BROADCASTING

DIGITAL

PUBLISHING

INVESTOR PRESENTATION

NASDAQ: SALM | January 2021

INVESTOR

PRESENTATION

1

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 Adjusted 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.Salemmedia.com, as part of the most current report on form 8-K and earnings release issued by Salem Media Group.

2

99 Radio

Stations

Daily BibleBible Study

Tools

BROADCASTING

DIGITAL

PUBLISHING

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content

Salem’s history dates back to 1974 with the launch of our first Christian Teaching and Talk radio station, and went public in 1999

We reach millions of Christians and conservatives daily across the nation with compelling content, fresh commentary and relevant information

Three segments comprised of radio broadcasting, digital media and book publishing

Salem Media has one of the largest media platforms

99 radio stations featuring compelling Christian and conservative programs from organizations such as Focus on the Family and Jay Sekulow Live, and hosts including Hugh Hewitt, Sebastian Gorka and Dennis Prager

Multiple highly-trafficked websites such as Christianity.com, BibleStudyTools.com, Crosswalk.com and Townhall.com

Who We Are

3

Salem’s Reach and Impact

Radio reaches over 268 million people, or 92% of Americans, on a weekly basis

Largest commercial Christian radio broadcaster in America

Largest News Talk radio broadcaster, and third largest radio broadcaster, in the top 25 U.S. markets by station count

Websites and mobile apps are a growing source of Christian and conservative content

Salem’s website and app platform receives approximately 120 million visits every month and is growing steadily

Publisher of Christian and conservative books

Recent authors include Ted Cruz, Jim Daly, Sebastian Gorka, Greg Laurie, David Limbaugh, Michelle Malkin, Dennis Prager, and Mark Steyn

RADIO

BROADCASTING

DIGITAL

MEDIA

BOOK

PUBLISHING

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Our Integrated Multimedia Approach

Publishing$17.77.5%

Digital Media$38.216.2%

Revenue LTMSeptember 30, 2020

$236.4M

99 stations across 37 markets, with approximately 3,200 affiliates

Radio Broadcasting

More than 120 million monthly visits across multiple websites and mobile apps

Digital Media

Three traditional book imprints

Two self-publishing imprints

Book Publishing

Dollars in millions

Radio Broadcasting

$180.576.4%

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Balance Sheet

$ Millions Sep 30, 2020 Sep 30, 2019

Cash & cash equivalents 19.3 0.0

Receivables 28.2 45.0

FCC Licenses 319.8 340.4

Total Assets 540.6 586.2

Debt (Principal) 233.1 250.2

Total Liabilities 408.7 391.6

Total Stockholders’ equity 131.9 194.7

Select Balance Sheet Terms

LTM 9/20 free cash flow of $4.9 million,or $0.18 per share

Free cash flow yield of 11.8%1

$30M revolving line of credit atLIBOR + 200bps

$136M Federal NOLs at December 31, 2019

1) As of January 14, 2021

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Radio Broadcasting

Third Largest Radio Broadcaster in Top 25 U.S. Markets

Digital Media Book Publishing

Ownership of Radio Stations Serving the Top 25 Markets 1

1) Source: BIA/Kelsey and company filings. Market ranking excludes Puerto Rico. As of Fall 2020.2) Includes announced acquisitions, divestitures, and exchanges for Salem.

Approximately half of the adults in the U.S. live in the top 25 markets

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165

116

58

4033 32 28 29 26

92

24 21 2111 7 9 7 6 6 5 1

iHeartMedia Entercom Salem Univision Beasley Cumulus Urban One Cox Alpha Media SpanishBroadcasting

System

Emmis

Number of stations in the top 25 markets Number of top 25 markets represented

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Geographically Diversified Portfolio

Source: Radio Market Survey Population, Rankings & Information – Fall 2020, published by The Nielsen Company. Market Ranking excludes Puerto Rico.Map excludes markets where all of Salem’s stations are operated under a Local Marketing Agreement.

