SALEM MEDIA GROUP INC

Ticker: SALM CUSIP: 794093104 Class: COM

Russell Investments Group, Ltd.'s Holding History (CIK: 0001692234)

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

Q3 2017

Shares 44,833 Value ($000) $296 Avg Close $6.65 Range $5.95 - $7.45

Q2 2017

Shares 46,434 Value ($000) $330 Avg Close $7.25 Range $6.60 - $8.25

Q1 2017

Shares 41,667 Value ($000) $310 Avg Close $6.82 Range $6.00 - $7.75

Q4 2016

Shares 48,648 Value ($000) $299 Avg Close $5.93 Range $5.00 - $6.64

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	44,833	$296	$6.65	$5.95 - $7.45
Q2 2017	46,434	$330	$7.25	$6.60 - $8.25
Q1 2017	41,667	$310	$6.82	$6.00 - $7.75
Q4 2016	48,648	$299	$5.93	$5.00 - $6.64