Investor Update – 2014 First Quarter Resultsearningsfiles.s3.amazonaws.com › ccmh-2014-q1-presentation.pdfThis presentation should be read in conjunction with the 2014 First Quarter

April 24, 2014

Investor Update – 2014 First Quarter Results

© 2014 Clear Channel Communications, Inc.

Safe Harbor Statement

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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 First Quarter earnings releases and Form 10-Q filings of CC Media Holdings, Inc. and Clear Channel Outdoor Holdings, Inc. available at www.clearchannel.com and www.clearchanneloutdoor.com Numbers may not sum due to rounding.

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

Local Broadcast 840 stations & 150+ local markets

Traffic 98% commuter coverage

National & Local Personalities 90+ syndicated properties

iHeartRadio.com +1,800 live stations

& custom radio

Social 29 million Facebook likes

21+ million Twitter followers

Personality & Local Station Sites

84 million reached monthly via 1,000+ websites

Mobile 327 million app downloads

and upgrades

Airports Over 280 airports worldwide

Street Furniture Global presence

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

iHeartRadio Music Festival, Ultimate Pool

Party & Jingle Ball

iHeartRadio Theaters East & West

Network TV Shows iHeartRadio Music Festival, Ultimate Pool

Party, iHeartRadio Music Awards and more

Local Market Festivals & Concerts

20,000+ events a year

3

Clear Channel Is A Multi-Platform Media Company

Digital Outdoor U.S.: 1,000+ displays in 39 markets International: 3,700+ displays in 14 countries


Q1 2014 Key Financial Highlights

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§  Revenue: $1.3 billion

§  2% growth at Media+Entertainment

§  2% decrease at Outdoor

§  OIBDAN: $261 million

§  11% decline at Americas Outdoor

§  24% increase at International Outdoor

§  6% decrease at Media+Entertainment

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


Key Highlights: Media + Entertainment

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§  Integrating iHeartRadio with Amazon Fire TV, which will provide consumers instant access to more than 1,500 live radio stations, hand-curated iHeartRadio digital-only stations and custom stations

§  Partnering with Samsung to launch iHeartRadio as the first digital radio service available on the Samsung Gear 2

§  Integrating iHeartRadio into Apple Car Play

§  Total listening hours grew 13% over Q1 2013 §  327 million downloads/upgrades

§  First-ever iHeartRadio Country Music Festival in Austin, TX §  Sponsors included Jim Beam, State Farm, NBC’s The Voice, Tito’s and

St. Jude §  Live stream on CMT generated nearly 50-minute average view time per

visitor §  First-ever iHeartRadio Music Awards to be televised on NBC on May 1

Partnerships

Events


Key Highlights: Outdoor

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§  Extending private aviation advertising presence in the Middle East, Europe, Russia, Asia-Pacific and Central America through partnership with Adlux

§  Signing Vodafone to a three-year contract to become the exclusive sponsor of the Clear Channel smart bike sharing system in Barcelona

§  Launching “Connect,” the first out-of-home mobile interactive advertising platform

§  Americas: Installing 15 new digital billboards for an end of quarter total of 1,081 across 39 markets

§  International: +3,700 digital displays in 14 countries

Partnerships

Digital


Media + Entertainment Financial Results

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Revenue • Revenue up 2% to $670 million •  key categories: Telecommunications, healthcare and auto • Drivers: Traffic and weather business, national revenues and digital revenues Expenses • Operating Expenses: Driven by events, increased digital streaming costs and performance rights, as well as

higher compensation expense and investments in our national/digital sales force

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

(In Millions) Three%Months%Ended

March%31, Change2014 2013 % $

Revenue $670 $657 2% $14Operating%Expenses $470 $443 6% $26OIBDAN $200 $213 (6%) ($13)


Americas Outdoor Financial Results

8 Notes: Please see reconciliations in Appendix.

(In Millions)

