Investor Update – 2014 Second Quarter Results...10-K, 10-Q, and 8-K. These reports are available...

July 23, 2014

Investor Update – 2014 Second Quarter Results

© 2014 Clear Channel Communications, Inc.

Safe Harbor Statement

2

Forward Looking Language 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 CC Media Holdings, Inc. and its subsidiaries, including Clear Channel Communications, Inc. and Clear Channel Outdoor Holdings, Inc., to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: the impact of the Company’s substantial indebtedness, including the use of cash from operations and other liquidity-generating transactions to make payments on its indebtedness; changes in business, political and economic conditions in the United States and in other countries in which the Company currently does business (both general and relative to the advertising industry); changes in operating performance; changes in governmental regulations and policies and actions of regulatory bodies; changes in the level of competition for advertising dollars; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; fluctuations in exchange rates and currency values; the outcome of litigation; fluctuations in interest rates; taxes and tax disputes; shifts in population and other demographics; access to capital markets and borrowed indebtedness; risks relating to the integration of acquired businesses; and risks that we may not achieve or sustain anticipated cost savings. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this document. Other key risks are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of CC Media Holdings, Inc.’s, Clear Channel Outdoor Holding, Inc.’s, and Clear Channel Communications, Inc.’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Pacing data is mentioned in this presentation. Pacing data reflects revenues booked at a specific date versus the comparable date in the prior period and may or may not reflect the actual revenue growth rate at the end of the period. Pacing data includes all acquisitions and excludes divestitures in both periods for comparability. Non-GAAP Financial Measures This presentation includes information that does not conform to generally accepted accounting principles (GAAP), such as OIBDAN and operating results on a constant dollar basis (excluding the impacts of movements in foreign exchange rates). These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q, and 8-K. These reports are available on the Investor Relations page of www.clearchannel.com and www.clearchanneloutdoor.com. Reconciliations of non-GAAP measures to GAAP measures are included at the end of this presentation. The Company uses OIBDAN, among other things, to evaluate the Company's operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company's operational strength and performance of its business because it provides a link between profitability and net income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company's management. The Company believes it helps improve investors’ ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different capital structures, stock option structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry. In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets, principally the Euro area, the U.K. and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the actual foreign revenues, expenses and OIBDAN for a given period at average foreign exchange rates for the comparable period in the prior year) allows for comparison of operations independent of foreign exchange rate movements. This presentation should be read in conjunction with the 2014 Second Quarter earnings releases and Form 10-Q filings of CC Media Holdings, Inc. and Clear Channel Outdoor Holdings, Inc. available at www.clearchannel.com and www.clearchanneloutdoor.com Numbers may not sum due to rounding.

National Spot & Network Radio 5,500+ affiliate broadcast stations

Local Broadcast 830 stations & 150+ local markets

Traffic 98% commuter coverage

National & Local Personalities 90+ syndicated properties

iHeartRadio.com +1,800 live stations

& custom radio

Social 33 million Facebook likes

20+ million Twitter followers

Personality & Local Station Sites

92 million reached monthly via 1,000+ websites

Mobile 345 million app downloads

and upgrades

Airports Over 280 airports worldwide

Street Furniture Global presence

Outdoor Displays 675,000 displays in over 40 countries across five continents

iHeartRadio Music Festival, iHeartRadio

Music Awards, Ultimate Pool Party & Jingle Ball

iHeartRadio Theaters East & West

Network TV Shows iHeartRadio Music Festival, Ultimate Pool

Party, iHeartRadio Music Awards and more

Local Market Festivals & Concerts

20,000+ events a year

3

Clear Channel Is A Multi-Platform Media Company

Digital Outdoor U.S.: 1,100+ displays in 39 markets International: 4,100+ displays in 16 countries


Q1 2014 Key Financial Highlights

4

!  Revenue: $1.6 billion (up 1% year over year)

!  Slight growth at Media+Entertainment

!  2% increase at Outdoor

!  Expenses: $1.1 billion (up 2% year over year) !  OIBDAN: $487 million

!  8% decline at Americas Outdoor

!  5% increase at International Outdoor

!  Flat at Media+Entertainment

Notes: In this presentation, OIBDAN is defined as consolidated net income (loss) excluding non-cash compensation expense and the following line items presented in the Statements of Operations: income tax benefit; other operating income (expense)-net; equity in earnings (loss) of nonconsolidated affiliates; gain (loss) on marketable securities; interest expense; other operating income-net; impairment charges; and depreciation and amortization. Certain financial information shown in this presentation excludes the effects of foreign exchange rates. See reconciliations in the Appendix.


