INVESTOR PRESENTATION

INVESTOR PRESENTATION INVESTOR PRESENTATION NASDAQ: SALM December 2017

Safe Harbor Certain statements in this presentation constitute forward-looking statements within the meaning of the private securities litigation reform act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This presentation also contains non-gaap financial measures within the meaning of regulation G, specifically station operating income and EBITDA. In conformity with regulation G, information reconciling the non-gaap financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles is available on the investor relations portion of the company's website at www.salem.cc, as part of the most current report on form 8-K and earnings release issued by Salem Media Group. 1

Who We Are Salem Media Group is a multi-media company targeting Christian and conservative audiences. 119 Radio Stations We reach millions of consumers across the nation through digital media, radio and publishing. Salem Media has one of the largest content libraries with more than 100 highly-trafficked website properties and 119 radio stations featuring multiple celebrity talk show hosts. Strong financial model characterized by recurring revenue, adjusted free cash flow and quarterly dividends (currently 5.1% yield) 1. Daily Bible Bible Study Tools 1) As of December 1, 2017 2

We Address a Large & Evolving Marketplace Salem s Christian and conservative content has massive reach across two of the largest and fastest growing media channels: Radio + Online. Account for 23% of total US ad spend. Expected to increase 30% to $112B by 2020. 71% of Americans identify with a Christian religion, while 42% lean toward the Republican party². US Advertising Media Market Sizes¹ In US$ billions traditional media figures include online equivalents 2016 2020 $94 $82 $73 $68 Radio reaches over 93% of adult consumers on a weekly basis². Over 268 million people listen every week, with news/talk as the second largest format (following country music). Christian radio remains the fastest growing format. 1) Source: PwC Global Entertainment and Media Outlook 2) Source: Gallup, Nielsen Audio Internet Advertising TV Advertising $18 $18 $17 $17 $19 $15 Radio Advertising Consumer Magazine Advertising Newspaper Advertising 3

Key Market Drivers Current state of political and religious climate command strong premiums from advertisers. Mobile is our fastest growing segment share in US online ad spend is expected to grow from 41% to 49% in 2020. Hollywood is increasingly recognizing the size and buying power of our audience through continued distribution of religious films affirms the market for faith-based content. Mobile Share of US Online Ad Spend¹ 41% 49% 2016 2020 1) Source: emarketer 4

Our Integrated Multi-Media Approach Publishing $24.8 Revenue LTM Digital Media $44.7 September 30, 2017 $267M Radio Broadcasting #1 in commercial Christian radio broadcasting. 119 stations across 40 markets, with over 3,100 affiliates. Digital Media More than 145 million monthly page views across hundreds of website properties. Salem s fastest growing segment. Radio Broadcastin g $197.7 Publishing Publish more than 2 million books annually. Several high profile authors under contract. Dollars in millions 5

Our Integrated Multi-Media Approach Radio Broadcasting Digital Publishing We re the Third Largest Radio Broadcaster in the Top 25 U.S. Markets Ownership of Radio Stations Serving the Top 25 Markets 1 159 Number of stations in the top 25 markets Number of top 25 markets represented 118 Approximately half of the adults in the U.S. live in the top 25 markets, where stations have stronger revenue, margins and asset values 74 24 22 23 40 39 32 29 29 26 11 10 7 9 6 6 9 5 8 2 iheartmedia Entercom/CBS Radio 2 3 Salem Univision Cumulus Beasley Urban One Cox Alpha Media Spanish Broadcasting System 1) Source: BIA/Kelsey and company filings. Market ranking excludes Puerto Rico. As of October 2017. 2) Pro forma for Entercom/CBS Radio merger and related regulatory divestures of 10 stations in five top 25 markets. 3) Includes announced acquisitions, divestitures, and exchanges for Salem. Emmis 6

Our Integrated Multi-Media Approach Radio Broadcasting Five Strategic Radio Formats Christian Teaching and Talk 48% of radio revenue Christian Music The FISH 23% of radio revenue Digital News Talk 21% of radio revenue 41 Stations + Sirius XM 13 Stations 32 Stations Spanish Christian Teaching and Talk 3% of radio revenue Business 3% of radio revenue 8 Stations 13 Stations Publishing LTM September 2017 Radio Revenue Programming Advertising Other 42% 10% $175M 48% Block Programming Programming time sold to national non-profit ministries and local churches. Higher margins than traditional spot advertising. High renewal rates exceeding 95% annually + 2.5-5.0% rate increases. Our top 10 programmers have averaged 30+ years on the air. Programming revenue comprises 32% of total revenue. 7