Revenue • Down $18 million to $269 million ($270 million excluding foreign exchange impact) •  Key Categories: Travel and Transportation, Real Estate, Government Agencies • Drivers: -  Lower revenues in Los Angeles market as a result of loss of digital boards -  Lower airport revenues due to nonrenewal of certain contracts -  Loss of certain national accounts -  Increased capacity and occupancy for our digital displays outside Los Angeles partially offset these

declines Expenses

• Operating Expenses down primarily due to reduced site lease expenses related to our airport business, cost reduction efforts from previous strategic efficiency initiatives, and lower commission expense payments in connection with lower revenues

Three%Months%EndedMarch%31, Change

2014 2013 % $Revenue $269 $286 (6%) ($18)Operating%Expenses $184 $191 (4%) ($7)OIBDAN $84 $95 (11%) ($11)


International Outdoor Financial Results

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(In Millions)

Notes: Please see reconciliations in Appendix.

Revenue •  Up $3 million to $366 million ($365 million excluding foreign exchange impact) •  Drivers: -  Growth in emerging markets, including China, and developed markets including the UK and France primarily in

street furniture and digital advertising revenue -  Revenue partially offset by declines in other countries, including those in Northern and Eastern Europe, primarily

due to challenging macroeconomic conditions Expenses •  Operating expenses down YOY primarily as a result of previous strategic efficiency initiatives

Three%Months%EndedMarch%31, Change

2014 2013 % $Revenue $366 $364 1% $3Operating%Expenses $330 $334 (1%) ($4)OIBDAN $36 $29 25% $7


Items Impacting Comparability at CC Media Holdings

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Political Revenue Impact:

Revenue

Strategic Revenue and Efficiency Initiatives: Consist primarily of consolidation of locations and positions, severance related to workforce initiatives, consulting expenses, and other costs incurred in connection with improving our businesses.

Operating Expenses

Notes: Please see reconciliations in Appendix.

LA Digital: Absence of revenue from 77 digital boards beginning in April 2013

-  Corporate expenses include $6.3 million related to the separation of our former Chief Executive Officer of our CCME segment

-  $8.5 million credit for the realization of an insurance recovery related to litigation

1Q Change2014 2013 $

Operating3Expenses $3.0 $7.7 ($4.7)Corporate3Expenses $10.2 $1.1 $9.1

Total $13.2 $8.8

OIBDAN

1Q Change Revenue2014 2013 % $

Consolidated $7 $4 51% $2M+E $5 $3 31% $1AmericasAOutdoor $0 $0 (28%) ($0)KatzAMedia $2 $1 231% $1


Capital Expenditures

11

Uses of Capex

•  CCM+E: Leasehold improvements

•  Americas Outdoor: New digital displays

•  International Outdoor: billboard and street furniture advertising structures

•  Other: National representation business

•  Corporate: Equipment and software

2014 Guidance

•  $300 million for CC Media Holdings, Inc.

CC Media Holdings, Inc.

Clear Channel Outdoor Holdings, Inc.

(In Millions)

(In Millions)

Quarter'Ended'3/31 Change2014 2013 % $

OutdoorAmericas $12 $13 (5%) ($1)International $25 $26 (3%) ($1)

Total'Outdoor $37 $39 (4%) ($1)CCM+E $10 $14 (28%) ($4)Other $2 $2 (14%) ($0)Corporate $18 $6 178% $12

Total&Capex $67 $62 9% $6

Quarter'Ended'3/31 Change2014 2013 % $

Americas $12 $13 (5%) ($1)International $25 $26 (3%) ($1)Corporate $1 $1 107% $1

Total&Capex $39 $39 (2%) ($1)


Debt

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• Total Debt: $20.4 billion

• Cash interest requirements of ~$1.1 billion for the remainder of 2014

Upcoming Maturities

• 2014: $429 million

• 2015: $247 million

• 2016: $2.4 billion

(In Millions)

