2014 Third Quarter Results

October 28, 2014

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 iHeartMedia, Inc. and its subsidiaries, including iHeartCommunications, 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 iHeartMedia, Inc.’s, Clear Channel Outdoor Holdings, Inc.’s, iHeartCommunications, Inc.’s and iHeartMedia Capital I, LLC’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.iheartmedia.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 Third Quarter earnings releases and Form 10-Q filings of iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc. available at www.iheartmedia.com and www.clearchanneloutdoor.com Numbers may not sum due to rounding.

iHeartRadio.com +1,900 live stations

& custom radio

Social 71+ million Facebook likes

& Twitter followers

Personality & Local Station Sites

85 million reached monthly via 850+ websites

Mobile 430+ million app

downloads & upgrades

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

Local Broadcast 850+ stations & 150+ local markets

Traffic & Weather 98.2% of commuter coverage

National & Local Personalities 90+ syndicated properties

Airports 278 globally

Transit & Street Furniture

Traditional Billboards

Digital Outdoor 5,300+ displays globally

iHeartRadio Music Festival & Village

Jingle Ball, Country Festival, Awards, Pool Party & Fiesta Latina

iHeartRadio Theaters New York & Los Angeles

Local Market Festivals & Concerts 20,000+ events a year

Network TV

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Q3 2014 Key Financial Highlights

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•  Revenue: $1.6 billion (up 3% year over year) •  1% growth at iHeartMedia •  3% growth at Outdoor (as reported and excluding FX)

•  Expenses: $1.1 billion (up 1% year over year)

•  OIBDAN: $480 million (up 9% year over year) •  1% growth at iHeartMedia •  1% decline at Americas Outdoor •  14% increase at International Outdoor (+13% as reported)

Figures above exclude FX impact unless otherwise noted

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: iHeartMedia

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•  Reached 56 million iHeartRadio registered users (43% growth YOY) •  Total listening hours up 10% YOY (mobile represented 59% of iHeartRadio’s TLH in Q3’14) •  Became the first music partner for Android Wear

Key Initiatives

Events

•  Became “iHeartMedia,” to better reflect the company today, including the momentum of the iHeartRadio digital radio platform and how consumers and advertisers can engage seamlessly across the business’s diverse live media platforms

•  Partnered with Omnicom Media Group in an innovative alliance to create more opportunities for OMG advertisers to access cross-platform offerings and advanced insight into iHeartMedia’s extensive pipeline of industry-leading events and technologies

iHeartRadio Music Festival: Drove record listener engagement across social media, reaching 5+ billion total social impressions during the weekend. Hosted our inaugural Client Summit to showcase the new iHeartMedia and what’s next across our broadcast radio, digital, mobile, social and event platforms

Key Highlights: Outdoor

6

Key Initiatives

Digital

•  Launched ‘Play London,’ a digital outdoor expansion initiative in the UK which will feature the nationwide expansion of Storm, our network of premium digital boards, and Adshel Live, our network of bus-stop panels. Hundreds of digital sites for premium city-center locations will go live across the country by the end of 2014.

•  Expanded our ‘Connect’ interactive mobile advertising platform in Latin America with a campaign from the largest cosmetic franchise in the world. A wider Connect rollout of 1,500 outdoor sites is expected later this year.

•  Americas: 17 new digital billboards for an end of quarter total of 1,125 across 40 markets in North America

•  International: 125 new digital displays for an end of quarter total of +4,200 across 18 countries

Three Months EndedSeptember 30, Change

2014 2013 % $Revenue $830.5 $823.9 0.8% $6.6Operating Expenses $511.5 $509.3 0.4% $2.2OIBDAN $319.1 $314.5 1.4% $4.5

iHeartMedia: Financial Results

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•  Revenue: -  Revenue up ~1% to $831 million -  Key Categories: auto, financial services and home building -  Drivers: National advertising, political, and traffic and weather business, offset by core

local broadcast radio revenue

•  Expenses: -  Operating expenses slightly up to $512 million -  Drivers: higher sports programming costs -  Expenses include $5.4 million of costs related to strategic efficiency initiatives,

compared to $3 million in the prior year

Three Months EndedSeptember 30, Change

2014 2013 % $Revenue $329.5 $331.3 (0.6%) ($1.8)Operating Expenses $196.0 $196.7 (0.4%) ($0.7)OIBDAN $133.5 $134.6 (0.8%) ($1.1)

