Investor Update 2014 Second Quarter Results

Investor Update 2014 Second Quarter Results July 23, 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 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. 2

Clear Channel Is A Multi-Platform Media Company Social 33 million Facebook likes 20+ million Twitter followers Mobile 345 million app downloads and upgrades Traffic 98% commuter coverage National & Local Personalities 90+ syndicated properties Personality & Local Station Sites National Spot & Network Radio 92 million reached monthly via 1,000+ websites 5,500+ affiliate broadcast stations Local Broadcast iheartradio.com +1,800 live stations & custom radio 830 stations & 150+ local markets iheartradio Music Festival, iheartradio Music Awards, 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.: 1,100+ displays in 39 markets International: 4,100+ displays in 16 countries 20,000+ events a year iheartradio Theaters East & West Network TV Shows iheartradio Music Festival, Ultimate Pool Party, iheartradio Music Awards and more Airports Over 280 airports worldwide Street Furniture Global presence 3

Q1 2014 Key Financial Highlights! 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. 4

Key Highlights: Media + Entertainment! 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 Key Initiatives! 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 Events! 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 5

Key Highlights: Outdoor Partnerships! 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. Digital! 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 6

Media + Entertainment Financial Results (In$Millions)$ Three%Months%Ended June%30, Change 2014 2013 % $ Revenue $806.3 $805.6 0.1% $0.7 Operating%Expenses $484.6 $482.5 0.4% $2.1 OIBDAN $321.7 $323.1 (0.4%) ($1.4) 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. 7

Americas Outdoor Financial Results (In$Millions)$ Three%Months%Ended June%30, Change 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) 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 Notes: Please see reconciliations in Appendix. 8

International Outdoor Financial Results (In$Millions)$ Three%Months%Ended June%30, Change 2014 2013 % $ Revenue $462.1 $431.8 7.0% $30.2 Operating%Expenses $361.3 $335.6 7.6% $25.6 OIBDAN $100.8 $96.2 4.8% $4.6 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 Notes: Please see reconciliations in Appendix. 9

Items Impacting Comparability at CC Media Holdings Revenue Political Revenue Impact: LA Digital: Absence of revenue from 77 digital boards beginning in April 2013 2Q Change 2014 2013 % $ CCM+E $10.3 $5.9 75% $4.4 Americas?Outdoor $0.5 $0.1 356% $0.4 Katz?Media $4.0 $0.9 326% $3.1 Total $14.9 $7.0 114% $7.9 Boston Logan: Absence of revenue from airport contract Expenses 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 Up $7.3 million from Q1 14 Media+ Entertainment: $7.7 million (~40% of total) Up $4.8 million from Q2 13 Up $7.1 million from Q1 14 Notes: Please see reconciliations in Appendix. 10

Capital Expenditures (In$Millions)$ CC Media Holdings, Inc. Three%Months%Ended June%30, Change 2014 2013 % $ Outdoor Americas $17.2 $16.8 3% $0.4 International $36.3 $22.8 59% $13.5 Total%Outdoor $53.5 $39.5 35% $13.9 CCM+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 Clear Channel Outdoor Holdings, Inc. Drivers of Capex Americas Outdoor: New digital displays International Outdoor: billboard and street furniture advertising structures Corporate: Equipment and software 2014 Full-Year Guidance $300 million for CC Media Holdings, Inc. (In$Millions)$ Three%Months%Ended June%30, Change 2014 2013 % $ Americas $17.2 $16.8 3% $0.4 International $36.3 $22.8 59% $13.5 Corporate $0.9 $1.1 (21%) ($0.2) Total&Capex $54.3 $40.7 34% $13.7 11

