SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

CWM, LLC's Holding History (CIK: 0001535847)

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

Q3 2017

Shares 600 Value ($000) $4 Avg Close $6.65 Range $5.95 - $7.45

Q2 2017

Shares 600 Value ($000) $4 Avg Close $7.25 Range $6.60 - $8.25

Q1 2017

Shares 600 Value ($000) $4 Avg Close $6.82 Range $6.00 - $7.75

Q4 2016

Shares 600 Value ($000) $4 Avg Close $5.93 Range $5.00 - $6.64

Q3 2016

Shares 600 Value ($000) $4 Avg Close $6.76 Range $5.68 - $8.10

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	600	$4	$6.65	$5.95 - $7.45
Q2 2017	600	$4	$7.25	$6.60 - $8.25
Q1 2017	600	$4	$6.82	$6.00 - $7.75
Q4 2016	600	$4	$5.93	$5.00 - $6.64
Q3 2016	600	$4	$6.76	$5.68 - $8.10