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Investor Presentation BROADCASTING DIGITAL INVESTOR PUBLISHING PRESENTATIONINVESTOR PRESENTATION NASDAQ: SALM | December 2019 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. 1 Who We Are Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content 99 Radio Stations Salem’s history dates back to 1974 with the launch of our first Christian Teaching and Talk radio station, and went public in 1999 BROADCASTING 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 Bible Study media and book publishing Daily Bible DIGITAL Tools 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 PUBLISHING Christianity.com, BibleStudyTools.com, Crosswalk.com and Townhall.com 2 Investment Highlights Addressing Rapidly-Growing End Markets: Radio Broadcasting and Digital Media Immense weekly audience reaching over 268 million people, or 92% of Americans, on a weekly basis Third largest radio broadcaster in the top 25 U.S. markets Websites are a leading source for Christian and conservative content Strong Free Cash Flow Generation LTM 9/19 free cash flow of $12.3 million, or $0.46 per share . Free cash flow yield of 30.9%1 History of Capital Returns to Shareholders Cash distribution of $0.10 per share, yielding 6.7%1 31 consecutive quarters of dividend distributions Distribution is characterized as a return of capital, a more favorable tax treatment Significant Presence in Rapidly-Growing Digital Media Business Focused on the growth of local digital revenue with recent rollout of Salem Surround Strategically investing in R&D and acquisitions to foster growth in digital media 1) As of December 10, 2019 3 Salem’s Reach and Impact Third largest radio broadcaster in the top 25 U.S. markets by station count Largest commercial Christian radio broadcaster in America RADIO Largest News Talk radio broadcaster in the top 25 U.S. markets by station count BROADCASTING Websites and mobile apps are a growing source of Christian and conservative content . Salem’s website and app platform is visited by approximately 15 million people DIGITAL every month and growing steadily MEDIA Publisher of Christian and conservative books . Authors include Jim Daly, Sebastian Gorka, Greg Laurie, David Limbaugh, Michelle BOOK Malkin, Dennis Prager, and Mark Steyn PUBLISHING 4 Our Integrated Multimedia Approach Revenue LTM Radio Broadcasting September 30, 2019 . 99 stations across 37 markets, with approximately Digital 3,100 affiliates Media $40.9 16.0% Digital Media Publishing $21.6 8.4% . More than 150 million monthly page views $256.5M across hundreds of website properties Radio Broadcasting Book Publishing $193.9 75.6% . Sales of more than 2 million books annually Dollars in millions 5 Balance Sheet & Dividends Select Balance Sheet Terms Strong Dividend History $ Millions Sep 30, 2019 Sep 30, 2018 Currently 6.7% dividend yield¹ Cash & cash equivalents 0.0 0.0 Cash & cash equivalents Receivables 45.0 38.1 intentionally low to maximize debt repayments and minimize FCC Licenses 340.4 379.2 cash interest $30M revolving line of Total Assets 586.2 568.9 credit at LIBOR + 175bps Debt (Principal) 250.2 255.3 $148M Federal NOLs at December 31, 2018 Total Liabilities 391.6 342.5 Total Stockholders’ equity 194.7 226.5 1) As of December 10, 2019 6 Third Largest Radio Broadcaster in Top 25 U.S. Markets Radio Broadcasting Digital Media Book Publishing 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 117 Approximately half of the adults in the U.S. live in the top 25 markets 59 40 34 32 28 28 24 22 22 26 11 7 9 8 6 6 9 5 2 1 iHeartMedia Entercom Salem 2 Univision Beasley Cumulus Urban One Cox Alpha Media Spanish Emmis Broadcasting System 1) Source: BIA/Kelsey and company filings. Market ranking excludes Puerto Rico. As of Fall 2019. 2) Includes announced acquisitions, divestitures, and exchanges for Salem. 