of Reporting Persons</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">I.R.S. Identification Nos. of above persons (entities
        only).</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">CONTRARIUS INVESTMENT MANAGEMENT LIMITED</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Check the Appropriate Box if a Member of a Group
        (See Instructions)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;
        </FONT> <FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: Times New Roman">&#9746;</FONT></FONT></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;
<FONT STYLE="font-family: Times New Roman">&#9744;</FONT></FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">SEC Use Only</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Citizenship of Place of Organization</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Jersey, Channel Islands </P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; border-left: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Number of Shares</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Beneficially</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Owned by Each</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Reporting&nbsp; Person</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">With</P></TD>
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left; vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Sole Voting Power&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">0</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; line-height: 115%; font-size: 12pt; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Shared Voting Power</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">2,942,478</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; line-height: 115%; font-size: 12pt; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.&nbsp;</FONT></TD>
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Sole Dispositive Power&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">0</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; line-height: 115%; font-size: 12pt; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Shared Dispositive Power</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">2,942,478</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Aggregate Amount Beneficially Owned by each Reporting
        Person</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">2,942,478</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check
        if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)&nbsp; </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Percent of Class Represented by Amount in Row (9)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.6%</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; padding-left: 4.5pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">FI</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 69px">&nbsp;</TD>
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;</P>




<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: left; vertical-align: top; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CUSIP
    No.</B> 389375106</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13G</B></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: top; width: 33%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    3      of 7 Pages</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Names of Reporting Persons</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">I.R.S. Identification Nos. of above persons (entities
        only).</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">&nbsp;</P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">CONTRARIUS
        INVESTMENT MANAGEMENT (BERMUDA) LIMITED</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Check the Appropriate Box if a Member of a Group
        (See Instructions)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;
        </FONT> <FONT STYLE="font-family: Times New Roman">&#9746;</FONT></P>
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&nbsp;
<FONT STYLE="font-family: Times New Roman">&#9744;</FONT></FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">SEC Use Only</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Citizenship of Place of Organization</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Bermuda</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; border-left: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Number of Shares</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Beneficially</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Owned by Each</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">Reporting&nbsp; Person</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 4.5pt; text-align: center">With</P></TD>
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; text-align: left; vertical-align: top">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Sole Voting Power&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">0</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 12pt/115% Calibri, Helvetica, Sans-Serif; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Shared Voting Power</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">2,942,478</P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 12pt/115% Calibri, Helvetica, Sans-Serif; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.&nbsp;</FONT></TD>
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Sole Dispositive Power&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">0</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 12pt/115% Calibri, Helvetica, Sans-Serif; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="border: Black 1pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Shared Dispositive Power</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">2,942,478</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Aggregate Amount Beneficially Owned by each Reporting
        Person</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">2,942,478</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check
        if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)&nbsp; </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Percent of Class Represented by Amount in Row (9)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5.6%</FONT></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-left: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.</FONT></TD>
    <TD COLSPAN="3" STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt">Type of Reporting Person (See Instructions)</P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt; text-indent: 0.5in"></P>
        <P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 3pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">FI</FONT></P></TD></TR>
<TR>
    <TD STYLE="width: 69px">&nbsp;</TD>
    <TD STYLE="width: 34px">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>




<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE
13G</B></FONT></P>





<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 1(a). Name of Issuer:</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Gray Television, Inc</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Item
1(b).</B> &nbsp;&nbsp;<B>Address of Issuer&rsquo;s Principal Executive Offices:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">4370 Peachtree Road, NE<BR>
Atlanta, Georgia 30319<BR>
United States</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2(a). Name of Person
Filing:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">Contrarius
Investment Management Limited</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left">Contrarius
Investment Management (Bermuda) Limited </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>Item
2(b).&nbsp; Address of Principal Business Office or, if None, Residence:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-align: left"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Contrarius
Investment Management Limited - 2 Bond Street, St. Helier, Jersey JE2 3NP, Channel Islands</FONT></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-align: left"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Contrarius
Investment Management (Bermuda) Limited &ndash; Waterloo House, 100 Pitts Bay Road, Pembroke HM 08 Bermuda</FONT></P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-align: left"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-align: left"></P>

<P STYLE="font: bold 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
2(c).</B></FONT><B>&nbsp; Citizenship:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Contrarius Investment Management Limited is a company organized under the laws of Jersey, Channel Islands.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Contrarius Investment Management (Bermuda) Limited is a company organized under the laws of Bermuda.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>Item
2(d).&nbsp; Title of Class of Securities:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">Common
Stock</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"><B>Item2(e).&nbsp;
CUSIP Number:</B>&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">389375106</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>



