Arbiter Partners Capital Management’s Salem Media Group, Inc. Class A Common Stock SALM Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2017 Q2	–	Sell	-52,497	Closed	-$391K	–	80
2017 Q1	$391K	Sell	52,497 -14,200	-21%	-$106K	0.05%	48
2016 Q4	$417K	Hold	66,697	–	–	0.07%	46
2016 Q3	$392K	Sell	66,697 -16,000	-19%	-$94K	0.05%	49
2016 Q2	$597K	Hold	82,697	–	–	0.08%	43
2016 Q1	$476K	Hold	82,697	–	–	0.09%	48
2015 Q4	$412K	Hold	82,697	–	–	0.05%	63
2015 Q3	$506K	Hold	82,697	–	–	0.05%	58
2015 Q2	$523K	Buy	82,697 +7,726	+10%	+$48.9K	0.05%	58
2015 Q1	$462K	Buy	74,971 +6,572	+10%	+$40.5K	0.04%	57
2014 Q4	$535K	Hold	68,399	–	–	0.05%	56
2014 Q3	$521K	Buy	68,399 +22,300	+48%	+$170K	0.05%	57
2014 Q2	$436K	Hold	46,099	–	–	0.04%	59
2014 Q1	$461K	Hold	46,099	–	–	0.05%	51
2013 Q4	$401K	Hold	46,099	–	–	0.06%	52
2013 Q3	$382K	Hold	46,099	–	–	0.09%	41
2013 Q2	$345K	Buy	+46,099	New	+$345K	0.05%	41