SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

BAILARD, INC.'s Holding History (CIK: 0000750641)

Note: Option positions (PUT/CALL) are excluded.

Q2 2019

Shares 57,309 Value ($000) $139 Avg Close $2.21 Range $1.85 - $2.67

Q1 2019

Shares 28,300 Value ($000) $72 Avg Close $2.73 Range $2.08 - $3.26

Q2 2018

Shares 93,900 Value ($000) $484 Avg Close $3.81 Range $3.10 - $5.80

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2019	57,309	$139	$2.21	$1.85 - $2.67
Q1 2019	28,300	$72	$2.73	$2.08 - $3.26
Q2 2018	93,900	$484	$3.81	$3.10 - $5.80