Our Integrated Multi-Media Approach Radio Broadcasting Digital Publishing Salem Radio Network Over 3,100 Affiliates The Hugh Hewitt Show The Mike Gallagher Show The Dennis Prager Show The Michael Medved Show The Larry Elder Show The Joe Walsh Show The Eric Metaxas Show Number of Affiliates: 373 370 363 345 366 72 323 1,915 Affiliates 234 Affiliates $ in millions Salem Radio Network Revenue 487 Affiliates 57 Affiliates $14.7 $17.2 $18.0 LTM 9/15 LTM 9/16 LTM 9/17 8

Our Integrated Multi-Media Approach Radio Digital Publishing National Christian Websites Salem Digital Media Growth Revenue CAGR: 8.6% Operating Income CAGR: 5.7% National Conservative Websites $32.2 $44.1 $44.3 $46.0 $44.7 Church E-Commerce Websites $8.0 $10.4 $9.3 $9.8 $10.0 New Mobile Apps Bible Study Tools King James Bible Daily Bible One Place Daily Devotion LTM 9/13 LTM 9/14 LTM 9/15 LTM 9/16 LTM 9/17 Revenues Operating Income $ in millions 9

Our Integrated Multi-Channel Approach Radio We continue to invest in mobile and tablet platforms given ongoing shift in consumer demand, including mobile apps. Digital Publishing Transitioned From Desktop to Mobile 1% 8% 22% 2009 29% 2016 Desktop now accounts for only 22% of page views vs. 99% in 2009. Diversified our traffic sources to avoid reliance from any one provider. Majority of traffic now comes from mobile. 1% 29% 7% 99% Desktop Mobile Apps Mobile Web Tablet 2009 Diversified Mix of Traffic Sources 18% 45% 3% 11% 18% 12% 41% 2016 15% Mobile Apps Search Engine Direct Traffic Facebook Email Website Referrals 41% 10

Our Integrated Multi-Media Approach Radio Digital Publishing Publishing Revenue More than 75 books on the NY Times Best Seller List Salem Traditional Book Publishing $23.6 $25.5 $24.8 Salem Self-Publishing Services LTM 9/15 LTM 9/16 LTM 9/17 11

Geographically Diversified Portfolio Seattle, WA (12) 4 AM Denver, CO (17) 4AM, 1 FM Omaha, NE (73) 2 AM, 1 FM Minneapolis, MN (15) 4 AM Chicago, IL (3) 2 AM Columbus, OH (35) 1 AM, 1 FM Detroit, MI (13) 2 AM Cleveland, OH (33) 2 AM, 1 FM Youngstown, OH (130) 1 AM Pittsburgh, PA (27) 2AM, 1 FM Portland, OR (21) 2 AM, 3 AM Sacramento, CA (26) 2 AM, 2 FM San Francisco, CA (4.36) 3AM Colorado Springs, CO (88) 1 AM, 2 FM Oxnard, CA (119) 1 FM Los Angeles, CA (2) 1 AM, 2 FM San Bernardino, CA (24) 1 AM Honolulu, HI (62) 3 AM, 4 FM San Diego, CA (16) 2 AM 7 4 5 4 3 1 3 1 2 3 5 3 3 3 5 3 4 3 2 2 3 2 3 1 3 2 6 3 4 1 4 5 1 4 2 2 4 Boston, MA (10) 4 AM New York, NY (1,19) 2 AM Philadelphia, PA (9) 2 AM Washington, DC (7) 3 AM, 1 FM Warrenton, VA 1 AM Nashville, TN (42) 3 FM Greenville, SC (58) 3 FM Atlanta, GA (8) 5 AM, 1 FM Orlando, FL (30) 4 AM Phoenix, AZ (14) 3 AM Dallas, TX (5) 3 AM, 2 FM San Antonio, TX (25) 3 AM Houston, TX (6) 2 AM, 1 FM Little Rock, AR (85) 3 FM St. Louis, MO (22) 2 AM Tampa, FL (18) 5 AM Sarasota, FL (72) 1 AM Miami, FL (11) 4 AM Top 25 Markets Markets 26-50 Other Markets Source: Radio Market Survey Population, Rankings & Information Fall 2017, published by The Nielsen Company. Market Ranking excludes Puerto Rico. 12

