SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

PRELUDE CAPITAL MANAGEMENT, LLC's Holding History (CIK: 0001387508)

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

Q4 2016

Shares 9,700 Value ($000) $61 Avg Close $5.93 Range $5.00 - $6.64

Q3 2016

Shares 5,300 Value ($000) $31 Avg Close $6.76 Range $5.68 - $8.10

Q2 2016

Shares 1,600 Value ($000) $12 Avg Close $6.75 Range $5.84 - $8.17

Q4 2015

Shares 2,300 Value ($000) $11 Avg Close $5.78 Range $4.53 - $6.50

Q1 2015

Shares 6,200 Value ($000) $38 Avg Close $7.01 Range $5.50 - $7.97

Q4 2014

Shares 2,866 Value ($000) $22 Avg Close $7.67 Range $6.72 - $11.00

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2016	9,700	$61	$5.93	$5.00 - $6.64
Q3 2016	5,300	$31	$6.76	$5.68 - $8.10
Q2 2016	1,600	$12	$6.75	$5.84 - $8.17
Q4 2015	2,300	$11	$5.78	$4.53 - $6.50
Q1 2015	6,200	$38	$7.01	$5.50 - $7.97
Q4 2014	2,866	$22	$7.67	$6.72 - $11.00