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

Maturity $)ChangeClear)Channel)Communications,)Inc.Term%Loan%B 2016 $1,891 $1,891 0Term%Loan%C 2016 $33 $35 (2)Term%Loan%D 2019 $5,000 $5,000 0Term%Loan%E 2019 $1,300 $1,300 0Receivables%Based%Facility 2017 $0 $247 (247)Priority%Guarantee%Notes%K%9% 2019 $2,000 $2,000 0Priority%Guarantee%Notes%K%9% 2021 $1,750 $1,750 0Priority%Guarantee%Notes%K%11.25% 2021 $575 $575 0Other%Secured%Subsidiary%Debt $20 $21 (1)Senior%Cash%Pay%Notes 2016 $94 $94 0Senior%Toggle%Notes 2016 $128 $128 0Senior%Notes 2021 $1,645 $1,404 241Clear%Channel%Senior%Notes%5.50% 2014 $409 $461 (53)Clear%Channel%Senior%Notes%4.90% 2015 $241 $250 (9)Clear%Channel%Senior%Notes%5.50% 2016 $250 $250 0Clear%Channel%Senior%Notes%6.875% 2018 $175 $175 0Clear%Channel%Senior%Notes%7.25% 2027 $300 $300 0

Clear)Channel)Outdoor)Holdings,)Inc.

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

Other%Clear%Channel%Subsidiary%Debt $1 $0 1Purchase%Accounting%Adjustments%and%OID ($312) ($322) 10Total)Debt $20,424 $20,484 (60)Weighted(Average(Cost(of(Debt 7.7% 7.6%

3/31/14 12/31/13


Balance Sheet Information and Debt Ratios

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

Recent Transactions • Repayment of $247 million

outstanding under Clear Channel’s receivables based credit facility

• Subsidiary sale of 14% Clear Channel senior notes due in 2021 ($227 million)

• Repurchased in the open market $53 million aggregate principal amount of outstanding 5.5% Clear Channel senior notes due 2014 and $9 million of outstanding 4.9% Clear Channel senior notes due 2015

• Net proceeds of $221 million from the sale of our 50% interest in Australian Radio Network

(In Millions)

March&31, December&31, Change2014 2013 % $

Clear&Channel&Communications,&Inc.Cash&&&Equivalents $661 $708 (7%) ($47)Total&Debt $20,424 $20,484 (0%) ($60)

Secured&Leverage&Ratio 6.3x 6.3x

Clear&Channel&Outdoor&HoldingsCash&&&Equivalents $270 $315 (14%) ($44)Total&Debt $4,935 $4,935 (0%) ($0)

Senior&Leverage&Ratio 3.6x 3.5xConsolidated&Leverage&Ratio 6.5x 6.3x


Appendix

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

15

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortizationOther operating

income, net OIBDANThree Months Ended March 31, 2014

Media+Entertainment 137,867$ -$ 62,571$ -$ 200,438$ Americas Outdoor 36,758 - 47,599 - 84,357 International Outdoor (14,012) - 50,444 - 36,432 Other 278 - 8,719 - 8,997 Corporate (78,243) 3,036 5,538 - (69,669) Other operating income, net 165 - - (165) - Consolidated 82,813$ 3,036$ 174,871$ (165)$ 260,555$

Three Months Ended March 31, 2013Media+Entertainment 145,324$ -$ 67,832$ -$ 213,156$ Americas Outdoor 46,513 - 48,685 - 95,198 International Outdoor (21,733) - 50,993 - 29,260 Other (2,718) - 9,982 - 7,264 Corporate (88,453) 5,517 4,690 - (78,246) Other operating income, net 2,395 - - (2,395) - Consolidated 81,328$ 5,517$ 182,182$ (2,395)$ 266,632$


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

16

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortizationOther operating

income, net OIBDANThree Months Ended March 31, 2014Americas Outdoor 36,758$ -$ 47,599$ - 84,357$ International Outdoor (14,012) - 50,444 - 36,432 Corporate (31,396) 2,010 699 - (28,687) Other operating income, net 2,654 - - (2,654) -

Consolidated (5,996)$ 2,010$ 98,742$ (2,654)$ 92,102$

Three Months Ended March 31, 2013Americas Outdoor 46,513$ -$ 48,685$ -$ 95,198$ International Outdoor (21,733) - 50,993 - 29,260 Corporate (28,473) 1,661 649 - (26,163) Other operating income, net 2,103 - - (2,103) -

Consolidated (1,590)$ 1,661$ 100,327$ (2,103)$ 98,295$


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

17

CC MEDIA HOLDINGS, INC.