Americas Outdoor: Financial Results

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•  Revenue: -  Revenue down $1.8 million to $330 million (or down $1.4 million excluding foreign

exchange impact) -  Key Categories: Travel and transportation, business services, government agencies,

beverages -  Drivers: Lower national account revenue and nonrenewal of certain contracts. Lower

revenues partially offset by growth in digital, as well as local

•  Expenses: -  Operating expenses down due primarily to property tax refunds and lower commissions

partially offset by higher expenses related to litigation

Three Months EndedSeptember 30, Change

2014 2013 % $Revenue $413.3 $391.7 5.5% $21.6Operating Expenses $344.5 $330.8 4.1% $13.6OIBDAN $68.8 $60.8 13.1% $8.0

International Outdoor: Financial Results

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•  Revenue: -  Revenue up $22 million to $413 million (or up $21 million excluding foreign exchange

impact) -  Drivers: Western Europe (Italy, France and Sweden), as well as in emerging countries

(China)

•  Expenses: -  Operating expenses increased $14 million (or $12 million excluding foreign exchange

impact) -  Drivers: Higher variable site lease costs and compensation expenses related to higher

revenues generated from new contracts, as well as higher expenses from investing in our digital sales force

Items Impacting Comparability at iHeartMedia, Inc.

10

Political Revenue Impact:

Revenue Strategic Revenue and Efficiency

Initiatives

$17.8 million of costs incurred in connection with improving our businesses. Key drivers:

•  iHeartMedia: $5.4 million (up $2.4 million YOY; down $2.3 million from Q2’14)

•  Americas Outdoor: $1.6 million (down $0.1 million YOY; up $0.3 million from Q2’14)

•  Corporate: $8.1 million (up $0.4 million YOY; up $0.9 million from Q2’14)

Other Expenses

•  Americas Outdoor: $4.1 million in litigation expenses related to billboard permit disputes, up $1.8 million YOY

Expenses

Americas Outdoor: Absence of revenue from Boston Logan airport contract

3Q Change

2014 2013 % $iHeartMedia $11.5 $3.5 226% $8.0Americas Outdoor $1.1 $0.1 785% $1.0Katz Media $6.9 $1.2 497% $5.7

Total $19.5 $4.8 306% $14.7

Capital Expenditures

11

iHeartMedia, Inc.

Clear Channel Outdoor Holdings, Inc.

Drivers: •  Americas Outdoor: New

digital billboards and airports

•  International Outdoor: billboard and street furniture advertising structures

•  Corporate: Equipment and software

2014 Full-Year Guidance •  $300 million for

iHeartMedia, Inc.

Three Months EndedSeptember 30, Change

2014 2013 % $Outdoor

Americas $19.0 $13.8 37% $5.1International $22.9 $20.0 14% $2.9

Total Outdoor $41.8 $33.8 24% $8.0iHeartMedia $9.3 $22.2 (58%) ($12.8)Other $1.2 $2.1 (40%) ($0.8)Corporate $1.2 $6.5 (82%) ($5.3)

Total Capex $53.6 $64.6 (17%) ($11.0)

Three Months EndedSeptember 30, Change

2014 2013 % $

Americas $19.0 $13.8 37% $5.1International $22.9 $20.0 14% $2.9Corporate $0.6 $0.4 54% $0.2

Total Capex $42.5 $34.2 24% $8.2

Debt

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•  Total Debt: $20.5 billion

•  Cash interest requirements of ~$325 million for the remainder of 2014

Upcoming Maturities

•  2014/2015: $3.9 million

•  2016: $1.2 billion

•  2017: None

•  2018: $1.0 billion

Maturity $ ChangeiHeartCommunications, Inc.Term Loan B 2016 $916 $1,891 (975)Term Loan C 2016 $15 $35 (20)Term Loan D 2019 $5,000 $5,000 - Term Loan E 2019 $1,300 $1,300 - Receivables Based Facility 2017 - $247 (247)Priority Guarantee Notes - 9.00% 2019 $2,000 $2,000 - Priority Guarantee Notes - 9.00% 2021 $1,750 $1,750 - Priority Guarantee Notes - 11.25% 2021 $575 $575 - Priority Guarantee Notes - 9.00% 2022 $1,000 $0 1,000Other Secured Subsidiary Debt $19 $21 (2)Senior Cash Pay Notes 2016 - $94 (94)Senior Toggle Notes 2016 - $128 (128)Senior Notes - 14.00% 2021 $1,662 $1,404 258Senior Notes - 5.50% 2014 - $461 (461)Senior Notes - 4.90% 2015 - $250 (250)Senior Notes - 5.50% 2016 $250 $250 - Senior Notes - 10.00% 2018 $850 - 850Senior Notes - 6.875% 2018 $175 $175 - Senior Notes - 7.25% 2027 $300 $300 -

Clear Channel Outdoor Holdings, Inc.

