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<SEC-DOCUMENT>0000950134-07-012544.txt : 20070530
<SEC-HEADER>0000950134-07-012544.hdr.sgml : 20070530
<ACCEPTANCE-DATETIME>20070530060230
ACCESSION NUMBER:		0000950134-07-012544
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20070530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BT Triple Crown Capital Holdings III, Inc.
		CENTRAL INDEX KEY:			0001400891
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-143349
		FILM NUMBER:		07885432

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		C/O THOMAS H. LEE PARTNERS, L.P.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-227-1050

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		C/O THOMAS H. LEE PARTNERS, L.P.
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>d47142sv4.htm
<DESCRIPTION>FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on May&nbsp;30, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-4</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 20pt; margin-top: 12pt"><B>BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(<I>Exact name of registrant as specified in its charter</I>)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
<I>(State or other jurisdiction of <BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>4832</B><BR>
<I>(Primary Standard Industrial<BR>
Classification Code Number)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>26-0241222</B><BR>
<I>(I.R.S. Employer<BR>
Identification Number)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>One International Place<BR>
36</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Floor<BR>
Attn.: David C. Chapin<BR>
Boston, MA 02110<BR>
(617)&nbsp;951-7000</B><BR>
<I>(Address, including zip code, and telephone number,<BR>
including area code, of registrant&#146;s principal executive offices)</I>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>John P. Connaughton <BR>
Bain Capital, LLC <BR>
111 Huntington Avenue <BR>
Boston, MA 02199<BR>
(617)&nbsp;516-2000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Scott M. Sperling<BR>
Thomas H. Lee Partners, L.P.<BR>
100 Federal Street<BR>
Boston, MA 02110<BR>
(617)&nbsp;227-1050</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>(Name, address, including zip code, and telephone number,<BR>
including area code, of agent for service)</I>

</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">
<I><B>Copies to:</B></I>
</div>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="center" valign="top"><B>Andrew W. Levin <BR>
Executive Vice President, Chief Legal <BR>
Officer and Secretary <BR>
Clear Channel Communications, Inc. <BR>
200 East Basse <BR>
San Antonio, TX 78209<BR>
(210)&nbsp;822-2828</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top"><B>C.N. Franklin Reddick, Esq.<BR>
Akin Gump Strauss Hauer &#038; Feld LLP<BR>
2029 Century Park East, Suite&nbsp;2400<BR>
Los Angeles, CA 90067<BR>
(310)&nbsp;229-1000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>David C. Chapin, Esq.<BR>
Ropes &#038; Gray LLP<BR>
One International Place<BR>
Boston, MA 02110<BR>
(617)&nbsp;951-7000</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximate date of commencement of proposed sale of securities to the public: As promptly as
practicable after the effective date of this registration statement
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the securities being registered on this Form are being offered in connection with the formation
of a holding company and there is compliance with General Instruction G, check the following box. <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b)
under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act,
check the following box and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. <FONT face="Wingdings">&#111;</FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CALCULATION OF REGISTRATION FEE</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount Of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Each Class of</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to Be</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price per</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Securities to Be Registered</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 1pt solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1pt solid #000000">&nbsp;</TD>
 <TD style="border-top: 1pt solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Class
A common stock, par value of $0.001 per share</DIV></TD>
    <TD style="border-right: 1pt solid #000000; border-top: 1pt solid #000000">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000">&nbsp;</TD>
    <TD colspan="3" valign="top" align="center" style="border-top: 1pt solid #000000">30,612,245 shares <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD style="border-right: 1pt solid #000000; border-top: 1pt solid #000000">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1pt solid #000000">&nbsp;</TD>

<TD colspan="1" valign="top" align="center" style="border-top: 1pt solid #000000">N/A</TD>
    <TD nowrap style="border-top: 1pt solid #000000">&nbsp;</TD>
    <TD style="border-right: 1pt solid #000000; border-top: 1pt solid #000000">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1pt solid #000000">$</TD>

<TD align="right" style="border-top: 1pt solid #000000">1,200,000,000</TD>
    <TD nowrap style="border-top: 1pt solid #000000"> <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 1pt solid #000000; border-top: 1pt solid #000000">&nbsp;</TD>
    <TD style="border-top: 1pt solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1pt solid #000000">$</TD>
    <TD align="right" style="border-top: 1pt solid #000000">0</TD>
    <TD nowrap style="border-top: 1pt solid #000000"> <SUP style="font-size: 85%; vertical-align: text-top">(3)(4)</SUP></TD>
    <TD width="1%" style="border-top: 1pt solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR style="font-size:6pt">
<TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents the maximum number of shares of Class A common stock, par value $0.001 per share, of BT Triple Crown Capital Holdings III, Inc. to be
issued upon the completion of the merger (as described in the
accompanying proxy statement/prospectus) in respect of shares of
common stock, par value $0.10 per share, of Clear Channel
Communications, Inc. (&#147;Clear Channel&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>


<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>

Pursuant to rules 457(f) and 457(c) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and solely
for the purpose of calculating the registration fee, the proposed maximum aggregate offering price is equal to (i) the
product obtained by multiplying (A) $38.10 (the average of the high and low prices of Clear Channel common stock
on May 22, 2007), by (B) 506,377,284 shares of Clear Channel common
stock (estimated number of shares of Clear Channel common stock to be
cancelled in the merger including 9,719,066 shares of Clear Channel
common stock subject to options which would currently be convertible
in the merger), minus $18,092,974,520 (the estimated amount of cash to be paid
by the registrant to Clear Channel shareholders in the merger).
</TD>
</TR>


<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>


<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>

Determined in accordance with Section 6(b) of the Securities Act at a rate equal to $30.70 per $1,000,000 of the
proposed maximum aggregate offering price.



<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>


<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>
Reflects a total fee of $36,840 payable hereunder offset in accordance with Rule 0-11(a)(2) of the Securities and Exchange Act of 1934, as amended by the fee previously paid in connection with the preliminary proxy
statement on Schedule 14A filed on December 15, 2006 by Clear Channel.
</TD>
</TR>

</TABLE>



<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with
section 8(a) of the Securities Act of 1933, as amended, or until this registration statement shall become effective on such date as the Securities
and Exchange Commission, acting pursuant to said section 8(a), may determine.</B>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information in this proxy statement/prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the Securities and Exchange
Commission is declared effective. This proxy statement/prospectus is not an offer to sell these
securities and it is not soliciting an offer to buy these securities in any jurisdiction where the
offer or sale is not permitted.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Subject
to Completion, dated May&nbsp;30, 2007</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>200 East Basse Road</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>San Antonio, Texas 78209</B>

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Shareholders of Clear Channel Communications, Inc.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You are cordially invited to attend the special meeting of shareholders of Clear Channel
Communications, Inc., a Texas corporation (&#147;Clear Channel&#148;), at the
&#95;&#95;&#95;on &#95;&#95;&#95;, 2007, at 8:00 a.m., local time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the special meeting, you will be asked to consider and vote upon a proposal to adopt an
Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by and among Clear Channel, BT Triple
Crown Merger Co., Inc. (&#147;Merger Sub&#148;), B Triple Crown Finco, LLC and T Triple Crown Finco, LLC
(together with B Triple Crown Finco, LLC, the &#147;Fincos&#148;), as amended by Amendment No.&nbsp;1, dated April
18, 2007, among Clear Channel, Merger Sub and the Fincos, and as further amended by Amendment No.
2, dated May&nbsp;17, 2007, among Clear Channel, Merger Sub, the Fincos and BT Triple Crown Capital
Holdings III, Inc. (&#147;Holdings&#148;), which provides for the recapitalization of Clear Channel by the
merger of Merger Sub with and into Clear Channel. The Fincos were formed by private equity funds
sponsored by Bain Capital Partners, LLC or Thomas H. Lee Partners, L.P. solely for the purpose of
entering into the merger agreement, as amended, and consummating the transactions contemplated by
the merger agreement, as amended. If Clear Channel&#146;s shareholders adopt the merger agreement, as
amended, and the merger is completed, each share of Clear Channel&#146;s common stock  will be converted into the right to
receive either (1) $39.20 in cash, without interest, or (2)&nbsp;one share of Class&nbsp;A common stock of
Holdings, subject to certain limitations described below. Unaffiliated shareholders and
optionholders of Clear Channel will have the right to select the form of merger consideration they
receive, subject to pro rata adjustment in the event that elections to receive Class&nbsp;A common stock
would require Holdings to issue more than 30,612,245 shares of Class&nbsp;A common stock, or
approximately 30% of the outstanding capital stock and voting power of Holdings immediately
following the merger. In addition, no shareholder or optionholder who has selected the stock
consideration may be allocated a number of Holdings Class&nbsp;A common stock shares representing more
than 9.9% of the outstanding common stock of Holdings immediately following the merger. The
limitation on the aggregate number of shares to be issued as stock consideration will allow up to a
maximum of approximately 6% of the shares of Clear Channel common
stock and Clear Channel stock options outstanding as of the
record date of the special meeting to be converted into Class&nbsp;A common stock of Holdings as merger
consideration. In order to select the stock consideration you must submit a form of election by
5:00 p.m., New York City time, on &#95;&#95;&#95;, 2007, the business day immediately preceding the date
of the special meeting. The members of the board of directors of Clear Channel have agreed with Holdings that they will
not elect to receive any of the shares of Class&nbsp;A common stock of Holdings being made available to
unaffiliated shareholders and optionholders in connection with the
merger. Certain of the directors and employees of Clear
Channel may convert a portion of the equity securities of Clear
Channel held by them into equity securities of Holdings. Any shares
of Clear Channel common stock and options that are not converted into stock consideration due to
failure to validly elect stock consideration and timely submit share certificates, proration or
cutback will be converted into the cash consideration. Fractional shares will not be issued.
Instead, a cash payment will be made for those fractional shares based upon the cash consideration
price of $39.20 per share. All shareholders and optionholders may also receive additional
consideration under certain circumstances if the merger is consummated after January&nbsp;1, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, your board of directors by unanimous vote (excluding Messrs.&nbsp;Mark
P. Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs, who recused themselves from the
deliberations) has (i)&nbsp;determined that the merger is in the best interests of Clear Channel and its
unaffiliated shareholders, (ii)&nbsp;approved, adopted and declared advisable the merger agreement, as
amended, and the transactions contemplated by the merger agreement, as amended, and (iii)
recommended that the shareholders of Clear Channel vote in favor of the merger
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and directed that such matter be submitted for consideration of the shareholders of Clear
Channel at the special meeting. Clear Channel&#146;s board of directors (other than those directors who
recused themselves from the deliberations) unanimously recommends that you vote &#147;FOR&#148; the adoption
of the merger agreement, as amended. <B>Your board of directors&#146; recommendation is based on the cash
consideration to be received by  shareholders that elect to receive cash consideration
in the merger. Your board of directors makes no recommendation as to whether any shareholder
should elect to receive the stock consideration and makes no recommendation regarding the Class&nbsp;A
common stock of Holdings. </B>In considering the recommendation of Clear Channel&#146;s board of directors
with respect to the merger agreement, as amended, you should be aware that some of Clear Channel&#146;s
directors and executive officers have interests in the merger that are different from, or in
addition to, the interests of Clear Channel&#146;s shareholders generally. See &#147;The Merger &#151; Interests
of Clear Channel&#146;s Directors and Executive Officers in the Merger&#148; beginning on page 95 of the
accompanying proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxy statement/prospectus provides you with detailed information about the
proposed merger, the special meeting and Holdings. In addition, the accompanying proxy
statement/prospectus provides you with a summary of the stock and cash consideration elections
provided for in the merger agreement, as amended, and instructions on how cash and stock
consideration elections may be made. Please give this material your careful attention. You may
also obtain more information about Clear Channel from documents it has filed with the Securities
and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your vote is very important regardless of the number of shares you own. The merger can not be
completed unless holders of two-thirds of the outstanding shares entitled to vote at the special
meeting vote for the adoption of the merger agreement, as amended. <B>Remember, failing to vote has
the same effect as a vote against the adoption of the merger agreement. </B>We would like you to
attend the special meeting, however, whether or not you plan to attend the special meeting, it is
important that your shares be represented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special meeting was originally scheduled for March 21, 2007
(and subsequently postponed to May 8, 2007 and May 22, 2007). Clear Channel&#146;s board of
directors has rescheduled this meeting to be held on ___, 2007 in order to comply with certain
regulatory requirements and to allow shareholders an opportunity to consider the terms of
Amendment No. 2 to the merger agreement and the information contained in the accompanying
proxy statement/prospectus. The proxy statement of Clear Channel, dated January 29, 2007, as
supplemented by proxy supplement no. 1, filed on March 28, 2007, and as further supplemented by
proxy supplement no. 2, filed on April 25, 2007, which was previously distributed in connection
with the special meeting, is amended and restated in its entirety by the information contained in the
accompanying proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the proxy cards that accompanied the proxy statement mailed to Clear Channel
shareholders with the notice of meeting dated January&nbsp;29, 2007, supplement No.&nbsp;1 to proxy
statement, dated March&nbsp;28, 2007 and supplement No.&nbsp;2 to proxy statement dated April&nbsp;24, 2007 remain
valid. If you previously submitted a validly executed proxy card for the special meeting, which
proxy has not been subsequently revoked, you were a record holder of shares of our common stock as
of the record date for the special meeting, your vote will be recorded as indicated on your proxy
card or if you signed and dated your proxy card but did not indicate how you wished to vote, your
proxy will be voted on all matters in accordance with the
recommendation of the board of directors. <B>If you have
already delivered a properly executed proxy, you do not need to do anything unless you wish to
change your vote. </B>If you have not previously voted, or if you wish to revoke or change your vote,
please complete, date, sign and return the enclosed proxy card. If your shares are held in &#147;street
name,&#148; you should check the voting instruction card provided by your broker to see which voting
options are available and the procedures to be followed. If you hold shares through a broker or
other nominee, you should follow the procedures provided by your broker or nominee. If you attend
the special meeting and vote in person, your vote by ballot will revoke any proxy previously
submitted. If you have any questions or need assistance in voting your shares, please call our
proxy solicitor, Innisfree M&#038;A Incorporated, toll free at (877)&nbsp;456-3427.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thank you for your continued support and we look forward to seeing you on &#95;&#95;&#95;, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Mark P. Mays<BR>
Chief Executive Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>For a discussion of certain risk factors that you should consider in evaluating the
transactions described above and an investment in Holdings Class&nbsp;A common stock, see &#147;Risk Factors&#148;
beginning on page 36 of the accompanying proxy statement/prospectus.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of the securities to be issued under the
accompanying proxy statement/prospectus, or
determined the accompanying proxy statement/prospectus is accurate or complete. Any representation to the
contrary is a criminal offense.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proxy statement/prospectus is dated &#95;&#95;&#95;, 2007, and is first being mailed to
shareholders on or about &#95;&#95;&#95;, 2007.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLEAR CHANNEL COMMUNICATIONS, INC.<BR>
200 EAST BASSE ROAD<BR>
SAN ANTONIO, TEXAS 78209</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>NOTICE OF SPECIAL MEETING OF SHAREHOLDERS</B>

</DIV>
<DIV align="center" style="font-size: 10pt"><B>TO BE HELD ON &#95;&#95;&#95;, 2007</B></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">_______, 2007
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Shareholders of Clear Channel Communications, Inc.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of the shareholders of Clear Channel Communications, Inc., a Texas
corporation, will be held at the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
on <B>&#95;&#95;&#95;, </B>2007, at 8:00 a.m. Central Daylight
Savings Time, for the following
purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To consider and vote upon a proposal to adopt the Agreement and Plan of Merger,
dated as of November&nbsp;16, 2006, by and among Clear Channel, BT Triple Crown Merger Co., Inc.
(&#147;Merger Sub&#148;), B Triple Crown Finco, LLC and T Triple Crown Finco, LLC (together with B
Triple Crown Finco, LLC, the &#147;Fincos&#148;), as amended by Amendment No.&nbsp;1 thereto, dated April
18, 2007, among Clear Channel, Merger Sub and the Fincos, and as further amended by
Amendment No.&nbsp;2 thereto, dated May&nbsp;17, 2007 (as amended, the &#147;merger agreement&#148;), among
Clear Channel, Merger Sub, the Fincos and BT Triple Crown Capital Holdings III, Inc.
(&#147;Holdings&#148;), copies of which are attached to this proxy statement/prospectus as Annex A,
Annex B and Annex C;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To consider and vote upon a proposal to adjourn the special meeting, if necessary or
appropriate, to solicit additional proxies if there are insufficient votes at the time of
the meeting to adopt the merger agreement, as amended; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To transact such other business that may properly come before the special meeting or
any adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Clear Channel&#146;s bylaws, Clear Channel&#146;s board of directors has fixed 5:00
p.m. Central Daylight Savings Time on &#95;&#95;&#95;, 2007 as the record date for the purposes of
determining shareholders entitled to notice of and to vote at the special meeting and at any
adjournment or postponement thereof. All shareholders of record are cordially invited to attend
the special meeting in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adoption of the merger agreement requires the affirmative vote of two-thirds of the votes
entitled to be cast at the special meeting by the holders of the outstanding shares of Clear
Channel&#146;s common stock. <B>Whether or not you plan to attend the special meeting, Clear Channel urges
you to vote your shares by completing, signing, dating and returning the enclosed proxy card as
promptly as possible prior to the special meeting to ensure that your shares will be represented at
the special meeting if you are unable to attend. </B>If you sign, date and mail your proxy card
without indicating how you wish to vote, your proxy will be voted on
all matters in accordance with the recommendation of the board of
directors. If you fail to return a valid proxy card and do not vote in person at the
special meeting, your shares will not be counted for purposes of determining whether a quorum is
present at the special meeting and, if a quorum is present. <B>Remember, failing to vote has the same
effect as a vote against the adoption of the merger agreement. </B>Any shareholder attending the
special meeting may vote in person, even if he or she has returned a proxy card; such vote by
ballot will revoke any proxy previously submitted. However, if you hold your shares through a bank
or broker or other custodian or nominee, you must provide a legal proxy issued from such custodian
or nominee in order to vote your shares in person at the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special meeting was originally scheduled for March 21, 2007
(and subsequently postponed to May 8, 2007 and May 22, 2007). Clear Channel&#146;s board of
directors has rescheduled this meeting to be held on ___, 2007 in order to comply with certain
regulatory requirements and to allow shareholders an opportunity to consider the terms of
Amendment No. 2 to the merger agreement and the information contained in the accompanying
proxy statement/prospectus. The proxy statement of Clear Channel, dated January 29, 2007, as
supplemented by proxy supplement no. 1, filed on March 28, 2007, and as further supplemented by
proxy supplement no. 2, filed on April 25, 2007, which was previously distributed in connection
with the special meeting, is amended and restated in its entirety by the information contained in the
accompanying proxy statement/prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that the proxy cards that accompanied the proxy statement mailed to Clear Channel
shareholders with the notice of meeting dated January&nbsp;29, 2007, supplement No.&nbsp;1 to proxy
statement, dated March&nbsp;28, 2007 and supplement No.&nbsp;2 to proxy statement dated April&nbsp;24, 2007 remain
valid. If you previously submitted a validly executed proxy card for the special meeting, which
proxy has not been subsequently revoked, you were a record holder of shares of our common stock as
of the record date for the special meeting, your vote will be recorded
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">as indicated on your proxy card or if you signed and dated your proxy card but did not
indicate how you wished to vote, your proxy will be voted on all
matters in accordance with the recommendation of the board of directors. <B>If you have already delivered a properly executed proxy, you do not need to do anything
unless you wish to change your vote. </B>If you have not previously voted, or if you wish to revoke or
change your vote, please complete, date, sign and return the enclosed proxy card. If your shares
are held in &#147;street name,&#148; you should check the voting instruction card provided by your broker to
see which voting options are available and the procedures to be followed. If you have any
questions or need assistance in voting your shares, please call our proxy solicitor, Innisfree M&#038;A
Incorporated, toll free at (877)&nbsp;456-3427.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If you plan to attend the special meeting, please note that space limitations make it
necessary to limit attendance to shareholders and one guest. Each shareholder may be asked to
present valid picture identification, such as a driver&#146;s license or passport. Shareholders holding
stock in brokerage accounts (&#147;street name&#148; holders) will need to bring a copy of a brokerage
statement reflecting stock ownership as of the record date. Cameras (including cellular telephones
with photographic capabilities), recording devices and other electronic devices will not be
permitted at the special meeting. The special meeting will begin promptly at 8:00 a.m., local
time.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who do not vote in favor of the adoption of the merger agreement will have the
right to seek appraisal of the fair value of their shares if the merger is completed, but only if
they submit a written objection to the merger to Clear Channel before the vote is taken on the
merger agreement and they comply with all requirements of Texas law, which are summarized in the
accompanying proxy statement/prospectus. Clear Channel urges that you to read the entire proxy
statement/prospectus carefully.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLEASE DO NOT SEND YOUR STOCK CERTIFICATES AT THIS TIME. IF THE MERGER AGREEMENT IS ADOPTED,
YOU WILL BE SENT INSTRUCTIONS REGARDING THE SURRENDER OF YOUR STOCK CERTIFICATES.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">By Order of the Board of Directors

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Andrew W. Levin<BR>
Executive Vice President, Chief Legal Officer,<BR>
and Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">San Antonio, Texas
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">REFERENCES TO ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">The Parties to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#106">The Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Effects of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">The Special Meeting of Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Timing and Likelihood of Closing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">Determinations of the Board of Directors and the Special Advisory Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Opinion of Clear Channel&#146;s Financial Advisor</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">Regulatory Approvals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#115">Procedure for Receiving the Merger Consideration</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Material United States Federal Income Tax Consequences</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Conditions to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Solicitation of Alternative Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">Termination Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#121">Limited Guarantee of the Sponsors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Transaction Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#123">Letter Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#124">Clear Channel&#146;s Stock Price</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#125">Shares Held by Directors and Executive Officers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#126">Dissenters&#146; Rights of Appraisal</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#127">Stock Exchange Listing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#128">Resale of Holdings Class&nbsp;A Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#129">Description of Holdings&#146; Capital Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#130">Comparison of Shareholder Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#131">Management of Holdings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#132">RISK FACTORS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133">Risks Relating to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#134">Risks Relating to Ownership of Holdings Class&nbsp;A Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#135">SELECTED HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL DATA</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#136">Clear
Channel Summary Historical Consolidated Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#137">Unaudited
Pro Forma Condensed Consolidated Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#139">Contractual Obligations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#140">Indebtedness</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#141">Dividend Policy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#142">DESCRIPTION OF BUSINESS OF HOLDINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><A href="#144">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#143">BOARD OF DIRECTORS AND MANAGEMENT OF HOLDINGS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#145">THE PARTIES TO THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#146">BT Triple Crown Capital Holdings III, Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#147">Clear Channel Communications, Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#148">B Triple Crown Finco, LLC and T Triple Crown Finco, LLC</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#149">BT Triple Crown Merger Co., Inc.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#150">THE SPECIAL MEETING OF SHAREHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>






