Investor Update 2013 Fourth Quarter and Full Year Results

Investor Update 2013 Fourth Quarter and Full Year Results February 20, 2014

Safe Harbor Statement 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 2013 Fourth Quarter and Full Year earnings releases and Form 10-K 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. 2

Clear Channel Is A Multi-Platform Media Company Social 28 million Facebook likes 21+ million Twitter followers Mobile 300 million app downloads and upgrades Traffic 98% commuter coverage National & Local Personalities 90+ syndicated properties Personality & Local Station Sites National Spot & Network Radio 84 million reached monthly via 1,000+ websites 5,000+ affiliate broadcast stations Local Broadcast iheartradio.com 1,845 live stations & custom radio 835 stations & 150+ local markets iheartradio Music Festival, Ultimate Pool Party & Jingle Ball Outdoor Displays 675,000 displays in over 40 countries across five continents Digital Outdoor Local Market Festivals & Concerts U.S.: 1,000+ displays in 37 markets International: 3,700+ displays in 14 countries 20,000+ events a year iheartradio Theaters East & West 7 Network TV Shows iheartradio Music Festival, Ultimate Pool Party, album release parties and more Airports Over 280 airports worldwide Street Furniture Global presence 3

Key Financial Highlights Full Year Revenue: $6.2 billion, including 2% increase at Media + Entertainment (up 4%, excluding political), with Outdoor flat YOY OIBDAN: $1.7 billion, including 4% growth at Americas Outdoor, 9% growth at International Outdoor and 2% decline at Media + Entertainment YOY We built important infrastructure for success in 2014 Fourth Quarter Revenue: $1.7 billion, flat YOY (excluding political, revenues rose 4%, with Media+ Entertainment up 8%) OIBDAN: $530 million, down 3% YOY Recent Transactions Over $420 million in net proceeds from: Sale of our 50% ownership stake in Australia/New Zealand radio assets Sale of some of our 14% senior notes held by a subsidiary for over $200 million in net proceeds 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. Financials shown exclude the effects of foreign exchange rates and divestitures. See reconciliations in the appendix. 4

Key Highlights: Media + Entertainment Partnerships First of its kind, multi-year partnership with Horizon Media Working with Nielsen Audio and Nielsen Catalina Solutions to deliver ROI measurement for radio Renewing an agreement with Relativity to promote its film releases with one-of-a-kind, cross-media marketing campaigns Reached 19 new agreements in 2013 with record labels (total of 25 to date) Total listening hours grew 29% YOY Nearly 300 million downloads/upgrades Announced first ever iheartradio Country Festival in Austin, Texas (3/29/14) Nearly 4 billion social media impressions at the ihr Jingle Ball Tour Events Partnered with CW Network to air 7 TV shows that reached over 50 million viewers 5

Key Highlights: Outdoor Transit Americas: Launched digital billboards at New York City s Penn Plaza, Boston South Station and Philadelphia International Airport; renewed multi-year deal with Signature Flight Support; announced the first 24-houra-day airport radio station AIR Chicago International: Exclusive operator of advertising space at Rome s airports Digital Americas: 67 new digital billboards for a year-end total of 1,148 across 37 markets International: Year-end total of over 3,700 digital displays across 14 countries 6

Media + Entertainment Financial Results (In Millions) Year%Ended%12/31 Change 2013 2012 % $ Revenue $3,132 $3,085 2% $47 Operating%Expenses $1,952 $1,872 4% $80 OIBDAN $1,180 $1,213 (3%) ($34) 4Q Change 2013 2012 % $ Revenue $846 $821 3% $24 Operating%Expenses $519 $484 7% $36 OIBDAN $326 $338 (3%) ($12) Revenue Revenue up in Q4 and fullyear Ex-political, Q4 revenue up 8% and full year up 4% 2013 key categories: telecom, retail, and entertainment Drivers: higher sponsorship and promotional revenues from events; national sales Expenses Drivers: events, promotional costs and increased streaming costs Pacings (2/14/14) M+E: +2.7% Core stations: +3.2% Notes: Please see reconciliations in Appendix. In this presentation, operating expenses include direct operating expenses and SG&A expenses. 7