6.5% Series A Senior Notes 2022 $736 $736 - 6.5% Series B Senior Notes 2022 $1,989 $1,989 - 7.625% Series A Senior Sub Notes 2020 $275 $275 - 7.625% Series B Senior Sub Notes 2020 $1,925 $1,925 - Senior revolving credit facility 2018 - - - Other Debt $14 $17 (3)Original Issue Discount ($6) ($7) 1Total Debt $4,933 $4,935 (2)

Other Subsidiary Debt $0 $0 0Purchase Accounting Adjustments and OID ($252) ($322) 70Total Debt $20,485 $20,484 1Weighted Average Cost of Debt 8.1% 7.6%

9/30/14 12/31/13

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

Balance Sheet Information and Debt Ratios

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Recent Transactions

•  Paid off $222.2 million of LT debt due 2016 through the issuance and sale of notes due 2021 to a subsidiary

•  Issued $1 billion in Priority Guarantee Notes due 2022 and prepaid approximately $975 million of our Term Loan B outstanding and $16 million of our Term Loan C outstanding

•  In October, repurchased via open market transactions a total of $57.1 million aggregate principal amount of 5.5% Senior Notes due 2016, for a total purchase price of $55.5 million, including accrued interest

September 30, December 31, Change2014 2013

iHeartCommunications, Inc.Cash & Equivalents $522 $708Total Debt $20,485 $20,484

Secured Leverage Ratio 6.4x 6.3x

Clear Channel Outdoor Holdings, Inc.Cash & Equivalents $204 $315Total Debt $4,933 $4,935

Senior Leverage Ratio 3.6x 3.5xConsolidated Leverage Ratio 6.4x 6.3x

Appendix

iHeartMedia, Inc. Reconciliation of OIBDAN to Operating Income (Loss)

15

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortization

Other operating income

(expense), netImpairment

chargesOther

Adjustments OIBDANThree Months Ended September 30, 2014

iHeartMedia 257,377$ - 61,606$ - - 78$ 319,061$ Americas Outdoor 84,531 - 48,973 - - - 133,504 International Outdoor 18,738 - 50,105 - - - 68,843 Other 24,657 - 8,389 - - - 33,046 Impairment charges (35) - - - 35 - - Corporate (85,004) 2,246 6,792 - - 679 (75,287) Other operating income (expense), net 47,172 - - (47,172) - - - Consolidated 347,436$ 2,246$ 175,865$ (47,172)$ 35$ 757$ 479,167$

Three Months Ended September 30, 2013iHeartMedia 249,770$ - 64,745$ - - - 314,515$ Americas Outdoor 86,105 - 48,530 - - - 134,635 International Outdoor 11,757 - 49,090 - - - 60,847 Other 7,503 - 9,925 - - - 17,428 Impairment charges - - - - - - - Corporate (94,614) 2,754 5,040 - - - (86,820) Other operating income (expense), net 6,186 - - (6,186) - - - Consolidated 266,707$ 2,754$ 177,330$ (6,186)$ - - 440,605$

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

16

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortization

Other operating income

(expense), net OIBDANThree Months Ended September 30, 2014Americas Outdoor 84,531$ - 48,973$ - 133,504$ International Outdoor 18,738 - 50,105 - 68,843 Corporate (34,886) 1,462 1,338 - (32,086) Other operating income, net 4,623 - - (4,623) -

Consolidated 73,006$ 1,462$ 100,416$ (4,623)$ 170,261$

Three Months Ended September 30, 2013Americas Outdoor 86,105$ - 48,530$ - 134,635$ International Outdoor 11,757 - 49,090 - 60,847 Corporate (30,443) 1,652 724 - (28,067) Other operating income, net 6,604 - - (6,604) -

Consolidated 74,023$ 1,652$ 98,344$ (6,604)$ 167,415$

iHeartMedia, Inc. Reconciliation of OIBDAN to Net Income (Loss)

17

(In thousands)