Key Highlights: Media + Entertainment

5

!  Partnered with Honda to create “Honda Stage,” a massive brand awareness initiative to reach the youth market

!  Launched the iHeartRadio Hispanic Network to provide advertising partners large-scale reach to the U.S. Spanish and English-speaking Hispanic population

!  Launched AuDiO, a first-of-its-kind, proprietary radio optimization tool for political advertisers to target key voter segments via radio

!  Introduced the new iHeartRadio 5.0 and surpassed 50 million registered users (50% growth YOY) !  Partnered with AdsWizz to deliver targeted ads based on individual listeners’ specific characteristics !  Extending iHeartRadio’s automotive reach through Subaru’s new STARLINK infotainment systems

!  First-ever iHeartRadio Music Awards televised on NBC on May 1 !  65 million listener votes cast by social media !  #iHeartAwards trended #1 on Twitter throughout the night !  #1 in Nielsen’s Twitter TV ratings for the entire week

Key Initiatives

Events


Key Highlights: Outdoor

6

!  Partnership with Monster Media to launch a nationwide network of interactive charging stations in major U.S. airports

!  Expanded Outdoor Connect to 29 markets in North America, enabling national and regional advertisers to reach mobile consumers

!  Multi-year deal with BlueFocus Communications Group, one of the largest communications groups in China with more than 100 clients interested in reaching the U.S. market.

!  Americas: 27 new digital billboards for an end of quarter total of 1,107 across 39 markets in the U.S.

!  International: ~400 new digital displays for an end of quarter total of +4,100 across 16 countries

Partnerships

Digital


Media + Entertainment Financial Results

7

Revenue • Revenue up slightly to $806 million •  Key Categories: Auto, entertainment, home building, food and beverage • Drivers: Traffic and weather business, digital sales and political, offset by core radio business and national

syndication Expenses • Operating expenses slightly up to $485 million • Drivers: higher sports programming costs and increased rent expense •  Expenses include ~$8 million of costs related to strategic efficiency initiatives, compared to $3 million in the prior

year

Notes: Please see reconciliations in Appendix. In this presentation, operating expenses include direct operating expenses and SG&A expenses.

(In$Millions)$

Three%Months%EndedJune%30, Change

2014 2013 % $Revenue $806.3 $805.6 0.1% $0.7Operating%Expenses $484.6 $482.5 0.4% $2.1OIBDAN $321.7 $323.1 (0.4%) ($1.4)


Americas Outdoor Financial Results

8 Notes: Please see reconciliations in Appendix.

(In$Millions)$

Revenue • Down $16 million to $319 million (down $15 million excluding foreign exchange impact) •  Key Categories: Retail, Business Services, Media, Healthcare & Medical • Drivers: -  Lower national account revenue which affected rate for billboards and posters -  Lower airport revenues due to nonrenewal of certain contracts -  Lower revenues in Los Angeles market as a result of loss of digital boards Expenses

• Operating expenses down primarily due to reduced site lease expenses related to our airport business and lower commission expense payments in connection with lower revenues


2014 2013 % $Revenue $319.1 $335.0 (4.7%) ($15.9)Operating%Expenses $192.2 $196.9 (2.4%) ($4.8)OIBDAN $127.0 $138.1 (8.0%) ($11.1)


International Outdoor Financial Results

9

(In$Millions)$

Notes: Please see reconciliations in Appendix.

Revenue •  Up $30 million to $462 million (up $19 million excluding foreign exchange impact) •  Drivers: -  Western Europe: Italy (new airport contract in Rome), Sweden, France and UK -  Emerging Markets: Brazil’s growth driven by digital advertising and the FIFA World Cup and China’s growth driven

by new street furniture contracts Expenses •  Increase in operating expenses driven by new contracts, higher compensation related to higher revenues, as well as

higher legal expenses


2014 2013 % $Revenue $462.1 $431.8 7.0% $30.2Operating%Expenses $361.3 $335.6 7.6% $25.6OIBDAN $100.8 $96.2 4.8% $4.6


Items Impacting Comparability at CC Media Holdings

10

Political Revenue Impact:

Revenue

Strategic Revenue and Efficiency Initiatives: Costs incurred in connection with improving our businesses.