Americas Outdoor Financial Results (In Millions) Year%Ended%12/31 Change 2013 2012 % $ Revenue $1,290 $1,279 1% $11 Operating%Expenses $787 $794 (1%) ($6) OIBDAN $503 $486 4% $17 Revenue Up for the year; Q4 affected by loss of LA digital boards Drivers: - Higher occupancy/rates from bulletins and posters in connection with new contracts - Higher occupancy/ capacity on digital boards 4Q Change 2013 2012 % $ Revenue $338 $343 (2%) ($6) Operating%Expenses $202 $213 (5%) ($10) OIBDAN $135 $130 4% $5 Notes: Adjusted for effects of foreign exchange and divestitures in prior periods. Please see reconciliations in Appendix. Expenses Efficient expense management in quarter and year Pacings (2/14/14) CCOA: -7.5% Top performing categories: 1. Retail 2. Business Services 3. Healthcare & Medical 8

International Outdoor Financial Results (In Millions) Year%Ended%12/31 Change 2013 2012 % $ Revenue $1,656 $1,668 (1%) ($12) Operating%Expenses $1,351 $1,385 (2%) ($34) OIBDAN $305 $283 8% $22 4Q Change 2013 2012 % $ Revenue $468 $460 2% $9 Operating%Expenses $350 $357 (2%) ($7) OIBDAN $119 $103 15% $16 Notes: Adjusted for effects of foreign exchange and divestitures in prior periods. Please see reconciliations in Appendix. Revenue Impacted by challenging economic conditions FY: up $3 million after adjusting for divestitures during 3Q 12 and foreign exchange Q4: up $9 million Drivers: - France significantly underperformed - Brazil, China, Norway and U.K. were positive drivers Expenses Efficient expense management in quarter and year FY: operating expenses decreased $23 million after adjusting for divestitures and foreign exchange CCI: -2.1% Pacings (2/14/14) 9

Items Impacting Comparability Revenue Political Revenue Impact: Political(Impact(Summary(($(in(Millions) Year%Ended%12/31 Change Revenue 4Q Change Revenue 2013 2012 % $ Reported Ex<Political 2013 2012 % $ Reported Ex<Political Consolidated $22 $124 (82%) ($102) (0%) 2% $6 $66 (91%) ($60) (0%) 4% M+E $17 $76 (78%) ($59) 2% 4% $4 $41 (90%) ($37) 3% 8% Americas%Outdoor $1 $4 (83%) ($3) 1% 1% $0 $2 (93%) ($2) (2%) (1%) Katz%Media $4 $44 (91%) ($40) NA NA $1 $22 (94%) ($21) NA NA LA Digital: Absence of revenue from 77 digital boards beginning in April 2013 Operating Expenses Litigation: $25 million of litigation expenses in 2013, compared to $12 million in 2012 Music License Fees: Received a one-time $21 million credit in 2012 from one of our performance rights organizations Corporate Expenses: $7.8 million in executive transition costs in 2013 Notes: Please see reconciliations in Appendix. 10

Capital Expenditures (In Millions) CC Media CC"Media"Holdings Holdings, Inc. Year%Ended%12/31 Change 2013 2012 % $ Outdoor Americas $89 $118 (24%) ($29) International $109 $150 (28%) ($42) Total%Outdoor $198 $268 (26%) ($70) CCM+E $76 $66 15% $10 Other $10 $17 (43%) ($8) Corporate $41 $39 5% $2 Total"Capex $325 $390 (17%) ($66) (In Millions) Clear&Channel&Outdoor Clear Channel Outdoor Holdings, Inc. Year%Ended%12/31 Change 2013 2012 % $ Americas $89 $118 (24%) ($29) International $109 $150 (28%) ($42) Corporate $9 $8 8% $1 Total"Capex $206 $276 (25%) ($70) CCMH: 17% reduction in capex in 2013 CCOH: 25% reduction in 2013 Uses of Capex CCM+E: Leasehold improvements Americas Outdoor: New digital displays International Outdoor: Billboards, street furniture, renewal of existing contracts Other: National representation business Corporate: Equipment and software 2014 Guidance $300 million for CC Media Holdings, Inc. 11