2014 2013

OIBDAN 479,167$ 440,605$ Non-cash compensation expense 2,246 2,754 Depreciation and amortization 175,865 177,330 Impairment charges 35 - Amortization of Deferred System Implentation Costs 757 - Other operating income, net 47,172 6,186 Operating income 347,436 266,707 Interest expense 432,616 438,404 Gain on sale of marketable securities - 31 Equity in earnings (loss) of nonconsolidated affiliates 3,955 3,983 Loss on extinguishment of debt (4,840) - Other income (expense), net 2,617 1,709 Loss before income taxes (83,448) (165,974) Income tax benefit (expense) (24,376) 73,802 Consolidated net loss (107,824) (92,172) Less: Amount attributable to noncontrolling interest 7,028 9,683 Net (loss) income attributable to the Company (114,852)$ (101,855)$

Three Months EndedSeptember 30,

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

18

(In thousands)

2014 2013

OIBDAN 170,261$ 167,415$ Non-cash compensation expense 1,462 1,652 Depreciation and amortization 100,416 98,344 Other operating income, net 4,623 6,604 Operating income 73,006 74,023 Interest expense 87,695 87,969 Interest income on Due from iHeartCommunications, Inc. 15,105 14,940 Loss on sale of marketable securities - (18) Equity in earnings (loss) of nonconsolidated affiliates 4,185 (645) Other income, net 2,191 1,445 Income (loss) before income taxes 6,792 1,776 Income tax benefit (expense) (5,372) 10,214 Consolidated net income (loss) 1,420 11,990 Less: Amount attributable to noncontrolling interest 8,483 7,772 Net income (loss) attributable to the Company (7,063)$ 4,218$

Three Months EndedSeptember 30,

iHeartMedia, Inc. Reconciliation excluding Effects of Foreign Exchange Rates

19

Three Months EndedSeptember 30,

2014 2013Revenue:Consolidated Revenue 1,630,034$ 1,587,522$ Excluding: Foreign exchange (increase) decrease (626) - Revenue excluding effects of foreign exchange 1,629,408$ 1,587,522$

Americas Outdoor Revenue 329,500$ 331,346$ Excluding: Foreign exchange (increase) decrease 473 - Americas Outdoor Revenue excluding effects of FX 329,973$ 331,346$

International Outdoor Revenue 413,294$ 391,667$ Excluding: Foreign exchange (increase) decrease (1,099) - International Outdoor Revenue excluding effects of FX 412,195$ 391,667$

Expenses:Consolidated Expense 1,075,668$ 1,060,097$ Excluding: Foreign exchange (increase) decrease (1,053) - Expense excluding effects of foreign exchange 1,074,615$ 1,060,097$

Americas Outdoor Expense 195,996$ 196,711$ Excluding: Foreign exchange (increase) decrease 438 - Americas Outdoor Expense excluding effects of FX 196,434$ 196,711$

International Outdoor Expense 344,451$ 330,820$ Excluding: Foreign exchange (increase) decrease (1,491) - International Outdoor Expense excluding effects of FX 342,960$ 330,820$

OIBDAN:Consolidated OIBDAN 479,167$ 440,605$ Excluding: Foreign exchange (increase) decrease 427 - OIBDAN excluding effects of foreign exchange 479,594$ 440,605$

Americas Outdoor OIBDAN 133,504$ 134,635$ Excluding: Foreign exchange (increase) decrease 35 - Americas Outdoor OIBDAN excluding effects of FX 133,539$ 134,635$

International Outdoor OIBDAN 68,843$ 60,847$ Excluding: Foreign exchange (increase) decrease 392 - International Outdoor OIBDAN excluding effects of FX 69,235$ 60,847$

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

20

Three Months EndedSeptember 30, Variance

2014 2013Revenue:Consolidated Revenue 742,794$ 723,013$ Excluding: Foreign exchange (increase) decrease (626) - Revenue excluding effects of foreign exchange 742,168$ 723,013$

Americas Revenue 329,500$ 331,346$ Excluding: Foreign exchange (increase) decrease 473 - Americas Revenue excluding effects of FX 329,973$ 331,346$

International Revenue 413,294$ 391,667$ Excluding: Foreign exchange (increase) decrease (1,099) - International Revenue excluding effects of FX 412,195$ 391,667$

Expenses:Consolidated Expense 540,447$ 527,531$ Excluding: Foreign exchange (increase) decrease (1,053) - Expense excluding effects of foreign exchange 539,394$ 527,531$

