SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

GSA CAPITAL PARTNERS LLP's Holding History (CIK: 0001362033)

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

Q3 2017

Shares 11,224 Value ($000) $74 Avg Close $6.65 Range $5.95 - $7.45

Q1 2017

Shares 15,524 Value ($000) $116 Avg Close $6.82 Range $6.00 - $7.75

Q4 2016

Shares 23,824 Value ($000) $149 Avg Close $5.93 Range $5.00 - $6.64

Q3 2016

Shares 24,326 Value ($000) $143 Avg Close $6.76 Range $5.68 - $8.10

Q2 2016

Shares 23,380 Value ($000) $169 Avg Close $6.75 Range $5.84 - $8.17

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	11,224	$74	$6.65	$5.95 - $7.45
Q1 2017	15,524	$116	$6.82	$6.00 - $7.75
Q4 2016	23,824	$149	$5.93	$5.00 - $6.64
Q3 2016	24,326	$143	$6.76	$5.68 - $8.10
Q2 2016	23,380	$169	$6.75	$5.84 - $8.17