SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

Zurcher Kantonalbank (Zurich Cantonalbank)'s Holding History (CIK: 0001368163)

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

Q4 2017

Shares 1,800 Value ($000) $8 Avg Close $5.36 Range $3.90 - $6.75

Q3 2017

Shares 1,800 Value ($000) $12 Avg Close $6.65 Range $5.95 - $7.45

Q1 2017

Shares 1,800 Value ($000) $13 Avg Close $6.82 Range $6.00 - $7.75

Q4 2016

Shares 14,500 Value ($000) $91 Avg Close $5.93 Range $5.00 - $6.64

Q3 2016

Shares 5,600 Value ($000) $33 Avg Close $6.76 Range $5.68 - $8.10

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2017	1,800	$8	$5.36	$3.90 - $6.75
Q3 2017	1,800	$12	$6.65	$5.95 - $7.45
Q1 2017	1,800	$13	$6.82	$6.00 - $7.75
Q4 2016	14,500	$91	$5.93	$5.00 - $6.64
Q3 2016	5,600	$33	$6.76	$5.68 - $8.10