(In thousands)

2014 2013

OIBDAN 260,555$ 266,632$ Non-cash compensation expense 3,036 5,517 Depreciation and amortization 174,871 182,182 Other operating income, net 165 2,395 Operating income 82,813 81,328 Interest expense 431,114 385,525 Equity in earnings (loss) of nonconsolidated affiliates (13,326) 3,641 Loss of extinguishment of debt (3,916) (3,888) Other income (expense), net 1,541 (1,000) Loss before income taxes (364,002) (305,444) Income tax benefit (68,388) 96,325 Consolidated net loss (432,390) (209,119) Less: Amount attributable to noncontrolling interest (8,200) (6,116) Net loss attributable to the Company (424,190)$ (203,003)$

Three Months EndedMarch 31,


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

18

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.

(In thousands)

2014 2013

OIBDAN 92,102$ 98,295$ Non-cash compensation expense 2,010 1,661 Depreciation and amortization 98,742 100,327 Other operating income, net 2,654 2,103 Operating loss (5,996) (1,590) Interest expense 89,262 88,093 Interest income on Due from Clear Channel Communications 14,673 11,920 Equity in loss of nonconsolidated affiliates (736) (485) Other (income) expense, net 1,898 (907) Loss before income taxes (79,423) (79,155) Income tax benefit (expense) (16,946) 5,006 Consolidated net loss (96,369) (74,149) Less: Amount attributable to noncontrolling interest 501 129 Net loss attributable to the Company (96,870)$ (74,278)$



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

19


2014 2013Revenue:Consolidated Revenue 1,342,548$ 1,343,058$ Excluding: Foreign exchange (increase) decrease (454) - Revenue excluding effects of foreign exchange 1,342,094$ 1,343,058$

Americas Outdoor Revenue 268,756$ 286,461$ Excluding: Foreign exchange (increase) decrease 938 - Americas Outdoor Revenue excluding effects of FX 269,694$ 286,461$

International Outdoor Revenue 366,495$ 363,749$ Excluding: Foreign exchange (increase) decrease (1,392) - International Outdoor Revenue excluding effects of FX 365,103$ 363,749$

Expenses:Consolidated Expense 1,012,324$ 998,180$ Excluding: Foreign exchange (increase) decrease (396) - Expense excluding effects of foreign exchange 1,011,928$ 998,180$

Americas Outdoor Expense 184,399$ 191,263$ Excluding: Foreign exchange (increase) decrease 840 - Americas Outdoor Expense excluding effects of FX 185,239$ 191,263$

International Outdoor Expense 330,063$ 334,489$ Excluding: Foreign exchange (increase) decrease (1,236) - International Outdoor Expense excluding effects of FX 328,827$ 334,489$

OIBDAN:Consolidated OIBDAN 260,555$ 266,632$ Excluding: Foreign exchange (increase) decrease (58) - OIBDAN excluding effects of foreign exchange 260,497$ 266,632$

Americas Outdoor OIBDAN 84,357$ 95,198$ Excluding: Foreign exchange (increase) decrease 98 - Americas Outdoor OIBDAN excluding effects of FX 84,455$ 95,198$

International Outdoor OIBDAN 36,432$ 29,260$ Excluding: Foreign exchange (increase) decrease (156) - International Outdoor OIBDAN excluding effects of FX 36,276$ 29,260$


20

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


2014 2013Revenue:Consolidated Revenue 635,251$ 650,210$ Excluding: Foreign exchange (increase) decrease (454) - Revenue excluding effects of foreign exchange 634,797$ 650,210$

Americas Revenue 268,756$ 286,461$ Excluding: Foreign exchange (increase) decrease 938 - Americas Revenue excluding effects of FX 269,694$ 286,461$

International Revenue 366,495$ 363,749$ Excluding: Foreign exchange (increase) decrease (1,392) - International Revenue excluding effects of FX 365,103$ 363,749$