<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 3.&nbsp;&nbsp;If this statement is filed
pursuant to &sect;&sect;240.13d-1(b), or 240.13d-2(b) or  (c), check  whether the person filing is a: </B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 81%; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;An investment adviser in accordance with &sect;240.13d-1(b)(1)(ii)(E);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;An employee benefit plan or endowment fund in accordance with &sect;240.13d-1(b)(1)(ii)(F);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;A parent holding company or control person in accordance with &sect; 240.13d-1(b)(1)(ii)(G);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: Times New Roman">&#9746;</FONT></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;A non-U.S. institution, in accordance with &sect;240.13d-1(b)(1)(ii)(J);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(k)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"> <FONT STYLE="font-family: Times New Roman"><FONT STYLE="font-family: Times New Roman">&#9746;</FONT></FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Group, in accordance with &sect;240.13d-1(b)(1)(ii)(K).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 0.8pt; line-height: 115%"><P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0.8pt 0 0pt; text-indent: 0.6in">If filing as a non-U.S. institution in accordance with &sect;240.13d-1(b)(1)(ii)(J), please specify the type of institution: Equivalent to IA.</P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 4.&nbsp; Ownership:</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD></TD>
    <TD COLSPAN="3">Provide the following information
regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">Amount beneficially owned: 2,942,478</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD COLSPAN="2" STYLE="font: normal 10pt Times New Roman, Times, Serif">Percent of class: 5.6%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD COLSPAN="2">Number of shares as to which the person has:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD>Sole power to vote or to direct the vote:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>0</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(ii)</TD>
    <TD>Shared power to vote or to direct the vote:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">2,942,478</P>





</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(iii)</TD>
    <TD>Sole power to dispose or to direct the disposition of:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>0</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(iv)</TD>
    <TD>Shared power to dispose or to direct the disposition of:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin: 0">2,942,478</P>





</TD></TR></TABLE>




<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.&nbsp;&nbsp;&nbsp;Ownership
of Five Percent or Less of a   Class.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this statement is
being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than
5 percent of the class of securities, check the following <FONT STYLE="font-family: Times New Roman">&#9744;</FONT>.</P>



<P STYLE="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 6.&nbsp;&nbsp;&nbsp;Ownership of More than Five
Percent of Behalf of Another Person.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Other persons have
the right to receive and the power to direct the receipt of dividends from, or the proceeds from the sale of the <FONT STYLE="font-size: 10pt">2,942,478&#9;</FONT>shares
of common stock of Gray Television, Inc beneficially owned by Contrarius Investment Management Limited and Contrarius Investment
Management (Bermuda) Limited.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 7.&nbsp;&nbsp;&nbsp;Identification
and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Not applicable.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 8.&nbsp;&nbsp;&nbsp;Identification  and
Classification of Members of the Group. </B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0">Contrarius Investment Management Limited and Contrarius Investment Management (Bermuda) Limited are together
making this filing because they may be deemed to constitute a &ldquo;group&rdquo; for the purposes of section 13(d)(3) of the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 9.&nbsp;&nbsp;&nbsp;Notice of Dissolution of Group.</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Not applicable.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><B>Item 10.&nbsp;&nbsp;Certifications.</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By signing below I
certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary
course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction
having that purpose or effect, other than activities solely in connection with a nomination under &sect; 240.14a-11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By signing below I certify that, to the
best of my knowledge and belief, the foreign regulatory scheme applicable to Contrarius Investment Management Limited and Contrarius
Investment Management (Bermuda) Limited is substantially comparable to the regulatory scheme applicable to the functionally equivalent
U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed
in a Schedule 13D.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-size: 10pt"></FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">After reasonable inquiry and to the best
of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5 February 2014</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">CONTRARIUS
    INVESTMENT MANAGEMENT LIMITED</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 34%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid; padding-right: 0.8pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: normal 10pt/115% Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/
    Thomas Daniel Perkins</FONT></TD><TD STYLE="border-bottom: white 3pt solid; padding-right: 0.8pt; line-height: 115%"></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%"></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">5 February 2014</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">CONTRARIUS
    INVESTMENT MANAGEMENT (BERMUDA) LIMITED</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/115% Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">/s/ Michal
    Nosek</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font: normal 10pt/115% Times New Roman, Times, Serif"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/0.05pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>






<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