Americas Expense 195,996$ 196,711$ Excluding: Foreign exchange (increase) decrease 438 - Americas Expense excluding effects of FX 196,434$ 196,711$

International Expense 344,451$ 330,820$ Excluding: Foreign exchange (increase) decrease (1,491) - International Expense excluding effects of FX 342,960$ 330,820$

OIBDAN:Consolidated OIBDAN 170,261$ 167,415$ Excluding: Foreign exchange (increase) decrease 427 - OIBDAN excluding effects of foreign exchange 170,688$ 167,415$

Americas OIBDAN 133,504$ 134,635$ Excluding: Foreign exchange (increase) decrease 35 - Americas OIBDAN excluding effects of FX 133,539$ 134,635$

International OIBDAN 68,843$ 60,847$ Excluding: Foreign exchange (increase) decrease 392 - International OIBDAN excluding effects of FX 69,235$ 60,847$

iHeartMedia, Inc. Reconciliation of Revenues excluding Effects of Political Revenue to Revenues

21

2014 2013

Consolidated revenue 1,630,034$ 1,587,522$ Excluding: Political revenue (19,466) (4,799) Consolidated revenue excluding effects of political revenue 1,610,568$ 1,582,723$

iHeartMedia revenue 830,509$ 823,863$ Excluding: Political revenue (11,475) (3,522) iHeartMedia Revenue excluding effects of political revenue 819,034$ 820,341$

Americas Outdoor revenue 329,500$ 331,346$ Excluding: Political revenue (1,124) (127) Americas Outdoor Revenue excluding effects of political revenue 328,376$ 331,219$

Other revenue 73,712$ 57,460$ Excluding: Political revenue (6,867) (1,150) Revenue excluding effects of political revenue 66,845$ 56,310$

Three Months EndedSeptember 30,

Reconciliation of Corporate Expenses excluding Non-Cash Compensation Expenses

22

IHEARTMEDIA, INC.(In thousands)

2014 2013

Corporate Expense 78,212$ 89,574$ Less: Non-cash compensation expense (2,246) (2,754) Less: Amortization of deferred system implementation costs (679) -

75,287$ 86,820$

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.(In thousands)

2014 2013

Corporate Expense 33,548$ 29,719$ Less: Non-cash compensation expense (1,462) (1,652)

32,086$ 28,067$

September 30,

Three Months EndedSeptember 30,

Three Months Ended

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

23

IHEARTMEDIA, INC.(In millions)

Four Quarters EndedSeptember 30, 2014

Consolidated EBITDA (as defined by iHeartMedia, Inc.'s senior secured credit facilities) 1,927.0$ Less adjustments to consolidated EBITDA (as defined by iHeartMedia, Inc.'s senior secured credit facilities):

Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, andother permitted activities (82.6) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definitionof consolidated EBITDA in iHeartMedia, Inc.'s senior secured credit facilities) (21.8) Non-cash charges (46.2) Cash received from nonconsolidated affiliates (2.8) Other items (17.3)

Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (797.3) Operating income 959.0$ Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 797.3 Less: interest expense (1,722.3) Less: Current income tax benefit (46.9) Less:Other income (expense), net 11.7 Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for 108.9 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 77.9 Net cash provided by operating activities 185.6$

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

24

Clear Channel Outdoor Holdings, Inc.(In millions)

Four Quarters EndedSeptember 30, 2014

Consolidated EBITDA (as defined by the CCWH Senior Notes indentures) 766.6$ 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 (37.7) 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) (18.4) Non-cash charges (22.4) Other items (6.3)

Less: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and share-based compensation expense (407.7) Operating income 274.1$ Plus: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and share-based compensation expense 407.7 Less: interest expense (353.8) Plus: Interest income on Due from iHeartCommunications, Inc. 59.9 Less: Current income tax benefit (32.6) Plus: Other income, net 16.9 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) (2.1) Change in assets and liabilities, net of assets acquired and liabilities assumed (17.7) Net cash provided by operating activities 352.4$

25

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 650,000 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 5,300 digital billboards globally. Clear Channel Outdoor Holdings’ International segment operates in nearly 30 countries across Asia, Australia, Europe and Latin America in a wide variety of formats.

www.clearchanneloutdoor.com www.clearchannelinternational.com

Investors | Effie Epstein | Vice President, Investor Relations | EffieEpstein@iheartmedia.com

About iHeartMedia, Inc. iHeartMedia, Inc. (OTCBB: IHRT), the parent company of iHeartCommunications, Inc., 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.

www.iheartmedia.com