<SEC-DOCUMENT>0001387131-16-004148.txt : 20160211
<SEC-HEADER>0001387131-16-004148.hdr.sgml : 20160211
<ACCEPTANCE-DATETIME>20160211122737
ACCESSION NUMBER:		0001387131-16-004148
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160211
DATE AS OF CHANGE:		20160211
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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-47013
		FILM NUMBER:		161409915

	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/A

	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/A
<SEQUENCE>1
<FILENAME>gtn-13ga_123115.htm
<DESCRIPTION>AMENDMENT TO SCHEDULE 13G
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED STATES</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES AND
EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;WASHINGTON,
D.C. 20549</FONT></P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SCHEDULE
13G</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B><BR>
<B>(Amendment No. 1)</B><BR>
<BR>
</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO &sect;240.13d-1(b),<BR>
(c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO &sect;240.13d-2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: -5pt; text-align: center"><FONT STYLE="font-size: 24pt">GRAY
TELEVISION, INC</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -3pt 0 0; text-align: center">(Name of Issuer)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: -5pt; text-align: center">COMMON STOCK</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: -3pt; margin-bottom: 0; text-align: center">(Title
of Class of Securities)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: -5pt; text-align: center">389375106</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: -3pt 0 0; text-align: center">(CUSIP Number)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: -5pt; text-align: center">December 31, 2015</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: -3pt; margin-bottom: 0; text-align: center">(Date of Event
Which Requires Filing of this Statement)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box to designate the
rule pursuant to which this Schedule is filed:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#9746; Rule 13d-1(b)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#9744; Rule 13d-1(c)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#9744; Rule 13d-1(d)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* The remainder of this cover page shall be filled out for a reporting
person&rsquo;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 Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; layout-grid-mode: line; padding-top: 6; padding-bottom: 6; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP
    No. </B>389375106</FONT></TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 6 6pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#9;13G</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 6 6pt; text-align: right; layout-grid-mode: line; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page
    2 of 7 pages</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAMES
OF REPORTING PERSONS<BR>
<BR>
CONTRARIUS INVESTMENT MANAGEMENT LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
<TD COLSPAN="3" STYLE="padding: 7 6 6; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 3; padding-top: 7; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 3; padding-top: 7"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 3; padding-top: 7"></TD>
<TD STYLE="border-right: Black 1pt solid; padding-bottom: 3; padding-top: 7"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-bottom: 3; padding-top: 5; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; padding-bottom: 3; padding-top: 5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; padding-bottom: 3; padding-top: 5"></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 3; padding-top: 5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
USE ONLY &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITIZENSHIP
OR PLACE OF ORGANIZATION<BR>
Jersey, Channel Islands&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD ROWSPAN="4" STYLE="width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; NUMBERS OF<BR> SHARES<BR>
BENEFICIALLY<BR> OWNED BY<BR> EACH<BR> REPORTING<BR> PERSON WITH:</FONT></TD>
<TD STYLE="width: 5%; border-bottom: black 1pt solid; padding: 7 6 6; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
<TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SOLE VOTING POWER</FONT></TD>
<TD STYLE="width: 40%; border-bottom: black 1pt solid; padding: 7 6 6; border-right: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SHARED VOTING POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SOLE DISPOSITIVE POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SHARED DISPOSITIVE POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<BR>
<BR>
0&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<BR>
<BR>
0.0%&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TYPE
OF REPORTING PERSON (See Instructions)<BR>
<BR> FI&#9;</FONT></TD></TR>
</TABLE>