<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#151">Time, Place and Purpose of the Special Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#152">Who Can Vote at the Special Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#153">Vote Required for Adoption of the Merger Agreement; Quorum</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#154">Voting By Proxy</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#155">Submitting Proxies Via the Internet or by Telephone</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#156">Adjournments</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#157">THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#158">Background of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#159">Reasons for the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#160">Determination of the Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#161">Determination of the Special Advisory Committee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#162">Recommendation of the Clear Channel Board of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#163">Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#164">Treatment of Clear Channel Stock Options</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#165">Treatment of Clear Channel Restricted Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#166">Severance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#167">Equity Rollover</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#168">New Equity Incentive Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#169">New Employment Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#170">Board of Director Representations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#171">Indemnification and Insurance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#191">Voting Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#172">CERTAIN AFFILIATE TRANSACTIONS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#173">FINANCING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#174">Financing of the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#175">Equity Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#176">Debt Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#177">OPINION OF CLEAR CHANNEL&#146;S FINANCIAL ADVISOR</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#178">Present Value of Transaction Price Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#179">Analysis at Various Prices</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#180">Present Value of Future Stock Price Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#181">Discounted Cash Flow Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#182">Recapitalization Analysis</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#183">Sum-of-the-Parts Analyses</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#184">Miscellaneous</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#185">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#186">United States Federal Income Tax Consequnces to Clear Channel Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#187">ACCOUNTING TREATMENT OF TRANSACTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#188">REGULATORY APPROVALS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#189">Hart-Scott-Rodino</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">FCC Regulations</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">Other</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#190">STOCK EXCHANGE LISTING</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#190">RESALE
OF HOLDINGS CLASS A COMMON STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#190">MERGER RELATED LITIGATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#190">THE MERGER AGREEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">Effective Time; Marketing Period</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">Effects of the Merger; Structure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">Rollover by Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#190">Treatment of Common Stock and Other Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#200">Clear Channel Common Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#201">Clear Channel Stock Options</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#202">Clear Channel Restricted Stock</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#203">Election Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#204">Proration Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#205">Exchange and Payment Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#206">Representations and Warranties</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#207">Conduct of Clear Channel&#146;s Business Pending the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#208">FCC Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#209">Shareholders&#146; Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#210">Appropriate Actions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#211">Access to Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#212">Solicitation of Alternative Proposals</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#213">Indemnification; Directors&#146; and Officers&#146; Insurance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#214">Employee Benefit Plans</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#215">Financing</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#216">Independent Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#217">Transaction Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#218">Conduct of the Fincos&#146; Business Pending the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#218">Registration</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#220">Conditions to the Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#221">Termination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#222">Termination Fees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#223">Clear Channel Termination Fee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#224">Merger Sub Termination Fee</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#225">Amendment and Waiver</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#226">Limited Guarantees</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#227">Letter Agreements</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#228">MARKET PRICES OF CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#229">DELISTING AND DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#230">SECURITY OWNERSHIP BY CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#231">HOLDINGS&#146; STOCK OWNERSHIP AFTER THE MERGER</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#232">DESCRIPTION OF HOLDINGS&#146; CAPITAL STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#233">Capitalization</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#234">Voting Rights and Powers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#235">Dividends</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#236">Distribution of Assets Upon Liquidation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#237">Split, Subdivision or Combination</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#238">Conversion</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#239">Certain Voting Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#240">Change in Number of Shares Authorized</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#241">Restrictions on Stock Ownership or Transfer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#242">Requests for Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#243">Denial of Rights, Refusal to Transfer</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#244">COMPARISON OF SHAREHOLDER RIGHTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#245">Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#246">Voting on Sale of Assets</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#247">Antitakeover Provisions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#248">Amendment of Certificate of Incorporation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#249">Amendment of Bylaws</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#250">Appraisal Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#251">Special Meetings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#252">Actions Without a Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#253">Nomination of Director Candidates by Shareholders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#254">Number of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#255">Election of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#256">Vacancies</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#257">Limitation of Liability of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#258">Indemnification of Officers and Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#259">Removal of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#260">Dividends and Repurchases of Shares</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#261">Preemptive Rights</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#262">Inspection of Books and Records</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#263">DISSENTERS&#146; RIGHTS OF APPRAISAL</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#265">LEGAL
MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#265">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#266">OTHER MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#267">Other Business at the Special Meeting</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#268">Multiple Shareholders Sharing One Address</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#269">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#270">Annex A &#150; Agreement and Plan of Merger</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">A-1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#270">Annex B &#150; Amendment No. 1</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">B-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#272">Annex C &#150; Amendment No.&nbsp;2</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">C-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#273">Annex D &#150; Voting Agreement</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">D-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#273">Annex E &#150; Opinion of Goldman, Sachs &#038; Co.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">E-1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#274">Annex F &#150; Article&nbsp;5.12 of the Texas Business Corporations Act</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">F-1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142exv3w1.htm">Second Amended and Restated Certificate of Incorporation</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142exv3w2.htm">Bylaws</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142exv5w1.htm">Opinion of Ropes & Gray LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142exv23w1.htm">Consent of Ernst & Young LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142exv99w1.htm">Form of Proxy Card</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142exv99w2.htm">Consent of Goldman, Sachs & Co.</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
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</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iv<!-- /Folio -->
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<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REFERENCES TO ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus incorporates important business and financial information
about Clear Channel Communications, Inc. from other documents that are not included in, or
delivered with, this proxy statement/prospectus. You can obtain documents related to Clear Channel
Communications, Inc. that are incorporated by reference in this proxy statement/prospectus, without
charge, by requesting them in writing or by telephone from either:
</DIV>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:15px; text-indent:-15px"><B>Clear Channel Communications, Inc.</B><BR>
200 East Basse Road <BR>
San Antonio, TX 78209<BR>
(210)&nbsp;832-3315<BR>
Attention: Investor Relations Department
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Innisfree M&#038;A Incorporated</B><BR>
501 Madison Avenue<BR>
20th Floor<BR>
New York, NY 10022<BR>
(877)&nbsp;456-3427</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information on where to obtain copies of such documents on the internet, see &#147;Where You
Can Find Additional Information&#148; elsewhere in this proxy statement/prospectus supplement. Please
note that copies of the documents provided to you will not include exhibits to the filings, unless
those exhibits have specifically been incorporated by reference in this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>In order to ensure timely delivery of requested documents, any request should be made no later
than &#95;&#95;&#95;, 2007, which is five business days prior to the special meeting.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information on submitting your proxy, please refer to the instructions on the enclosed
proxy card.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The following questions and answers address briefly some questions you may have regarding the
special meeting and the proposed merger. These questions and answers may not address all questions
that may be important to you as a shareholder of Clear Channel Communications, Inc. To fully
understand the proposed merger, please refer to the more detailed information contained elsewhere
in this proxy statement/prospectus, the annexes to this proxy statement/prospectus and the
documents referred to or incorporated by reference in this proxy statement/prospectus.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unless otherwise stated or the context otherwise requires, all references in this proxy
statement/prospectus to &#147;Holdings,&#148; &#147;we,&#148; &#147;our,&#148; &#147;ours,&#148; and &#147;us&#148; refer to BT Triple Crown Capital
Holdings III, Inc. and references to &#147;Clear Channel&#148; refer to Clear Channel Communications, Inc.
and its subsidiaries.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>QUESTIONS AND ANSWERS ABOUT THE MERGER</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the proposed transaction?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposed transaction is the merger of Clear Channel with BT Triple Crown Merger Co., Inc. (&#147;Merger Sub&#148;), an entity
formed by B Triple Crown Finco, LLC and T Triple Crown Finco, LLC (the &#147;Fincos&#148;) pursuant to the Agreement and Plan of
Merger, dated as of November&nbsp;16, 2006, among Clear Channel, Merger Sub and the Fincos, as amended by Amendment No.&nbsp;1
(&#147;Amendment No.&nbsp;1&#148;), dated April&nbsp;18, 2007, among Clear Channel, Merger Sub and the Fincos, and as further amended by
Amendment No.&nbsp;2 (&#147;Amendment No.&nbsp;2&#148;), dated as of May&nbsp;17, 2007, among Clear Channel, Merger Sub, the Fincos and Holdings.
Unless the context requires otherwise, in this proxy statement/prospectus, we refer to the merger agreement, prior to
amendment as the &#147;original merger agreement,&#148; and the original merger agreement as amended by Amendment No.&nbsp;1 and Amendment
No.&nbsp;2, as the &#147;merger agreement&#148; and the merger contemplated by the merger agreement as the &#147;merger.&#148; The Fincos were
formed by private equity funds sponsored by Bain Capital Partners, LLC or Thomas H. Lee Partners, L.P. (the &#147;Sponsors&#148;),
solely for the purpose of entering into the merger agreement and consummating the transactions contemplated by the merger
agreement. If the merger agreement is adopted by Clear Channel&#146;s shareholders and the other closing conditions under the
merger agreement are satisfied or waived, Merger Sub will merge with and into Clear Channel. Pursuant to the merger
agreement Clear Channel will be the surviving corporation in the merger and will become an indirect wholly owned subsidiary
of Holdings. Assuming that 100% of the shares of Class&nbsp;A common stock of Holdings available for issuance in the merger are
actually issued, unaffiliated shareholders and optionholders of Clear Channel will own approximately 30% of the outstanding
capital stock and voting power of Holdings immediately following the merger. Merger Sub was formed by the Sponsors solely
for the purpose of entering into the merger. Holdings was formed by the Sponsors solely for the purpose of acquiring Clear
Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What will I receive for my shares of Clear Channel common stock in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each holder of Public Shares and Net Electing Option Shares (each as defined below) will have the right to select the form
of merger consideration it will receive upon completion of the merger by electing one of the following options for each
Public Share and each Net Electing Option Share it holds:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option 1 (a &#147;Cash Election&#148;): </B>$39.20 per share cash consideration, without interest (the
&#147;Cash Consideration&#148;); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Option 2 (a &#147;Stock Election&#148;): </B>one share of Class&nbsp;A common stock of Holdings (the &#147;Stock
Consideration&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this proxy statement/prospectus, all references to &#147;Public Shares&#148; refer to all
outstanding shares of the common stock, par value $0.10 per share, of Clear Channel,
including restricted shares issued under Clear Channel&#146;s employee incentive plans, excluding
(i)&nbsp;shares held in the treasury of Clear Channel or owned by Merger Sub or Holdings
immediately prior to the Effective Time (as defined below), (ii)&nbsp;shares held by</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shareholders who do not vote in favor of the adoption of the merger agreement and who
properly demand and perfect appraisal rights in accordance with Texas law, if any, and (iii)
equity securities which are subject to agreements between certain
directors or employees of Clear
Channel and the Fincos pursuant to which such shares and options are to be converted into
equity securities of Holdings in the merger (&#147;Rollover Shares&#148;). In this proxy
statement/prospectus all references to &#147;Net Electing Option Shares&#148; refer to the aggregate
number of shares of Clear Channel common stock which would be issuable in the event the
options to purchase Clear Channel common stock (the &#147;Clear Channel stock options&#148;) were
exercised net of a number of option shares having a value (based on the Cash Consideration)
equal to the exercise price for such option shares (i.e., paying the exercise price of the
Clear Channel stock options using the value of the shares of Clear Channel common stock
underlying such Clear Channel stock options) and any required tax withholding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of shares of Holdings Class&nbsp;A common stock issuable both in the aggregate and to
any individual shareholder or optionholder in the merger are subject to certain limitations
and prorations described below. If you make a Stock Election, you will not receive any
fractional shares in the merger. Instead, you will be paid cash for any fractional shares
you would have otherwise received as Stock Consideration based upon the Cash Consideration
price of $39.20 per share, taking into account all Public Shares and all Net Electing Option
Shares for which you elected Stock Consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except for the Rollover Shares, which will not affect the number of shares of Holdings Class
A common stock available for issuance of Stock Consideration, each of L. Lowry Mays, Mark P. Mays, Randall T. Mays and each
other member of Clear Channel&#146;s board of directors has entered into a separate agreement
whereby they have agreed to exchange all Clear Channel common stock, Clear Channel stock
options and restricted stock awards which they beneficially hold for the Cash Consideration.
See &#147;The Merger&#151;Interests of Clear Channel&#146;s Directors and Executive Officers in the
Merger&#148; beginning on page&nbsp;95.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, regardless of whether you make a Stock or Cash Election, if the merger occurs
after January&nbsp;1, 2008, you will also receive an additional cash payment for each share (the
&#147;Additional Consideration&#148;), equal to the lesser of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the pro rata portion, based upon the number of days elapsed since January&nbsp;1, 2008,
of $39.20 multiplied by 8% per annum, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an amount equal to (a)&nbsp;the Operating Cash Flow (as defined below under &#147;The Merger
Agreement &#151; Treatment of Common Stock and Other Securities&#148;) for Clear Channel and its
subsidiaries for the period from and including January&nbsp;1, 2008 through and including
the last day of the last month preceding the closing date of the merger for which
financial statements are available at least ten (10)&nbsp;calendar days prior to the closing
date of the merger less dividends paid or declared with respect to the foregoing period
and amounts committed or paid to purchase equity interests in Clear Channel or
derivatives thereof with respect to that period (but only to the extent that those
dividends or amounts are not deducted from the Operating Cash Flow for Clear Channel
and its subsidiaries for any prior period) divided by (b)&nbsp;the sum of the number of
outstanding shares of Clear Channel common stock (including outstanding restricted
shares) plus the number of shares of Clear Channel common stock issuable pursuant to
convertible securities of Clear Channel outstanding at the closing date of the merger
with exercise prices less than the Cash Consideration.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your election to receive Cash Consideration or Stock Consideration will not affect your
right to receive the Additional Consideration if the merger does not close before January&nbsp;1,
2008. The total amount of Cash Consideration, Stock Consideration and Additional
Consideration paid for each Public Share or Net Electing Option Share is referred to in this
proxy statement/prospectus as the &#147;Merger Consideration.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will options to purchase Clear Channel common stock be treated in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each holder of a Clear Channel stock option on the record
date  will have the right to make an election to convert such option
into  Net Electing Option Share(s) and to make a Stock Election (subject to the</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limitations described above) for such Net Electing Option
Share(s). Each Net Electing Option
Share for which a valid Stock Election is not made or is revoked or for which no Stock
Consideration is allocated as a result of the application of the limitations or prorations
described below, shall be converted into the right to receive the Cash Consideration. Each
outstanding Clear Channel stock option which is not converted into  Net Electing Option
Share(s), and that remains outstanding and unexercised as of the Effective Time, whether vested
or unvested (except as otherwise agreed by the Fincos, Holdings, Clear Channel and the
holder of such Clear Channel stock option), will automatically become fully vested and
convert into the right to receive a cash payment, without interest and less any applicable
withholding tax, equal to the product of (A)&nbsp;the excess, if any,
of the Cash Consideration plus any Additional Consideration over the
exercise price per share of such Clear Channel stock option and
(B)&nbsp;the number of shares of Clear Channel common stock issuable
upon exercise of such Clear Channel stock option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Effective Time, Clear Channel stock options will no longer be outstanding and will
automatically cease to exist, and the holders thereof will no longer have any rights with
respect to Clear Channel stock options, except the right to receive the Merger Consideration
or cash payment, as described above. Each holder of Clear Channel
stock options will receive additional instructions from Clear Channel
regarding elections to convert options into Net Electing Option
Shares and
Stock Elections for the Net Electing Option Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How will restricted shares of Clear Channel common stock be treated in the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each restricted share of Clear Channel common stock (&#147;Clear Channel restricted stock&#148;) that remains outstanding as of the
Effective Time, whether vested or unvested (except as otherwise agreed by the Fincos and a holder of Clear Channel
restricted stock), will automatically become fully vested and convert into the right to receive either the Cash
Consideration or the Stock Consideration. Any unaffiliated holder of Clear Channel restricted stock who would like to make
a Stock Election with respect to such shares must do so prior to 5:00 p.m., New York City time, on &#95;&#95;&#95;, 2007, the
business day immediately preceding the date of the special meeting, using the same procedures applicable to unaffiliated
shareholders of Clear Channel common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Is there a limit on the number of Public Shares and Net Electing Option Shares that may be exchanged for Class&nbsp;A common
stock of Holdings?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. The merger agreement provides that no more than 30,612,245 Public Shares and Net Electing Option Shares, in the
aggregate, or approximately 6% of the outstanding shares of Clear
Channel common stock and Clear Channel stock options at the record date for the special
meeting, may be converted into shares of Holdings Class&nbsp;A common stock. If all 30,612,245 Public Shares and Net Electing
Option Shares are converted into shares of Class&nbsp;A common stock of Holdings, they will represent approximately 30% of the
outstanding capital stock and voting power of Holdings immediately following the merger. In addition, no Clear Channel
shareholder or optionholder who makes a Stock Election, may receive shares that would represent more than the Individual
Cap (as defined below) following completion of the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if Clear Channel shareholders or optionholders elect to exchange more than 30,612,245 Public Shares and Net
Electing Option Shares for shares of Class&nbsp;A common stock of Holdings?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If Clear Channel shareholders and optionholders make Stock Elections covering more than 30,612,245 Public Shares and Net
Electing Option Shares, then each shareholder and/or optionholder making a Stock Election will receive a proportionate
allocation of shares of Class&nbsp;A common stock of Holdings based on the number of Public Shares and Net Electing Option
Shares for which such shareholder and/or optionholder has made a Stock Election compared to the total number of Public
Shares and Net Electing Option Shares for which all shareholders and/or optionholders have made Stock Elections. The
proration procedures are designed to ensure that no more than 30,612,245 shares of Holdings Class&nbsp;A common stock
 are allocated to  unaffiliated shareholders and/or optionholders of
Clear Channel pursuant to the Stock Elections. Further, no
individual shareholder or optionholder will be allocated shares of Holdings Class&nbsp;A common stock representing more than 9.9% of the
outstanding common stock of Holdings immediately following the merger (&#147;Individual Cap&#148;). Any shares that are not
converted into Stock Consideration due to the</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Individual Cap will be reallocated to other shareholders or
optionholders who have made an election to receive Stock Consideration but have not
reached their Individual Cap. Any shares that are not converted into Stock Consideration as a result of proration or the Individual
Cap will be converted into Cash Consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will Clear Channel shareholders or optionholders be required to receive some of the shares of Holdings in
the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No.&nbsp;A Stock Election is purely voluntary. No holder of
Public Shares or Clear Channel stock options is required to make any
Stock Elections. An election to receive the Stock Consideration is an investment decision
which involves significant risks. <B>The Clear Channel board of directors makes no recommendation as to
whether any Clear Channel shareholder or optionholder should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock of Holdings. </B>For a discussion of risks associated with
the ownership of Holdings Class&nbsp;A common stock see &#147;Risk
Factors&#148; beginning on page&nbsp;36 of this proxy
statement/prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who may make a Stock Election?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All holders of Public Shares or Clear
Channel stock options as of 5:00 p.m., Central Daylight Savings Time, on &#95;&#95;&#95;, 2007, the record
date for the special meeting of Clear Channel shareholders,
are entitled to make a Stock Election with respect to any Public Shares or Clear Channel stock options
they own as of such date. Pursuant to separate letter agreements, the option to elect to receive Stock
Consideration will not be available with respect to shares of Clear
Channel common stock,  Clear Channel restricted stock or Clear Channel stock options (other than
Rollover Shares, which will not affect the number of shares of
Holdings Class A common stock available for issuance as Stock
Consideration), that are beneficially
owned by L. Lowry Mays, Mark P. Mays, Randall T. Mays or any other member of Clear Channel&#146;s board of
directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Can I make a Cash Election with respect to some of my Public Shares and/or Clear Channel stock options and
a Stock Election with respect to my remaining shares and/or options?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. You may make a Cash Election or Stock Election (on a share-by-share basis) for each Public Share
and/or each Clear Channel stock option you own as of the record date of the special meeting; provided,
that, as described above, the total number of Public Shares and Net Electing Option Shares converted into
the Stock Consideration may be limited.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the deadline for submitting Stock and Cash Elections?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All Stock and Cash Elections must be submitted prior to 5:00 p.m., New York City time, on &#95;&#95;&#95;, 2007,
the business day immediately preceding the date of the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I make a Stock or Cash Election?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each holder of record as of  the record date
for the special meeting of Clear Channel shareholders, has been mailed a form of election together with
this proxy statement/prospectus. Additional copies of the form of election may be obtained from our proxy
solicitor, Innisfree M&#038;A Incorporated, by calling toll free at (877)&nbsp;456-3427. Clear Channel will also
make a copy of the form of election available on its website at www.clearchannel.com/Investors. You
should carefully review and follow the instructions accompanying the form of election. The form of
election will need to be properly completed, signed and delivered prior to 5:00 p.m., New York City time,
on &#95;&#95;&#95;, 2007, the business day immediately preceding the date of the special meeting to
&#95;&#95;&#95;, the paying agent, at the following address:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Telephone
number:&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Questions regarding the Stock or Cash Elections should be addressed to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone number:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you own Clear Channel shares in &#147;street name&#148; through a bank, broker or other custodian or nominee and
you wish to make an election, you should seek instructions from the financial institution holding your
shares concerning how to make your election. <B>The election deadline will be 5:00 p.m. New York City time,
on &#95;&#95;&#95;, 2007, the business day immediately preceding the date of the special meeting. Any election
received subsequent to the election deadline will be void and all Public Shares and Net Electing Option
Shares subject to such election will be converted into the Cash Consideration.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Can I revoke my form of election after I have submitted it to the paying agent?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may revoke your form of election and file a new form of election at any time prior to 5:00 p.m., New
York City, time on &#95;&#95;&#95;, 2007, the business day immediately preceding the date of the special meeting,
by submitting a written notice of revocation to the paying agent or a new form of election. Revocations
must specify the name in which your shares are registered on the stock transfer books of Clear Channel and
such other information as the paying agent may request. If you wish to submit a new election, you must do
so in accordance with the election procedures described in this proxy statement/prospectus and the form of
election. If you instructed a broker to submit an election for your shares, you must follow your broker&#146;s
directions for changing those instructions. <B>Whether you revoke your election by submitting a written
notice of revocation or by submitting a new form of election, the
notice or new form of election must be received by
the paying agent by the election deadline of 5:00 p.m., New York City time, on &#95;&#95;&#95;, 2007, the business
day immediately preceding the date of the special meeting, in order for the revocation to be valid. </B>From
and after such time, the elections will be irrevocable and you may no longer change or revoke your
election.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if I don&#146;t make an election?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you do not make an election with respect to any Public Shares and/or Clear Channel company options, you
will be deemed to have made a Cash Election with respect to such
shares or to receive the cash payment described above for such
options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I be able to transfer Clear Channel common stock after an election is made?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any Public Share for which a Cash Election, or no election, is made or deemed made may be transferred up
until the Effective Time. If you make a Stock Election and are
allocated Holdings Class A common stock, you will not be permitted to transfer your Public Shares or any options underlying your Net
Electing Option Shares from and after such time as you submit your
certificates to the paying agent. In the event that the merger is completed, your shares will be converted into the
right to receive the Stock Consideration. In the event that the merger is abandoned or the merger
agreement terminated, your shares will be returned to you and you will be entitled to transfer or sell
your shares and/or options.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We currently are anticipating completing the merger prior to the end of 2007. However,
because the merger is subject to certain conditions, including adoption of the merger
agreement by Clear Channel&#146;s shareholders, receipt of certain regulatory approvals and the
conclusion of the Marketing Period (as defined below under &#147;The Merger Agreement &#151; Effective
Time; Marketing Period&#148;), the exact timing of the completion of the merger and the
likelihood of the consummation thereof cannot be predicted. Unless amended after the date
hereof, the merger agreement is subject to termination by either party after December&nbsp;12,
2007 if the merger has not been consummated, except that under certain circumstances that</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>date may be extended until June&nbsp;12, 2008. If you elect the Stock Consideration you should be
prepared to hold your Clear Channel common stock for an extended period of time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>May I submit a form of election even if I do not vote to approve the merger agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. You may submit a form of election even if you vote against the approval of the merger agreement or abstain or do not
register any vote with respect to the approval of the merger agreement. However, all forms of election to be valid must be
submitted prior to 5:00 p.m., New York City time, on &#95;&#95;&#95;, 2007, the business day immediately preceding the date of the
special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When do I need to submit my Clear Channel common stock?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you have made a Stock Election and the merger is approved by the Clear Channel
shareholders at the special meeting, you will receive notice, which we refer to as the Stock
Consideration notice, that the merger has been approved and the number of Public Shares and
Net Electing Option Shares for which you will be entitled to receive Stock Consideration in
the merger (after the application of the proration provisions described above). The Stock
Consideration notice will also be accompanied by a letter of transmittal. The letter of
transmittal will include instructions for submitting certificates representing your shares,
your book-entry shares or certificates representing your options, as applicable, or, if you
hold your shares in &#147;street name,&#148; will instruct you how to submit shares beneficially held
by you. You will need to deliver to the paying agent a properly completed and executed
letter of transmittal together with any certificates representing your shares or options,
properly endorsed for transfer, or a book entry transfer or a guaranty of delivery, within
30&nbsp;days of the date of the Stock Consideration notice. <B>If you fail to deliver a properly
completed and executed letter of transmittal together with any certificates representing the
Public Shares and the Clear Channel stock options underlying the Net Electing Option Shares for which you have made a valid Stock Election
within 30&nbsp;days of the date of the Stock Consideration notice, your Stock Election will be
voided and you will be deemed to have made a Cash Election with respect to such Public
Shares and/or the Net Electing Option Shares. </B>In such a case, the shares of Class&nbsp;A common
stock subject to the Stock Consideration notice will not be re-allocated to other Clear
Channel shareholders or optionholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you make a Cash Election or fail to make any election with respect to any Public Shares
or Clear Channel stock options you own, you will not need to submit stock certificates,
book-entry shares or option certificates prior to the completion of the merger. After the
merger is completed, the paying agent will mail to you a letter of transmittal with
accompanying instructions promptly after the Effective Time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will I continue to receive dividends?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our current policy is to provide quarterly cash dividends on your shares of Clear Channel common stock at a rate of $0.1875
per share. The terms of the merger agreement allow Clear Channel to continue this policy through the closing date of the
merger. Following consummation of the merger, any payment of cash dividends to holders of Holdings Class&nbsp;A common stock or
other classes of preferred stock or common stock will be at the discretion of the board of directors of Holdings. Holdings
does not currently intend to pay regular quarterly cash dividends on the shares of Holdings Class&nbsp;A common stock to be
outstanding after the merger. We may from time to time decide to pay dividends to holders of our common stock, which
dividends may be substantial. If we pay a dividend to holders of any class of our common stock, we will pay a pro rata
dividend to holders of all classes of Holdings&#146; common stock.
Any decision to pay dividends to holders of our common
stock will depend on a variety of factors, including such factors as (1)&nbsp;Holdings&#146; and/or Clear Channel&#146;s ability to incur
debt, cash resources, results of operations, financial position, and capital requirements, (2)&nbsp;timing and proceeds realized
from asset sales, (3)&nbsp;regulatory changes, and (4)&nbsp;any limitations imposed by Holdings&#146; or Clear Channel&#146;s creditors. If we
were to require cash from Clear Channel to pay dividends, Clear Channel&#146;s debt financing arrangements could restrict its
ability to make such cash available to us to pay such dividends.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will there be any fees payable to the Fincos prior to the closing of the merger?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As part of the merger agreement, the Fincos have agreed that the transaction fees paid to or to be paid to the Fincos or
their affiliates in connection with the closing of the merger will not exceed $87.5&nbsp;million. Other than those fees, unless
otherwise approved by Holdings&#146; independent directors, none of Holdings or any of its subsidiaries will pay management,
transaction, monitoring or any other fees to the Fincos or their affiliates except pursuant to an arrangement whereby the
holders of shares of Holdings Class&nbsp;A common stock are made whole for any portion of such fees paid by Holdings or any of
its affiliates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will the holders of the Class&nbsp;A common stock have the right to elect any directors of the Holdings&#146; board of directors?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subsequent to the completion of the merger, holders of the Holdings Class&nbsp;A common stock, voting as a separate class, will
be entitled to elect 2 members of Holdings&#146; board of directors. These directors are referred to in this proxy
statement/prospectus as the independent directors. Pursuant to a voting agreement entered into among the Fincos, Merger Sub and the Highfields Funds (as defined in
&#147;The Merger&#151;Voting Agreement&#148; on page 100) immediately
following the effective time of the merger one of the independent directors will be named by Highfields Management (as
defined in &#147;The Merger&#151;Voting Agreement&#148; on
page&nbsp;100) (which
member shall be named to Holdings&#146; nominating committee) and the
other independent director will be selected by Holdings&#146;
nominating committee after consultation with Highfields Management
and any holder whose Stock Election is reasonably expected to result
in such holder owning three percent (3%) or more of the total
outstanding equity securities of Holdings. In
addition, until the Highfields Funds own less than 5% of the
outstanding voting securities of Holdings issued as Stock
Consideration, in connection with each election of independent
directors, Holdings will nominate two candidates as independent directors,
of which one candidate will be selected by Highfields Management (as
defined in &#147;The Merger&#151;Voting Agreement&#148; on page 100) and one candidate
will be selected by Holdings&#146; nominating committee after
consultation with Highfields Management and any public holder owning
three percent (3%) or more of the total outstanding equity securities
of Holdings.
</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Am I entitled to exercise appraisal rights instead of receiving the Merger Consideration for my shares?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. As a holder of Clear Channel common stock you are entitled to appraisal rights under Texas law in connection with the
merger if you meet certain conditions, which are described in this proxy statement/prospectus under the caption
&#147;Dissenters&#146; Rights of Appraisal&#148; beginning on
page&nbsp;158.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What effects will the proposed merger have on Clear Channel?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the merger agreement is adopted by Clear Channel&#146;s shareholders and the other conditions to closing are satisfied,
Merger Sub will merge with and into Clear Channel. The separate corporate existence of Merger Sub will cease, and Clear
Channel will continue as the surviving corporation. Upon completion
of the merger, your Public Shares and/or Net Electing Option Shares will be converted into the right to receive the Cash Consideration or Stock Consideration, in accordance with your
election, unless you have properly exercised your appraisal rights. The surviving corporation will become an indirect
wholly owned subsidiary of Holdings and you will cease to have any ownership interest in the surviving corporation, any
rights as its shareholder and you will no longer have any interest in Clear Channel&#146;s future earnings or growth (other than
through your ownership of shares of Holdings Class&nbsp;A common stock (if any)).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Following consummation of the merger, the registration of Clear Channel common stock and
Clear Channel&#146;s reporting obligations with respect to Clear Channel common stock under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), will be terminated upon
application to the Securities and Exchange Commission (the &#147;SEC&#148;). In addition, upon
completion of the merger, shares of Clear Channel common stock will no longer be listed on
any stock exchange or quotation system, including the NYSE.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares of Holdings Class&nbsp;A common stock will be registered with the SEC, but will not be
listed on a national securities exchange. It is anticipated that, following the merger, the
shares of Holdings Class&nbsp;A common stock will be quoted on the Over-the-Counter Bulletin
Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>When do you expect the merger to be completed?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are working toward completing the merger as quickly as possible,
and we anticipate that it will be completed by the end of 2007,
assuming satisfaction or waiver of all of the conditions to the
merger. However, because the merger is subject to certain conditions,
including adoption of the merger agreement by Clear Channel&#146;s
shareholders, receipt of certain regulatory approvals and the
conclusion of the Marketing Period (as defined below under &#147;The Merger
Agreement &#151; Effective Time; Marketing Period&#148;), the exact timing of
the completion of the merger and the likelihood of the consummation
thereof cannot be predicted. If any condition in the merger
agreement is not satisfied, including the conditions</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>described below under &#147;The Merger Agreement &#151; Conditions to the Merger&#148;
beginning on page 138 of this proxy statement/prospectus, the merger agreement
may be terminated as a result.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens if the merger is not consummated?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the merger agreement is not adopted by
shareholders or if the merger is not completed for
any other reason, shareholders and optionholders will not receive any
payment for their shares and/or options in connection with the
merger. Instead, Clear Channel will remain an
independent public company, shares of Clear
Channel common stock will continue to be listed and
traded on the NYSE and options will remain outstanding (subject to
their terms). Any certificates for shares or
options and any book-entry shares delivered as
required by the Stock Consideration notice will be
returned at no cost to you. Under specified
circumstances, Clear Channel may be required to pay
the Fincos a termination fee of up to $500&nbsp;million or
reimburse the Fincos for up to $45&nbsp;million of their
out-of-pocket expenses as described in this proxy
statement/prospectus under the caption &#147;The Merger
Agreement &#151; Termination Fees.&#148;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Where and when is the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The special meeting will be held at the <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
on &#95;&#95;&#95;, 2007, at 8:00 a.m., Central Standard Time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Are all Clear Channel shareholders as of the record date entitled to vote at the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. All shareholders who own Clear Channel common stock at 5:00 p.m., Central Daylight Savings Time, on &#95;&#95;&#95;, 2007,
will be entitled to receive notice of the special meeting and to vote the shares of Clear Channel common stock which are
held on that date at the special meeting, or any adjournments of the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Which of my shares may I vote?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All shares owned by you as of 5:00 p.m., Central Daylight Savings Time, on the record date may be voted by you. These
shares include shares that are: (i)&nbsp;held directly in your name as the shareholder of record and (ii)&nbsp;held for you as the
beneficial owner through a stockbroker, bank or other custodian or nominee. Each of your shares is entitled to one vote at
the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What is the difference between holding shares as a shareholder of record and as a beneficial owner?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Most of Clear Channel&#146;s shareholders hold their shares through a stockbroker, bank or other custodian or nominee rather
than directly in their own name. As summarized below, there are some distinctions between shares held of record and those
owned beneficially.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Shareholder of Record</I>: If your shares are registered directly in your name with Clear
Channel&#146;s transfer agent, The Bank of New York, you are considered, with respect to those
shares, the shareholder of record, and these proxy materials are being sent directly to you
by The Bank of New York on behalf of Clear Channel. As the shareholder of record, you have
the right to grant your voting proxy directly to Clear Channel or to vote in person at the
special meeting. We have enclosed a proxy card for you to use.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Beneficial Owner</I>: If your shares are held in a stock brokerage account or by a bank or
other custodian or nominee, you are considered the beneficial owner of shares held in street
name, and these proxy materials are being forwarded to you by your broker or nominee who is
considered, with respect to those shares, the shareholder of record. As the beneficial
owner, you have the right to direct your broker on how to vote and are also invited to
attend the special meeting. However, since you are not the shareholder of record, you may
not vote these shares in person at the special meeting, unless you obtain a signed proxy
from the stockholder of record giving you the right to vote the shares. Your broker or
nominee has enclosed a voting instruction card for you to use in directing the broker or
nominee regarding how to vote your shares.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How can I vote my shares in person at the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Shares held directly in your name as the shareholder of record may be
voted by you in person at the special meeting. If you choose to do
so, please bring the enclosed proxy card and proof of identification.
Even if you plan to attend the special meeting, we recommend that you
also submit your proxy as described below so that your vote will be
counted if you later decide not to attend the special meeting. If you
vote your shares in person at the special meeting any previously
submitted proxies will be revoked. Shares held in &#147;street name&#148; may
be voted in person by you at the special meeting only if you obtain a
signed proxy from the stockholder of record giving you the right to
vote the shares. <B>Your vote is important. Accordingly, we urge you to
sign and return the accompanying proxy card whether or not you plan to
attend the special meeting.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you plan to attend the special meeting, please note that space limitations make it
necessary to limit attendance to shareholders and one guest. Admission to the special
meeting will be on a first-come, first-served basis. Registration and seating will begin at
7:30 a.m. Each shareholder may be asked to present valid picture identification issued by a
government agency, such as a driver&#146;s license or passport. Shareholders holding stock in
street name will need to bring a copy of a brokerage statement reflecting stock ownership as
of the record date. Cameras (including cellular telephones with photographic capabilities),
recording devices and other electronic devices will not be permitted at the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How can I vote my shares without attending the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether you hold shares of Clear Channel common stock directly as the shareholder of record or beneficially in street name,
when you return your proxy card or voting instructions accompanying this proxy statement/prospectus, properly signed, the
shares represented will be voted in accordance with your direction unless you subsequently revoke such proxy or vote in
person at the special meeting, as described above. As described below, if you have already delivered a properly executed
proxy and have not acquired any additional shares, you do not need to do anything else unless you wish to change your vote.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If my shares are held in &#147;street name&#148; by my broker, will my broker vote my shares for me?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Your broker will not vote your shares on your behalf unless you provide instructions to your broker on how to vote. You
should follow the directions provided by your broker regarding how to instruct your broker to vote your shares. Without
those instructions, your shares will not be voted, which will have the same effect as voting &#147;AGAINST&#148; the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What vote of Clear Channel&#146;s shareholders is required to adopt the merger agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For us to complete the merger, shareholders holding two-thirds of the outstanding shares of Clear Channel common stock at
5:00 p.m. Central Daylight Savings Time on &#95;&#95;&#95;, 2007, must vote &#147;FOR&#148; the adoption of the merger agreement with each share having
a single vote for these purposes. Only votes cast &#147;FOR&#148; a matter constitute affirmative votes. Abstentions are counted
for quorum purposes, but since they are not votes cast &#147;FOR&#148; a particular matter, they will have the same effect as
  a vote &#147;AGAINST&#148; a particular matter. <B>Accordingly, failure to vote or an abstention will have the same
effect as a vote &#147;AGAINST&#148; adoption of the merger agreement.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What vote of Clear Channel&#146;s shareholders is required to approve the proposal to adjourn the special meeting, if necessary
or appropriate, to solicit additional proxies?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposal to adjourn the special meeting, if necessary or appropriate, to solicit additional proxies requires the
affirmative vote of shareholder holding a majority of the outstanding shares of Clear Channel common stock present or
represented by proxy at the special meeting and entitled to vote on the matter. Only votes cast &#147;FOR&#148; a matter constitute
affirmative votes. Abstentions are counted for quorum purposes, but since they are not votes cast &#147;FOR&#148; a particular
matter, they will have the same effect as a vote &#147;AGAINST&#148; a particular matter.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What constitutes a quorum?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The presence, in person or by proxy, of shareholders holding a majority of the outstanding shares of Clear Channel common
stock at 5:00 p.m. Central Daylight Savings Time  on &#95;&#95;&#95;, 2007 is necessary to constitute a quorum at the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Does Clear Channel&#146;s board of directors recommend that Clear Channel&#146;s shareholders vote &#147;FOR&#148; the adoption of the merger
agreement?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. After careful consideration, the board of directors by unanimous vote (excluding Messrs.&nbsp;Mark P. Mays, Randall T.
Mays, L. Lowry Mays and B. J. McCombs who recused themselves from the deliberations), recommends that you vote:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;FOR&#148; the adoption of the merger agreement. You should read &#147;The Merger &#151; Reasons
for the Merger&#148; beginning on page 90 of this proxy statement/prospectus for a
discussion of the factors that Clear Channel&#146;s board of directors considered in
deciding to recommend the adoption of the merger agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Clear Channel board of directors&#146; recommendation is based on the Cash Consideration to
be received by shareholders that make a Cash Election. The Clear Channel board of directors
makes no recommendation as to whether any shareholder should make a Stock Election and makes
no recommendation regarding the Class&nbsp;A common stock of Holdings. </B>In considering the
recommendation of your board of directors with respect to the merger agreement, you should
be aware that some of Clear Channel&#146;s directors and executive officers have interests in the
merger that are different from, or in addition to, the interests of Clear Channel&#146;s
shareholders generally. See &#147;The Merger &#151; Interests of Clear Channel&#146;s Directors and
Executive Officers in the Merger&#148; beginning on page 95 of this proxy statement/prospectus.
Except for the Rollover Shares, which will not affect the number of shares of Holdings Class
A common stock available for issuance as Stock Consideration, each of L. Lowry Mays, Mark P. Mays, Randall T. Mays and each
other member of Clear Channel&#146;s board of directors has entered into a separate agreement
whereby they have each agreed to exchange all Clear Channel common stock, Clear Channel
stock options and restricted stock awards which they beneficially hold for the Cash
Consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What happens to my vote if I sell my shares before the special meeting?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The record date of the special meeting is earlier than the special meeting and the date that the merger is expected to be
completed. If you transfer your shares of Clear Channel common stock after the record date but before the special meeting,
you will retain your right to vote at the special meeting, but will have transferred the right to receive the Merger
Consideration. In order to receive the Merger Consideration, you must hold your shares through completion of the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What do I need to do now?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We urge you to read this proxy statement/prospectus carefully, including its annexes and the information incorporated by
reference, and to consider how the merger affects you. If you are a shareholder as of the record date, then you can ensure
that your shares are voted at the special meeting by completing, signing, dating and returning each proxy card in the
postage-paid envelope provided or submitting your proxy by telephone or the Internet prior to the special meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>If I have previously submitted a proxy, is it still valid?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. If you have already delivered a properly executed proxy, you do not need to do anything unless you wish to change
your vote since you submitted your proxy. The proxy cards that accompanied the
proxy statement mailed to Clear Channel shareholders with the notice of meeting dated January&nbsp;29, 2007, supplement No.&nbsp;1 to
proxy statement, dated March&nbsp;28, 2007 or supplement No.&nbsp;2 to proxy statement dated April&nbsp;24, 2007 remain valid. If you
previously submitted a</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>validly executed proxy card for the special meeting, which
proxy has not been subsequently revoked, and  you were a record holder of
shares of our common stock as of the record date for the special
meeting, your vote will be recorded as indicated on your proxy card or if you signed and dated your proxy card but did not
indicate how you wished to vote, your proxy will be voted on all
matters in accordance with the recommendation of the board of
directors. If you have not
previously voted, have acquired additional shares or if you wish to revoke or change your vote, please complete, date, sign and
return the enclosed proxy card. If your shares are held in &#147;street name,&#148; you should check the voting instruction card provided by
your broker to see which voting options are available and the procedures to be followed. If you have any questions or need
assistance in voting your shares, please call our proxy solicitor, Innisfree M&#038;A Incorporated, toll free at (877)&nbsp;456-3427.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>How do I revoke or change my vote?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You can change your vote at any time before your proxy is voted at the special meeting. You may revoke
your proxy by notifying Clear Channel in writing or by submitting a later-dated new proxy by mail to Clear
Channel c/o Innisfree M&#038;A Incorporated at 501 Madison Avenue, 20th Floor, New York, NY 10022. In
addition, your proxy may be revoked by attending the special meeting and voting in person. However,
simply attending the special meeting will not revoke your proxy. If you hold your shares in &#147;street name&#148;
and have instructed a broker to vote your shares, the above-described options for changing your vote do
not apply, and instead you must follow the instructions received from your broker to change your vote.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What does it mean if I get more than one proxy card or vote instruction card?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your shares are registered differently and are in more than one account, you will receive more than one
card. Please sign, date and return all of the proxy cards you receive (or submit your proxy by telephone
or the Internet) to ensure that all of your shares are voted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>What if I return my proxy card without specifying my voting choices?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If your proxy card is signed and returned without specifying choices, the shares will be voted as
recommended by the Board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Who will bear the cost of this solicitation?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The expenses of preparing, printing and mailing this proxy statement/prospectus and the proxies solicited
hereby will be borne by Clear Channel. Additional solicitation may be made by telephone, facsimile or
other contact by certain directors, officers, employees or agents of Clear Channel, none of whom will
receive additional compensation therefor. Clear Channel will, upon request reimburse, brokerage houses
and other custodians, nominees and fiduciaries for their reasonable expenses for forwarding material to
the beneficial owners of shares held of record by others. The Fincos, directly or through one or more
affiliates or representatives, may at their own cost, also make, additional solicitation by mail,
telephone, facsimile or other contact in connection with the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>Q:</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Will a proxy solicitor be used?</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">A:</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes. Clear Channel has engaged Innisfree M&#038;A Incorporated (&#147;Innisfree&#148;) to assist in the solicitation of
proxies for the special meeting and Clear Channel estimates that it will pay Innisfree a fee of
approximately $50,000. Clear Channel has also agreed to reimburse Innisfree for reasonable administrative
and out-of-pocket expenses incurred in connection with the proxy solicitation and indemnify Innisfree
against certain losses, costs and expenses. The Fincos have engaged Georgeson Inc. to assist them in any
solicitation efforts they may decide to make in connection with the merger and it is expected that they
will pay Georgeson a fee of approximately $50,000. The Fincos have also agreed to reimburse Georgeson for
reasonable administrative and out-of-pocket expenses incurred in connection with the proxy solicitation
and indemnify Georgeson against certain losses, costs and expenses.
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>QUESTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have additional questions about the merger or other matters discussed in this proxy
statement/prospectus after reading this proxy statement/prospectus, please contact our proxy
solicitor, Innisfree M&#038;A Incorporated, at:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Innisfree M&#038;A Incorporated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">501 Madison Avenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">20th Floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New York, NY 10022</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Shareholders Call Toll-Free:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(877) 456-3427</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Banks and Brokers Call Collect:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(212) 750-5833</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus, and the documents to which we refer you to in this proxy
statement/prospectus, contain &#147;forward-looking&#148; statements based on estimates and assumptions.
Forward-looking statements include information concerning possible or assumed future results of
operations of Holdings and Clear Channel, the expected completion and timing of the merger and
other information relating to the merger. There are &#147;forward looking&#148; statements throughout this
proxy statement/prospectus, including, among others, under the headings &#147;Questions and Answers
About the Special Meeting and the Merger,&#148; &#147;Summary,&#148; &#147;The Merger,&#148; &#147;Opinion of Clear Channel&#146;s
Financial Advisor,&#148; &#147;Regulatory Approvals,&#148; and &#147;Merger Related Litigation,&#148; and in statements
containing the words &#147;believes,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148; &#147;contemplates,&#148;
&#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;should,&#148; or &#147;would&#148; or other similar expressions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should be aware that forward-looking statements involve known and unknown risks and
uncertainties. Although we believe that the expectations reflected in these forward-looking
statements are reasonable, we cannot assure you that the actual results or developments we
anticipate will be realized, or even if realized, that they will have the expected effects on the
business or operations of Holdings and Clear Channel. These forward-looking statements speak only
as of the date on which the statements were made and we expressly disclaim any obligation to
release publicly any updates or revisions to any forward-looking statements included in this proxy
statement/prospectus or elsewhere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to other factors and matters contained or incorporated in this document, the
following factors could cause actual results to differ materially from those discussed in the
forward-looking statements:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the financial performance of Clear Channel through the date of the completion of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the satisfaction of the closing conditions set forth in the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility that the parties will be unable to obtain the approval of Clear
Channel&#146;s shareholders and regulatory approvals;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the possibility that the merger may involve unexpected costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of any event, change or other circumstance that could give rise to
the termination of the merger agreement, including a termination under circumstances
that could require Clear Channel to pay a termination fee in the amount of $200&nbsp;million
or $500&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the outcome of any legal proceedings instituted against Holdings, Clear Channel and
others in connection with the proposed merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure to obtain the necessary debt financing arrangements set forth in the
commitment letters received in connection with the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the impact of planned divestitures;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the failure of the merger to close for any reason;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effect of the announcement of the merger on Clear Channel&#146;s customer
relationships, operating results and business generally;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>business uncertainty and contractual restrictions that may exist during the pendency
of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any significant delay in the expected completion of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of the costs, fees, expenses and charges related to the merger and the
final terms of the financings that will be obtained for the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>diversion of management&#146;s attention from ongoing business concerns;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the need to allocate significant amounts of Clear Channel&#146;s cash flow to make
payments on Clear Channel&#146;s indebtedness, which in turn could reduce Clear Channel&#146;s
financial flexibility and ability to fund other activities;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and other risks set forth in Clear Channel&#146;s current filings with the Securities and Exchange
Commission, including Clear Channel&#146;s most recent filings on Forms 10-Q and 10-K. See &#147;Where You
Can Find Additional Information&#148; on page 161 of this proxy statement/prospectus. All
forward-looking statements should be evaluated with the understanding of their inherent
uncertainty.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary highlights selected information from the proxy statement/prospectus and may not
contain all of the information that may be important to you. Accordingly, we encourage you to read
carefully this entire proxy statement/prospectus, its annexes and the documents referred to or
incorporated by reference in this proxy statement/prospectus. You may obtain the information
incorporated by reference in this proxy statement/prospectus without charge by following the
instructions under &#147;Where You Can Find Additional
Information&#148; beginning on page&nbsp;161 of this proxy
statement/prospectus. The Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by and
among Clear Channel Communications, Inc. (&#147;Clear Channel&#148;), BT Triple Crown Merger Co., Inc.
(&#147;Merger Sub&#148;), B Triple Crown Finco, LLC and T Triple Crown Finco, LLC (together with B Triple
Crown Finco, LLC, the &#147;Fincos&#148;), as amended by Amendment No.&nbsp;1 (&#147;Amendment No.&nbsp;1&#148;), dated April&nbsp;18,
2007, among Clear Channel, Merger Sub and the Fincos, and as amended by Amendment No.&nbsp;2 (&#147;Amendment
No.&nbsp;2&#148;), dated May&nbsp;17, 2007, among Clear Channel, Merger Sub, the Fincos and BT Triple Crown
Capital Holdings III, Inc. (&#147;Holdings&#148;), are attached as Annex A, Annex B and Annex C to this proxy
statement/prospectus. Unless the context requires otherwise, in this proxy statement/prospectus,
we refer to the merger agreement prior to amendment as the &#147;original merger agreement&#148; and the
original merger agreement as amended by Amendment No.&nbsp;1 and Amendment No.&nbsp;2 as the &#147;merger
agreement,&#148; and the merger contemplated by the merger agreement as the &#147;merger&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We encourage you to read the merger agreement, including Amendment No.&nbsp;1 and Amendment No.&nbsp;2,
carefully, in their entirety, because they are the legal documents that govern the parties&#146;
agreement pursuant to which Clear Channel will be recapitalized by means of a merger of Merger Sub
with and into Clear Channel. The description in this section and elsewhere in this proxy
statement/prospectus is qualified in its entirety by the merger agreement and does not purport to
contain all of the information about the merger agreement that may be important to you. Each item
in this summary includes a page reference directing you to a more complete description of that
item.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Parties to the Merger</B><BR> <BR>
(See &#147;The Parties to the Merger&#148; on page 69)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holdings is a newly formed Delaware corporation
and was organized by private equity funds
sponsored by Bain Capital Partners, LLC or Thomas
H. Lee Partners, L.P. (the &#147;Sponsors&#148;) solely for
the purpose of entering into the merger agreement
and consummating the transactions contemplated by
the merger agreement. Holdings has not engaged in
any business except activities incidental to its
organization and in connection with the
transactions contemplated by the merger agreement.
As of the date of this proxy
statement/prospectus, Holdings does not have any
assets or liabilities other than as contemplated
by the merger agreement.<BR><BR>
Clear Channel, incorporated in 1974, is a
diversified media company with three reportable
business segments: radio broadcasting, Americas
outdoor advertising (consisting of operations in
the United States, Canada and Latin America) and
international outdoor advertising. Clear Channel
owns over 1,100 radio stations and a leading
national radio network operating in the United
States. In addition, Clear Channel has equity
interests in various international radio
broadcasting companies. Clear Channel also owns
or operates more than 195,000 national and 717,000
international outdoor advertising display faces.
Additionally, Clear Channel owns or programs 51
television stations and owns a full-service media
representation firm that sells national spot
advertising time for clients in the radio and
television industries</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">throughout the United
States. Clear Channel is headquartered in San
Antonio, Texas, with radio stations in major
cities throughout the United States.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each Finco is a newly formed Delaware limited
liability company. B Triple Crown Finco, LLC was
formed by a private equity fund sponsored by Bain
Capital Partners, LLC and T Triple Crown Finco,
LLC was formed by a private equity fund sponsored
by Thomas H. Lee Partners, L.P., in each case,
solely for the purpose of entering into the merger
agreement and effecting the merger and the
transactions related to the merger.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger Sub is a newly formed Delaware corporation
and an indirect wholly owned subsidiary of
Holdings. Merger Sub was organized solely for the
purpose of entering into the merger agreement and
consummating the transactions contemplated by the
merger agreement. Merger Sub has not engaged in
any business except activities incidental to its
organization and in connection with the
transactions contemplated by the merger agreement.
As of the date of this proxy
statement/prospectus, Merger Sub does not have any
assets or liabilities other than as contemplated
by the merger agreement.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="106"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Merger</B><BR> <BR>
(See &#147;The Merger Agreement&#148; on page 119)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement provides that Merger Sub will
be merged with and into Clear Channel, and each
outstanding Public Share, will be converted into
the right to receive either (1)&nbsp;the Cash
Consideration, or (2)&nbsp;the Stock Consideration,
subject to pro rata adjustment if the election to
receive the Stock Consideration is oversubscribed
and potential cutback in specified circumstances.
Except for the Rollover Shares, which will not
affect the number of shares of Holdings Class&nbsp;A
common stock available for issuance as Stock Consideration, each of L. Lowry Mays,
Mark P. Mays, Randall T. Mays and each other
member of Clear Channel&#146;s board of directors has
entered into a separate agreement whereby they
agree to convert in the merger all Clear Channel
common stock, Clear Channel stock options and
restricted stock awards for the Cash
Consideration.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In addition, if the merger becomes effective (the
&#147;Effective Time&#148;) after January&nbsp;1, 2008, each
holder of a Public Share at
the Effective Time (whether converted into the
right to receive the Stock Consideration or the
Cash Consideration) will also have the right to
receive an amount in cash equal to the Additional
Consideration.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each holder of Clear Channel stock options at 5:00
p.m. Central Daylight Savings Time on &#95;&#95;&#95;, 2007 shall
have the right to make an election to convert all
or any portion of such options into Net Electing
Option Shares and to further make a Stock Election
with respect to such Net</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Electing Option Shares
(subject to the limitations described). Each Net
Electing Option Share for which no Stock
Consideration is allocated shall be converted into
the right to receive the Cash Consideration. Each
outstanding Clear Channel option for which no
election to convert such option into Net Electing
Option Shares was made, and which remains
outstanding and unexercised as of the Effective
Time, whether vested or unvested (except as
otherwise agreed by the Fincos, Holdings, Clear
Channel and a holder of Clear Channel stock
options), will automatically become fully vested
and convert into the right to receive a cash
payment, without interest and less any applicable
withholding tax, equal to the product of (A)&nbsp;the excess, if any,
of the Cash Consideration plus any Additional Consideration over the exercise price
of such Clear Channel stock option and (B)
 the number of shares of Clear Channel common stock issuable upon
exercise of such Clear Channel stock option. As of the
Effective Time, Clear Channel stock options will
no longer be outstanding and will automatically
cease to exist, and the holders thereof will no
longer have any rights with respect to Clear
Channel stock options, except the right to receive
the Merger Consideration or cash payment, as
described above. Each holder of Clear Channel
stock options will receive additional instructions from Clear Channel
regarding elections to convert options into Net
Electing Option Shares and making a Stock
Election.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Each share of Clear Channel restricted stock that
remains outstanding as of the Effective Time,
whether vested or unvested (except as otherwise
agreed by the Fincos, Holdings, Clear Channel and
a holder of Clear Channel restricted stock), will
automatically become fully vested and convert into
the right to receive either the Cash Consideration
or the Stock Consideration. Any unaffiliated
holder of restricted shares of Clear Channel
common stock who would like to make a Stock
Election with respect to such shares must do so
prior to &#95;&#95;&#95;, 2007, using the same procedures
applicable to unaffiliated shareholders of Clear
Channel common stock.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No more than 30,612,245 Public
Shares (including restricted shares) and Net
Electing Option Shares, in the aggregate, or
approximately 6% of the outstanding shares of
Clear Channel common stock and Clear Channel stock options immediately prior to
the merger, may be exchanged for shares of
Holdings Class&nbsp;A common stock. Assuming that all
30,612,245 shares of Class&nbsp;A common stock of
Holdings available for issuance in the merger are
actually issued, immediately following the merger,
entities controlled by the Sponsors, their
co-investors and the holders of Rollover Shares
will own approximately 70% of the outstanding
capital stock and voting power of Holdings, and
unaffiliated shareholders and optionholders of
Clear</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Channel will own approximately 30% of the
outstanding capital stock and voting power of
Holdings.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left">
<A name="107"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Effects of the Merger</B><BR><BR>
(See &#147;The Merger Agreement &#151; Effects of the
Merger; Structure&#148; on page 120)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the merger agreement is adopted by Clear
Channel&#146;s shareholders and the other conditions to
closing are satisfied, Merger Sub will merge with
and into Clear Channel. The separate corporate
existence of Merger Sub will cease, and Clear
Channel will continue as the surviving corporation
and as an indirect wholly owned subsidiary of
Holdings. Upon completion of the merger, Public
Shares will be converted into the right to receive
the Merger Consideration. Clear Channel stock
options which are  converted into Net Electing Option Shares will
be converted  into the right
to receive Stock Consideration or Cash
Consideration and all other Clear Channel stock
options will be converted into the cash payment
described above. Following completion of the
merger, Clear Channel&#146;s common stock will be
delisted from the New York Stock Exchange (&#147;NYSE&#148;)
and will no longer be publicly traded and all
Clear Channel stock options will cease to be
outstanding.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>The Special Meeting of Shareholders</B><BR><BR>
(See &#147;The Special Meeting of Shareholders&#148; on page 70)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Place, Date and Time</I>. The special meeting will be
held at the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2007, at 8:00 a.m., Central Daylight Savings Time.<BR>
<BR style="font-size:6pt">
<I>Purpose</I>. You will be asked to consider and vote
upon the approval and adoption of the merger
agreement, pursuant to which Merger Sub will merge
with and into Clear Channel.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Record Date and Quorum</I>. You are entitled to vote
at the special meeting if you owned shares of
Clear Channel common stock as of 5:00 p.m.,
Central Daylight Savings Time, on &#95;&#95;&#95;, 2007,
which time on that date is the record date for the
special meeting. As of the record date there were
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> shares of Clear Channel common stock outstanding
and entitled to vote, held by approximately
holders of record. The presence in person or by
proxy of a majority of the issued and outstanding
shares of Clear Channel common stock at the
special meeting constitutes a quorum for the
purpose of considering the proposals.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Vote Required For Adoption of the Merger
Agreement</I>. The approval and adoption of the
merger agreement requires the affirmative vote of
two-thirds of the votes entitled to be cast by the
holders of the outstanding shares of Clear Channel
common stock. The failure to vote has the same
effect as a vote &#147;AGAINST&#148; the adoption of the
merger agreement.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Vote Required For Adjournment</I>. If a quorum
exists, holders of a majority of the shares of
Clear Channel common stock present in person or
represented by proxy</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">at the special meeting and
entitled to vote thereat may adjourn the special
meeting.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Who Can Vote at the Special Meeting</I>. You may vote
at the special meeting all of the shares of Clear
Channel common stock you own as of the record
date. You may vote any shares you hold of record
in person at the special meeting, even if you have
returned a proxy card and your vote by ballot will
revoke any proxy previously submitted. If you
hold your shares through a bank or broker or other
custodian or nominee, you must provide a legal
proxy issued from such custodian or nominee in
order to vote your shares in person at the special
meeting.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Procedure for Voting</I>. You may vote your shares by
attending the special meeting and voting in person
or you may submit a proxy by signing and returning
the enclosed proxy card. You may revoke your
proxy at any time before the vote is taken at the
special meeting. To revoke your proxy, you must
advise Innisfree M&#038;A Incorporated, Clear Channel&#146;s
proxy solicitor, in writing, that you are revoking
your proxy and deliver a new proxy dated after the
date of the earlier proxy being revoked, or submit
a later-dated proxy by telephone or the Internet
at or before the special meeting, before your
shares of Clear Channel common stock have been
voted at the special meeting, or attend the
special meeting and vote your shares in person.
Merely attending the special meeting without
voting will not constitute revocation of your
earlier proxy.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The proxy cards that accompanied the proxy
statement mailed to Clear Channel shareholders
with the notice of meeting dated January&nbsp;29, 2007,
supplement No.&nbsp;1 to proxy statement, dated March
28, 2007 and supplement No.&nbsp;2 to proxy statement
dated April&nbsp;24, 2007 remain valid. If you
previously submitted a validly executed proxy card
for the special meeting, which proxy has not been
subsequently revoked, you were a record holder of
shares of Clear Channel common stock as of the
record date for the special meeting and you have
not acquired additional shares since such record
date, your vote will be recorded as indicated on
your proxy card or if you signed and dated your
proxy card but did not indicate how you wished to
vote, your proxy will be voted on all matters in accordance with the
recommendation of the board of directors. <B>If
you have already delivered a properly executed
proxy, you do not need to do anything unless you
wish to change your vote.</B> If you have not
previously voted, have acquired additional shares
or if you wish to revoke or change your vote,
please complete, date, sign and return the
enclosed proxy card. If your shares are held in
&#147;street name,&#148; you should check the voting
instruction card provided by your broker to see
which voting options are available and the</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">procedures to be followed. If you hold shares
through a broker or other nominee, you should
follow the procedures provided by your broker or
nominee. If you attend the special meeting and
vote in person, your vote by ballot will revoke
any proxy previously submitted. <B>Remember, failing
to vote has the same effect as a vote against the
adoption of the merger agreement.</B> If you have any
questions or need assistance in voting your
shares, please call our proxy solicitor, Innisfree
M&#038;A Incorporated, toll free at (877)&nbsp;456-3427.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If your shares are held in &#147;street name&#148; by your
broker, please follow the directions provided by
your broker in order to instruct your broker as to
how to vote your shares. If you do not instruct
your broker to vote your shares, it has the same
effect as a vote &#147;AGAINST&#148; adoption of the merger
agreement.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Timing and Likelihood of Closing</B><BR><BR>
(See &#147;The Merger Agreement &#151; Effective Time;
Marketing Period&#148; on page 119)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We are working toward completing the merger as
quickly as possible, and we anticipate that it
will be completed by the end of 2007, assuming
satisfaction or waiver of all of the conditions to
the merger. However, because the merger is
subject to certain conditions, including adoption
of the merger agreement by Clear Channel&#146;s
shareholders, receipt of certain regulatory
approvals and the conclusion of the Marketing
Period (as defined below under &#147;The Merger
Agreement &#151; Effective Time; Marketing Period&#148;),
the exact timing of the completion of the merger
and the likelihood of the consummation thereof
cannot be predicted. If any of the conditions in
the merger agreement is not satisfied, or waived,
including the conditions described below under
&#147;The Merger Agreement &#151; Conditions to the Merger,&#148;
the merger agreement may be terminated as a
result.</TD>
</TR>
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<DIV align="left">
<A name="110"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Determinations of the Board of Directors and the
Special Advisory Committee</B><BR><BR>
(See &#147;The Merger &#151; Reasons for the Merger &#151;
Determinations of the Board of Directors&#148; and &#147; &#151;Determination of the Special Advisory Committee&#148;
on page 90)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Board of Directors.</I> Clear Channel&#146;s board of
directors by unanimous vote (excluding Messrs.
Mark P. Mays, Randall T. Mays, L. Lowry Mays and
B. J. McCombs who recused themselves from the
deliberations), recommends that you vote &#147;FOR&#148; the
adoption of the merger agreement. The board of
directors (i)&nbsp;determined that the merger is in the
best interests of Clear Channel and its
unaffiliated shareholders, (ii)&nbsp;approved, adopted
and declared advisable the merger agreement and
the transactions contemplated by the merger
agreement, (iii)&nbsp;recommended that the shareholders
of Clear Channel vote in favor of the merger and
directed that such matter be submitted for
consideration of the shareholders of Clear Channel
at the special meeting and (iv)&nbsp;authorized the
execution, delivery and performance of the merger
agreement and the transactions contemplated by the
merger agreement. <B>The board of directors&#146;
recommendation is based on the Cash Consideration
to be received by shareholders that make a Cash
Election. The board of directors makes no
recommendation as to whether any shareholder</B></TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock
of Holdings.</B> Except for the Rollover Shares,
which will not affect the number of shares of
Holdings Class&nbsp;A common stock available for issuance as Stock
Consideration, each of
L. Lowry Mays, Mark P. Mays, Randall T. Mays and
each other member of the board of directors has
entered into a separate agreement whereby they
have each agreed to exchange all Clear Channel
common stock, Clear Channel stock options and
restricted stock awards which they beneficially
hold for the Cash Consideration.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Special Advisory Committee</I>. The special advisory
committee is a committee formed by the
disinterested members of Clear Channel&#146;s board of
directors comprised of three disinterested and
independent members of Clear Channel&#146;s board of
directors. The special advisory committee was
formed for the purpose of (i)&nbsp;prior to execution
of the original merger agreement, providing its
assessment, after receiving the advice of its
legal and financial advisors, as to the fairness
of the terms of the original merger agreement, and
(ii)&nbsp;following execution of the original merger
agreement, in the event Clear Channel receives a
Competing Proposal (as defined below under &#147;The
Merger Agreement &#151; Solicitation of Alternative
Proposals&#148;), providing its assessment, after
receiving advice of its legal and financial
advisors, as to the fairness and/or superiority of
the terms of the Competing Proposal and the
continuing fairness of the terms of the original
merger agreement. The process for pursuing, and
all negotiations with respect to, the merger
agreement were not directed by the special
advisory committee but rather were directed by the
disinterested members of the board of directors as
a group. The special advisory committee engaged
its own legal and financial advisors in connection
with its assessment of the fairness of the terms
of the original merger agreement. On November&nbsp;15,
2006, the special advisory committee unanimously
determined that the terms of the original merger
agreement were fair to Clear Channel&#146;s
unaffiliated shareholders. The special advisory
committee was not requested by the disinterested
members of the board of directors to separately
assess Amendment No.&nbsp;1 or Amendment No.&nbsp;2, as
neither constituted a Competing Proposal. The
special advisory committee did not make any
determination as to the fairness of the terms of
the merger agreement, the Stock Consideration or
the Cash Consideration, as amended by</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment
No.&nbsp;1 or Amendment No.&nbsp;2.</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left">
<A name="111"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Interests of Clear Channel&#146;s Directors and
Executive Officers in the Merger</B><BR><BR>
(See &#147;The Merger &#151; Interests of Clear Channel&#146;s
Directors and Executive Officers in the Merger&#148; on
page 95)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In considering the recommendation of the board of
directors with respect to the merger agreement,
you should be aware that some of Clear Channel&#146;s
directors and executive officers have interests in
the merger that are different from, or in addition
to, the interests of holders of Clear Channel
common stock generally. These interests include
the treatment of shares (including restricted
shares) and options held by the directors and
officers, as well as indemnification and insurance
arrangements with officers and directors, change
in control severance benefits that may become
payable to certain officers, employment agreements
and an equity ownership in Holdings if the merger
is consummated. These interests, to the extent
material, are described below under &#147;The Merger &#151;
Interests of Clear Channel&#146;s Directors and
Executive Officers in the Merger.&#148; The board of
directors was aware of these interests and
considered them, among other matters, in approving
the merger agreement and the merger. Except for
the Rollover Shares, which will not affect the
number of shares of Holdings Class&nbsp;A common stock
available for issuance as Stock Consideration, each of L. Lowry Mays, Mark P. Mays,
Randall T. Mays and each other member of the board
of directors has entered into a separate agreement
whereby they have each agreed to exchange all
Clear Channel common stock, Clear Channel stock
options and restricted stock awards which they
beneficially hold for the Cash Consideration.</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left">
<A name="112"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Opinion of Clear Channel&#146;s Financial Advisor</B><BR><BR>
(See &#147;Opinion of Clear Channel&#146;s Financial
Advisor&#148; on page 106)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Goldman, Sachs &#038; Co., which we refer to as
&#147;Goldman Sachs,&#148; delivered its oral opinion to the
Clear Channel board of directors, which was
subsequently confirmed in its written opinion
dated May&nbsp;17, 2007, that, as of such date, and
based upon and subject to the factors and
assumptions set forth therein, the cash
consideration of $39.20 per Public Share that the
holders of Public Shares can elect to receive
pursuant to the merger agreement was fair from a
financial point of view to such holders.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The full text of the written opinion of Goldman
Sachs, dated May&nbsp;17, 2007, which sets forth the
assumptions made, procedures followed, matters
considered and limitations on the review
undertaken in connection with the opinion, is
attached as Annex E to this proxy
statement/prospectus. We encourage you to read
the Goldman Sachs opinion carefully in its
entirety. Goldman Sachs provided its opinion for
the information and assistance of the Clear
Channel board of directors in connection with its
consideration of the merger. Goldman Sachs&#146;
opinion is not a recommendation as to how any
holder of shares of Clear Channel common stock
should vote or make any election with respect to
the merger. Pursuant to an engagement letter
between Clear Channel and Goldman Sachs, Clear
Channel has</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">agreed to pay Goldman Sachs a
transaction fee of approximately $50&nbsp;million, the
principal portion of which is payable upon
consummation of the merger. See &#147;Opinion of Clear
Channel&#146;s Financial Advisor&#148; beginning on page&nbsp;106.</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left">
<A name="113"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Financing</B><BR><BR>
(See &#147;Financing&#148; on page 103)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Equity Financing</I>. Pursuant to replacement equity
commitment letters signed in connection with
Amendment No.&nbsp;2 to the merger agreement, Bain
Capital Fund IX and THL Partners Fund VI, which we
refer to as the Sponsors, have severally agreed to
purchase (either directly or indirectly through
one or more intermediate entities) up to an
aggregate of $3.94&nbsp;billion of equity securities of
Holdings and to cause all or a portion of such
cash to be contributed to Merger Sub as needed for
the merger and related transactions (including
payment of cash merger consideration to Clear
Channel shareholders, repayment of certain Clear
Channel debt, and payment of certain transaction
fees and expenses). Each Sponsor&#146;s equity
commitment will be reduced by half of the amount
of Stock Consideration elected by Clear Channel
Shareholders (that is, an aggregate reduction
equal to $39.20 multiplied by the number of shares
of Class&nbsp;A common stock of Holdings issued in the
merger). The equity commitment letters entered
into in connection with Amendment No.&nbsp;2 superseded
the equity commitment letters previously delivered
by the Sponsors.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Debt Financing</I>. In connection with Amendment No.
2, Merger Sub and the Fincos have obtained debt
financing commitments to provide up $22.125
billion in aggregate debt financing, which is
currently anticipated to consist of (i)&nbsp;senior
secured credit facilities in an aggregate
principal amount of $18.525&nbsp;billion, (ii)&nbsp;a
receivables backed credit facility with a maximum
availability of $1.0&nbsp;billion, and (iii)&nbsp;a senior
bridge facility in an aggregate principal amount
of up to $2.6&nbsp;billion to finance, in part, the
payment of the merger consideration, the repayment
or refinancing of certain of our debt outstanding
on the closing date of the merger and the payment
of fees and expenses in connection with the
merger, refinancing, financing and related
transactions (collectively, the &#147;Transactions&#148;)
and, after the closing date of the merger, to
provide for ongoing working capital, refinance
other debt and general corporate purposes.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The debt financing commitments are not conditioned
on, nor do they require or contemplate, the
acquisition of the outstanding public shares of
Clear Channel Outdoor Holdings, Inc. (&#147;Clear
Channel Outdoor&#148;). The debt financing commitments
do not require or contemplate any changes to the
existing cash management and intercompany
arrangements between the Clear Channel and Clear
Channel Outdoor, the provisions of which are</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">described in Clear Channel Outdoor&#146;s SEC filings.
The consummation of the merger will not permit
Clear Channel Outdoor to terminate these
arrangements and Clear Channel may continue to use
the cash flows of Clear Channel Outdoor for its
own general corporate purposes pursuant to the
terms of the existing cash management and
intercompany arrangements between Clear Channel
and Clear Channel Outdoor, which may include
making payments on the new debt financing.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The debt financing arrangements are subject to
change (whether as a result of market conditions
or otherwise) and the debt financings described
above or any other debt financings remain subject
to negotiation and completion of definitive
documentation. Accordingly, since the final
terms, structures and amounts of the actual debt
financing arrangements have not been agreed upon
and may not be determined until shortly before the
effective time of the Merger, the final terms,
structures and amounts of any or all of the actual
debt financing arrangements may materially differ
from those described above. See &#147;Financing &#151; Debt Financing&#148; beginning on page 104.</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left">
<A name="114"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Regulatory Approvals</B><BR><BR>
(See &#147;Regulatory Approvals&#148; on page 116)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Under the Communications Act of 1934, as amended
(the &#147;Communications Act&#148;), Clear Channel and the
Fincos may not complete the merger unless they
have first obtained the approval of the Federal
Communications Commission (the &#147;FCC&#148;) to transfer
control of Clear Channel&#146;s FCC licenses to
affiliates of the Fincos. FCC approval is sought
through the filing of applications with the FCC,
which are subject to public comment and objections
from third parties. Pursuant to the merger
agreement, the parties filed on December&nbsp;12, 2006
all applications necessary to obtain such FCC
approval. The timing or outcome of the FCC
approval process cannot be predicted. Under the
Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended (the &#147;HSR Act&#148;) and the rules
promulgated thereunder, Clear Channel cannot
complete the merger until it notifies and
furnishes information to the Federal Trade
Commission and the Antitrust Division of the U.S.
Department of Justice, and the applicable waiting
period has expired or been terminated.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger is also subject to review by the
governmental authorities of various other
jurisdictions under the antitrust, communication
and investment review laws of those jurisdictions.</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left">
<A name="115"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Procedure for Receiving the Merger Consideration</B><BR><BR>
See &#147;The Merger Agreement &#151; Exchange and Payment
Procedures&#148; on page 124)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Fincos will appoint a paying agent reasonably
acceptable to Clear Channel to coordinate the
payment of the applicable portion of the aggregate
Merger Consideration following the merger. If you
make a valid Stock Election, and the merger
is approved by the Clear Channel shareholders at
the special meeting, you</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">will receive a Stock
Consideration notice, and will have a period of 30
days from the date of the Stock Consideration
Notice to deliver to the paying agent a properly
completed and executed letter of transmittal
together with any certificates representing your
shares or options, properly endorsed for transfer,
or a book entry transfer or a guaranty of
delivery. <B>If you fail to deliver a properly
completed and executed letter of transmittal
together with any certificates representing the
shares of Clear Channel common stock and the Clear
Channel stock options for which you have made a
valid Stock Election within 30&nbsp;days of the date of
the Stock Consideration notice, your Stock
Election will be voided and you will be deemed to
have made a Cash Election with respect to such
shares of Clear Channel common stock and/or the
Net Electing Option Shares.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All shareholders who have made a
valid Cash Election and all shareholders and
optionholders who have not made a valid Stock
Election, will receive, promptly after the
Effective Time, a letter of transmittal and
instructions which will tell shareholders and
optionholders how to surrender Clear Channel
common stock certificates, book-entry shares or
Clear Channel stock options, as applicable, in
exchange for the Cash Consideration. <B>Please do
not send in your certificates or book-entry shares
until you receive instructions to do so from the
paying agent.</B></TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Material United States Federal Income Tax
Consequences</B><BR><BR>
(See &#147;Material United States Federal Income Tax
Consequences&#148; on page&nbsp;113)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The U.S. federal income tax consequences of the
merger to a particular U.S. holder of Clear
Channel common stock will depend on the form of
consideration received by the U.S. holder in
exchange for its Clear Channel common stock. A
U.S. holder who exchanges Clear Channel common
stock solely for shares of Holdings Class&nbsp;A common
stock generally will not recognize any gain or
loss on the exchange.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A U.S. holder who exchanges its shares of Clear
Channel common stock for a combination of Holdings
Class&nbsp;A common stock and cash generally will
recognize gain or loss on the exchange to the
extent that the exchange is treated for U.S.
federal income tax purposes as a redemption for
cash by Clear Channel and generally will recognize
gain, but not loss, to the extent that the
exchange is treated for U.S. federal income tax
purposes as a contribution of Clear Channel common
stock to Holdings in exchange for Holdings Class&nbsp;A
common stock and cash. The amount of gain
recognized by such U.S. holder will depend, in
part, upon: (i)&nbsp;how much Holdings Class&nbsp;A common
stock and cash is received by such U.S. holder in
the merger; (ii)&nbsp;how much of the cash received by
such U.S. holder is sourced to the Equity
Financing (as defined below); and (iii)&nbsp;how much
cash is sourced to other sources. Such</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">gain or
loss will generally, subject to potential
application of Sections&nbsp;302 or 304 of the Internal
Revenue Code, as amended (&#147;Code&#148;), be capital gain
or loss.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A U.S. holder who exchanges shares of Clear
Channel common stock solely for cash in the merger
generally will recognize gain or loss in the
amount equal to the difference between the amount
of cash received and the U.S. holder&#146;s tax basis
in the shares of Clear Channel common stock
exchanged in the in the merger.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="117"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>Conditions to the Merger</B><BR><BR>
(See &#147;The Merger Agreement &#151; Conditions to the
Merger&#148; on&nbsp;page&nbsp;138)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Before the merger can be completed, a number of
conditions must be satisfied. These conditions
include:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">adoption of the merger agreement by Clear
Channel&#146;s shareholders;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the expiration or termination of any
applicable waiting period under the HSR Act and
any applicable foreign antitrust laws;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">no governmental authority having enacted
any law or order making the merger illegal or
otherwise prohibiting the consummation of the
merger;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the receipt of the FCC Consent (as defined
below under &#147;Regulatory Approvals&#148;);</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the performance, in all material respects,
by all parties to the merger agreement of their
respective agreements and covenants in the merger
agreement, and the representations and warranties
of Clear Channel, the Fincos, Holdings and Merger
Sub in the merger agreement being true and
correct, subject to certain &#147;Material Adverse
Effect&#148; qualifications (as defined below under
&#147;The Merger Agreement &#151; Representations and
Warranties&#148;);</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Fincos&#146; delivery to Clear Channel at
the closing of a solvency certificate; and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the non-occurrence of any change, effect
or circumstance that has had or would reasonably
be expected to have a material adverse effect on
the business, operations, results of operations or
financial condition of Clear Channel and its
subsidiaries taken as a whole, subject to certain
exceptions.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">If a failure to satisfy one of these conditions to
the obligations of Clear Channel to complete the
merger is not considered by Clear Channel&#146;s board
of directors to be material to its shareholders,
the board of directors could waive compliance with
that condition. Clear Channel&#146;s board of
directors is not aware of any</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">condition to the
merger that cannot be satisfied. Under Texas law,
after the merger agreement has been adopted by
Clear Channel&#146;s shareholders, the Merger
Consideration cannot be changed and the merger
agreement cannot be altered in a manner adverse to
Clear Channel&#146;s shareholders without re-submitting
the revisions to Clear Channel&#146;s shareholders for
their approval.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="118"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>Solicitation of Alternative Proposals</B><BR><BR>
(See &#147;The Merger Agreement &#151; Solicitation of
Alternative Proposals&#148; on&nbsp;page&nbsp;133)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Until 11:59&nbsp;p.m., Eastern Standard Time, on
December&nbsp;7, 2006, Clear Channel was permitted to
initiate, solicit and encourage a Competing
Proposal from third parties, (including by way of
providing access to non-public information and
participating in discussions or negotiations
regarding, or taking any other action to
facilitate a Competing Proposal). Following the
execution of the merger agreement and prior to
11:59&nbsp;p.m. Eastern Standard Time on December&nbsp;7,
2006, 22 parties were contacted, including 16
potential strategic buyers and 6 private equity
firms (2 of which had previously been contacted,
but had not entered into confidentiality
agreements). Clear Channel did not receive any
Competing Proposals from the parties that were
contacted or any other person prior to 11:59&nbsp;p.m.
Eastern Standard Time on December&nbsp;7, 2006.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">From and after 11:59&nbsp;p.m., Eastern Standard Time,
on December&nbsp;7, 2006 Clear Channel has agreed not
to:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">initiate, solicit, or knowingly facilitate
or encourage the submission of any inquiries
proposals or offers with respect to a Competing
Proposal (including by way of furnishing
information);</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">participate in any negotiations regarding,
or furnish to any person any information in
connection with, any Competing Proposal;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">engage in discussions with any person with
respect to any Competing Proposal;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">approve or recommend any Competing
Proposal;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">enter into any letter of intent or similar
document or any agreement or commitment providing
for any Competing Proposal;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">otherwise cooperate with, or assist or
participate in, or knowingly facilitate or
encourage any effort or attempt by any person
(other than the Fincos or their representatives)
with respect to, or which would reasonably be
expected to result in, a Competing Proposal; or</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">exempt any person from the restrictions<BR>
contained in</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">any state takeover or similar law or
otherwise cause such restrictions not to apply to
any person or to any Competing Proposal.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">From and after 11:59&nbsp;p.m. Eastern Standard Time on
December&nbsp;7, 2006 Clear Channel agreed to:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">immediately cease and cause to be
terminated any solicitation, encouragement,
discussion or negotiation with any persons
conducted prior to November&nbsp;16, 2006 with respect
to any actual or potential Competing Proposal; and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with respect to parties with whom
discussions or negotiations have been terminated
on, prior to or subsequent to November&nbsp;16, 2006,
use its reasonable best efforts to obtain the
return or the destruction of, in accordance with
the terms of the applicable confidentiality
agreement, any confidential information previously
furnished by it.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Notwithstanding these restrictions, at any time
prior to the approval of the merger agreement by
Clear Channel shareholders, if Clear Channel
receives a written Competing Proposal that Clear
Channel&#146;s board of directors determines in good
faith, after consultation with Clear Channel&#146;s
outside legal counsel and financial advisors,
constitutes a Superior Proposal or could
reasonably be expected to result in a Superior
Proposal (as defined below under &#147;The Merger
Agreement &#151; Solicitation of Alternative
Proposals&#148;), Clear Channel may, subject to certain
conditions:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">furnish information to the third party
making the Competing Proposal; and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">engage in discussions or negotiations with
the third party with respect to the Competing
Proposal.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">In addition, Clear Channel may terminate the
merger agreement and enter into a definitive
agreement with respect to a Competing Proposal if
it receives a bona fide written Competing Proposal
that Clear Channel&#146;s board of directors determines
in good faith, after consultation with Clear
Channel&#146;s outside counsel and financial advisors,
is a Superior Proposal (after giving effect to any
adjustments to the terms of the merger agreement
offered by the Fincos) and if Clear Channel&#146;s
board of directors determines in good faith, after
consultation with the Clear Channel&#146;s outside
counsel, that the failure to take such action
would reasonably be expected to be a breach of the
board of directors fiduciary duties under
applicable law.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="119"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B>Termination</B>
<BR><BR>
(See &#147;The Merger Agreement &#151; Termination&#148;
on&nbsp;page&nbsp;140)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Clear Channel and the Fincos may agree to
terminate the merger agreement without completing
the merger at any time. The merger agreement may
also be terminated in certain other circumstances,
including (in each case subject to certain
limitations and exceptions):</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">by either the Fincos or Clear Channel, if:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the closing of the merger has not occurred
on or before December&nbsp;12, 2007, the date that is
12&nbsp;months from the FCC Filing Date (as defined
below under &#147;The Merger Agreement &#151; Termination&#148;),
except that under certain conditions that date may
be extended by Clear Channel or the Fincos to June
12, 2008, the date that is 18&nbsp;months from the FCC
Filing Date (the &#147;Termination Date&#148;);</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">any governmental entity has issued an
order, decree or ruling or taken any other action
permanently restraining, enjoining or otherwise
prohibiting the merger and that order or other
action is final and non-appealable;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel&#146;s shareholders do not adopt
the merger agreement at the special meeting or any
postponement or adjournment thereof;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">there is a material breach by the
non-terminating party of any of its
representations, warranties, covenants or
agreements in the merger agreement that would
result in the failure of certain closing
conditions and that breach has not been cured
within 30&nbsp;days following delivery of written
notice by the terminating party;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">by Clear Channel, if on or prior to the
last day of the Marketing Period none of Merger
Sub, Holdings or the surviving corporation has
received the proceeds of the financings sufficient
to consummate the merger;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">by Clear Channel, if, prior to the
adoption of the merger agreement by the
shareholders of Clear Channel, the board of
directors has concluded in good faith, after
consultation with outside legal and financial
advisors, that a Competing Proposal is a Superior
Proposal;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">by the Fincos, if the board of directors
changes, qualifies, withdraws or modifies in a
manner adverse to the Fincos its recommendation
that the Clear Channel&#146;s shareholders approve and
adopt the merger agreement, or fails to reconfirm
its recommendation within five business days of
receipt of a written request from the Fincos; or</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>&#149;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> by the Fincos, if the board of directors
fails to include in the proxy statement/prospectus
distributed to the shareholders of Clear Channel,
its recommendation that Clear Channel&#146;s
shareholders approve and adopt the merger
agreement.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="120"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Termination Fees</B>
<BR><BR>
(See &#147;The Merger Agreement &#151; Termination Fees&#148;
on&nbsp;page&nbsp;141)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement provides that, upon
termination of the merger agreement under
specified circumstances, Clear Channel will be
required to pay the Fincos a termination fee of
$500&nbsp;million. These circumstances include a
termination of the merger agreement by:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) Clear Channel in order to accept a Superior
Proposal;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) the Fincos, if the board of directors, (a)
changes its recommendation to Clear Channel&#146;s
shareholders that they approve and adopt the
merger agreement, (b)&nbsp;fails to reconfirm its
recommendation, or (c)&nbsp;fails to include its
recommendation in this proxy statement/prospectus;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iii) the Fincos or Clear Channel, if Clear
Channel&#146;s shareholders do not adopt the merger
agreement at the special meeting, so long as prior
to the special meeting, a Competing Proposal has
been publicly announced or made to known to Clear
Channel and not withdrawn at least two business
days prior to the special meeting and within 12
months of the termination of the merger agreement
Clear Channel enters into a definitive proposal
with respect to, or consummates, any Competing
Proposal; or</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iv) the Fincos, if the Fincos are not in material
breach of their obligations under the merger
agreement and if Clear Channel has willfully and
materially breached its representations,
warranties and obligations under the merger
agreement, which breach has not been cured within
30&nbsp;days, and prior to the date of termination of
the merger agreement Clear Channel enters into a
definitive agreement with respect to any Competing
Proposal.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement further provides that Clear
Channel will be required to pay the Fincos a
termination fee of $200&nbsp;million, but only if the
$500&nbsp;million</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">termination fee that is payable under
the circumstances described above is not otherwise
payable, if the merger agreement is terminated by:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) the Fincos or Clear Channel, if any
governmental entity has issued an order, decree or
ruling or taken any other action permanently
restraining, enjoining or otherwise prohibiting
the merger and that order or other action is final
and non-appealable;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) the Fincos or Clear Channel, if Clear
Channel&#146;s shareholders do not adopt the merger
agreement at the special meeting or any
postponement or adjournment thereof; or</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iii) the Fincos, if the Fincos are not in
material breach of their obligations under the
merger agreement and if Clear Channel has
willfully and materially breached its
representations, warranties and obligations under
the merger agreement, which breach has not been
cured within 30&nbsp;days; and</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">within twelve (12)&nbsp;months after such termination
(i)&nbsp;Clear Channel or any of its subsidiaries
consummates a Contacted Party Proposal (as defined
below under &#147;The Merger Agreement&#148;), (ii)&nbsp;Clear
Channel or any of its subsidiaries enters into a
definitive agreement with respect to a Contacted
Party Proposal, or (iii)&nbsp;one or more Contacted
Parties (as defined below under &#147;The Merger
Agreement&#148;) or a Qualified Group (as defined below
under &#147;The Merger Agreement&#148;) commences a tender
offer with respect to a Contacted Party Proposal,
and, in the case of each of clause (ii)&nbsp;and (iii)
above, subsequently consummates (whether during or
after such twelve (12)&nbsp;month period) such
Contacted Party Proposal.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The merger agreement provides that, upon
termination of the merger agreement under
specified circumstances Merger Sub will be
required to pay Clear Channel a termination fee as
follows:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(i) if Clear Channel or the Fincos terminate the
merger agreement, because the Effective Time has
not occurred on or before the Termination Date and
the terminating party has not breached in any
material respect its obligations under the merger
agreement that proximately caused the failure to
consummate the merger on or before the Termination
Date, all conditions to the Fincos&#146; and Merger
Sub&#146;s obligation to consummate the merger have
been satisfied, other than conditions relating to
the expiration or termination of any applicable
waiting period under the HSR Act or the receipt of
the FCC Consent, then Merger Sub will pay to Clear
Channel a termination fee of $600&nbsp;million in cash;
however, if the only condition that has not been
satisfied</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">is the receipt of the FCC Consent and
Merger Sub, the Fincos and each attributable
investor have carried out their respective
obligations relating to obtaining that consent,
the termination fee will be $300&nbsp;million in cash;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(ii) if Clear Channel terminates the merger
agreement, due to the Fincos and Merger Sub having
willfully and materially breached or failed to
perform in any material respect any of their
representations, warranties, or obligations under
the merger agreement such that certain closing
condition would not be satisfied, which breach has
not been cured within 30&nbsp;days and all conditions
to the Fincos&#146; and Merger Sub&#146;s obligation to
consummate the merger have been satisfied, other
than conditions relating to the expiration or
termination of any applicable waiting period under
the HSR Act or the receipt of the FCC Consent,
then Merger Sub will pay to Clear Channel a
termination fee of $600&nbsp;million in cash; however,
if the only condition that has not been satisfied
is the receipt of the FCC Consent and Merger Sub,
the Fincos and each attributable investor have
carried out their respective obligations relating
to obtaining that consent, the termination fee
will be $300&nbsp;million in cash;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(iii) if Clear Channel terminates the merger
agreement due to the Fincos&#146; failure to effect the
closing because of a failure to receive adequate
proceeds from one or more of the financings
contemplated by the financing commitments on or
prior to the last day of the Marketing Period or
the Fincos&#146; breach or failure to perform in any
material respects, upon a willful and material
breach by Merger Sub and/or the Fincos, of any of
their representations, warranties and covenants
such that certain closing conditions would not be
satisfied and such breach has not been cured
within 30&nbsp;days following delivery of written
notice by Clear Channel, then Merger Sub will be
required to pay Clear Channel a termination fee
equal to $500&nbsp;million.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In the event that the merger agreement is
terminated (i)&nbsp;by Clear Channel or the Fincos
because of the failure to obtain the approval of
Clear Channel&#146;s shareholders at the special
meeting or any adjournment thereof or (ii)&nbsp;by the
Fincos due to a willful or material breach of the
merger agreement by Clear Channel, and a
termination fee is not otherwise then payable by
Clear Channel under the merger agreement, Clear
Channel has agreed to pay reasonable out-of-pocket
fees and expenses incurred by the Fincos, Merger
Sub and Holdings in connection with the merger
agreement and this proxy statement/prospectus, not
to exceed an amount equal to $45&nbsp;million. If
Clear Channel becomes obligated to pay a
termination fee under the merger agreement after
payment of the expenses, the amount previously
paid to the Fincos as expenses will be credited
toward the</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">termination fee amount payable by Clear
Channel.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="121"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Limited Guarantee of the Sponsors</B>
<BR><BR>
(See &#147;The Merger Agreement &#151; Limited Guarantees&#148;
on&nbsp;page&nbsp;143)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In connection with Amendment No.&nbsp;2, each of the
Sponsors (each an affiliate of one of the Fincos)
and Clear Channel entered into a substitute
limited guarantee (each a &#147;Limited Guarantee&#148;)
pursuant to which, among other things, each of the
Sponsors is providing Clear Channel a guarantee of
payment of its pro rata portion of the termination
fees payable by Merger Sub. The Limited
Guarantees entered into in connection with
Amendment No.&nbsp;2 superseded the Limited Guarantees
previously delivered by Sponsors.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="122"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Transaction Fees</B>
<BR>
<BR>
(See &#147;The Merger Agreement &#151; Transaction Fees&#148;
on&nbsp;page&nbsp;138)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As part of the merger agreement, the Fincos have
agreed that the transaction fees paid or to be
paid to the Fincos or their affiliates at or prior
to the closing of the merger will not exceed $87.5
million. Unless otherwise approved by Clear
Channel&#146;s independent directors, after the closing
of the merger, Clear Channel will not pay
management, transaction, monitoring or any other
fees to the Fincos or their affiliates except
pursuant to an arrangement whereby the holders of
shares of Holdings Class&nbsp;A common stock are made
whole for any portion of such fees paid by Clear
Channel that would otherwise be attributable to
their holdings.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="123"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Letter Agreements</B>
<BR><BR>
(See &#147;The Merger Agreement &#151; Letter Agreements&#148;
on&nbsp;page&nbsp;143)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Concurrently with the execution of the merger
agreement, the Fincos and Lowry Mays, Mark P.
Mays, Randall T. Mays and each other member of
Clear Channel&#146;s board of directors entered into a
letter agreement pursuant to which each director
has agreed to exchange all Clear Channel common
stock,  Clear Channel
stock options and restricted stock awards (other than Rollover
Shares, which will not affect the number of shares of Holdings Class
A common stock available for issuance as Stock Consideration) which
they beneficially hold for Cash Consideration.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="124"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Clear Channel&#146;s Stock Price</B>
<BR><BR>
(See &#147;Market Prices of Clear Channel Common Stock
and Dividend Data&#148; on&nbsp;page&nbsp;144)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Clear Channel common stock is listed on the NYSE
under the trading symbol &#147;CCU.&#148; On October&nbsp;24,
2006, which was the last trading day immediately
prior to the date on which Clear Channel announced
that the board of directors was exploring possible
strategic alternatives for Clear Channel to
enhance shareholder value, Clear Channel common
stock closed at $32.20 per share and the average
closing stock price of Clear Channel common stock
during the 60 trading days ended October&nbsp;24, 2006,
was $29.27 per share. On November&nbsp;15, 2006, which
was the last trading day immediately prior to the
date on which Clear Channel announced the approval
of the merger agreement by Clear Channel&#146;s board
of directors, Clear Channel common stock closed at
$34.12 per share. On May 25, 2007, which was the
last trading day before this proxy
statement/prospectus was filed, Clear Channel
common stock closed at $38.24 per share.</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="125"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Shares Held by Directors and Executive Officers</B>
<BR><BR>
(See &#147;Security Ownership By Certain Beneficial
Owners and Management&#148; page&nbsp;145)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As of the record date, the directors and executive
officers of Clear Channel beneficially owned
approximately &#95;&#95;&#95; % shares of Clear Channel common
stock entitled to vote at the special meeting,
assuming Clear Channel&#146;s outstanding options are
not exercised. Except for the Rollover Shares,
which will not affect the number of shares of
Holdings Class&nbsp;A common stock available for issuance as Stock
Consideration, each of
L. Lowry Mays, Mark P. Mays, Randall T. Mays and
each other member of Clear Channel&#146;s board of
directors has entered into a separate agreement
with the Fincos whereby they each have agreed to
convert in the merger all Clear Channel common
stock, Clear Channel stock options and restricted
stock awards which they beneficially hold for the
Cash Consideration.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="126"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Dissenters&#146; Rights of Appraisal</B>
<BR><BR>
(See &#147;Dissenters&#146; Rights of Appraisal&#148;
on&nbsp;page&nbsp;158).
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Texas Business Corporation Act provides you
with appraisal rights in connection with the
merger. This means that if you are not satisfied
with the amount you are receiving in the merger,
you are entitled to have the fair value of your
shares determined by a Texas court and to receive
payment based on that valuation. The ultimate
amount you receive as a dissenting shareholder in
an appraisal proceeding may be more or less than,
or the same as, the amount you would have received
in the merger. To exercise your appraisal rights,
you must deliver a written objection to the merger
before the merger agreement is voted on at the
special meeting and you must not vote in favor of
the adoption of the merger agreement. Your
failure to follow exactly the procedures specified
under Texas law will result in the loss of your
appraisal rights.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="127"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Stock Exchange Listing</B>
<BR><BR>
(See &#147;Delisting and Deregistration of Clear
Channel Common Stock&#148; on&nbsp;page&nbsp;144)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following the consummation of the merger, shares
of Holdings Class&nbsp;A common stock will not be
listed on a national securities exchange, but it
is anticipated that the shares will be quoted on
the Over-the-Counter Bulletin Board</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="128"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Resale of Holdings Class&nbsp;A Common Stock</B>
<BR><BR>
(See &#147;Resale of Holdings Class&nbsp;A Common Stock&#148;
on&nbsp;page&nbsp;117)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The shares of Holdings Class&nbsp;A common stock issued
in the merger will not be subject to any
restrictions on transfer arising under the
Securities Act of 1933, as amended (the
&#147;Securities Act&#148;), except for shares issued to any
Clear Channel shareholder who may be deemed to be
an &#147;affiliate&#148; of Clear Channel or Holdings for
purposes of Rule&nbsp;144 or Rule&nbsp;145 under the
Securities Act.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="129"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Description of Holdings&#146; Capital Stock</B>
<BR><BR>
(See &#147;Description of Holdings&#146; Capital Stock&#148;
on&nbsp;page&nbsp;147)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following the merger, we will have authority to
issue 650,000,000 shares of Common Stock, of which
(i)&nbsp;400,000,000 shares will be Class&nbsp;A common
stock, (ii)&nbsp;150,000,000 shares will be Class&nbsp;B
common stock and (iii)&nbsp;100,000,000 shares will be
Class&nbsp;C common stock.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Voting.</I> Every holder of shares of
Class&nbsp;A common stock will be entitled to one vote</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">for each
share of Class&nbsp;A common stock. Every holder of shares of Class
B common stock will be entitled to a number of votes equal to the
number obtained by dividing (a)&nbsp;the sum of total
number of shares of Class&nbsp;B common stock
outstanding as of the record date for such vote
and the number of Class&nbsp;C common stock outstanding
as of the record date for such vote by (b)&nbsp;the
number of shares of Class&nbsp;B common stock
outstanding as of the record date for such vote.
Except as otherwise required by law, the holders
of outstanding shares of Class&nbsp;C common stock will
not be entitled to any votes upon any questions
presented to shareholders of Holdings.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Other rights.</I> Except with
respect to voting as described below under
&#147;Description of Holdings&#146; Capital Stock,&#148; and as
otherwise required by law, all shares of Class&nbsp;A
Common Stock, Class&nbsp;B common stock and Class&nbsp;C
common stock will have the same powers,
privileges, preferences and relative
participating, optional or other special rights,
and the qualifications, limitations or
restrictions thereof, and will be identical to
each other in all respects.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="130"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Comparison of Shareholder Rights</B>
<BR><BR>
(See &#147;Comparison of Shareholder Rights&#148; on page 151)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The rights of Clear Channel shareholders are
currently governed by the Texas Business
Corporation Act and the Texas Miscellaneous
Corporate Laws Act, and Clear Channel&#146;s articles
of incorporation, as amended, and seventh amended
and restated bylaws. The rights of Holdings
shareholders are governed by the Delaware General
Corporation Law and Holdings&#146; second amended and
restated certificate of incorporation and bylaws.
Upon completion of the merger, Clear Channel
shareholders who receive Holdings Class&nbsp;A common
stock will be shareholders of Holdings, and their
rights will be governed by the DGCL and Holdings&#146;
second amended and restated certificate of
incorporation and bylaws.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="131"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Management of Holdings</B>
<BR><BR>
(See &#147;Board of Directors and Management of
Holdings&#148; on page 66)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Following the completion of the merger and the
issuance of the Class&nbsp;A common stock of Holdings,
Holdings will increase the size of its board of
directors from eight members to twelve members.
Two additional directors will be elected by the
holders of the Class&nbsp;A common stock voting as a
separate class. Pursuant to a voting agreement entered into among the Fincos, Merger
Sub and the Highfields Funds, immediately following the effective time
of the merger one of the independent directors will be named by
Highfields Management (which member will be named to Holdings&#146; nominating committee) and the other independent director will be
selected by Holdings&#146; nominating committee after consultation with Highfields Management and any holder whose Stock Election is reasonably expected to result in such holder owning three percent (3%) or more of the total outstanding equity securities of Holdings. In addition, until the Highfields Funds
own less than 5% of the outstanding voting securities of Holdings
issued as Stock Consideration, in connection with each election of
independent directors, Holdings will
nominate two candidates as independent directors, of which one candidate will be selected by
Highfields Management and one candidate
will be selected by Holdings&#146; nominating committee after consultation with Highfields Management and any public holder owning three percent (3%) or more of the total outstanding equity securities of Holdings. Holdings currently anticipates
that after completion of the merger, the current
executive officers of Clear Channel will be
appointed as officers of Holdings by the board of
directors of Holdings.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="132"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RISK FACTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the other information included in, incorporated by reference in and found in
the Annexes attached to this proxy statement/prospectus, including the matters addressed in the
&#147;Cautionary Statement Concerning Forward-Looking
Information&#148; on page&nbsp;14, you should carefully
consider the following risk factors in deciding whether to vote for approval of the merger
agreement. In addition, you should read and consider the risks associated with the businesses of
Clear Channel. You should also read and consider the other information in this proxy
statement/prospectus and the other documents incorporated by reference in this proxy
statement/prospectus. Please see &#147;Where You Can Find Additional
Information&#148; on page&nbsp;161.
Additional risks and uncertainties not presently known to Clear Channel and Holdings or that are
not currently believed to be important also may adversely affect the transaction and Holdings
following the merger.
</DIV>
<DIV align="left">
<A name="133"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>If you elect to receive Class&nbsp;A common stock of Holdings, you may not receive the form of
Merger Consideration that you elect for all of your shares</I></B>. The merger agreement contains
provisions that are designed to ensure that, in the aggregate, no more than 30,612,245 shares of
Holdings Class&nbsp;A common stock will be issued in the merger. This limitation on the number of
elections will allow up to a maximum of approximately 6% of the outstanding shares of Clear Channel
common stock to elect Stock Consideration. In the event that shareholders elect to receive a
greater number of shares of Holdings Class&nbsp;A common stock, the number of shares of Holdings Class&nbsp;A
common stock received by shareholders electing Holdings Class&nbsp;A common stock would be reduced by a
pro rata amount, and you may receive all or a larger portion of your consideration in the form of
cash. Accordingly, it is possible that a substantial number of holders of Clear Channel common
stock will not receive a portion of the Merger Consideration in the form that they elect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>If you elect to receive Class&nbsp;A common stock of Holdings, you will not be able to change your
election in the future. </I></B>You are being asked to make your election with respect to the Merger
Consideration by 5:00 p.m. New York City time on the business day immediately prior to the date of
the special meeting, following which time, you may not revoke or change your election.
If you make a Stock Election and are allocated shares of Holdings
Class A common stock, you will not be permitted to transfer your
Public Shares or any options underlying your Net Electing Option
Shares from and after such time as you submit your certificates to the
paying agent.
There may be a substantial amount of time between the Election
Deadline and the time the merger is completed. Accordingly, there can be no assurance that the
value of the Stock Consideration at the time of the merger (or, if the merger agreement is
terminated, shares of Clear Channel common stock subject to such Stock Election) will be the same
as it was at the time of the Stock Election or that the value of the Stock Consideration will not
be lower than the value of the Cash Consideration at the time of the completion of the merger or
termination of the merger agreement. You should carefully consider such factors in making your
Merger Consideration election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Subsequent to your delivery of shares to the paying agent in connection with a Stock
Election, you will not be able to sell or otherwise transfer your shares of Clear Channel stock.</I></B>
Pursuant to the terms of the merger agreement, in the event that you have made an election to
receive Stock Consideration, you will be required to deliver stock certificates, book-entry shares
or a guaranty of delivery, evidencing your shares to be converted into Stock Consideration, in each
case together with a properly completed letter of transmittal, to the paying agent selected by the
Fincos. In order to validly exercise your right to receive Stock Consideration, you may need to
make such deliveries within 30&nbsp;days of the special meeting. There may be a substantial period of
time between the date you deliver the shares to the paying agent and the date the merger is
completed. During this period, you will not be able to sell or otherwise transfer any shares of
Clear Channel stock so delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel&#146;s board of directors has not made any recommendation with respect to whether a
shareholder should make a Stock Election or regarding the Class&nbsp;A common stock of Holdings,
attempted to value the Class&nbsp;A common stock of Holdings or received an opinion from a financial
advisor as to Class&nbsp;A common stock of Holdings. </I></B>Clear Channel&#146;s board of directors makes no
recommendation as to whether any shareholder should make a Stock Election and makes no
recommendation regarding the Class&nbsp;A common stock of Holdings. Clear Channel&#146;s board of directors
has not received an opinion from Goldman Sachs or any other advisor as to the fairness, from a
financial point of view, of the Stock Consideration to the unaffiliated shareholders. Clear
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Channel&#146;s board of directors did not obtain an independent valuation or appraisal of the value
of the Stock Consideration or the consolidated assets and liabilities of Holdings subsequent to the
completion of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Potential risk of greater taxable gain upon recharacterization of the merger. </I></B>Although the
matter is not free from doubt and no assurances can be given that the Internal Revenue Service (the
&#147;IRS&#148;) would not take a contrary position, we believe that for purposes of determining the federal
income tax consequences to U.S. holders who exchange Clear Channel Common stock for a combination
of Holdings Class&nbsp;A common stock and cash, the transactions contemplated by the merger agreement
will be treated as two separate transactions &#151; the Deemed Redemption and the Deemed Exchange. See
&#147;Material United States Federal Income Tax Consequences.&#148; Clear Channel further believes that the
Deemed Exchange will be treated as an exchange described in Section&nbsp;351 of the Code. There is a
risk that the IRS may not respect such characterization and may treat all Cash Consideration
received by holders in the merger as Cash Consideration received in a Section&nbsp;351 exchange. Under
such a characterization, a holder may be required to recognize a greater amount of gain, due to an
inability to offset such cash received against any portion of the holder&#146;s basis in its Clear
Channel common stock. <B>Holders are urged to consult their tax advisers regarding such potential
risk.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Officers and directors of Clear Channel have certain interests in the merger that are
different from, or in addition to, interests of Clear Channel shareholders. These interests may be
perceived to have affected their decision to support or approve the merger. </I></B>Clear Channel officers
and directors have certain interests in the merger that are different from, or in addition to,
interests of Clear Channel shareholders. These interests include, but are not limited to, the
treatment of Clear Channel stock options held by directors and executive officers of Clear Channel
in the merger, the vesting and accelerated payment of certain retirement benefits and the potential
payment of certain severance benefits to executive officers, the continued employment after the
merger of Mark P. Mays, as Chief Executive Officer, Randall T. Mays as Chief Financial Officer, and
L. Lowry Mays as Chairman Emeritus of Holdings after the merger, and the indemnification of former
Clear Channel officers and directors by Holdings. Clear Channel shareholders should be aware of
these interests when considering Clear Channel&#146;s board of directors&#146; recommendation to approve the
merger agreement. Please see &#147;The Merger &#151; Interests of Clear Channel&#146;s Board of Directors and
Executive Officers in the Merger.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel and the Fincos may not be able to obtain the regulatory approvals required to
consummate the merger unless they agree to material restrictions or conditions. </I></B>Completion of the
merger is conditioned upon the receipt of all required governmental consents and authorizations,
including under the HSR Act and from the Federal Communications Commission. Clear Channel and the
Fincos intend to pursue all of these consents and authorizations as required by and in accordance
with the terms of the merger agreement. Complying with requests from governmental agencies,
including requests for additional information and documents, could delay consummation of the
merger. In connection with granting these consents and authorizations, governmental authorities
may require divestitures of certain assets of Clear Channel or certain affiliates of the Sponsors,
which may require the filing of additional applications with the FCC, or may seek to impose
conditions on Clear Channel&#146;s operations after completion of the merger. Such divestitures or
conditions may jeopardize or delay completion of the merger or may affect Clear Channel&#146;s cash flow
and operating results. Please see &#147;Regulatory Approvals,&#148; &#147;The Merger Agreement &#151; Conditions to
the Merger.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The merger agreement contains provisions that could affect the decisions of a third party
considering making an alternative acquisition proposal to the merger. </I></B>Under the terms of the
merger agreement, in certain circumstances Clear Channel may be required to pay to the Fincos a
termination fee of $200 or $500&nbsp;million in connection with termination of the merger agreement. In
addition, the merger agreement limits the ability of Clear Channel to initiate, solicit, encourage
or facilitate certain acquisition or merger proposals from a third party. These provisions could
affect the decision by a third party to make a competing acquisition proposal, or the structure,
pricing and terms proposed by a third party seeking to acquire or merge with Clear Channel. Please
see &#147;The Merger Agreement &#151; Termination Fees&#148; and &#147;The Merger Agreement &#151; Solicitation of
Alternative Proposals.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Purported shareholder class action complaints have been filed against Clear Channel and the
members of its board of directors challenging the merger and an unfavorable judgment or ruling in
this lawsuit could prevent or delay the consummation of the merger and result in substantial costs.</I></B>
Clear Channel and the members of its board of directors were named in a purported shareholder
class action complaints filed in Texas state court. The complaint seeks, among other things, to
enjoin the merger, and alleges, among other things, that the directors
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">have breached their fiduciary duties owed to Clear Channel&#146;s shareholders. Clear Channel is
obliged under certain circumstances to indemnify and hold harmless each director and officer from
and against any and all claims and liabilities to which such director or officer shall have become
subject by reason of being a director or officer, to the full extent permitted under Texas law. An
adverse outcome in this lawsuit could prevent or delay the consummation of the merger or result in
substantial costs to Clear Channel. It is also possible that other similar lawsuits may be filed
in the future. Clear Channel cannot estimate any possible adverse consequence or loss from current
or future litigation at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel&#146;s business may be adversely affected if the merger is not completed. </I></B>There is
no assurance that the merger will be approved by Clear Channel&#146;s shareholders or that the other
conditions to the completion of the merger will be satisfied. In the event that the merger is not
completed, Clear Channel may be subject to several risks, including the following:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the current market price of Clear Channel common stock may reflect a market
assumption that the merger will occur and a failure to complete the merger could result
in a decline in the market price of shares of Clear Channel common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s attention from Clear Channel&#146;s day-to-day business may be diverted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uncertainties with regard to the merger may adversely affect Clear Channel&#146;s
relationships with its employees, vendors and customers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may be required to pay significant transactions costs related to the
merger, including under certain circumstances, a termination fee in the amount of
either $200&nbsp;million or $500&nbsp;million, as well as legal, accounting and other fees of the
Sponsors, up to a maximum of $45&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Uncertainties associated with the merger may cause a loss of employees. </I></B>The ability to
attract and retain experienced and skilled employees is one of the key drivers of our business and
results. The success of Holdings subsequent to the merger will depend in part upon the ability of
Clear Channel to retain key employees. Competition for qualified personnel can be very intense.
In addition, key employees may depart because of issues relating to the uncertainty and difficulty
of the consummation of the merger or a desire not to remain with the business subsequent to the
completion of the merger. Accordingly, Clear Channel may be unable to retain key personnel to the
same extent that Clear Channel was able to do so in the past.
</DIV>
<DIV align="left">
<A name="134"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Ownership of Holdings Class&nbsp;A Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Former Clear Channel shareholders who become shareholders of Holdings will be governed by the
second amended and restated certificate of incorporation and by-laws of Holdings. </I></B>Clear Channel
shareholders who receive Holdings Class&nbsp;A common stock in the merger will become Holdings
shareholders, and their rights as shareholders will be governed by the second amended and restated
certificate of incorporation and bylaws of Holdings and Delaware corporate law. As a result, there
will be material differences between the current rights of Clear Channel shareholders and the
rights they can expect to have as Holdings shareholders. Please see &#147;Comparison of Shareholder
Rights.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Entities
affiliated with the Sponsors will control Holdings. </I></B>The holders of Holdings
Class&nbsp;A Common Stock will not control
Holdings. Upon completion of the merger, the entities affiliated with
the Sponsors will control
the voting power of Holdings. Unaffiliated
shareholders of Clear Channel&#146;s shares receiving Class&nbsp;A common stock will represent no more than
30% of the outstanding capital stock and voting power of Holdings.
Accordingly, the Sponsors will
have the power to elect all but two of its directors, appoint new management
and approve any action requiring the holders of Holdings&#146; capital stock, including adopting
amendments to Holdings&#146; second amended and restated certificate of incorporation, and approving
mergers or sales of substantially all of Holdings or its assets. The directors elected by the
Sponsors will have significant authority to effect decisions affecting the capital structure of
Holdings, including, the issuance of additional capital stock, incurrence of additional
indebtedness, the implementation of stock repurchase programs and the decision of whether
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or not to declare dividends. There can be no assurance that the business, financial and
operational policies of Clear Channel in effect prior to the merger including, for example, Clear
Channel&#146;s business strategy, will continue after the merger. For additional information concerning
the equity investments to be made in Holdings by the Fincos, see &#147;Financing&#151;Equity Financing.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Because there has not been any public market for Holdings Class&nbsp;A common stock, the market
price and trading volume of Holdings Class&nbsp;A common stock may be volatile, and holders of Holdings
may not be able to sell shares of Holdings at or above $39.20 following the merger. </I></B>As Holdings is
a newly formed corporation neither Clear Channel nor Holdings can predict the extent to which
investor interest will lead to a liquid trading market in Holdings Class&nbsp;A common stock or whether
the market price of Holdings Class&nbsp;A common stock will be volatile following the merger. The
market price of Holdings Class&nbsp;A common stock could fluctuate significantly for many reasons,
including, without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as a result of the risk factors listed in this proxy statement/prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual or anticipated fluctuations in our operating results;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for reasons unrelated to our specific performance, such as reports by industry
analysts, investor perceptions, or negative announcements by our customers or
competitors regarding their own performance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulatory changes that could impact Holdings&#146; or Clear Channel&#146;s business; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic and industry conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Following the consummation of the merger, shares of Holdings will not be listed on a national
securities exchange. Following consummation of the merger, it is anticipated that the shares of
Holdings Class&nbsp;A common stock will be quoted on the Over-the-Counter Bulletin Board. The lack of
an active market may impair the ability of investors in Holdings to sell their shares of Class&nbsp;A
common stock at the time they wish to sell them or at a price that they consider reasonable. The
lack of an active market may also reduce the fair market value of the shares of Holdings Class&nbsp;A
common stock.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Holdings has the ability to terminate its Exchange Act reporting, if permitted by applicable
law, two years after the completion of the merger. </I></B>Holdings is obligated by the merger agreement
to use its reasonable efforts to continue to be a reporting company under the Exchange Act, and to
continue to file periodic reports (including annual and quarterly reports) for at least two years
after the completion of the merger. After such time, if Holdings were to cease to be a reporting company under the Exchange Act, and to
the extent not required in connection with any other debt or equity securities of the Clear Channel
registered or required to be registered under the Exchange Act, the information now available to
Clear Channel shareholders in the annual, quarterly and other reports required to be filed by Clear
Channel with the SEC would not be available to them as a matter of right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>There is no assurance that you will ever receive cash dividends on the Holdings Class&nbsp;A common
stock. </I></B>There is no guarantee that Holdings will ever pay cash dividends on the Holdings Class&nbsp;A
common stock. The terms of Holdings new debt arrangements are expected to restrict Holdings
ability to pay cash dividends on the Holdings Class&nbsp;A common stock. In addition to those
restrictions, under Delaware law, Holdings is permitted to pay cash dividends on its capital stock
only out of its surplus, which in general terms means the excess of its net assets over the
original aggregate par value of its stock. In the event Holdings has no surplus, it is permitted
to pay these cash dividends out of its net profits for the year in which the dividend is declared
or in the immediately preceding year. Accordingly, there is no guarantee that, if Holdings decides
to pay cash dividends, Holdings will be able to pay you cash dividends on the Holdings Class&nbsp;A
common stock. Also, even Holdings is not prohibited from paying cash dividends by the terms of its
debt or by law, other factors such as the need to reinvest cash back into Holdings&#146; operations may
prompt Holdings board of directors to elect not to pay cash dividends.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The incurrence of indebtedness to pay the cash portion of the Merger Consideration will
significantly increase Clear Channel&#146;s interest expense, financial leverage and debt service
requirements. </I></B>Clear Channel and its subsidiaries are currently anticipated to enter into senior
secured credit facilities, a receivables backed credit facility and, if Clear Channel is unable to
issue new senior notes or other debt securities, a senior bridge facility to finance the cash
consideration to be paid to the shareholders of Clear Channel in the merger, to refinance certain
existing indebtedness, to pay related fees, costs and expenses and to provide for working capital
requirements. Although the debt financing arrangements are subject to change (whether as a result
of market conditions or otherwise) and the final terms, structures and amounts of the actual debt
financing arrangements of Holdings and its subsidiaries, including Clear Channel and its
subsidiaries, may not be determined until shortly before the Effective Time, upon completion of the
merger and related financings (whether as described herein or otherwise), Holdings will have
consolidated indebtedness that will be substantial in relation to its shareholders&#146; equity and
substantially greater than Clear Channel&#146;s pre-merger indebtedness. As of March&nbsp;31, 2007, on a pro
forma basis, upon consummation of the merger and the related transactions, it is anticipated that
Holdings will have consolidated indebtedness of approximately $23.6&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increased
indebtedness and substantially higher debt-to-cash flow ratio of the combined
business of Holdings and Clear Channel could have negative consequences for Holdings and Clear
Channel, including without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making it more difficult to make payments on indebtedness as they become due;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requiring a substantial portion of Clear Channel&#146;s cash flow to be dedicated to the
payment of principal and interest on indebtedness, thereby reducing cash available for
other purposes, including to fund operations and capital expenditures, invest in new
technology and pursue other business opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting Holdings&#146; and Clear Channel&#146;s liquidity and operational flexibility and
limiting Holdings&#146; and Clear Channel&#146;s ability to obtain additional financing for
working capital, capital expenditures, debt service requirements, acquisitions and
general corporate or other purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting Holdings&#146; and Clear Channel&#146;s ability to adjust to changing economic,
business and competitive conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requiring Holdings and Clear Channel to consider deferring planned capital
expenditures, reducing discretionary spending, selling assets, restructuring existing
indebtedness or deferring acquisitions or other strategic opportunities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>limiting Holdings&#146; and Clear Channel&#146;s ability to refinance any of its indebtedness
or increasing the cost of any such financing in any downturn in its operating
performance or decline in general economic condition;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exposing Holdings and Clear Channel to the risk of increased interest rates as a
substantial portion of Holdings&#146; and Clear Channel&#146;s indebtedness will be at variable
rates of interest; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making Holdings and Clear Channel more vulnerable to a downturn in its operating
performance or a decline in general economic or industry conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms of the financing documents may allow Clear Channel, under specified conditions, to
incur further indebtedness, which would heighten the foregoing risks. If Clear Channel&#146;s
compliance with its debt obligations materially hinders its ability to operate its business and
adapt to changing industry conditions, Clear Channel may lose market share, its revenue may decline
and its operating results may suffer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the substantial leverage will have a negative effect on Holdings&#146; net income.
For the fiscal year ended December&nbsp;31, 2006, Holdings net loss
from continuing operations on a pro forma basis, as adjusted to
give effect to the merger and the debt financings, would have been $336.0&nbsp;million, compared to
Clear Channel&#146;s historical net income from continuing operations of $686.4
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">million for that period, and for the three months ended March&nbsp;31, 2007, Holdings pro forma net
loss from continuing operations would have been $147.2&nbsp;million as compared to Clear
Channel&#146;s historical net income from continuing operations of $99.2
million for that period. Pro forma interest expense would have been $1,952.5&nbsp;million for the year
ended December&nbsp;31, 2006 as compared to $484.0&nbsp;million for the same period on a historical basis
and, for the three months ended March&nbsp;31, 2007, pro forma
interest expense would have been $484.9
million as compared to $118.1&nbsp;million on a historical basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the merger and related recapitalization is consummated, we expect that Holdings&#146;
principal sources of liquidity will be cash flow from operations and borrowings under the revolving
credit portion of its senior secured credit facilities. We anticipate that Holdings principal uses of liquidity will
be to provide working capital, meet debt service requirements, finance capital expenditures and
finance Holdings&#146; strategic plans. For a more detailed description of the debt financings Holdings
expects to incur in the merger, see &#147;Financing&#151;Debt
Financings&#148; on page&nbsp;104.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While Holdings believes that its cash flows will be sufficient to service its debt, there may
be circumstances in which required payments of principal and/or interest on this new debt could
adversely affect Holdings&#146; cash flows and operating results. If Holdings is unable to generate
sufficient cash flow from operations in the future to service its debt, it may have to refinance
all or a portion of its debt or to obtain additional financing. There can be no assurance that any
refinancing of this kind would be possible or that any additional financing could be obtained.
Since Holdings&#146; primary asset will be shares of Clear Channel common stock, any adverse impact on
the cash flows and operating results of Clear Channel may have an adverse affect on value of
Holdings Class&nbsp;A common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>The documents governing Clear Channel&#146;s indebtedness will contain restrictions that limit
Clear Channel&#146;s flexibility in operating its business. </I></B>The definitive documentation governing
Clear Channel&#146;s currently anticipated debt financing arrangements are expected to contain various
covenants that limit Clear Channel&#146;s ability to engage in specified types of transactions. These
covenants are expected to limit the ability of Clear Channel and its subsidiaries to, among other
things, incur or guarantee additional indebtedness, incur or permit liens, merge or consolidated
with or into, another company, sell assets, pay dividends and other payments in respect its capital
stock, including to redeem or repurchase its capital stock, make certain acquisitions and
investments and enter into transactions with affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel&#146;s failure to comply with the covenants in the documents governing the terms of
Clear Channel&#146;s indebtedness could be an event of default and could accelerate the payment
obligations and, in some cases, could affect other obligations with cross-default and
cross-acceleration provisions. </I></B>In addition to covenants imposing restrictions on Clear Channel&#146;s
business and operations, Clear Channel&#146;s definitive financing documentation may include covenants
relating to financial ratios and tests. Clear Channel&#146;s ability to comply with these covenants may
be affected by events beyond its control, including prevailing economic, financial and industry
conditions. The breach of any of covenants set forth in Clear Channel&#146;s definitive financing
documentation would result in a default thereunder. An event of default would permit Clear
Channel&#146;s lenders and holders of its debt to declare all indebtedness owed them to be due and
payable. Moreover, the lenders under any revolving credit facilities would have the option to
terminate any obligation to make further extensions of credit under Clear Channel&#146;s definitive
financing documentation. If Clear Channel is unable to repay its
obligations under any senior secured
credit facilities, the lenders under such senior secured credit facilities could proceed against any
assets that were pledged to secure such senior secured credit facilities. In addition, a default under
Clear Channel&#146;s definitive financing documentation could cause a default under other obligations of
Clear Channel that are subject to cross-default and cross-acceleration provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Clear Channel&#146;s Business</B>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel&#146;s business is dependent upon the performance of key employees, on-air talent and
program hosts. </I></B>Clear Channel&#146;s business is dependent upon the performance of certain key
employees. Clear Channel employs or independently contracts with several on-air personalities and
hosts of syndicated radio programs with significant</DIV>