Debt (In Millions) Maturity 12/31/13 12/31/12 $)Change Clear)Channel)Communications,)Inc. Term%Loan%A 2014 $0 $847 (847) Term%Loan%B 2016 $1,891 $7,715 (5,824) Term%Loan%C 2016 $35 $514 (479) Term%Loan%D 2019 $5,000 $0 5,000 Term%Loan%E 2019 $1,300 $0 1,300 Receivables%Based%Facility 2017 $247 $0 247 Priority%Guarantee%Notes%L%9% 2019 $2,000 $2,000 0 Priority%Guarantee%Notes%L%9% 2021 $1,750 $1,750 0 Priority%Guarantee%Notes%L%11.25% 2021 $575 $0 575 Other%Secured%Subsidiary%Debt $21 $26 (4) Senior%Cash%Pay%Notes 2016 $94 $796 (702) Senior%Toggle%Notes 2016 $128 $830 (702) Senior%Notes 2021 $1,404 $0 1,404 Clear%Channel%Senior%Notes%5.75% 2013 $0 $312 (312) Clear%Channel%Senior%Notes%5.50% 2014 $461 $461 0 Clear%Channel%Senior%Notes%4.90% 2015 $250 $250 0 Clear%Channel%Senior%Notes%5.50% 2016 $250 $250 0 Clear%Channel%Senior%Notes%6.875% 2018 $175 $175 0 Clear%Channel%Senior%Notes%7.25% 2027 $300 $300 0 Clear)Channel)Outdoor)Holdings,)Inc. 6.5%%Series%A%Senior%Notes 2022 $736 $736 0 6.5%%Series%B%Senior%Notes 2022 $1,989 $1,989 0 7.625%%Series%A%Senior%Sub%Notes 2020 $275 $275 0 7.625%%Series%B%Senior%Sub%Notes 2020 $1,925 $1,925 0 Subsidiary%senior%revolving%credit%facility 2018 $0 $0 0 Other%Debt $17 $27 (10) Original%Issue%Discount ($7) ($7) 1 Total)Debt $4,935 $4,945 (9) Other%Clear%Channel%Subsidiary%Debt $0 $6 (6) Purchase%Accounting%Adjustments%and%OID ($322) ($409) 87 Total)Debt $20,484 $20,747 (263) Weighted(Average(Cost(of(Debt 7.6% 6.7% Notes: Certain Clear Channel Communications balances include debt at Clear Channel Outdoor Holdings. Total Debt: $20.5 billion Significant steps to improve our capital structure and liquidity December 2013: refinanced $1.9 billion of debt maturities due 2016 2014 Clear Channel anticipates cash interest requirements of ~$1.6 billion in 2014 Upcoming Maturities 2014 maturities consisting primarily of $461 million of 5.5% notes due in September 2015 maturities consisting mainly of $250 million of 4.9% notes. 12

Balance Sheet Information and Debt Ratios (In Millions) Clear&Channel&Communications,&Inc. Year%Ended%12/31 Change 2013 2012 % $ Cash%&%Equivalents $708 $1,225 (42%) ($517) Total%Debt $20,484 $20,747 (1%) ($263) Secured%Leverage%Ratio 6.3x 5.9x Clear&Channel&Outdoor&Holdings Cash%&%Equivalents $315 $562 (44%) ($247) Total%Debt $4,935 $4,945 (0%) ($9) Senior%Leverage%Ratio 3.5x 3.5x Consolidated%Leverage%Ratio 6.3x 6.3x Recent Transactions Sale of ARN stake (over $220 million) Sale of 14% senior notes due in 2021 (over $200 million) Liquidity Levers Operational improvement Working capital efficiencies Sale of non-core assets Refinancing 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. 13

