SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

Arete Wealth Advisors, LLC's Holding History (CIK: 0001600151)

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

Q3 2016
Shares 18,885 Value ($000) $111 Avg Close $6.76 Range $5.68 - $8.10
Q2 2016
Shares 18,688 Value ($000) $135 Avg Close $6.75 Range $5.84 - $8.17
Q1 2016
Shares 18,297 Value ($000) $105 Avg Close $4.56 Range $3.60 - $6.06
Q4 2015
Shares 18,297 Value ($000) $91 Avg Close $5.78 Range $4.53 - $6.50
Q3 2015
Shares 18,062 Value ($000) $111 Avg Close $6.10 Range $5.26 - $6.85
Q2 2015
Shares 17,858 Value ($000) $113 Avg Close $5.42 Range $4.38 - $6.75
Q1 2015
Shares 17,684 Value ($000) $109 Avg Close $7.01 Range $5.50 - $7.97
Q4 2014
Shares 17,495 Value ($000) $137 Avg Close $7.67 Range $6.72 - $11.00
Q3 2014
Shares 17,353 Value ($000) $132 Avg Close $8.50 Range $5.04 - $9.83
Q2 2014
Shares 17,212 Value ($000) $163 Avg Close $8.91 Range $7.89 - $10.15
Q1 2014
Shares 17,103 Value ($000) $171 Avg Close $9.07 Range $8.15 - $10.34
Q4 2013
Shares 17,004 Value ($000) $148 Avg Close $8.68 Range $7.53 - $9.50