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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; layout-grid-mode: line; padding-top: 6; padding-bottom: 6; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP
    No. </B>389375106</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 6 6pt; layout-grid-mode: line; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#9;13G</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 6 6pt; text-align: right; layout-grid-mode: line; width: 33%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page
    3 of 7 pages</B></FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NAMES
OF REPORTING PERSONS<BR>
<BR>
CONTRARIUS INVESTMENT MANAGEMENT (BERMUDA) LIMITED</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD>
<TD COLSPAN="3" STYLE="padding: 7 6 6; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 3; padding-top: 7; vertical-align: top; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 3; padding-top: 7; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 3; padding-top: 7; width: 35%"></TD>
<TD STYLE="border-right: Black 1pt solid; padding-bottom: 3; padding-top: 7; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-bottom: 3; padding-top: 5; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; padding-bottom: 3; padding-top: 5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: black 1pt solid; padding-bottom: 3; padding-top: 5"></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 3; padding-top: 5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
USE ONLY &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CITIZENSHIP
OR PLACE OF ORGANIZATION<BR>Bermuda</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD ROWSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; NUMBERS OF<BR> SHARES<BR>
BENEFICIALLY<BR> OWNED BY<BR> EACH<BR> REPORTING<BR> PERSON WITH:</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SOLE VOTING POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SHARED VOTING POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SOLE DISPOSITIVE POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;
&nbsp; SHARED DISPOSITIVE POWER</FONT></TD>
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<BR>
<BR>
0&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHECK
BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (See Instructions)<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<BR>
<BR>
0.0%&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 7 6 6; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12</B></FONT></TD>
<TD COLSPAN="3" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 7 6 6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TYPE
OF REPORTING PERSON (See Instructions)<BR>
<BR> FI&#9;</FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Georgia 30319&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2(a). Name of Person Filing:</B> &#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Contrarius Investment Management Limited</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Contrarius Investment Management (Bermuda) Limited</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 2(c). Citizenship:</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2(d). Title of Class of Securities:</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2(e). CUSIP Number:</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 3.&#9; 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 Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></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: 7%">&nbsp;</TD>
    <TD STYLE="width: 3%">(a)</TD>
    <TD STYLE="width: 4%">&#9744;</TD>
    <TD STYLE="width: 86%">Broker or dealer registered under section
15 of the Act (15 U.S.C. 78o).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD> &#9744;</TD>
    <TD>Bank as defined in section 3(a)(6) of
the Act (15 U.S.C. 78c).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD> &#9744;</TD>
    <TD>Insurance company as defined in section
3(a)(19) of the Act (15 U.S.C. 78c).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(d)</TD>
    <TD> &#9744;</TD>
    <TD>Investment company registered
under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD> &#9744;</TD>
    <TD>An investment adviser in accordance
with &sect;240.13d-1(b)(1)(ii)(E).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(f) </TD>
    <TD>&#9744;</TD>
    <TD>An employee benefit plan
or endowment fund in accordance with &sect;240.13d-1(b)(1)(ii)(F).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(g)</TD>
    <TD> &#9744;</TD>
    <TD>A parent holding company
or control person in accordance with &sect; 240.13d&ndash;1(b)(1)(ii)(G).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(h) </TD>
    <TD>&#9744;</TD>
    <TD>A savings association as
defined in Section 3 (b) of the Federal Deposit Insurance Act (12 U.S. C. 1813).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(i) </TD>
    <TD>&#9744;</TD>
    <TD>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).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(j) &nbsp;</TD>
    <TD>&#9746;</TD>
    <TD>A non-U.S. institution in accordance
with &sect;240.13d-1(b)(1)(ii)(J).</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(k) </TD>
    <TD>&#9746;</TD>
    <TD>Group, in accordance with &sect;240.13d-1(b)(1)(ii)(K).</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 4.&#9; Ownership.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Provide the following information
regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) Percent of class:&#9;&nbsp;&nbsp;0.0%</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) Number of shares as
to which such person has:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&#9;(i) Sole power to vote
or to direct the vote: &#9;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&#9;(ii) Shared power to
vote or to direct the vote: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&#9;(iii) Sole power to
dispose or to direct the disposition of: &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 0.5in">&#9;(iv) Shared power to
dispose or to direct the disposition of: &nbsp;&nbsp;&nbsp;&nbsp;0</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 5.&#9; Ownership of Five Percent or
Less of a Class.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 &#9746;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B>Item 6. Ownership
of More than Five Percent on Behalf of Another Person</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">N/A</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 40.5pt; text-indent: -40.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">N/A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B>Item 8. Identification
and Classification of Members of the Group.</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">N/A</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 300pt; text-indent: 0">&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>&nbsp;</TD>
    <TD COLSPAN="2">11 February 2016</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CONTRARIUS INVESTMENT</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MANAGEMENT LIMITED</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ Thomas Daniel Perkins</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 300pt; text-indent: 0">&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>&nbsp;</TD>
    <TD COLSPAN="2">11 February 2016</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CONTRARIUS INVESTMENT</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MANAGEMENT (BERMUDA) LIMITED</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%">/s/ Michal Nosek</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">- 7 -</P>

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