Appendix 14

CC Media Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss) (In thousands) Three Months Ended December 31, 2013 Operating income (loss) Non-cash compensation expenses Depreciation and amortization Other operating income (expense) - net and impairment charges OIBDAN Media+Entertainment $ 255,599 $ - $ 70,511 $ - $ 326,110 Americas Outdoor 82,786-52,341-135,127 International Outdoor 64,616-53,914-118,530 Other 9,171-9,494-18,665 Impairment charges (16,970) - - 16,970 - Corporate (75,980) 2,622 5,322 - (68,036) Other operating income (expense) net 13,304 - - (13,304) - Consolidated $ 332,526 $ 2,622 $ 191,582 $ 3,666 $ 530,396 Three Months Ended December 31, 2012 Media+Entertainment $ 269,229 $ - $ 68,464 $ - $ 337,693 Americas Outdoor 80,148-50,321-130,469 International Outdoor 47,146-55,773-102,919 Other 34,106-10,697-44,803 Impairment charges (37,651) - - 37,651 - Corporate (83,220) 8,450 4,475 - (70,295) Other operating income (expense) net 968 - - (968) - Consolidated $ 310,726 $ 8,450 $ 189,730 $ 36,683 $ 545,589 December 31, 2013 Media+Entertainment $ 908,396 $ - $ 271,126 $ - $ 1,179,522 Americas Outdoor 306,454-196,597-503,051 International Outdoor 100,912-203,927-304,839 Other 23,061-39,291-62,352 Impairment charges (16,970) - - 16,970 - Corporate (344,069) 16,715 19,887 - (307,467) Other operating income (expense) net 22,998 - - (22,998) - Consolidated $ 1,000,782 $ 16,715 $ 730,828 $ (6,028) $ 1,742,297 December 31, 2012 Media+Entertainment $ 941,639 $ - $ 271,399 $ - $ 1,213,038 Americas Outdoor 293,649-192,023-485,672 International Outdoor 77,860-205,258-283,118 Other 58,829-45,568-104,397 Impairment charges (37,651) - - 37,651 - Corporate (312,403) 28,540 15,037 - (268,826) Other operating income (expense) net 48,127 - - (48,127) - Consolidated $ 1,070,050 $ 28,540 $ 729,285 $ (10,476) $ 1,817,399 15

Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss) (In thousands) Three Months Ended December 31, 2013 Operating income (loss) Non-cash compensation expenses Depreciation and amortization Other operating income (expense) - net and impairment charges OIBDAN Americas Outdoor $ 82,786 $ - $ 52,341 - $ 135,127 International Outdoor 64,616-53,914-118,530 Impairment charges (13,150) - - 13,150 - Corporate (33,642) 2,078 678 - (30,886) Other operating income net 10,575 - - (10,575) - Consolidated $ 111,185 $ 2,078 $ 106,933 $ 2,575 $ 222,771 Three Months Ended December 31, 2012 Americas Outdoor $ 80,148 $ - $ 50,321 $ - $ 130,469 International Outdoor 47,146-55,773-102,919 Impairment charges (37,651) - - 37,651 - Corporate (30,422) 1,573 813 - (28,036) Other operating income net 1,797 - - (1,797) - Consolidated $ 61,018 $ 1,573 $ 106,907 $ 35,854 $ 205,352 December 31, 2013 Americas Outdoor $ 306,454 $ - $ 196,597 $ - $ 503,051 International Outdoor 100,912-203,927-304,839 Impairment charges (13,150) - - 13,150 - Corporate (127,045) 7,725 2,646 - (116,674) Other operating income net 22,979 - - (22,979) - Consolidated $ 290,150 $ 7,725 $ 403,170 $ (9,829) $ 691,216 December 31, 2012 Americas Outdoor $ 293,649 $ - $ 192,023 $ - $ 485,672 International Outdoor 77,860-205,258-283,118 Impairment charges (37,651) - - 37,651 - Corporate (117,815) 10,589 1,983 - (105,243) Other operating income net 50,943 - - (50,943) - Consolidated $ 266,986 $ 10,589 $ 399,264 $ (13,292) $ 663,547 16

CC Media Holdings, Inc. Reconciliation of OIBDAN to Net Loss (In thousands) Three Months Ended December 31, December 31, 2013 2012 2013 2012 OIBDAN $ 530,396 $ 545,589 $ 1,742,297 $ 1,817,399 Non-cash compensation expense (2,622) (8,450) (16,715) (28,540) Depreciation and amortization (191,582) (189,730) (730,828) (729,285) Impairment charges (16,970) (37,651) (16,970) (37,651) Other operating income, net 13,304 968 22,998 48,127 Operating income 332,526 310,726 1,000,782 1,070,050 Interest expense (418,014) (400,930) (1,649,451) (1,549,023) Gain (loss) on marketable securities (50) (4,580) 130,879 (4,580) Equity in earnings (loss) of nonconsolidated affiliates (91,291) 6,643 (77,696) 18,557 Loss of extinguishment of debt (83,980) (239,556) (87,868) (254,723) Other income (expense), net (4,591) 1,929 (21,980) 250 Loss before income taxes (265,400) (325,768) (705,334) (719,469) Income tax benefit (36,833) 128,986 121,817 308,279 Consolidated net loss (302,233) (196,782) (583,517) (411,190) Less: Amount attributable to noncontrolling interest 6,994 (5,518) 23,366 13,289 Net loss attributable to the Company $ (309,227) $ (191,264) $ (606,883) $ (424,479) 17

Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Net Income/(Loss) (In thousands) Three Months Ended December 31, December 31, 2013 2012 2013 2012 OIBDAN $ 222,771 $ 205,352 $ 691,216 $ 663,547 Non-cash compensation expense (2,078) (1,573) (7,725) (10,589) Depreciation and amortization (106,933) (106,907) (403,170) (399,264) Impairment charges (13,150) (37,651) (13,150) (37,651) Other operating income, net 10,575 1,797 22,979 50,943 Operating income 111,185 61,018 290,150 266,986 Interest expense (88,658) (100,480) (352,783) (373,876) Interest income on Due from Clear Channel Communications 14,854 14,779 54,210 63,761 Loss on marketable securities - (2,578) (18) (2,578) Equity in earnings (loss) of nonconsolidated affiliates (1,131) 813 (2,092) 843 Loss of extinguishment of debt - (221,071) - (221,071) Other (income) expense, net 788 (64) 1,016 (364) Income (loss) before income taxes 37,038 (247,583) (9,517) (266,299) Income tax benefit (expense) (17,935) 108,089 (14,809) 107,089 Consolidated net income (loss) 19,103 (139,494) (24,326) (159,210) Less: Amount attributable to noncontrolling interest 6,411 8,916 24,134 23,902 Net income (loss) attributable to the Company $ 12,692 $ (148,410) $ (48,460) $ (183,112) 18

CC Media Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates and Divestitures Three Months Ended December 31, December 31, 2013 2012 2013 2012 Revenue: Consolidated Revenue $ 1,694,367 $ 1,696,336 $ 6,243,044 $ 6,246,884 Excluding: Foreign exchange (increase) decrease (2,172) - (3,515) - Excluding: Divestiture of businesses - - - (20,404) Revenue excluding effects of foreign exchange $ 1,692,195 $ 1,696,336 $ 6,239,529 $ 6,226,480 Americas Outdoor Revenue $ 337,620 $ 343,407 $ 1,290,452 $ 1,279,257 Excluding: Foreign exchange (increase) decrease 897-1,679 - Americas Outdoor Revenue excluding effects of FX $ 338,517 $ 343,407 $ 1,292,131 $ 1,279,257 International Outdoor Revenue $ 468,476 $ 459,787 $ 1,655,738 $ 1,667,687 Excluding: Foreign exchange (increase) decrease (3,069) - (5,194) - Excluding: Divestiture of businesses - - - (20,404) International Outdoor Revenue excluding effects of FX $ 465,407 $ 459,787 $ 1,650,544 $ 1,647,283 Three Months Ended December 31, December 31, 2013 2012 2013 2012 Expenses: Consolidated Expense $ 1,095,935 $ 1,080,452 $ 4,193,280 $ 4,160,659 Excluding: Foreign exchange (increase) decrease (1,745) - (5,348) - Excluding: Divestiture of businesses - - - (17,196) Expense excluding effects of foreign exchange $ 1,094,190 $ 1,080,452 $ 4,187,932 $ 4,143,463 Americas Outdoor Expense $ 202,493 $ 212,938 $ 787,401 $ 793,585 Excluding: Foreign exchange (increase) decrease 702-1,350 - Americas Outdoor Expense excluding effects of FX $ 203,195 $ 212,938 $ 788,751 $ 793,585 International Outdoor Expense $ 349,946 $ 356,868 $ 1,350,899 $ 1,384,569 Excluding: Foreign exchange (increase) decrease (2,447) - (6,698) - Excluding: Divestiture of businesses - - - (17,196) International Outdoor Expense excluding effects of FX $ 347,499 $ 356,868 $ 1,344,201 $ 1,367,373 Three Months Ended December 31, December 31, 2013 2012 2013 2012 OIBDAN: Consolidated OIBDAN $ 530,396 $ 545,589 $ 1,742,297 $ 1,817,399 Excluding: Foreign exchange (increase) decrease (427) - 1,833 - Excluding: Divestiture of businesses - (3,208) OIBDAN excluding effects of foreign exchange $ 529,969 $ 545,589 $ 1,744,130 $ 1,814,191 Americas Outdoor OIBDAN $ 135,127 $ 130,469 $ 503,051 $ 485,672 Excluding: Foreign exchange (increase) decrease 195-330 - Americas Outdoor OIBDAN excluding effects of FX $ 135,322 $ 130,469 $ 503,381 $ 485,672 International Outdoor OIBDAN $ 118,530 $ 102,919 $ 304,839 $ 283,118 Excluding: Foreign exchange (increase) decrease (622) - 1,503 - Excluding: Divestiture of businesses - - (3,208) International Outdoor OIBDAN excluding effects of FX $ 117,908 $ 102,919 $ 306,342 $ 279,910 19