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<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">loyal audiences in their respective markets. Although Clear Channel has entered into long-term
agreements with some of Clear Channel&#146;s executive officers, key on-air talent and program hosts to
protect Clear Channel&#146;s interests in those relationships, Clear Channel can give no assurance that
all or any of these key employees will remain with Clear Channel or will retain their audiences.
Competition for these individuals is intense and many of Clear Channel&#146;s key employees are at-will
employees who are under no legal obligation to remain with Clear Channel. Clear Channel&#146;s
competitors may choose to extend offers to any of these individuals on terms which Clear Channel
may be unwilling to meet. In addition, any or all of Clear Channel&#146;s key employees may decide to
leave for a variety of personal or other reasons beyond Clear Channel&#146;s control. Furthermore, the
popularity and audience loyalty of Clear Channel&#146;s key on-air talent and program hosts is highly
sensitive to rapidly changing public tastes. A loss of such popularity or audience loyalty is
beyond Clear Channel&#146;s control and could limit Clear Channel&#146;s ability to generate revenues.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Doing business in foreign countries creates certain risks not found in doing business in the United
States. </I></B>Doing business in foreign countries carries with it certain risks that are not found in
doing business in the United States. The risks of doing business in foreign countries that could
result in losses against which Clear Channel are not insured include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exposure to local economic conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>potential adverse changes in the diplomatic relations of foreign countries with the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>hostility from local populations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adverse effect of currency exchange controls;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restrictions on the withdrawal of foreign investment and earnings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>government policies against businesses owned by foreigners;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investment restrictions or requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expropriations of property;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the potential instability of foreign governments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the risk of insurrections;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks of renegotiation or modification of existing agreements with governmental authorities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreign exchange restrictions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>withholding and other taxes on remittances and other payments by subsidiaries; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in taxation structure.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exchange rates may cause future losses in Clear Channel&#146;s international operations. </I></B>Because Clear
Channel owns assets overseas and derives revenues from Clear Channel&#146;s international operations,
Clear Channel may incur currency translation losses due to changes in the values of foreign
currencies and in the value of the U.S. dollar. Clear Channel cannot predict the effect of
exchange rate fluctuations upon future operating results.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Extensive government regulation may limit Clear Channel&#146;s broadcasting operations. </I></B>The federal
government extensively regulates the domestic broadcasting industry, and any changes in the current
regulatory scheme could significantly affect Clear Channel. Clear Channel&#146;s broadcasting
businesses depend upon maintaining broadcasting licenses issued by the FCC for maximum terms of
eight years. Renewals of broadcasting licenses can be attained</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">only through the FCC&#146;s grant of appropriate applications. Although the FCC rarely denies a renewal
application, the FCC could deny future renewal applications resulting in the loss of one or more of
Clear Channel&#146;s broadcasting licenses.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The federal communications laws limit the number of broadcasting properties Clear Channel may own
in a particular area. While the Telecommunications Act of 1996 relaxed the FCC&#146;s multiple
ownership limits, any subsequent modifications that tighten those limits could make it impossible
for Clear Channel to complete potential acquisitions or require Clear Channel to divest stations
Clear Channel has already acquired. Most significantly, in June&nbsp;2003 the FCC adopted a decision
comprehensively modifying its media ownership rules. The modified rules significantly changed the
FCC&#146;s regulations governing radio ownership, allowed increased ownership of TV stations at the
local and national level, and permitted additional cross-ownership of daily newspapers, television
stations and radio stations. Soon after their adoption, however, a federal court issued a stay
preventing the implementation of the modified media ownership rules while it considered appeals of
the rules by numerous parties (including Clear Channel). In a June&nbsp;2004 decision, the court upheld
the modified rules in certain respects, remanded them to the FCC for further justification in other
respects, and left in place the stay on their implementation. In September&nbsp;2004, the court
partially lifted its stay on the modified radio ownership rules, putting into effect aspects of
those rules that established a new methodology for defining local radio markets and counting
stations within those markets, limit Clear Channel&#146;s ability to transfer intact combinations of
stations that do not comply with the new rules, and require Clear Channel to terminate within two
years certain of Clear Channel&#146;s agreements whereby Clear Channel provides programming to or sell
advertising on radio stations Clear Channel do not own. In June&nbsp;2006, the FCC commenced its
proceeding on remand of the modified media ownership rules. The media ownership rules, as modified
by the FCC&#146;s 2003 decision and as may be further modified in the pending remand proceeding, are
subject to various further FCC and court proceedings and recent and possible future actions by
Congress. Clear Channel cannot predict the ultimate outcome of the media ownership proceeding or
its effect on Clear Channel&#146;s ability to acquire broadcast stations in the future, to complete
acquisitions that Clear Channel have agreed to make, to continue to own and freely transfer groups
of stations that Clear Channel have already acquired, or to continue Clear Channel&#146;s existing
agreements to provide programming to or sell advertising on stations Clear Channel does not own.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moreover, the FCC&#146;s existing rules in some cases permit a company to own fewer radio stations than
allowed by the Telecommunications Act of 1996 in markets or geographical areas where the company
also owns television stations. These rules could require Clear Channel to divest radio stations it
currently owns in markets or areas where Clear Channel also owns television stations. Clear
Channel&#146;s acquisition of television stations in five local markets or areas in Clear Channel&#146;s
merger with The Ackerley Group resulted in Clear Channel owning more radio stations in these
markets or areas than is permitted by these rules. The FCC has given Clear Channel a temporary
period of time to come into compliance with the rules. Clear Channel has come into compliance with
respect to two such markets and have requested an extension of time to come into compliance with
respect to the other three markets.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other changes in governmental regulations and policies may have a material impact on Clear Channel.
For example, Clear Channel currently provide programming to several television stations Clear
Channel does not own. These programming arrangements are made through contracts known as local
marketing agreements. The FCC&#146;s rules and policies regarding television local marketing agreements
will restrict Clear Channel&#146;s ability to enter into television local marketing agreements in the
future, and may eventually require Clear Channel to terminate its programming arrangements under
existing local marketing agreements. Moreover, the FCC has begun a proceeding to adopt rules that
will restrict Clear Channel&#146;s ability to enter into television joint sales agreements, by which
Clear Channel sells advertising on television stations it does not own, and may eventually require
Clear Channel to terminate its existing agreements of this nature. Additionally, the FCC has
adopted rules which under certain circumstances subject previously nonattributable debt and equity
interests in communications media to the FCC&#146;s multiple ownership restrictions. These rules may
limit Clear Channel&#146;s ability to expand Clear Channel&#146;s media holdings.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel may be adversely affected by new statutes dealing with indecency. </I></B>Provisions of
federal law regulate the broadcast of obscene, indecent or profane material. The FCC has
substantially increased its monetary penalties for violations of these regulations. Congressional
legislation enacted in 2006 provides the FCC with authority to impose fines of up to $325,000 per
violation for the broadcast of such material. Clear Channel therefore</DIV>