Radio Broadcasting Digital Media Book Publishing

Top 25 Markets Markets 26-50 Other Markets

Portland, OR

(21) 3 AM, 3 FM

Denver, CO

(18) 3 AM, 1 FM

Colorado Springs, CO

(87) 1 AM, 2 FM

Sacramento, CA

(26) 2 AM, 2 FM

San Francisco, CA

(4.37) 3 AM

Oxnard, CA

(123) 1 FM

Los Angeles, CA

(2) 1 AM, 2 FM

San Bernardino, CA

(25) 1 AM

Honolulu, HI

(64) 3 AM, 4 FM

San Diego, CA

(16) 2 AM

Phoenix, AZ

(13) 3 AM

Pittsburgh, PA

(30) 2 AM, 1 FM

Boston, MA

(10) 2 AM

New York, NY

(1,19) 2 AM

Philadelphia, PA

(9) 2 AM

Washington, DC

(8) 2 AM, 1 FM

Warrenton, VA

1 AM

Greenville, SC

(57) 3 FM

Nashville, TN

(39) 3 FM

Atlanta, GA

(7) 4 AM, 1 FM

Orlando, FL

(28) 2 AM

Seattle, WA

(12) 3 AM

Minneapolis, MN

(15) 4 AM

Chicago, IL

(3) 2 AM

Columbus, OH

(35) 1 AM, 1 FM

Detroit, MI

(14) 2 AM

Cleveland, OH

(34) 2 AM, 1 FM

Dallas, TX

(5) 2 AM, 2 FM

San Antonio, TX

(24) 2 AM

Houston, TX

(6) 1 AM, 1 FM

Little Rock, AR

(90) 1 AM, 3 FM

Tampa, FL

(17) 3 AM

Sarasota, FL

(69) 1 AM

3

6

43

43

11

7

2 3

4

22

4

31

2

5

33

1

3

22

2

3 32

2

4

3

2

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LTM September 2020 Radio Revenue

48.7%

37.5%

13.8%Programming

Advertising

Other

Radio Broadcasting

Programming time sold to national non-profit ministries and local churches

High renewal rates exceeding 95% annually; 2.0-3.5% rate increases

Our top 10 programmers have averaged 32 years on the air

Programming revenue comprises 49% of radio revenue and 31% of total revenue

Digital Media Book Publishing

Block Programming

Three Strategic Radio Broadcasting Formats

Christian Music –The FISH®

$150.7M

12 Stations17% of radio revenue

Christian Teaching and Talk

News Talk

32 Stations19% of radio revenue

37 Stations + Sirius XM40% of radio revenue

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Radio Broadcasting Digital Media Book Publishing

Salem Radio Network: Serving 3,200 Affiliates

The Eric Metaxas Show

The Larry Elder Show

The Dennis Prager Show

The Mike Gallagher Show

The Hugh Hewitt Show

174 Affiliates

44 Affiliates

801 Affiliates

1,574 Affiliates

Network Revenue

America First with Dr. Sebastian Gorka

$21.7 $22.5

$27.3

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

LTM9/18

LTM9/19

LTM9/20$ in millions

The Charlie Kirk Show

352410373432428472Number of Affiliates: 97

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Digital MediaRadio Broadcasting Book Publishing

National Christian Websites

National Conservative Websites

Church E-Commerce Websites

Salem Digital Media

Multifaceted Internet Platform

New Mobile AppsDaily Bible One Place Daily Devotion

King JamesBible

Bible Study Tools

51.8%48.2%

Advertising

Streaming, Subscriptions and Downloads

$38.2M

LTM 9/20

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Book PublishingRadio Broadcasting Digital Media

Salem Traditional Book Publishing

Publishing Revenue

Christian and Conservative Books

Salem Self-Publishing Services

More than 75 books on the NY Times Best Seller List

50.9%40.9%

8.2%

Traditional

Self-Publishing

Magazine

$17.7M

LTM 9/20

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Why We Are Different

Unique Ability

to Promote

Across All

Platforms

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

BROADCASTING

DIGITAL

PUBLISHING

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Where We Are Going

Broadcasting

Salem Surround, a full-service nationwide multimedia advertising

agency, is now in 33 markets

Launched SalemNOW, an on-demand pay-per-view

video platform, in 2020

Formed the Salem Podcast Network in 2021, bringing conservative

content to more listeners and viewers through a podcast platform

Digital Strong diversification of traffic sources positions us for sustainable

growth

Increase traffic to current sites through new mobile apps and cross

promotion from our other media platforms

Acquired 65 mobile apps between 2015 and 2020

Publishing Continue to attract highly sought-after authors

Grow Salem Books imprint by signing high-profile Christian

communicators

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Key Takeaways

1

2

4

3

We are the market leader in Christian and

conservative media

Utilizing a strong cash-generating radio business to

invest in our growing initiatives and pay down debt

Capitalizing on the advertising market’s

transition to digital and mobile

We have built a robust multimedia

infrastructure that enables us to cross-promote

hundreds of owned media properties

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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

Executive Vice President, Legal and Human

Resources, General Counsel, and Secretary

(with Salem since 2001)

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