SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

DG Capital Management, LLC's Holding History (CIK: 0001512716)

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

Q4 2015

Shares 245,954 Value ($000) $1,225 Avg Close $5.78 Range $4.53 - $6.50

Q3 2015

Shares 272,266 Value ($000) $1,666 Avg Close $6.10 Range $5.26 - $6.85

Q2 2015

Shares 502,467 Value ($000) $3,181 Avg Close $5.42 Range $4.38 - $6.75

Q1 2015

Shares 404,140 Value ($000) $2,490 Avg Close $7.01 Range $5.50 - $7.97

Q4 2014

Shares 402,782 Value ($000) $3,150 Avg Close $7.67 Range $6.72 - $11.00

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2015	245,954	$1,225	$5.78	$4.53 - $6.50
Q3 2015	272,266	$1,666	$6.10	$5.26 - $6.85
Q2 2015	502,467	$3,181	$5.42	$4.38 - $6.75
Q1 2015	404,140	$2,490	$7.01	$5.50 - $7.97
Q4 2014	402,782	$3,150	$7.67	$6.72 - $11.00