Expenses:Consolidated Expense 514,462$ 525,752$ Excluding: Foreign exchange (increase) decrease (396) - Expense excluding effects of foreign exchange 514,066$ 525,752$

Americas Expense 184,399$ 191,263$ Excluding: Foreign exchange (increase) decrease 840 - Americas Expense excluding effects of FX 185,239$ 191,263$

International Expense 330,063$ 334,489$ Excluding: Foreign exchange (increase) decrease (1,236) - International Expense excluding effects of FX 328,827$ 334,489$

OIBDAN:Consolidated OIBDAN 92,102$ 98,295$ Excluding: Foreign exchange (increase) decrease (58) - OIBDAN excluding effects of foreign exchange 92,044$ 98,295$

Americas OIBDAN 84,357$ 95,198$ Excluding: Foreign exchange (increase) decrease 98 - Americas OIBDAN excluding effects of FX 84,455$ 95,198$

International OIBDAN 36,432$ 29,260$ Excluding: Foreign exchange (increase) decrease (156) - International OIBDAN excluding effects of FX 36,276$ 29,260$


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

21

(In thousands)

2014 2013

Consolidated revenue 1,342,548$ 1,343,058$ Excluding: Political revenue (6,597) (4,355) Consolidated revenue excluding effects of political revenue 1,335,951$ 1,338,703$

CCME revenue 670,347$ 656,566$ Excluding: Political revenue (4,548) (3,470) CCME Revenue excluding effects of political revenue 665,799$ 653,096$

Americas Outdoor revenue 268,756$ 286,461$ Excluding: Political revenue (247) (341) Americas Outdoor Revenue excluding effects of political revenue 268,509$ 286,120$

Other revenue 51,462$ 49,219$ Excluding: Political revenue (1,802) (544) Revenue excluding effects of political revenue 49,660$ 48,675$



Reconciliation of Corporate Expenses excluding Non-Cash Compensation Expenses

22

CC MEDIA HOLDINGS, INC.(In thousands)

2014 2013

Corporate Expense 72,705$ 83,763$ Less: Non-cash compensation expense (3,036) (5,517)

69,669$ 78,246$

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.(In thousands)

2014 2013

Corporate Expense 30,697$ 27,824$ Less: Non-cash compensation expense (2,010) (1,661)

28,687$ 26,163$

March 31,


Three Months Ended


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

23

CC MEDIA HOLDINGS, INC.(In millions)

Four Quarters EndedMarch 31, 2014

Consolidated EBITDA (as defined by Clear Channel's senior secured credit facilities) 1,921$ Less adjustments to consolidated EBITDA (as defined by Clear Channel's senior secured credit facilities):

Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, andother permitted activities (85) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definitionof consolidated EBITDA in Clear Channel's senior secured credit facilities) (29) Non-cash charges (37) Cash received from nonconsolidated affiliates (15) Other items (19)

Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (734) Operating income 1,002$ Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 734 Less: interest expense (1,695) Less: Current income tax expense (69) Less: Other expense, net (19) 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) 155 Change in assets and liabilities, net of assets acquired and liabilities assumed 100 Net cash provided by operating activities 208$


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

24

Clear Channel Outdoor Holdings, Inc.(In millions)

Four Quarters EndedMarch 31, 2014

Consolidated EBITDA (as defined by the CCWH Senior Notes indentures) 766$ 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 (36) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in thedefinition of consolidated EBITDA in the CCWH Senior Notes indentures) (17) Non-cash charges (20) Other items (8)

Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (399) Operating income 286$ Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 399 Less: interest expense (354) Plus: Interest income on Due from Clear Channel Communications 57 Less: Current income tax benefit (67) Plus: Other income, net 4 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) 10 Change in assets and liabilities, net of assets acquired and liabilities assumed 74 Net cash provided by operating activities 409$

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 840 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 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 | Office 212.377.1116 | [email protected]

Documents

Investor Update – 2014 First Quarter Resultsearningsfiles.s3.amazonaws.com › ccmh-2014-q1-presentation.pdfThis presentation should be read in conjunction with the 2014 First Quarter