Why We re Different Radio hosts drive listeners to websites. Radio stations hold book signing events to grow book sales. Pastor events promote digital resources. Websites promote radio programs & books. Cross-selling between radio & digital with larger advertisers. Unique Ability to Promote Across All Platforms 13

Where We re Going Grow Digital Media Strong diversification of traffic sources positions us for sustainable growth. Utilizing strong cash generation from radio business to acquire more traffic and complementary website properties. Our infrastructure enables us to cut nearly all costs from acquired companies, while maintaining or increasing revenues. Increasing traffic to current sites through new mobile apps and cross promotion from our other media platforms. Added 41 apps 2015 2017. $ in thousands Mobile App Revenues $3,742 $1,189 $48 $89 2013 2014 2015 2016 14

Where We re Going Drive Further Monetization of Large Radio Audience Centralizing costs to mitigate overhead. Capitalize on prior radio station acquisitions, which take 18-24 months to turn profitable. Acquired 14 radio stations and 30 FM translators since Jan 2015¹. 1) Includes two stations operated under a local marketing agreement. 15

Where We re Going Publishing Launched Regnery Faith in 2017 Will Continue to Attract Highly Sought After Authors 16

Looking Ahead to 2018 Election Year Increased Political Revenue Stronger book release schedule from Regnery Improved ratings at KLTY-FM Dallas Elimination of four loss-making magazines in 2017 Third full year operating radio stations acquired from Disney in 2015 17

Key Takeaways 1 We are the market leader in Christian and conservative media. 2 We have built a robust multi-media infrastructure that enables us to cross-promote hundreds of owned media properties. 3 Capitalizing on the advertising market s transition from PRINT DIGITAL MOBILE. 4 Utilizing a strong cash generating radio business to invest in our fastest growing initiatives, pay down debt and return capital to shareholders. 18

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FINANCIAL OVERVIEW 20

Revenue Profile 1 Radio Broadcast 1 Radio $189.2 $189.9 $194.1 $197.2 $202.0 2012 2013 2014 2015 2016 2 Digital $26.6 $33.8 $45.7 $44.8 $46.8 2012 2013 2014 2015 2016 3 Publishing $13.4 $13.2 $26.8 $23.8 $25.5 2012 2013 2014 2015 2016 21

Key Operating Metrics Total Revenue Adjusted EBITDA Adjusted Free Cash Flow $274M $267M $266M $53M $50M $50M $51M $25M $26M $27M $28M $237M 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 22

Balance Sheet & Dividends Strong Dividend History Currently 5.1% dividend yield¹ Cash & cash equivalents intentionally held down to minimize cash interest $30M revolving line of credit at LIBOR + 100bps $151M Federal NOLs at September 30, 2017 Select Balance Sheet Terms $ Millions Sep 30, 2017 Jun 30, 2017 Cash & cash equivalents 0.0 0.0 Receivables 36.9 34.5 FCC Licenses 388.7 388.7 Total Assets 583.6 577.8 Debt 256.1 259.3 Total Liabilities 370.4 363.1 Total Stockholders equity 213.2 214.7 1) As of December 1, 2017 23

(Debt in thousands) Leverage Ratio Debt & Leverage Ratio Debt & Leverage 320,000 310,000 $307k 300,000 5.64x 5.8 5.6 290,000 280,000 270,000 260,000 250,000 240,000 230,000 $262k Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 5.4 5.31x 5.2 5.0 4.8 4.6 Debt Balance Leverage Ratio 24

Salem Management Team Edward G. Atsinger III Chief Executive Officer, Salem Co-Founder Stuart W. Epperson Chairman of the Board, Salem Co-Founder David Santrella President, Broadcast Media (with Salem since 2001) David A. R. Evans President, New Media (with Salem since 2000) Evan D. Masyr Executive Vice President and CFO (with Salem since 2000) Christopher J. Henderson Senior Vice President, Legal and Human Resources, General Counsel, and Secretary (with Salem since 2001) 25

Contact Us Salem Media Group Evan D. Masyr, EVP & CFO 4880 Santa Rosa Road Camarillo, CA 93012 (805) 384-4512 Evan@SalemMedia.com 26