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<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">faces increased costs in the form of fines for indecency violations, and cannot predict whether
Congress will consider or adopt further legislation in this area.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Antitrust regulations may limit future acquisitions. </I></B>Additional acquisitions by Clear Channel of
radio and television stations and outdoor advertising properties may require antitrust review by
federal antitrust agencies and may require review by foreign antitrust agencies under the antitrust
laws of foreign jurisdictions. Clear Channel can give no assurances that the Department of Justice
(&#147;DOJ&#148;) or the Federal Trade Commission or foreign antitrust agencies will not seek to bar Clear
Channel from acquiring additional radio or television stations or outdoor advertising properties in
any market where Clear Channel already has a significant position. Following passage of the
Telecommunications Act of 1996, the DOJ has become more aggressive in reviewing proposed
acquisitions of radio stations, particularly in instances where the proposed acquiror already owns
one or more radio station properties in a particular market and seeks to acquire another radio
station in the same market. The DOJ has, in some cases, obtained consent decrees requiring radio
station divestitures in a particular market based on allegations that acquisitions would lead to
unacceptable concentration levels. The DOJ also actively reviews proposed acquisitions of outdoor
advertising properties. In addition, the antitrust laws of foreign jurisdictions will apply if
Clear Channel acquires international broadcasting properties.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Environmental, Health, Safety and Land Use laws and regulations may limit or restrict some of Clear
Channel&#146;s operations. </I></B>As the owner or operator of various real properties and facilities,
especially in Clear Channel&#146;s outdoor advertising operations, Clear Channel must comply with
various foreign, federal, state and local environmental, health, safety and land use laws and
regulations. Clear Channel and its properties are subject to such laws and regulations relating to
the use, storage, disposal, emission and release of hazardous and non-hazardous substances and
employee health and safety as well as zoning restrictions. Historically, Clear Channel has not
incurred significant expenditures to comply with these laws. However, additional laws, which may
be passed in the future, or a finding of a violation of or liability under existing laws, could
require Clear Channel to make significant expenditures and otherwise limit or restrict some of
Clear Channel&#146;s operations.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Government regulation of outdoor advertising may restrict Clear Channel&#146;s outdoor advertising
operations. </I></B>U.S. federal, state and local regulations have a significant impact on the outdoor
advertising industry and Clear Channel&#146;s outdoor advertising business. One of the seminal laws was
The Highway Beautification Act of 1965 (HBA), which regulates outdoor advertising on the 306,000
miles of Federal-Aid Primary, Interstate and National Highway Systems roads. HBA regulates the
locations of billboards, mandates a state compliance program, requires the development of state
standards, promotes the expeditious removal of illegal signs, and requires just compensation for
takings. Size, location, lighting and the use of new technologies for changing displays, such as
digital, are regulated by federal, state and local governments. Some states have enacted bans on
billboard advertising altogether. Changes in laws and regulations affecting outdoor advertising at
any level of government, including laws of the foreign jurisdictions in which Clear Channel
operates, could have a significant financial impact on Clear Channel by requiring Clear Channel to
make significant expenditures or otherwise limiting or restricting some of Clear Channel&#146;s
operations.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From time to time, certain state and local governments and third parties have attempted to force
the removal of displays under various state and local laws, including amortization. Amortization
permits the display owner to operate its display which does not meet current code requirements for
a specified period of time, after which it must remove or otherwise conform its display to the
applicable regulations at its own cost without any compensation. Several municipalities within
Clear Channel&#146;s existing markets have adopted amortization ordinances. Other regulations limit
Clear Channel&#146;s ability to rebuild or replace nonconforming displays and require Clear Channel to
remove or modify displays that are not in strict compliance with applicable laws. In addition,
from time to time third parties or local governments assert that Clear Channel owns or operates
displays that either are not properly permitted or otherwise are not in strict compliance with
applicable law. Such regulations and allegations have not had a material impact on Clear Channel&#146;s
results of operations to date, but if Clear Channel is increasingly unable to resolve such
allegations or obtain acceptable arrangements in circumstances in which Clear Channel&#146;s displays
are subject to removal, modification or amortization, or if there occurs an increase in such
regulations or their enforcement, Clear Channel&#146;s results could suffer.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation has from time to time been introduced in both the United States and foreign
jurisdictions attempting to impose taxes on revenues of outdoor advertising companies. Several
jurisdictions have already imposed such taxes</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">as a percentage of Clear Channel&#146;s gross receipts of outdoor advertising revenues in that
jurisdiction. While these taxes have not had a material impact on Clear Channel&#146;s business and
financial results to date, Clear Channel expects states to continue to try to impose such taxes as
a way of increasing revenues. The increased imposition of these taxes and Clear Channel&#146;s
inability to pass on the cost of these taxes to Clear Channel&#146;s clients could negatively affect
Clear Channel&#146;s operating income.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International regulation of the outdoor advertising industry varies by region and country, but
generally limits the size, placement, nature and density of out-of-home displays. Significant
international regulations include the Law of December&nbsp;29, 1979 in France, the Town and Country
Planning (Control of Advertisements) Regulations 1992 in the United Kingdom, and R&#232;glement R&#233;gional
Urbain de l&#146;agglom&#233;ration Bruxelloise in Belgium. These laws define issues such as the extent to
which advertisements can be erected in rural areas, the hours during which illuminated signs may be
lit and whether the consent of local authorities is required to place a sign in certain
communities. Other regulations limit the subject matter and language of out-of-home displays. For
instance, the United States and most European Union countries, among other nations, have banned
outdoor advertisements for tobacco products. Clear Channel&#146;s failure to comply with these or any
future international regulations could have an adverse impact on the effectiveness of Clear
Channel&#146;s displays or their attractiveness to clients as an advertising medium and may require
Clear Channel to make significant expenditures to ensure compliance. As a result, Clear Channel
may experience a significant impact on Clear Channel&#146;s operations, revenues, international client
base and overall financial condition.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Additional restrictions on outdoor advertising of tobacco, alcohol and other products may further
restrict the categories of clients that can advertise using Clear Channel&#146;s products. </I></B>Out-of-court
settlements between the major U.S. tobacco companies and all 50 states, the District of Columbia,
the Commonwealth of Puerto Rico and four other U.S. territories include a ban on the outdoor
advertising of tobacco products. Other products and services may be targeted in the future,
including alcohol products. Legislation regulating tobacco and alcohol advertising has also been
introduced in a number of European countries in which Clear Channel conducts business and could
have a similar impact. Any significant reduction in alcohol-related advertising due to
content-related restrictions could cause a reduction in Clear Channel&#146;s direct revenues from such
advertisements and an increase in the available space on the existing inventory of billboards in
the outdoor advertising industry.</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear
Channel&#146;s business may be adversely affected if planned dispositions
of small market radio station assets and its television business are not
completed.</I></B> As of May 25, 2007, Clear Channel had entered into definitive
asset purchase agreements to sell 358 radio stations with aggregate sales
proceeds of approximately $800.7 million.  On April 20, 2007, Clear
 Channel entered into a definitive agreement to sell its television
business for approximately $1.2 billion.  There can be no assurance
that the transactions contemplated by the definitive agreements
will be successfully completed.  In the event that the planned asset
dispositions are not completed, Clear Channel may be subject to
 several risks including the following:</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may need to seek new purchasers for the
assets which will require additional time and expenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may not be able to sell its small
market radio stations and television business on terms which
are as favorable as the terms currently included in the definitive agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s attention from Clear Channel&#146;s day to day
business may be diverted; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uncertainties with regards to the asset sales may adversely
affect Clear Channel&#146;s relationships with its employees, vendors and customers.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Future acquisitions could pose risks. </I></B>Clear Channel may acquire media-related assets and other
assets or businesses that Clear Channel believes will assist its customers in marketing their
products and services. Clear Channel&#146;s acquisition strategy involves numerous risks, including:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain of Clear Channel&#146;s acquisitions may prove unprofitable and fail to generate
anticipated cash flows;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to successfully manage Clear Channel&#146;s large portfolio of broadcasting, outdoor
advertising and other properties, Clear Channel may need to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recruit additional senior management as Clear Channel cannot be assured that
senior management of acquired companies will continue to work for Clear Channel
and, in this highly competitive labor market, Clear Channel cannot be certain
that any of its recruiting efforts will succeed, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand corporate infrastructure to facilitate the integration of Clear
Channel&#146;s operations with those of acquired properties, because failure to do
so may cause Clear Channel to lose the benefits of any expansion that it
decides to undertake by leading to disruptions in Clear Channel&#146;s ongoing
businesses or by distracting its management;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entry into markets and geographic areas where Clear Channel has limited or no experience;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may encounter difficulties in the integration of operations and systems;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s management&#146;s attention may be diverted from other business concerns; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel may lose key employees of acquired companies or stations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel frequently evaluates strategic opportunities both within and outside Clear Channel&#146;s
existing lines of business. Clear Channel expects from time to time to pursue additional
acquisitions and may decide to dispose of certain businesses. These acquisitions or dispositions
could be material.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Capital requirements necessary to implement strategic initiatives could pose risks. </I></B>The purchase
price of possible acquisitions and/or other strategic initiatives could require additional debt or
equity financing on Clear Channel&#146;s part. Since the terms and availability of this financing
depend to a large degree upon general economic conditions and third parties over which Clear
Channel has no control, Clear Channel can give no assurance that it will obtain the needed
financing or that it will obtain such financing on attractive terms. In addition, Clear Channel&#146;s
ability to obtain financing depends on a number of other factors, many of which are also beyond
Clear Channel&#146;s control, such as interest rates and national and local business conditions. If the
cost of obtaining needed financing is too high or the terms of such financing are otherwise
unacceptable in relation to the strategic opportunity Clear Channel is presented with, Clear
Channel may decide to forego that opportunity. Additional indebtedness could increase Clear
Channel&#146;s leverage and make it more vulnerable to economic downturns and may limit Clear Channel&#146;s
ability to withstand competitive pressures.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel faces intense competition in the broadcasting and outdoor advertising industries.</I></B>
Clear Channel&#146;s business segments are in highly competitive industries, and it may not be able to
maintain or increase Clear Channel&#146;s current audience ratings and advertising and sales revenues.
Clear Channel&#146;s radio stations and outdoor advertising properties compete for audiences and
advertising revenues with other radio stations and outdoor advertising companies, as well as with
other media, such as newspapers, magazines, television, direct mail, satellite radio and Internet
based media, within their respective markets. Audience ratings and market shares are subject to
change, which could have the effect of reducing Clear Channel&#146;s revenues in that market. Clear
Channel&#146;s competitors may develop services or advertising media that are equal or superior to those
Clear Channel provides or that achieves greater market acceptance and brand recognition than Clear
Channel achieves. It is possible that new competitors may emerge and rapidly acquire significant
market share in any of Clear Channel&#146;s business segments. Other variables that could adversely
affect Clear Channel&#146;s financial performance by, among other things, leading to decreases in
overall revenues, the numbers of advertising customers, advertising fees, or profit margins
include:</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable economic conditions, both general and relative to the radio broadcasting,
outdoor advertising and all related media industries, which may cause companies to reduce
their expenditures on advertising;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable shifts in population and other demographics which may cause Clear Channel to
lose advertising customers as people migrate to markets where Clear Channel has a smaller
presence, or which may cause advertisers to be willing to pay less in advertising fees if
the general population shifts into a less desirable age or geographical demographic from an
advertising perspective;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an increased level of competition for advertising dollars, which may lead to lower
advertising rates as Clear Channel attempts to retain customers or which may cause Clear
Channel to lose customers to Clear Channel&#146;s competitors who offer lower rates that Clear
Channel is unable or unwilling to match;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable fluctuations in operating costs which Clear Channel may be unwilling or
unable to pass through to Clear Channel customers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technological changes and innovations that Clear Channel is unable to adopt or are late
in adopting that offer more attractive advertising, listening or viewing alternatives than
what Clear Channel currently offers, which may lead to a loss of advertising customers or
to lower advertising rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unfavorable changes in labor conditions which may require Clear Channel to spend more to
retain and attract key employees; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in governmental regulations and policies and actions of federal regulatory
bodies which could restrict the advertising media which Clear Channel employs or restrict
some or all of Clear Channel&#146;s customers that operate in regulated areas from using certain
advertising media, or from advertising at all.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>New technologies may affect Clear Channel&#146;s broadcasting operations. </I></B>Clear Channel&#146;s broadcasting
businesses face increasing competition from new broadcast technologies, such as broadband wireless
and satellite television and radio, and new consumer products, such as portable digital audio
players and personal digital video recorders. These new technologies and alternative media
platforms compete with Clear Channel radio and television stations for audience share and
advertising revenue, and in the case of some products, allow listeners and viewers to avoid
traditional commercial advertisements. The FCC has also approved new technologies for use in the
radio broadcasting industry, including the terrestrial delivery of digital audio broadcasting,
which significantly enhances the sound quality of radio broadcasts. In the television broadcasting
industry, the FCC has established standards and a timetable for the implementation of digital
television broadcasting in the U.S. Clear Channel has substantially completed the implementation of
its digital television broadcasting. Clear Channel has currently converted approximately 350 of
Clear Channel&#146;s radio stations to digital broadcasting. Clear Channel is unable to predict the
effect such technologies and related services and products will have on Clear Channel&#146;s
broadcasting operations, but the capital expenditures necessary to implement such technologies
could be substantial and other companies employing such technologies could compete with Clear
Channel&#146;s businesses.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel may be adversely affected by a general deterioration in economic conditions. </I></B>The
risks associated with Clear Channel&#146;s businesses become more acute in periods of a slowing economy
or recession, which may be accompanied by a decrease in advertising. A decline in the level of
business activity of Clear Channel&#146;s advertisers could have an adverse effect on Clear Channel&#146;s
revenues and profit margins. During the most recent economic slowdown in the United States, many
advertisers reduced their advertising expenditures. The impact of slowdowns on Clear Channel&#146;s
business is difficult to predict, but they may result in reductions in purchases of advertising.</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Clear Channel may be adversely affected by the occurrence of extraordinary events, such as
terrorist attacks. </I></B>The occurrence of extraordinary events, such as terrorist attacks, intentional
or unintentional mass casualty incidents or similar events may substantially decrease the use of
and demand for advertising, which may decrease Clear Channel&#146;s revenues or expose it to substantial
liability. The September&nbsp;11, 2001 terrorist attacks, for example, caused a nationwide disruption
of commercial activities. As a result of the expanded news coverage following the attacks and
subsequent military actions, Clear Channel experienced a loss in advertising revenues and increased
incremental operating expenses. The occurrence of future terrorist attacks, military actions by
the United States, contagious disease outbreaks or similar events cannot be predicted, and their
occurrence can be expected to further negatively affect the economies of the United States and
other foreign countries where Clear Channel does business generally, specifically the market for
advertising.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="135"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SELECTED HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL DATA</B>
</DIV>

