SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

Connor, Clark & Lunn Investment Management Ltd.'s Holding History (CIK: 0001596800)

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

Q1 2017

Shares 11,800 Value ($000) $88 Avg Close $6.82 Range $6.00 - $7.75

Q4 2016

Shares 10,900 Value ($000) $68 Avg Close $5.93 Range $5.00 - $6.64

Q3 2016

Shares 10,000 Value ($000) $59 Avg Close $6.76 Range $5.68 - $8.10

Q2 2016

Shares 10,000 Value ($000) $72 Avg Close $6.75 Range $5.84 - $8.17

Q1 2016

Shares 12,500 Value ($000) $72 Avg Close $4.56 Range $3.60 - $6.06

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2017	11,800	$88	$6.82	$6.00 - $7.75
Q4 2016	10,900	$68	$5.93	$5.00 - $6.64
Q3 2016	10,000	$59	$6.76	$5.68 - $8.10
Q2 2016	10,000	$72	$6.75	$5.84 - $8.17
Q1 2016	12,500	$72	$4.56	$3.60 - $6.06