Debt (In$Millions)$ Maturity 6/30/14 12/31/13 $)Change Clear)Channel)Communications,)Inc. Term%Loan%B 2016 $1,891 $1,891 0 Term%Loan%C 2016 $31 $35 (4) Term%Loan%D 2019 $5,000 $5,000 0 Term%Loan%E 2019 $1,300 $1,300 0 Receivables%Based%Facility 2017 $0 $247 (247) Priority%Guarantee%Notes%K%9% 2019 $2,000 $2,000 0 Priority%Guarantee%Notes%K%9% 2021 $1,750 $1,750 0 Priority%Guarantee%Notes%K%11.25% 2021 $575 $575 0 Other%Secured%Subsidiary%Debt $20 $21 (1) Senior%Cash%Pay%Notes 2016 $94 $94 0 Senior%Toggle%Notes 2016 $128 $128 0 Senior%Notes 2021 $1,645 $1,404 241 Clear%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 0 Clear%Channel%Senior%Notes%10.00% 2018 $850 $0 850 Clear%Channel%Senior%Notes%6.875% 2018 $175 $175 0 Clear%Channel%Senior%Notes%7.25% 2027 $300 $300 0 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 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 Senior%revolving%credit%facility 2018 $0 $0 0 Other%Debt $16 $17 (1) Original%Issue%Discount ($6) ($7) 1 Total)Debt $4,935 $4,935 0 Other%Clear%Channel%Subsidiary%Debt $1 $0 1 Purchase%Accounting%Adjustments%and%OID ($263) ($322) 59 Total)Debt $20,672 $20,484 187 Weighted(Average(Cost(of(Debt 7.9% 7.6% Notes: Certain Clear Channel Communications balances include debt at Clear Channel Outdoor Holdings. 12

Balance Sheet Information and Debt Ratios (In$Millions)$ June%30, December%31, 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&Holdings Cash%&%Equivalents $226 $315 Total%Debt $4,935 $4,935 Senior%Leverage%Ratio 3.6x 3.5x Consolidated%Leverage%Ratio 6.5x 6.3x 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 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 June 30, 2014 Operating income (loss) Non-cash compensation expenses Depreciation and amortization Other operating income, net Impairment charges OIBDAN 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, 2013 CCME $ 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 15

Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Operating Inc/(Loss) (In thousands) Three Months Ended June 30, 2014 Operating income (loss) Non-cash compensation expenses Depreciation and amortization Other operating income (expense), net OIBDAN Americas 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, 2013 Americas 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 16

CC Media Holdings, Inc. Reconciliation of OIBDAN to Net Loss (In thousands) Three Months Ended June 30, 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 17

Clear Channel Outdoor Holdings, Inc. Reconciliation of OIBDAN to Net Loss (In thousands) Three Months Ended June 30, 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 18

CC Media Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates Three Months Ended June 30, 2014 2013 Revenue: 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 19

Clear Channel Outdoor Holdings, Inc. Reconciliation excluding Effects of Foreign Exchange Rates Three Months Ended June 30, 2014 2013 Revenue: 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 20

CC Media Holdings Inc. Reconciliation of Revenues excluding Effects of Political Revenue to Revenues Three Months Ended June 30, 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 21

Reconciliation of Corporate Expenses excluding Non- Cash Compensation Expenses CC MEDIA HOLDINGS, INC. (In thousands) Three Months Ended June 30, 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) Three Months Ended June 30, 2014 2013 Corporate Expense $ 33,333 $ 33,892 Less: Non-cash compensation expense (2,240) (2,334) $ 31,093 $ 31,558 22

Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities CC MEDIA HOLDINGS, INC. (In millions) Four Quarters Ended March 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, and other permitted activities (90.7) 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) (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 23

Reconciliation of Consolidated EBITDA to Operating Income and Net Cash provided by Operating Activities Clear Channel Outdoor Holdings, Inc. (In millions) Four Quarters Ended June 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, and other permitted activities (37.9) 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) (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 (including Provision for doubtful accounts, Amortization of deferred financing charges and note discounts, net and 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 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 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 EffieEpstein@clearchannel.com