<DIV align="left">
<A name="136"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Clear Channel Summary Historical Consolidated Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following sets forth summary historical consolidated financial data for Clear Channel as
of and for the five years ended December&nbsp;31, 2006, and as of and for the three month periods ended
March&nbsp;31, 2007 and 2006. The summary historical consolidated financial data as of and for the five
years ended December&nbsp;31, 2006 are derived from audited consolidated financial statements and
related notes of Clear Channel incorporated by reference in this proxy statement/prospectus. The
summary historical consolidated financial data as of and for the three month periods ended March
31, 2007 and 2006 are derived from unaudited consolidated financial statements and related notes
incorporated by reference in this proxy statement/prospectus. The unaudited consolidated financial
statements include all adjustments, consisting of normal recurring accruals, which Clear Channel
considers necessary for a fair presentation of its consolidated financial position and its
consolidated results of operations for these periods. Due to seasonality and other factors,
operating results for the three month period ended March&nbsp;31, 2007 are not necessarily indicative of
the results that may be expected for the entire year ending December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and dispositions significantly impact the comparability of the historical
consolidated financial data reflected in this financial data. This information is only a summary
and you should read the information presented below in conjunction with Clear Channel&#146;s historical
consolidated financial statements and related notes incorporated by reference into this proxy
statement/prospectus, as well as the sections entitled &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148; in Clear Channel&#146;s annual and quarterly reports
incorporated by reference into this proxy statement/prospectus, which qualify the information
presented below in its entirety. See &#147;Where You Can Find
Additional Information&#148; on page&nbsp;161.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three Months Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">Year Ended December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">March 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Unaudited)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Results of Operations
Information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,031,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,546,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,568,392</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,185,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,876,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,608,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,489,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Direct operating expenses
(excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,639,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,446,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,311,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,123,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,924,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,302</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling, general and
administrative expenses
(excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,950,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,884,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,876,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,835,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,771,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">631,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">625,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">625,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">552,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate expenses (excludes
depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Merger expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on disposition of
assets &#150; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,670,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,469,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,627,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,476,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,503,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,566</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">443,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain (loss)&nbsp;on sale of assets
related to mergers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain (loss)&nbsp;on marketable
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">678,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,096</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,324</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of
nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,909</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,421</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,293</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(583</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes,
minority interest, discontinued
operations and cumulative
effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,217,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,075,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,297,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,805,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,106,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(499,167</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(424,873</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(497,151</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(774,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(437,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,936</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,909</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest income
(expense), net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,847</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,602</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,906</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(276</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before discontinued
operations and cumulative
effect of a change in
accounting principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">686,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">632,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">793,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">670,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,063</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from discontinued
operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(249</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before cumulative effect
of a change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">691,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,145,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">724,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cumulative effect of a change
in accounting principle, net of
tax of, $2,959,003 in 2004 and
$4,324,446 in 2002
<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,883,968</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,778,526</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">691,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">935,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,038,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,145,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(16,053,703</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">102,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">96,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three Months Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">Year Ended December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">March 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Unaudited)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)
per common share:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income (loss)&nbsp;before
discontinued
operations and
cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.00</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income (loss)&nbsp;before
cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.19</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27.65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6.77</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(26.45</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income (loss)&nbsp;before
discontinued
operations and
cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.00</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Income (loss)&nbsp;before
cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cumulative effect of a
change in accounting
principle</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26.74</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6.75</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25.56</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.1875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">Year Ended December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Unaudited)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance Sheet Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,205,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,398,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,269,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,185,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,123,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,065,806</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and
equipment &#150; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,205,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,221,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,292,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,439,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,455,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,163,615</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,901,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,721,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,948,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,352,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,672,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,686,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,107,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,184,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,892,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,010,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,815,182</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt, net
of current
maturities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,326,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,155,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,941,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,898,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,357,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,862,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,042,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,826,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,488,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,553,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,210,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,128,722</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>We recorded a non-cash charge of $4.9&nbsp;billion, net of deferred taxes of $3.0&nbsp;billion, as a
cumulative effect of a change in accounting principle during the fourth quarter of 2004 as a
result of the adoption of EITF Topic D-108, <I>Use of the Residual Method to Value Acquired
Assets other than Goodwill</I>. We recorded a non-cash charge of $16.8&nbsp;billion, net of deferred
taxes of $4.3&nbsp;billion, in 2002 as a result of the adoption of Financial Accounting Standards
Statement 142, <I>Goodwill and Other Intangible Assets</I>.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="137"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><B>Unaudited
Pro Forma Condensed Consolidated Financial Data</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited pro forma condensed consolidated financial data has been derived by
the application of pro forma adjustments to Clear Channel&#146;s audited historical consolidated
financial statements for the year ended December&nbsp;31, 2006 and Clear Channel&#146;s unaudited historical
consolidated financial statements for the three months ended March&nbsp;31, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unaudited pro forma condensed consolidated financial data give effect to the
merger and Clear Channel&#146;s pending asset sales. The merger will be accounted for as a purchase in
conformity with Statement of Financial Accounting Standards No.&nbsp;141 (&#147;SFAS No.&nbsp;141&#148;), <I>Business
Combinations </I>and Emerging Issues Task Force Issue 88-16, <I>Basis in Leveraged Buyout Transactions</I>
(&#147;EITF 88-16&#148;). As a result of the potential continuing ownership in Holdings by certain members
of Clear Channel&#146;s management and large shareholders, Holdings expects to allocate a portion of the
consideration to the assets and liabilities at their respective fair values with the remaining
portion recorded at the continuing shareholders&#146; historical basis. The pro forma adjustments are
based on the preliminary assessments of allocation of the consideration paid using information
available to date and certain assumptions believed to be reasonable. The allocation will be
determined following the close of the merger based on a formal valuation analysis and will depend
on a number of factors, including: (i)&nbsp;the final valuation of Clear Channel&#146;s assets and
liabilities as of the Effective Time of the merger, (ii)&nbsp;the number of Rollover Shares and the
identity of the Clear Channel shareholders who exchange Rollover Shares for shares of capital stock
of Holdings, (iii)&nbsp;the identity of the shareholders who elect to receive Stock Consideration in the
merger and the number of shares of Class&nbsp;A common stock allocated to them, after giving effect to
the 30% aggregate cap and 9.9% individual cap on Stock Election Shares (as defined below) and (iv)
the historical basis of continuing ownership under EITF 88-16. Differences between the preliminary
and final allocation may have a material impact on amounts recorded for total assets, total
liabilities, shareholders&#146; equity and depreciation and amortization expense. For purposes of the
unaudited pro forma condensed consolidated financial data, the management of Holdings has assumed
that all unaffiliated shareholders will make a Stock Election covering all of their Clear Channel
Shares in the merger. That assumption results in 0.64% of each asset and liability recorded at
historic carryover basis and 99.36% at fair value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, subsequent to March&nbsp;31, 2007, Clear Channel entered into definitive agreements
to sell its television business and certain of its radio stations as part of its overall strategic
plan. The unaudited pro forma condensed consolidated financial data was adjusted to reflect such
definitive sales agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated balance sheet was prepared based upon the
historical consolidated balance sheets of Clear Channel, adjusted to reflect:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Merger as if it had occurred on March&nbsp;31, 2007,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>radio stations subject to definitive sales agreements at March&nbsp;31, 2007 recorded as
assets from discontinued operations,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the definitive agreement to sell Clear Channel&#146;s television business as if the
agreement were entered into on March&nbsp;31, 2007 and the business proposed to be sold under
the agreement was recorded as assets and liabilities from discontinued operations, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all definitive sales agreements to sell the Clear Channel&#146;s radio stations that were
signed subsequent to March&nbsp;31, 2007 through May&nbsp;25, 2007 as if they were entered into on
March&nbsp;31, 2007 and the businesses proposed to be sold under the agreements were recorded
as assets from discontinued operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated statement of operations for the year ended
December&nbsp;31, 2006 and the three months ended March&nbsp;31, 2007 were prepared based upon the historical
consolidated statements of operations of Clear Channel, adjusted to reflect:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Merger as if it had occurred on January&nbsp;1, 2006,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the definitive agreement to sell the Clear Channel&#146;s television business as if the
agreement were entered into on January&nbsp;1, 2006 with the results of operations for this
business excluded from income from continuing operations, and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all definitive agreements to sell the Clear Channel&#146;s radio stations that were signed
subsequent to March&nbsp;31, 2007 through May&nbsp;25, 2007 as if they were entered into on January
1, 2006 with the results of operations for these stations excluded from income from
continuing operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated statements of operations do not reflect
nonrecurring charges that have been or will be incurred in connection with the Merger, including
(i)&nbsp;compensation charges for the acceleration of vesting of stock options and restricted shares and
(ii)&nbsp;certain non-recurring advisory and legal costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated financial statements should be read in conjunction
with the historical financial statements and the notes thereto of Clear Channel incorporated by
reference in this proxy statement/prospectus and the other financial information contained in
&#147;Selected Historical and Pro Forma Consolidated Financial Data&#148;, and &#147;Management&#146;s Discussion and
Analysis of the Financial Condition and Results of Operations&#148; included or incorporated by
reference herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated data is not necessarily indicative of the actual
results of operations or financial position had the above described transactions occurred on the
dates indicated, nor are they necessarily indicative of future operating results or financial
position.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="138"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET</B></div>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>AT MARCH 31, 2007<BR>
(IN THOUSANDS OF DOLLARS)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Pending Asset</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Clear Channel</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Sale</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Merger</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Historical</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments <B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pro Forma</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Current assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109,192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,542,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,325</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,476,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,127</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60,298 </TD>
    <TD nowrap><B>(C)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current assets from discontinued
operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">83,227 </TD>
    <TD nowrap><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,227</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Current Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,065,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,126,104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,163,615</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(224,604</TD>
    <TD nowrap>)<B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">154,147 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,093,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment from
discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">224,604 </TD>
    <TD nowrap><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">55,185 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305,092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Definite-lived intangibles, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(283</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">488,381 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">993,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indefinite-lived intangibles &#151; Licenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,316,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(122,589</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,545,021 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,738,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indefinite-lived intangibles &#151; Permits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,815,126 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,057,469</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,434,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,930,176 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,364,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill and intangible assets from
discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">109,897 </TD>
    <TD nowrap><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,479,716 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,675,622</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,261</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in, and advances to,
nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,290</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">319,301 </TD>
    <TD nowrap><B>(B)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">634,473</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,785</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">278,859 </TD>
    <TD nowrap><B>(B), (C)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">541,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(675</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets from discontinued
operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26,012 </TD>
    <TD nowrap><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,686,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,126,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,799,566</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>
AT MARCH 31, 2007<BR>
(IN THOUSANDS OF DOLLARS, EXCEPT SHARE DATA)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Pending Asset</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Clear Channel</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Sale</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Merger</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Historical</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments <B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pro Forma</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES AND SHAREHOLDERS&#146;
EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable, accrued
expenses and accrued interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,041,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(8,550</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,033,157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">562,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,910</TD>
    <TD nowrap>)<B>(B), (D)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">559,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,905</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,160</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current liabilities from
discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33,615 </TD>
    <TD nowrap><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,615</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Current Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,815,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,910</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,812,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,862,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16,163,296</TD>
    <TD nowrap><B>(B), (D)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,025,405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73,165</TD>
    <TD nowrap>)<B>(E)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">649,231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2,335,783</TD>
    <TD nowrap><B>(B), (F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,972,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">795,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,565</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55,159</TD>
    <TD nowrap>)<B>(B), (G)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716,345</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities of
discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23,565 </TD>
    <TD nowrap><B>(L)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,565</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">362,852</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Clear Channel Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,632</TD>
    <TD nowrap>)<B>(H)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Class&nbsp;A common stock, par $.001
per share, 400&nbsp;million shares
authorized, 32.1&nbsp;million shares
issued and outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32 </TD>
    <TD nowrap><B>(N)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Classes B and C common stock,
par $.001 per share, 250&nbsp;million
shares authorized, 69.9&nbsp;million
shares issued and outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70 </TD>
    <TD nowrap><B>(N)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,805,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,918,638</TD>
    <TD nowrap>)<B>(H), (N)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,886,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,029,751</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19,029,751 </TD>
    <TD nowrap><B>(H)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive
income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">306,767</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(306,767</TD>
    <TD nowrap>)<B>(H)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost of shares held in treasury</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,549</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,549 </TD>
    <TD nowrap><B>(H)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,128,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,241,635</TD>
    <TD nowrap>)<B>(N)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,887,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Total Liabilities and
Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,686,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(12,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,126,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,799,566</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
YEAR ENDED DECEMBER 31, 2006<BR>
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Pending Asset</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Clear Channel</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Sale</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Merger</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Historical</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments <B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pro Forma</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,031,445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(542,872</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,488,573</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Direct operating expenses (excludes
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,639,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185,598</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,453,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Selling, general and administrative
expenses (excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,950,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(211,300</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,739,336</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">631,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,633</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74,943 </TD>
    <TD nowrap><B>(I)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671,573</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Corporate expenses (excludes depreciation
and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,432</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7,465 </TD>
    <TD nowrap><B>(O)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Merger expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,633</TD>
    <TD nowrap>)<B>(M)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on disposition of assets &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,670,092</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,562</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,775</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,491,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,468,533 </TD>
    <TD nowrap><B>(J)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,952,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of nonconsolidated
affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,421</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,744</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes and
minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,217,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,517</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,543,308</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(426,344</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(499,167</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">583,283 </TD>
    <TD nowrap><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,312</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest expense, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,927</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">686,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(62,321</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(960,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(335,959</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic EPS: <B>(K)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3.29</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted EPS: <B>(K)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3.29</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
THREE MONTH PERIOD ENDED MARCH 31, 2007<BR>
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Pending Asset</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Clear Channel</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Sale</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Merger</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Historical</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments <B>(A)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Adjustments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Pro Forma</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,608,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(119,470</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,488,845</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Direct operating expenses (excludes
depreciation and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">669,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45,575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Selling, general and administrative
expenses (excludes depreciation and
amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51,390</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">147,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,627</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18,736  </TD>
    <TD nowrap><B>(I)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,486</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Corporate expenses (excludes depreciation
and amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(995</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,937 </TD>
    <TD nowrap><B>(O)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,086</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Merger expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,686</TD>
    <TD nowrap>)<B>(M)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on disposition of assets &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,987</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">366,803  </TD>
    <TD nowrap><B>(J)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain (loss)&nbsp;on marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in earnings of nonconsolidated
affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income  &#151; net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">768</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes and
minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,346</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(385,790</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(223,711</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,936</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">145,806  </TD>
    <TD nowrap><B>(F)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest expense, net of tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(239,984</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(147,185</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic EPS: <B>(K)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1.44</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted EPS: <B>(K)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income (loss)&nbsp;from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1.44</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTES TO UNAUDITED PRO FORMA<BR>
CONDENSED CONSOLIDATED FINANCIAL DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unaudited pro forma condensed consolidated financial data includes the following pro forma
assumptions and adjustments:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(A) </B>The adjustments for the pending sales of Clear Channel&#146;s television business and certain of its
radio stations include the reclassification of related assets and liabilities to &#145;Assets from
discontinued operations&#146; and &#145;Liabilities from discontinued operations&#146; for definitive sales
agreements entered into subsequent to March&nbsp;31, 2007. The pending sale of the television business
includes all related tangible assets and intangible assets, primarily the FCC licenses and
affiliation agreements. Additionally, syndicated programming contracts (including the assumption
of associated liabilities) and working capital are included in the sale. The pending sales of radio
stations include all related tangible assets and intangible assets, primarily the FCC licenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results of operations for the television business and radio stations that are held for
sale at March&nbsp;31, 2007 in the unaudited pro forma condensed consolidated balance sheet are
reclassified to income (loss)&nbsp;from discontinued operations and not included in income from
continuing operations for both the year ended December&nbsp;31, 2006 and the three months ended March
31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(B) </B>The pro forma adjustments include the fair value adjustments to assets and liabilities in
accordance with FAS 141 and the historical basis of the continuing shareholders of the &#147;control
group&#148; in accordance with EITF 88-16. Holdings&#146; control group under EITF 88-16 include members of
management of Clear Channel who exchange Rollover Shares for capital stock of Holdings and greater
than 5% shareholders whose ownership has increased as a result of making a Stock Election in the
merger transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the unaudited pro forma condensed consolidated financial data, the pro forma adjustments
assume a 0.64% continuing ownership of the control group based on an assumption that all
unaffiliated shareholders make a Stock Election with respect to all of their shares of Clear
Channel stock in the merger. The application of EITF 88-16 to the book and fair values of acquired
assets results in a difference between the purchase consideration paid in the merger and the
recorded value of the acquired assets ($72.9&nbsp;million). This amount has been allocated to the
individual assets and liabilities acquired. The composition of the Holdings&#146; control group will
ultimately be determined by: (i)&nbsp;the number of Rollover Shares and the identity of the Clear
Channel management shareholders who exchange Rollover Shares for shares of capital stock of
Holdings and (ii)&nbsp;the identity of the shareholders who elect to receive Stock Consideration in the
merger and the number of shares of Class&nbsp;A common stock allocated to them, after giving effect to
the 30% aggregate cap and 9.9% individual cap on Stock Election Shares. The Holdings&#146; control
group then determines the extent to which a portion of Clear Channel&#146;s assets, liabilities and
equity are recorded at historical basis, and could be materially different than the amounts
included in the pro forma condensed consolidated financial data.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 0.64% assumed for continuing ownership of the control group is based on the assumption
that all unaffiliated shareholders of Clear Channel make a Stock Election with respect to all
shares of Clear Channel common stock held by them. The determination of the 0.64% reflects the
agreements entered into by Messrs.&nbsp;Mark P. Mays and Randall T. Mays to exchange $20.0&nbsp;million of
Rollover Shares (computed at $39.20 per share) in the aggregate. No further Rollover Shares by
other management shareholders are assumed for the purpose of this calculation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the potential impact of a range of continuing aggregate ownership by the
control group and the resulting pro forma balances for Holding&#146;s Total Assets and Total
Shareholders&#146; Equity at March&nbsp;31, 2007, and Income from Continuing Operations for the year ended
December&nbsp;31, 2006, and the three months ended March&nbsp;31, 2007.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTES TO UNAUDITED PRO FORMA<BR>
CONDENSED CONSOLIDATED FINANCIAL DATA &#151; (CONTINUED)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 0px solid #000000"><B>Control Group Continuing Ownership</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">0.64%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">10%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">20%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">30% <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,799,566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31,506,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,124,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28,743,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Shareholders&#146; Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,887,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,820,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,681,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">542,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from Continuing
Operations for the year
ended December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(335,959</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(328,899</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(321,357</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(313,814</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss from Continuing
Operations for the three
months ended March&nbsp;31,
2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(147,185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(145,420</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(143,534</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(141,648</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1))</TD>
    <TD>&nbsp;</TD>
    <TD> The 30%continuing ownership assumes : (i)&nbsp;that the only unaffiliated shareholders that make a
Stock Election are 5% shareholders of Clear Channel on March&nbsp;31, 2007, and (ii)&nbsp;the assumption
there are no Rollover Shares other than those detailed above for Messrs.&nbsp;Mark P. Mays and Randall
T. Mays. To the extent that any unaffiliated shareholders, based on Clear Channel shareholdings as
of March&nbsp;31, 2007, make a Stock Election with respect to any material portion of their holdings, it
would be unlikely that the control group would be greater than 30% of Holdings.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the pro forma adjustments, the historical book basis of equity was used as a
proxy for historical, or predecessor basis of the control group&#146;s ownership. The actual
predecessor basis will be used, to the extent practicable, in the final purchase adjustments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">A summary of the merger transaction is presented below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Consideration for Equity (i)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>19,521,364</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated Transaction Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,230</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Consideration</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,926,594</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: net assets acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,128,722</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: adjustment for historical carryover basis per EITF 88-16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,916</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Excess consideration to be allocated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11,724,956</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Allocation:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fair value adjustments:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">154,147</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment from discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Definite-lived intangibles (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">488,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Indefinite-lived intangibles &#151; Licenses (iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,545,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Indefinite-lived intangibles &#151; Permits (iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,815,126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Intangible assets from discontinued operations, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,479,716</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investments in, and advances to, nonconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">319,301</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,968</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,910</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes recorded for fair value adjustments to assets and liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,335,783</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Termination of interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,789</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Goodwill (iv)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,930,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total adjustments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11,724,956</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>Consideration for equity:</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 3pt">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shares outstanding <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497,994</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multiplied by: Price per share <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,521,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 1pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Total shares outstanding include 1.8&nbsp;million equivalent shares subject to employee
stock options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Price per Share is assumed to be the $39.20 per share to be paid as part of the Cash
Consideration.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(ii)</TD>
    <TD>&nbsp;</TD>
    <TD>Identifiable intangible assets acquired subject to amortization includes contracts amortizable
over a weighted average amortization period of approximately 7&nbsp;years.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(iii)</TD>
    <TD>&nbsp;</TD>
    <TD>The licenses and permits were deemed to be indefinite-lived assets that can be separated from
any other asset, do not have legal, regulatory, contractual competitive, economic or other factors
that limit the useful lives and require no material levels of maintenance to retain their cash
flows. As such, licenses and permits are not currently subject to amortization. Annually, the
licenses and permits will be reviewed for impairment and useful lives evaluated to determine
whether facts and circumstances continue to support an indefinite life for these assets.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(iv)</TD>
    <TD>&nbsp;</TD>
    <TD>The pro forma adjustment to goodwill consists of:</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 3pt">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Removal of historical goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(7,434,320</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill arising from the merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,364,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,930,176</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(C) </B>These pro forma adjustments record the deferred loan costs of $393.1&nbsp;million arising from the
debt issued in conjunction with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(D) </B>This pro forma adjustment reflects the debt financing transactions currently anticipated to be
associated with the merger and the fair value adjustments to existing Clear Channel long-term debt.
The debt financing arrangements are subject to change (whether as a result of market conditions or
otherwise) and the final terms, structures and amounts of the actual debt financing arrangements
may not be determined until shortly before the effective time of the merger. Accordingly, the
final terms, structures and amounts of any or all of the actual debt financing arrangements may
differ materially from those described below.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Debt to be Redeemed (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,415,959</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of Debt in merger (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,848,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value adjustment ($304,557 related to Clear Channel Senior Notes
less $10,273 related to other fair value adjustments)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(294,284</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: termination of interest rate swaps in connection with the merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt Adjustment ($16,163,296 long-term less $2,910 current portion)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,160,386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>(i)&nbsp;Total Debt to be Redeemed:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clear Channel Bank Credit Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">994,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Clear Channel 7.650% Senior Notes due 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AMFM Operating, Inc. 8% Senior Notes due 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">671,305</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,415,959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTES TO UNAUDITED PRO FORMA<BR>
CONDENSED CONSOLIDATED FINANCIAL DATA &#151; (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(ii)&nbsp;Issuance of Debt in the Merger</B>:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Term</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000"><B>Amount Issued</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Senior Secured Credit Facilities:</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">7.0 years</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,348,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">7.5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,150,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Receivables Backed Credit Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">6.0 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Bridge Facility<SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP> (or New Senior Notes)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">8.0 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,848,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Initial maturity of one year, which is automatically extended to eight years if
remaining outstanding after one year.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(E) </B>This pro forma adjustment is for the termination of US Dollar &#151; Euro cross currency swaps in
connection with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(F) </B>Deferred income taxes in the unaudited pro forma condensed consolidated balance sheet are
recorded at the statutory rate in effect for the various tax jurisdictions in which Clear Channel
operates. Deferred income tax liabilities increased $2.3&nbsp;billion on the unaudited pro forma
consolidated balance sheet primarily due to the fair value adjustments for licenses, permits, and
other intangibles. These adjustments were partially offset by adjustments for deferred tax assets
from net operating losses generated by transaction costs associated with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The pro forma adjustment for income tax expense was determined using statutory rates for the year
ended December&nbsp;31, 2006, and the three months ended March&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(G) </B>This pro forma adjustment is for the termination payment on interest rate swaps in connection
with the merger and the payment required upon a change of control as a result of the merger for a
non-qualified employee benefit plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(H) </B>These pro forma adjustments eliminate the historical shareholders&#146; equity to the extent that it
is not carryover basis for the control group under EITF 88-16 (99.36% eliminated with 0.64% at
carryover basis).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(I) </B>This pro forma adjustment is for the additional depreciation and amortization related to the
fair value adjustments on property, plant and equipment and definite-lived intangible assets based
on the estimated remaining useful lives of approximately 9&nbsp;years for such assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(J) </B>This pro forma adjustment is for the incremental interest expense currently anticipated to be
associated with the merger and the fair value adjustments to existing Clear Channel long-term debt.
The debt financing arrangements are subject to change (whether as a result of market conditions or
otherwise) and the final terms, structures and amounts of the actual
debt financing arrangements may not be determined until shortly before the effective time of the merger.
Accordingly, the final terms, structures and amounts of any or all of the actual debt financing
arrangements may differ materially from those described below.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTES TO UNAUDITED PRO FORMA<BR>
CONDENSED CONSOLIDATED FINANCIAL DATA &#151; (CONTINUED)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Year Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Three Months Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">March 31, 2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on Debt redeemed in connection with the Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(208,246</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(49,142</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debt Issued in Merger:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on Senior Secured Credit Facilities<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,274,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on Receivables Backed Credit Facility<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense on Senior Bridge Facility<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of fair value adjustments on Clear Channel Senior Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,696</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of deferred financing fees from new debt issued in the
Merger and Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,810</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro forma interest adjustment<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,468,533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">366,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes LIBOR plus a weighted average margin of 2.73% (a range from 2.50% to 2.75%
for LIBOR rate debt). Interest rates may be based upon a base rate or a LIBOR rate plus a margin.
Also assumes a weighted average commitment fee of 0.69% on the unutilized portion of the Senior
Secured Credit Facilities. Unutilized commitment fees are assumed to range from 0.50% to 1.00%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes LIBOR plus a margin of 1.50%. Interest rates may be based upon a base rate
or a LIBOR rate plus a margin. Also assumes a commitment fee of 0.375% on the unutilized portion
of the Receivables Backed Credit Facility.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes LIBOR plus a weighted average margin of 4.14% (a range from 4.00% to 4.25%
for LIBOR rate debt). Interest rates are anticipated to be based upon a LIBOR rate plus a margin.
Also assumes entire amount of Senior Bridge Facility is funded in lieu of issuance of New Senior
Notes. If New Senior Notes or other debt securities are not issued to refinance the Senior Bridge
Facility, interest rates may increase on a periodic basis, which could result in maximum annual
interest expense of $283.3&nbsp;million.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes a weighted average interest rate of 8.9% excluding interest expense on debt
repaid or redeemed in connection with merger. For each 0.125% increase (or decrease) in interest
rate, the annual interest expense would increase (or decrease) by approximately $23.6&nbsp;million.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(K) </B>There is no dilutive effect related to stock options and other potentially dilutive securities
on weighted average shares outstanding as a pro forma net loss is reported for the year ended
December&nbsp;31, 2006 and three months ended March&nbsp;31, 2007. Pro forma basic and diluted shares are
102.0&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(L) </B>Clear Channel had definitive asset purchase agreements to sell 93 radio stations as of March
31, 2007. Through May&nbsp;25, 2007, there were definitive asset purchase agreements for the sale of
273 additional radio stations. These stations were classified as assets from discontinued
operations in the pro forma condensed consolidated balance sheet at March&nbsp;31, 2007. The aggregate
sales price of these stations is $800.7&nbsp;million.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;20, 2007, a definitive agreement was signed to sell Clear Channel&#146;s television business
for approximately $1.2&nbsp;billion. The sale includes 56 television stations (including 18 digital
multicast stations) located in 24 markets across the United States. These assets were classified
as assets from discontinued operations in the pro forma condensed consolidated balance sheet at
March&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The closing of these sales is subject to antitrust clearances, FCC approval and other customary
closing conditions. The sales may or may not close before the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(M) </B>These pro forma adjustments reverse merger expenses as they are non-recurring charges incurred
in connection with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(N) </B>Pro forma Shareholders&#146; equity was calculated as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><I>(In thousands)</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of Shareholders&#146; equity at March&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,521,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net increase in debt due to merger (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,561,364</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fair value of equity after merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,960,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Pro forma Shareholder&#146;s equity under EITF 88-16</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of equity after merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,960,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: 0.64% of Fair value of equity after merger ($3,960,000 multiplied by 0.64%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,344</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus: 0.64% of Shareholders&#146; historical carryover basis (8,128,722 multiplied by
0.64%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Deemed dividend (15,561,364 multiplied by 0.64%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustment for Historical Carryover Basis per EITF 88-16</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(72,913</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total pro forma Shareholders&#146; equity under EITF 88-16 (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,887,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="font-size: 3pt; margin-top: 1pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i)&nbsp;Net increase in debt in merger transaction:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of debt in merger transaction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,848,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,415,959</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated transaction and loan costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(871,517</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total increase in debt in merger transaction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,561,364</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(ii)&nbsp;Total pro forma Shareholders&#146; equity under EITF 88-16:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;A common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Classes B and C common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional paid in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,886,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,887,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(O) </B>This pro forma adjustment records non-cash compensation expense of $7.5&nbsp;million and $1.9
million for the year ended December&nbsp;31, 2006 and the quarter ended March&nbsp;31, 2007, respectively,
associated with common stock options of Holdings that will be granted to certain key executives
upon completion of the merger. The assumptions used to calculate the fair value of these awards
were consistent with the assumptions used by Clear Channel disclosed in its Form 10-K for the year
ended December&nbsp;31, 2006. It is likely that actual results will differ from these estimates due to
changes in the underlying assumptions and the pro forma results of operations could be materially
impacted.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONTRACTUAL OBLIGATIONS; INDEBTEDNESS AND DIVIDEND POLICY FOLLOWING THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, we will be highly leveraged and a substantial portion of our liquidity
needs will arise from debt service on indebtedness incurred in connection with the merger and from the funding of our costs of operations, working capital and capital
expenditures.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2007, on a pro forma basis, we would have had outstanding approximately $23.6
billion of total indebtedness (reduced by the $304.6&nbsp;million of fair value adjustments reflected in
the pro forma balance sheet). Cash paid for interest during the twelve months ended March&nbsp;31,
2007, would have been $1.8&nbsp;billion on a pro forma basis.
</DIV>

