SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

Arbiter Partners Capital Management LLC's Holding History (CIK: 0001513193)

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

Q1 2017
Shares 52,497 Value ($000) $391 Avg Close $6.82 Range $6.00 - $7.75
Q4 2016
Shares 66,697 Value ($000) $417 Avg Close $5.93 Range $5.00 - $6.64
Q3 2016
Shares 66,697 Value ($000) $392 Avg Close $6.76 Range $5.68 - $8.10
Q2 2016
Shares 82,697 Value ($000) $597 Avg Close $6.75 Range $5.84 - $8.17
Q1 2016
Shares 82,697 Value ($000) $476 Avg Close $4.56 Range $3.60 - $6.06
Q4 2015
Shares 82,697 Value ($000) $412 Avg Close $5.78 Range $4.53 - $6.50
Q3 2015
Shares 82,697 Value ($000) $506 Avg Close $6.10 Range $5.26 - $6.85
Q2 2015
Shares 82,697 Value ($000) $523 Avg Close $5.42 Range $4.38 - $6.75
Q1 2015
Shares 74,971 Value ($000) $462 Avg Close $7.01 Range $5.50 - $7.97
Q4 2014
Shares 68,399 Value ($000) $535 Avg Close $7.67 Range $6.72 - $11.00
Q3 2014
Shares 68,399 Value ($000) $521 Avg Close $8.50 Range $5.04 - $9.83
Q2 2014
Shares 46,099 Value ($000) $436 Avg Close $8.91 Range $7.89 - $10.15
Q1 2014
Shares 46,099 Value ($000) $461 Avg Close $9.07 Range $8.15 - $10.34
Q4 2013
Shares 46,099 Value ($000) $401 Avg Close $8.68 Range $7.53 - $9.50
Q3 2013
Shares 46,099 Value ($000) $382 Avg Close $7.97 Range $7.20 - $8.50
Q2 2013
Shares 46,099 Value ($000) $345 Avg Close $8.12 Range $7.00 - $10.14