•  $20.5 million across Media+ Entertainment, Americas and International Outdoor, and Corporate

•  Up $6.3 million from Q2’13


•  Media+ Entertainment: $7.7 million (~40% of total)



Expenses

Notes: Please see reconciliations in Appendix.

LA Digital: Absence of revenue from 77 digital boards beginning in April 2013 Boston Logan: Absence of revenue from airport contract

2Q Change Revenue2014 2013 % $

CCM+E $10.3 $5.9 75% $4.4Americas?Outdoor $0.5 $0.1 356% $0.4Katz?Media $4.0 $0.9 326% $3.1

Total $14.9 $7.0 114% $7.9


Capital Expenditures

11

Drivers of Capex

•  Americas Outdoor: New digital displays

•  International Outdoor: billboard and street furniture advertising structures

•  Corporate: Equipment and software

2014 Full-Year Guidance

•  $300 million for CC Media Holdings, Inc.

CC Media Holdings, Inc.

Clear Channel Outdoor Holdings, Inc.

(In$Millions)$

(In$Millions)$


2014 2013 % $Outdoor

Americas $17.2 $16.8 3% $0.4International $36.3 $22.8 59% $13.5

Total%Outdoor $53.5 $39.5 35% $13.9CCM+E $10.4 $21.9 (53%) ($11.5)Other $1.1 $2.6 (58%) ($1.5)Corporate $9.1 $7.0 30% $2.1

Total&Capex $74.0 $71.1 4% $3.0


2014 2013 % $

Americas $17.2 $16.8 3% $0.4International $36.3 $22.8 59% $13.5Corporate $0.9 $1.1 (21%) ($0.2)

Total&Capex $54.3 $40.7 34% $13.7


Debt

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• Total Debt: $20.7 billion

• Cash interest requirements of ~$791 million for the remainder of 2014

Upcoming Maturities

• 2014: $18.5 million

• 2015: $6.4 million

• 2016: $2.4 billion

(In$Millions)$

Notes: Certain Clear Channel Communications’ balances include debt at Clear Channel Outdoor Holdings.

Maturity $)ChangeClear)Channel)Communications,)Inc.Term%Loan%B 2016 $1,891 $1,891 0Term%Loan%C 2016 $31 $35 (4)Term%Loan%D 2019 $5,000 $5,000 0Term%Loan%E 2019 $1,300 $1,300 0Receivables%Based%Facility 2017 $0 $247 (247)Priority%Guarantee%Notes%K%9% 2019 $2,000 $2,000 0Priority%Guarantee%Notes%K%9% 2021 $1,750 $1,750 0Priority%Guarantee%Notes%K%11.25% 2021 $575 $575 0Other%Secured%Subsidiary%Debt $20 $21 (1)Senior%Cash%Pay%Notes 2016 $94 $94 0Senior%Toggle%Notes 2016 $128 $128 0Senior%Notes 2021 $1,645 $1,404 241Clear%Channel%Senior%Notes%5.50% 2014 $0 $461 (461)Clear%Channel%Senior%Notes%4.90% 2015 $0 $250 (250)Clear%Channel%Senior%Notes%5.50% 2016 $250 $250 0Clear%Channel%Senior%Notes%10.00% 2018 $850 $0 850Clear%Channel%Senior%Notes%6.875% 2018 $175 $175 0Clear%Channel%Senior%Notes%7.25% 2027 $300 $300 0

Clear)Channel)Outdoor)Holdings,)Inc.

6.5%%Series%A%Senior%Notes 2022 $736 $736 06.5%%Series%B%Senior%Notes 2022 $1,989 $1,989 07.625%%Series%A%Senior%Sub%Notes 2020 $275 $275 07.625%%Series%B%Senior%Sub%Notes 2020 $1,925 $1,925 0Senior%revolving%credit%facility 2018 $0 $0 0Other%Debt $16 $17 (1)Original%Issue%Discount ($6) ($7) 1Total)Debt $4,935 $4,935 0

Other%Clear%Channel%Subsidiary%Debt $1 $0 1Purchase%Accounting%Adjustments%and%OID ($263) ($322) 59Total)Debt $20,672 $20,484 187Weighted(Average(Cost(of(Debt 7.9% 7.6%

6/30/14 12/31/13


Balance Sheet Information and Debt Ratios

13

Notes: Secured leverage ratio is defined as consolidated secured debt, net of cash and cash equivalents, divided by EBITDA (as defined by Clear Channel Communications’ senior secured credit facilities). Consolidated leverage ratio is defined as total debt divided by EBITDA (as defined by the Clear Channel Worldwide Holdings (“CCWH”) Senior Notes indentures. Senior leverage ratio is defined as senior debt divided by EBITDA (as defined by the CCWH Senior Notes indentures). See reconciliations in Appendix.