<DIV align="left">
<A name="139"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 0px solid #000000">Payment due by Period</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Less than</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">More than</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">Contractual Obligations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1 Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">1 to 3 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">3 to 5 Years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">5 Years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term Debt(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Existing notes and new debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,748,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">937,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,795,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,516,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,638</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest payments on debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,389,873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,844,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,675,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,540,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,329,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Cancelable Operating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,311,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,042</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Cancelable Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,896,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">601,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,593</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employment/Talent Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital Expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178,964</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other long-term obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,829</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,355,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,559,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,613,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,443,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,739,115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Long-term Debt excludes $304.6&nbsp;million of fair value purchase accounting
adjustments made in the pro forma balance sheet.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that cash generated from operations, together with amounts available under the
senior secured credit facilities, receivables-backed credit facility and other available financing arrangements will be
adequate to permit us to meet our debt service obligations, ongoing costs of operations, working
capital needs and capital expenditure requirements for the foreseeable future. Our future
financial and operating performance, ability to service or refinance our debt and ability to comply
with covenants and restrictions contained in our debt agreements will be subject to future economic
conditions and to financial, business and other factors, many of which are beyond our control. See
&#147;Risk Factors&#148; and &#147;Cautionary Note Regarding Forwarding Looking Statements&#148;.
</DIV>

