SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

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

Q4 2013
Shares 82 Value ($000) $1 Avg Close $8.68 Range $7.53 - $9.50
Q3 2013
Shares 82 Value ($000) $1 Avg Close $7.97 Range $7.20 - $8.50
Q2 2013
Shares 82 Value ($000) $1 Avg Close $8.12 Range $7.00 - $10.14