Recent Transactions

•  Issued $850 million of 10% Senior Notes due 2018

• Redeemed $567.1 of 5.5% Senior Notes due 2014 (including $158.5 million held by a subsidiary) and $241.0 million of 4.9% Senior Notes due 2015

Announced Transactions

•  Issued redemption notice to redeem $94.3 million Senior Cash Pay Notes due 2016 and $127.9 million Senior Toggle Notes due 2016 to occur on August 22, 2014

•  Intend to issue and sell $222.2 million additional Senior Notes due 2021 to an unrestricted subsidiary and use proceeds for the redemption of Senior Cash Pay Notes and Senior Toggle Notes

(In$Millions)$

June%30, December%31, Change

2014 2013

Clear&Channel&Communications,&Inc.Cash%&%Equivalents $798 $708

Total%Debt $20,672 $20,484

Secured%Leverage%Ratio 6.4x 6.3x

Clear&Channel&Outdoor&HoldingsCash%&%Equivalents $226 $315

Total%Debt $4,935 $4,935

Senior%Leverage%Ratio 3.6x 3.5x

Consolidated%Leverage%Ratio 6.5x 6.3x


Appendix

14


CC Media Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss)

15

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortizationOther operating

income, netImpairment

charges OIBDANThree Months Ended June 30, 2014

CCME 260,255$ -$ 61,479$ -$ -$ 321,734$ Americas Outdoor 79,470 - 47,523 - - 126,993 International Outdoor 50,583 - 50,214 - - 100,797 Other 8,177 - 8,654 - - 16,831 Impairment charges (4,902) - - - 4,902 - Corporate (88,388) 2,792 6,192 - - (79,414) Other operating income (expense), net (1,628) - - 1,628 - - Consolidated 303,567$ 2,792$ 174,062$ 1,628$ 4,902$ 486,941$

Three Months Ended June 30, 2013CCME 255,073$ -$ 68,038$ -$ -$ 323,111$ Americas Outdoor 91,050 - 47,041 - - 138,091 International Outdoor 46,272 - 49,930 - - 96,202 Other 9,105 - 9,890 - - 18,995 Impairment charges - - - - - - Corporate (82,392) 5,822 4,835 - - (71,735) Other operating income (expense), net 1,113 - - (1,113) - - Consolidated 320,221$ 5,822$ 179,734$ (1,113)$ - 504,664$


Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss)

16

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortization

Other operating income

(expense), net OIBDANThree Months Ended June 30, 2014Americas Outdoor 79,470$ -$ 47,523$ -$ 126,993$ International Outdoor 50,583 - 50,214 - 100,797 Corporate (34,322) 2,240 989 - (31,093) Other operating income, net 247 - - (247) -

Consolidated 95,978$ 2,240$ 98,726$ (247)$ 196,697$

Three Months Ended June 30, 2013Americas Outdoor 91,050$ -$ 47,041$ -$ 138,091$ International Outdoor 46,272 - 49,930 - 96,202 Corporate (34,487) 2,334 595 - (31,558) Other operating income, net 3,697 - - (3,697) -

Consolidated 106,532$ 2,334$ 97,566$ (3,697)$ 202,735$


CC Media Holdings, Inc. Reconciliation of OIBDAN to Net Loss

17

(In thousands)

2014 2013

OIBDAN 486,941$ 504,664$ Non-cash compensation expense 2,782 5,822 Depreciation and amortization 174,062 179,734 Impairment charges 4,902 - Other operating (expense) income, net (1,628) 1,113 Operating income 303,567 320,221 Interest expense 440,605 407,508 Gain on sale of marketable securities - 130,898 Equity in earnings (loss) of nonconsolidated affiliates (16) 5,971 Loss on extinguishment of debt (47,503) - Other income (expense), net 12,157 (18,098) (Loss) income before income taxes (172,400) 31,484 Income tax benefit (expense) 621 (11,477) Consolidated net (loss) income (171,779) 20,007 Less: Amount attributable to noncontrolling interest 14,852 12,805 Net (loss) income attributable to the Company (186,631)$ 7,202$