<DIV align="left">
<A name="140"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indebtedness</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2007, we had outstanding debt with approximately $7,425&nbsp;million of aggregate
principal, of which $5,041&nbsp;million will be assumed in connection with the merger and Financing. We
will incur indebtedness to finance the merger and related transactions under certain debt financing
arrangements that are currently anticipated to consist of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>$18.525 Billion Senior Secured Credit Facilities: </I>term loan facilities and a revolving credit
facility. A portion of the term loan facilities will remain available to Clear Channel during the
two-year period following the closing of the merger to finance the payment in full upon maturity of
certain Clear Channel Senior Notes. The revolving credit facility will be available to finance working
capital needs and general corporate purposes of Clear Channel,
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including to finance the repayment of any Clear Channel Senior Notes (subject to certain
restrictions) and other transactions not otherwise prohibited. A portion of the Senior Secured
Credit Facilities will mature after 7&nbsp;years and the remainder after 7.5&nbsp;years. The term loan
facilities provide for quarterly amortization commencing after the second or third anniversary of
the merger. If availability under the Receivables Backed Credit Facility is less than $750&nbsp;million
on the closing of the merger due to borrowing base limitations, the term loan facilities will be
increased by the amount of such shortfall.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>$1.0 Billion Receivables Backed Credit Facility: </I>a multicurrency asset-based receivables
credit facility which matures in 6&nbsp;years. Availability under the Receivables Backed Credit
Facility will be limited by a borrowing base. If availability under the Receivables Backed Credit
Facility is less than $750&nbsp;million on the closing of the merger, the Senior Secured Credit
Facilities will be increased by the amount of such shortfall.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>$2.6 Billion Senior Bridge Facility (or New Senior Notes): </I>to the extent that $2.6 Billion of
New Senior Notes or other debt securities are not issued to finance the merger and related
transactions, a Senior Bridge Facility with a maturity of one year, which will automatically be
extended to the eight anniversary date of the closing of the merger if not repaid in full. If the
Senior Bridge Facility is funded, it is our expectation that the Senior Bridge Facility will be
refinanced with the issuance of New Senior Notes or other debt securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing describes the Debt Financing (as defined below under &#147;Description of the
Financing &#151; Debt Financing&#148;) currently contemplated by the Debt Commitment Letter (as defined below
under &#147;Description of the Financing &#151; Debt Financing&#148;). There can be no assurance that the actual
debt financing arrangements will be consistent with the Debt Financing described above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Debt Financing is not subject to due diligence or a typical &#147;market out&#148;
provision (i.e. a provision allowing lenders not to fund their commitments if certain conditions in
the financial markets prevail), the Debt Financing may not be considered assured. Merger Sub and
the Fincos have agreed under the merger agreement that if any portion of the Debt Financing becomes
unavailable in the manner or from the sources contemplated in the Debt Commitment Letter, they have
agreed to use their reasonable best efforts to obtain alternative financing from alternative
sources. In addition, under the merger agreement, the Debt Commitment Letter may be amended,
restated, supplemented or otherwise modified, superseded or replaced to add one or more lenders,
lead arrangers, bookrunners, syndication agents or similar entities, increase the amount of debt,
replace or modify the facilities or otherwise replace or modify the Debt Commitment Letter in a
manner not less beneficial in the aggregate to Merger Sub, the Fincos and Holdings, except that any
new debt financing commitments shall not (i)&nbsp;adversely amend the conditions to the debt financing
set forth in the Debt Commitment Letter in any material respect, (ii)&nbsp;reasonably be expected to
delay or prevent the closing of the merger, or (iii)&nbsp;reduce the aggregate amount of debt financing
available for closing unless replaced with new equity or debt financing. Subject to the foregoing,
Merger Sub and the Fincos are permitted under the merger agreement to obtain other debt financing
arrangements. The debt financing arrangements are subject to change (whether as a result of market
conditions or otherwise) and the Debt Financing described above or any other debt financings remain
subject to negotiation and completion of definitive documentation. Accordingly, since the final
terms, structures and amounts of the actual debt financing arrangements have not been agreed upon
and may not be determined until shortly before the effective time of the merger, the final terms,
structures and amounts of any or all of the actual debt financing may materially differ from the Debt
Financing described above.
</DIV>

