Salem Media Group Inc. Watch

from 8-K 42 pages Salem Media Group, Inc. Common Stock (Par Value $0.01 Per Share) at Market Issuance Sales Agreement

from SC 13G/A 1 page Joint Filing Agreement

from SC 13D/A 3 pages Schedule II Information With Respect to Transactions Effected During the Past Sixty Days or Since the Most Recent Filing on Schedule 13d (1) Shares Purchased Average Date Sold(-) Price(2) Common Stock-Salem Communications Gabelli Securities, Inc. 10/01/07 1,000 8.7439 8/24/07 500- 10.1200 Gamco Asset Management Inc. 10/03/07 20,200 8.4680 10/03/07 20,200 8.4680 10/03/07 6,545 8.0500 10/02/07 1,400 8.1000 10/02/07 1,400 8.6000 10/02/07 1,400 8.1000 10/01/07 1,400 8.0959 10/01/07 1,400 8.0959 9/27/07 2,000- 8.1300 9/27/07 2,000 8.1300 9/27/07 2,000 8.1300 9/27/07 2,000 8.1400 9/24/07 600- 8.4883 9/11/07 200- 9.1301 9/10/07 2,018 9.7999 9/07/07 1,595 9.7956 9/06/07 5,500 9.7989 9/06/07 5,000 10.0500 9/05/07 3,400- 10.4044 9/05/07 200- 10.3100 9/04/07 7,000- 10.2523 9/04/07 7,000- 10.2523 8/31/07 1,000- 10.2700 8/24/07 887 9.7944 8/23/07 1,600- 9.4413 8/22/07 1,400- 9.4400 8/21/07 1,000- 9.0700 8/20/07 1,000- 9.1027 8/13/07 2,500 8.6624 8/13/07 2,500 8.6624 8/13/07 1,000 8.7596 8/13/07 1,000 8.5960 8/13/07 1,000- 8.6555 8/13/07 1,000- 8.7596 8/13/07 2,500- 8.6832 8/13/07 1,000 8.6555 8/13/07 500- 8.6555 8/09/07 2,500 7.6800 8/09/07 2,500 7.6800 8/09/07 39,500 7.7165 8/09/07 39,500 7.7165 8/09/07 3,000 7.7425 8/09/07 39,500- 7.7165 Gabelli Advisers, Inc. 9/26/07 2,000- 8.0751 9/25/07 1,000- 8.3006 Gabelli Funds, LLC. Gabelli Small Cap Growth Fund 10/09/07 8,800 8.3377 10/08/07 1,200 8.3500 9/25/07 5,000- 8.3006 9/24/07 5,000- 8.4367 8/09/07 9,900 7.8230 (1) Unless Otherwise Indicated, All Transactions Were Effected on the NASDAQ Stock Market. (2) Price Excludes Commission

from 8-K 34 pages 3,100,000 Shares Salem Communications Corporation Common Stock Underwriting Agreement

from 8-K ~20 pages Underwriting agreement

from S-4 ~1 page Underwriting agreement

from S-4 ~10 pages Underwriting agreement

from S-4 ~20 pages Underwriting agreement

from SC 13G 1 page <page> 1 Filing Agreement This Agreement Is Made and Entered Into as of This 11th Day of February 2000 Among Stuart W. Epperson, Sr. and Nancy A. Epperson. Stuart W. Epperson, Sr. and Nancy A. Epperson Hereby Agree That Only One Statement Will Be Filed on Behalf of Each of Them Pursuant to Schedule 13g Containing the Information Required to Be Disclosed by Section 13(d) of the Securities Exchange Act of 1934, as Amended, and Rules Thereunder With Respect to the Shares of Class a Common Stock of Salem Communications Corporation That Are Beneficially Owned by Stuart W. Epperson, Sr. and Nancy A. Epperson. Witness the Due Execution Hereof by the Undersigned as of the Date First Above Written. /S/ Stuart W. Epperson, Sr. Stuart W. Epperson, Sr. /S/ Nancy A. Epperson Nancy A. Epperson

from S-1/A ~50 pages Form of Underwriting Agreement

from S-4/A 1 page Form of Notice of Guar. Delivery

from S-4/A ~10 pages Form of Letter of Transmittal

from S-4 1 page Form of Notice of Guaranteed Delivery

from S-4 ~5 pages Form of Letter of Transmittal

from S-4 ~20 pages Registration Rights Agreement Dated 9/17/97

from S-4 ~50 pages Placement Agreement Dated 9/17/97