Three Months EndedJune 30,


Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Net Loss

18

(In thousands)

2014 2013

OIBDAN 196,697$ 202,735$ Non-cash compensation expense 2,240 2,334 Depreciation and amortization 98,726 97,566 Other operating income, net 247 3,697 Operating income 95,978 106,532 Interest expense 88,212 88,063 Interest income on Due from Clear Channel Communications 15,227 12,496 Equity in earnings of nonconsolidated affiliates 327 169 Other income (expense), net 11,983 (310) Income before income taxes 35,303 30,824 Income tax benefit (expense) 24,820 (12,094) Consolidated net income 60,123 18,730 Less: Amount attributable to noncontrolling interest 9,086 9,822 Net income attributable to the Company 51,037$ 8,908$



CC Media Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates

19


2014 2013Revenue:Consolidated Revenue 1,630,154$ 1,618,097$ Excluding: Foreign exchange (increase) decrease (10,512) - Revenue excluding effects of foreign exchange 1,619,642$ 1,618,097$

Americas Outdoor Revenue 319,147$ 335,025$ Excluding: Foreign exchange (increase) decrease 837 - Americas Outdoor Revenue excluding effects of FX 319,984$ 335,025$

International Outdoor Revenue 462,058$ 431,846$ Excluding: Foreign exchange (increase) decrease (11,349) - International Outdoor Revenue excluding effects of FX 450,709$ 431,846$

Expenses:Consolidated Expense 1,063,799$ 1,041,698$ Excluding: Foreign exchange (increase) decrease (8,801) - Expense excluding effects of foreign exchange 1,054,998$ 1,041,698$

Americas Outdoor Expense 192,154$ 196,934$ Excluding: Foreign exchange (increase) decrease 740 - Americas Outdoor Expense excluding effects of FX 192,894$ 196,934$

International Outdoor Expense 361,261$ 335,644$ Excluding: Foreign exchange (increase) decrease (9,541) - International Outdoor Expense excluding effects of FX 351,720$ 335,644$

OIBDAN:Consolidated OIBDAN 486,941$ 504,664$ Excluding: Foreign exchange (increase) decrease (1,711) - OIBDAN excluding effects of foreign exchange 485,230$ 504,664$

Americas Outdoor OIBDAN 126,993$ 138,091$ Excluding: Foreign exchange (increase) decrease 97 - Americas Outdoor OIBDAN excluding effects of FX 127,090$ 138,091$

International Outdoor OIBDAN 100,797$ 96,202$ Excluding: Foreign exchange (increase) decrease (1,808) - International Outdoor OIBDAN excluding effects of FX 98,989$ 96,202$


20

Clear Channel Outdoor Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates


2014 2013Revenue:Consolidated Revenue 781,205$ 766,871$ Excluding: Foreign exchange (increase) decrease (10,512) - Revenue excluding effects of foreign exchange 770,693$ 766,871$

Americas Revenue 319,147$ 335,025$ Excluding: Foreign exchange (increase) decrease 837 - Americas Revenue excluding effects of FX 319,984$ 335,025$

International Revenue 462,058$ 431,846$ Excluding: Foreign exchange (increase) decrease (11,349) - International Revenue excluding effects of FX 450,709$ 431,846$

Expenses:Consolidated Expense 553,415$ 532,578$ Excluding: Foreign exchange (increase) decrease (8,801) - Expense excluding effects of foreign exchange 544,614$ 532,578$

Americas Expense 192,154$ 196,934$ Excluding: Foreign exchange (increase) decrease 740 - Americas Expense excluding effects of FX 192,894$ 196,934$

International Expense 361,261$ 335,644$ Excluding: Foreign exchange (increase) decrease (9,541) - International Expense excluding effects of FX 351,720$ 335,644$

OIBDAN:Consolidated OIBDAN 196,697$ 202,735$ Excluding: Foreign exchange (increase) decrease (1,711) - OIBDAN excluding effects of foreign exchange 194,986$ 202,735$

Americas OIBDAN 126,993$ 138,091$ Excluding: Foreign exchange (increase) decrease 97 - Americas OIBDAN excluding effects of FX 127,090$ 138,091$