Clear Channel Outdoor Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates and Divestitures Three Months Ended December 31, December 31, 2013 2012 2013 2012 Revenue: Consolidated Revenue $ 806,096 $ 803,194 $ 2,946,190 $ 2,946,944 Excluding: Foreign exchange (increase) decrease (2,172) - (3,515) - Excluding: Divestiture of businesses - - - (20,404) Revenue excluding effects of foreign exchange $ 803,924 $ 803,194 $ 2,942,675 $ 2,926,540 Americas Revenue $ 337,620 $ 343,407 $ 1,290,452 $ 1,279,257 Excluding: Foreign exchange (increase) decrease 897-1,679 - Americas Revenue excluding effects of FX $ 338,517 $ 343,407 $ 1,292,131 $ 1,279,257 International Revenue $ 468,476 $ 459,787 $ 1,655,738 $ 1,667,687 Excluding: Foreign exchange (increase) decrease (3,069) - (5,194) - Excluding: Divestiture of businesses - - - (20,404) International Revenue excluding effects of FX $ 465,407 $ 459,787 $ 1,650,544 $ 1,647,283 Three Months Ended December 31, December 31, 2013 2012 2013 2012 Expenses: Consolidated Expense $ 552,439 $ 569,806 $ 2,138,300 $ 2,178,154 Excluding: Foreign exchange (increase) decrease (1,745) - (5,348) - Excluding: Divestiture of businesses - - - (17,196) Expense excluding effects of foreign exchange $ 550,694 $ 569,806 $ 2,132,952 $ 2,160,958 Americas Expense $ 202,493 $ 212,938 $ 787,401 $ 793,585 Excluding: Foreign exchange (increase) decrease 702-1,350 - Americas Expense excluding effects of FX $ 203,195 $ 212,938 $ 788,751 $ 793,585 International Expense $ 349,946 $ 356,868 $ 1,350,899 $ 1,384,569 Excluding: Foreign exchange (increase) decrease (2,447) - (6,698) - Excluding: Divestiture of businesses - - - (17,196) International Expense excluding effects of FX $ 347,499 $ 356,868 $ 1,344,201 $ 1,367,373 Three Months Ended December 31, December 31, 2013 2012 2013 2012 OIBDAN: Consolidated OIBDAN $ 222,771 $ 205,352 $ 691,216 $ 663,547 Excluding: Foreign exchange (increase) decrease (427) - 1,833 Excluding: Divestiture of businesses - - - (3,208) OIBDAN excluding effects of foreign exchange $ 222,344 $ 205,352 $ 693,049 $ 660,339 Americas OIBDAN $ 135,127 $ 130,469 $ 503,051 $ 485,672 Excluding: Foreign exchange (increase) decrease 195-330 Americas OIBDAN excluding effects of FX $ 135,322 $ 130,469 $ 503,381 $ 485,672 International OIBDAN $ 118,530 $ 102,919 $ 304,839 $ 283,118 Excluding: Foreign exchange (increase) decrease (622) - 1,503 Excluding: Divestiture of businesses - - - (3,208) International OIBDAN excluding effects of FX $ 117,908 $ 102,919 $ 306,342 $ 279,910 20