7 Geographically Diversified Portfolio Radio Broadcasting Digital Media Book Publishing Seattle, WA Denver, CO Colorado Springs, CO Minneapolis, MN Chicago, IL Columbus, OH Detroit, MI Cleveland, OH Pittsburgh, PA (12) 3 AM (18) 3 AM, 1 FM (85) 1 AM, 2 FM (15) 4 AM (3) 2 AM (35) 1 AM, 1 FM (13) 2 AM (34) 2 AM, 1 FM (28) 2 AM, 1 FM Portland, OR Boston, MA (20) 3 AM, 3 FM (10) 2 AM Sacramento, CA 3 New York, NY (26) 2 AM, 2 FM (1,19) 2 AM 6 San Francisco, CA Philadelphia, PA (4.36) 3 AM (9) 2 AM 4 2 Oxnard, CA 2 2 Washington, DC 2 (120) 1 FM 4 3 3 2 (7) 2 AM, 1 FM 3 4 2 3 Los Angeles, CA 3 1 Warrenton, VA (2) 1 AM, 2 FM 1 AM 1 3 3 1 San Bernardino, CA 3 Nashville, TN 2 3 (25) 1 AM 4 5 (39) 3 FM 4 Honolulu, HI 7 Greenville, SC (63) 3 AM, 4 FM 2 (57) 3 FM 2 3 2 1 San Diego, CA 1 Atlanta, GA (16) 2 AM (8) 4 AM, 1 FM Phoenix, AZ Dallas, TX San Antonio, TX Houston, TX Little Rock, AR Tampa, FL Sarasota, FL Miami, FL Orlando, FL (14) 3 AM (5) 2 AM, 2 FM (24) 2 AM (6) 1 AM, 1 FM (88) 1 AM, 3 FM (17) 3 AM (69) 1 AM (11) 1 AM (29) 2 AM Top 25 Markets Markets 26-50 Other Markets Source: Radio Market Survey Population, Rankings & Information – Fall 2019, published by The Nielsen Company. Market Ranking excludes Puerto Rico. 8 Three Strategic Radio Broadcasting Formats Radio Broadcasting Digital Media Book Publishing LTM September 2019 Radio Revenue Christian Christian Music – News Talk The FISH® Teaching and Talk Programming 11.4% 37 Stations + Sirius XM 12 Stations 31 Stations 41% of radio revenue 19% of radio revenue 18% of radio revenue Advertising Other $169.1M 47.7% 41.0% Block Programming 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 31 years on the air Programming revenue comprises 48% of radio revenue and 31% of total revenue 9 Salem Radio Network: Serving 3,100 Affiliates Radio Broadcasting Digital Media Book Publishing The Hugh The Mike The Dennis America First with The Larry Elder The Eric Hewitt Show Gallagher Show Prager Show Dr. Sebastian Gorka Show Metaxas Show Number of Affiliates: 450 431 421 368 410 343 Network Revenue 1,544 174 Affiliates Affiliates $25.0 $20.0 $15.0 675 47 Affiliates Affiliates $10.0 $22.5 $5.0 $0.0 $ in millions LTM 9/19 10 Multifaceted Internet Platform Radio Broadcasting Digital Media Book Publishing Salem Digital Media National Christian Websites 2.2% National Conservative 45.7% Websites $40.9M 52.2% Church E-Commerce Websites Programming Advertising Bible Study King James Tools Bible E-Commerce New Mobile Apps Daily Bible One Place Daily Devotion LTM 9/19 11 Christian and Conservative Books Radio Broadcasting Digital Media Book Publishing More than 75 books on the NY Times Best Seller List Publishing Revenue Salem Traditional Book Publishing 13.4% 26.1% $21.6M 60.5% Salem Self-Publishing Services Traditional Self-Publishing Other LTM 9/19 12 Why We Are Different Radio hosts drive listeners to websites BROADCASTING Radio stations hold book signing events to grow book sales Unique Ability Pastor events promote digital resources to Promote Websites promote radio programs & Across All DIGITAL books Platforms Cross-selling between radio & digital with larger advertisers PUBLISHING 13 Where We Are Going Broadcasting Launched Salem Surround a full-service nationwide multimedia advertising agency with locations in 33 markets 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 . Added 65 mobile apps 2015 – 2019 Publishing Continue to attract highly sought-after authors Grow Salem Books imprint by signing high-profile Christian communicators 14 Key Takeaways We are the market leader in Christian and 1 conservative media We have built a robust multimedia 2 infrastructure that enables us to cross-promote hundreds of owned media properties Capitalizing on the advertising market’s 3 transition to digital and mobile Utilizing a strong cash-generating radio business 4 to invest in our growing initiatives, pay down debt and return capital to shareholders 15 Salem Management Team Edward G.
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