International OIBDAN 100,797$ 96,202$ Excluding: Foreign exchange (increase) decrease (1,808) - International OIBDAN excluding effects of FX 98,989$ 96,202$


CC Media Holdings Inc. Reconciliation of Revenues excluding Effects of Political Revenue to Revenues

21

2014 2013

Consolidated revenue 1,630,154$ 1,618,097$ Excluding: Political revenue (14,877) (6,968) Consolidated revenue excluding effects of political revenue 1,615,277$ 1,611,129$

CCME revenue 806,337$ 805,611$ Excluding: Political revenue (10,328) (5,908) CCME Revenue excluding effects of political revenue 796,009$ 799,703$

Americas Outdoor revenue 319,147$ 335,025$ Excluding: Political revenue (511) (112) Americas Outdoor Revenue excluding effects of political revenue 318,636$ 334,913$

Other revenue 59,062$ 49,219$ Excluding: Political revenue (4,038) (948) Revenue excluding effects of political revenue 55,024$ 48,271$



Reconciliation of Corporate Expenses excluding Non-Cash Compensation Expenses

22

CC MEDIA HOLDINGS, INC.(In thousands)

2014 2013

Corporate Expense 82,196$ 77,557$ Less: Non-cash compensation expense (2,782) (5,822)

79,414$ 71,735$

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.(In thousands)

2014 2013

Corporate Expense 33,333$ 33,892$ Less: Non-cash compensation expense (2,240) (2,334)

31,093$ 31,558$

June 30,


Three Months Ended


Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities

23

CC MEDIA HOLDINGS, INC.(In millions)

Four Quarters EndedMarch 31, 2014

Consolidated EBITDA (as defined by Clear Channel's senior secured credit facilities) 1,904.7$ Less adjustments to consolidated EBITDA (as defined by Clear Channel's senior secured credit facilities):

Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, andother permitted activities (90.7) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definitionof consolidated EBITDA in Clear Channel's senior secured credit facilities) (27.7) Non-cash charges (40.7) Cash received from nonconsolidated affiliates (9.5) Other items (17.7)

Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (732.9) Operating income 985.5$ Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 732.9 Less: interest expense (1,728.1) Less: Other income (expense), net (33.1) Less: Other expense, net 10.8 Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for 131.6 doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling items, net)Change in assets and liabilities, net of assets acquired and liabilities assumed 159.9 Net cash provided by operating activities 259.5$


Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities

24

Clear Channel Outdoor Holdings, Inc.(In millions)

Four Quarters EndedJune 30, 2014

Consolidated EBITDA (as defined by the CCWH Senior Notes indentures) 762.9$ Less adjustments to consolidated EBITDA (as defined by the CCWH Senior Notes indentures):

Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, andother permitted activities (37.9) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in thedefinition of consolidated EBITDA in the CCWH Senior Notes indentures) (17.0) Non-cash charges (22.6) Other items (6.4)

Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (403.8) Operating income 275.2$ Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 403.8 Less: interest expense (354.1) Plus: Interest income on Due from Clear Channel Communications 59.7 Less: Current income tax benefit (29.3) Plus: Other income, net 16.1 Adjustments to reconcile consolidated net loss to net cash provided by operating activities (includingProvision for doubtful accounts, Amortization of deferred financing charges and note discounts, netand Other reconciling items, net) (1.0) Change in assets and liabilities, net of assets acquired and liabilities assumed 20.9 Net cash provided by operating activities 391.3$

About CC Media Holdings, Inc. CC Media Holdings, Inc. (OTCBB: CCMO), the parent company of Clear Channel Communications, is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 40 countries across five continents, connecting people to brands using innovative new technology.

clearchannel.com

About Clear Channel Outdoor Holdings, Inc. Clear Channel Outdoor Holdings, Inc., (NYSE: CCO) is one of the world’s largest outdoor advertising companies, with more than 675,000 displays in over 40 countries across five continents, including 47 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers over 1,000 digital billboards across 39 U.S. markets. Clear Channel Outdoor Holdings’ International segment operates in nearly 30 countries across Asia, Australia, Europe and Latin America in a wide variety of formats.

clearchanneloutdoor.com clearchannelinternational.com

Investors | Effie Epstein | Vice President, Investor Relations | [email protected]

Investor Update – 2014 Second Quarter Results...10-K, 10-Q, and 8-K. These reports are available...

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