Reconciliation of Revenues excluding Effects of Political Revenue to CCM+E Revenues CC MEDIA HOLDINGS, INC. (In thousands) Three Months Ended December 31, December 31, 2013 2012 2013 2012 Consolidated revenue $ 1,694,367 $ 1,696,336 $ 6,243,044 $ 6,246,884 Excluding: Political revenue (5,716) (65,500) (21,838) (124,031) Consolidated revenue excluding effects of political revenue $ 1,688,651 $ 1,630,836 $ 6,221,206 $ 6,122,853 CCME revenue $ 845,555 $ 821,472 $ 3,131,595 $ 3,084,780 Excluding: Political revenue (4,107) (41,042) (17,006) (75,631) CCME Revenue excluding effects of political revenue $ 841,448 $ 780,430 $ 3,114,589 $ 3,009,149 Americas Outdoor revenue $ 337,620 $ 343,407 $ 1,290,452 $ 1,279,257 Excluding: Political revenue (159) (2,135) (739) (4,236) Americas Outdoor Revenue excluding effects of political revenue $ 337,461 $ 341,272 $ 1,289,713 $ 1,275,021 Other revenue $ 60,086 $ 89,970 $ 227,864 $ 281,879 Excluding: Political revenue (1,450) (22,323) (4,093) (44,164) Revenue excluding effects of political revenue $ 58,636 $ 67,647 $ 223,771 $ 237,715 21

Reconciliation of Corporate Expenses excluding Non- Cash Compensation Expenses CC MEDIA HOLDINGS, INC. (In thousands) Three Months Ended December 31, December 31, 2013 2012 2013 2012 Corporate Expense $ 70,658 $ 78,745 $ 324,182 $ 297,366 Less: Non-cash compensation expense (2,622) (8,450) (16,715) (28,540) $ 68,036 $ 70,295 $ 307,467 $ 268,826 CLEAR CHANNEL OUTDOOR HOLDINGS, INC. (In thousands) Three Months Ended December 31, December 31, 2013 2012 2013 2012 Corporate Expense $ 32,964 $ 29,609 $ 124,399 $ 115,832 Less: Non-cash compensation expense (2,078) (1,573) (7,725) (10,589) $ 30,886 $ 28,036 $ 116,674 $ 105,243 22

Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities CC MEDIA HOLDINGS, INC. (In millions) December 31,2013 Consolidated EBITDA (as defined by Clear Channel's senior secured credit facilities) $ 1,940 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, and other permitted activities (78) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definition of consolidated EBITDA in Clear Channel's senior secured credit facilities) (39) Non-cash charges (41) Cash received from nonconsolidated affiliates (20) Other items (19) Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (742) Operating income $ 1,001 Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 742 Less: interest expense (1,650) Less: Current income tax expense (36) Less: Other expense, net (22) Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling items, net) 164 Change in assets and liabilities, net of assets acquired and liabilities assumed 14 Net cash provided by operating activities $ 213 23

Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities Clear Channel Outdoor Holdings, Inc. (In millions) December 31,2013 Consolidated EBITDA (as defined by the CCWH Senior Notes indentures) $ 780 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, and other permitted activities (39) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definition of consolidated EBITDA in the CCWH Senior Notes indentures) (19) Non-cash charges (22) Other items (8) Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (402) Operating income $ 290 Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 402 Less: interest expense (353) Plus: Interest income on Due from Clear Channel Communications 54 Less: Current income tax benefit (46) Plus: Other income, net 1 Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling items, net) 14 Change in assets and liabilities, net of assets acquired and liabilities assumed 53 Net cash provided by operating activities $ 415 24

About CC Media Holdings, Inc. CC Media Holdings, Inc. (OTCBB: CCMO), the parent company of Clear Channel Communications, is one of the leading global multi-platform media and entertainment companies specializing in radio, digital, out of home, mobile, live events, and on-demand entertainment and information services for local communities and providing premier opportunities for advertisers. Its Clear Channel Media + Entertainment division has the largest reach of any radio or television outlet in America, serving 150 cities through 835 owned radio stations in addition to its iheartradio digital platform. Its publicly traded Clear Channel Outdoor Holdings, Inc. division (NYSE: CCO) is one of the world s largest out of home 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. 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 37 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 Office 212.377.1116 EffieEpstein@clearchannel.com