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Salem Media Group Inc. (SALM)

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Insider Trading: Purchases

Insider	Price	Amount	Relationship	Remaining Holdings	Date	Form 4
Epperson	$3.98	300	Large Shareholder, Officer, Director	2,909,065	2012-03-15	Filing
Epperson	$3.97	1,400	Large Shareholder, Officer, Director	2,908,765	2012-03-15	Filing
Epperson	$3.96	300	Large Shareholder, Officer, Director	2,907,365	2012-03-15	Filing
Epperson	$3.80	3,627	Large Shareholder, Officer, Director	2,907,065	2012-03-13	Filing
Epperson	$3.79	1	Large Shareholder, Officer, Director	2,903,438	2012-03-13	Filing
Epperson	$3.78	423	Large Shareholder, Officer, Director	2,903,437	2012-03-13	Filing
Epperson	$3.76	1,100	Large Shareholder, Officer, Director	2,903,014	2012-03-13	Filing
Epperson	$3.70	2,700	Large Shareholder, Officer, Director	2,901,914	2012-03-13	Filing
Epperson	$3.69	1,171	Large Shareholder, Officer, Director	2,899,214	2012-03-13	Filing
Epperson	$3.69	200	Large Shareholder, Officer, Director	2,898,043	2012-03-13	Filing
Epperson	$3.68	4,700	Large Shareholder, Officer, Director	2,897,843	2012-03-13	Filing
Epperson	$3.66	200	Large Shareholder, Officer, Director	2,893,143	2012-03-13	Filing
Epperson	$3.65	1	Large Shareholder, Officer, Director	2,892,943	2012-03-13	Filing
Epperson	$3.65	300	Large Shareholder, Officer, Director	2,892,942	2012-03-13	Filing
Epperson	$3.64	800	Large Shareholder, Officer, Director	2,892,642	2012-03-13	Filing
Epperson	$3.60	900	Large Shareholder, Officer, Director	2,891,842	2012-03-13	Filing
Epperson	$3.59	2,100	Large Shareholder, Officer, Director	2,890,942	2012-03-13	Filing
Epperson	$3.58	500	Large Shareholder, Officer, Director	2,888,842	2012-03-13	Filing
Venverloh	$3.05	30,000	Director	33,000	2012-03-12	Filing
Venverloh	$3.04	100	Director	3,000	2012-03-12	Filing