SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

HBK Sorce Advisory LLC's Holding History (CIK: 0001379995)

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

Q4 2019

Shares 24,801 Value ($000) $36 Avg Close $1.50 Range $1.35 - $1.70

Q3 2019

Shares 26,601 Value ($000) $41 Avg Close $1.87 Range $1.42 - $2.50

Q2 2019

Shares 22,600 Value ($000) $55 Avg Close $2.21 Range $1.85 - $2.67

Q1 2019

Shares 22,600 Value ($000) $58 Avg Close $2.73 Range $2.08 - $3.26

Q3 2018

Shares 13,000 Value ($000) $44 Avg Close $4.35 Range $3.35 - $6.25

Q1 2018

Shares 19,000 Value ($000) $68 Avg Close $4.29 Range $3.55 - $4.80

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2019	24,801	$36	$1.50	$1.35 - $1.70
Q3 2019	26,601	$41	$1.87	$1.42 - $2.50
Q2 2019	22,600	$55	$2.21	$1.85 - $2.67
Q1 2019	22,600	$58	$2.73	$2.08 - $3.26
Q3 2018	13,000	$44	$4.35	$3.35 - $6.25
Q1 2018	19,000	$68	$4.29	$3.55 - $4.80