<DIV align="left">
<A name="141"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividend Policy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently do not intend to pay regular quarterly cash dividends on the shares of Class&nbsp;A
common stock to be outstanding after the merger. We may from time to time decide to pay dividends
to holders of our common stock, which dividends may be substantial. If we pay a dividend to
holders of any class of common stock, we will pay a pro rata dividend to holders of all classes of
our common stock. Any decision to pay dividends to holders of our common stock will depend on a
variety of factors, including such factors as (1)&nbsp;Holdings&#146; and/or Clear Channel&#146;s ability to incur
debt, cash resources, results of operations, financial position, and capital requirements, (2)
timing and proceeds realized from asset sales, (3)&nbsp;regulatory changes and (4)&nbsp;any limitations
imposed by Holdings&#146; or Clear Channel&#146;s creditors. If we were to require cash from Clear Channel
to pay dividends, Clear Channel&#146;s debt financing arrangements could restrict its ability to make
such cash available to us to pay such dividends.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="142"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF BUSINESS OF HOLDINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings was formed in anticipation of the merger for the sole purpose of owning the equity
securities of Clear Channel. As a result the assets and business of Holdings will consist almost
exclusively of those of Clear Channel.
</DIV>

<DIV align="left">
<A name="144"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings
was formed by the Sponsors in May&nbsp;2007 for the purpose of acquiring Clear Channel.
It has not conducted any activities to date other than activities
incident to its formation and in connection
with the transactions contemplated by the merger
  agreement. Holdings does not have any assets or liabilities other
than as contemplated by the merger agreement. Clear Channel will
become an indirect wholly owned subsidiary of Holdings upon consummation of the merger, and the
business of Holdings after the merger will be that of Clear Channel and its subsidiaries.
Management&#146;s Discussion and Analysis of the Financial Condition and Results of Operations of Clear
Channel is set forth in Clear Channel&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31,
2006 and its Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2007, each of which are
incorporated by reference herein.
</DIV>

<DIV align="left">
<A name="143"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BOARD OF DIRECTORS AND MANAGEMENT OF HOLDINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our directors serve until a successor is duly elected and qualified or until the
earlier of his death, resignation or removal. Our executive officers are appointed and serve at
the discretion of our board of directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Board of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors is currently composed of eight directors. Each director is elected to a
term of one year. The following table sets forth information regarding the current officers and
directors.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Age</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Position</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott M. Sperling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">49</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Steve Barnes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">47</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Richard J. Bressler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">49</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles A. Brizius</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John Connaughton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ed Han</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ian K. Loring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kent R. Weldon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following biographies describe the business experience of each of our officers and
directors, each of whom has served in such capacity since May&nbsp;2007:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Scott M. Sperling </I>is Co-President of Thomas H. Lee Partners, L.P. and Trustee and General
Partner of various THL Equity Funds. Mr.&nbsp;Sperling is also President of TH Lee Putnam Capital.
Prior to joining Thomas H. Lee Partners, L.P. in 1994, Mr.&nbsp;Sperling was, for over ten years,
Managing Partner of The Aeneas Group, Inc., the private capital affiliate of Harvard Management
Company. Prior to that, Mr.&nbsp;Sperling was a senior consultant with the Boston Consulting Group.
Mr.&nbsp;Sperling is currently a Director of Hawkeye Holdings, Inc., Thermo Fisher Scientific, Inc.,
Univision Communications, Inc., Warner Music Group Corp. and several private companies. His prior
directorships include Houghton Mifflin Company, ProSiebenSat.1 Media AG, Experian Information
Solutions, Inc. and several other companies. Mr.&nbsp;Sperling holds a B.S. from Purdue University and
an M.B.A. from the Harvard Graduate School of Business Administration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Steve Barnes </I>has been associated with Bain Capital Partners, LLC since 1988 and has been a
Managing Director since 2000. In addition to working for Bain Capital Partners, LLC, he also held
senior operating roles of several Bain Capital portfolio companies including Chief Executive
Officer of Dade Behring, Inc., President of Executone Business Systems, Inc., and President of
Holson Burnes Group, Inc. Prior to 1988, he held several senior management positions in the
Mergers &#038; Acquisitions Support Group of PricewaterhouseCoopers. Mr.&nbsp;Barnes
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">presently serves on several boards including Sigma Kalon, CRC, Accellent and Unisource. He is
also active in numerous community activities including being a member of the Board of Director&#146;s of
Make-A-Wish Foundation of Massachusetts, the United Way of Massachusetts Bay, the Trust Board of
Children&#146;s Hospital in Boston, the Syracuse University School of Management Corporate Advisory
Council and the Executive Committee of the Young President&#146;s Organization in New England. He
received a B.S. from Syracuse University and is a Certified Public Accountant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Richard J. Bressler </I>is a Managing Director of Thomas H. Lee Partners, L.P. Prior to joining
Thomas H. Lee Partners, L.P. in 2006, Mr.&nbsp;Bressler was employed by Viacom, Inc. from May&nbsp;2001
through 2005 as the Senior Executive Vice President and Chief Financial Officer with responsibility
for managing all strategic, financial, business development, and technology functions. Prior to
that, Mr.&nbsp;Bressler served in various capacities with Time Warner Inc., including as Chairman and
Chief Executive Officer of Time Warner Digital Media. He also served as Executive Vice President
and Chief Financial Officer of Time Warner Inc. from March&nbsp;1995 to June&nbsp;1999. Prior to joining
Time Inc. in 1988, Mr.&nbsp;Bressler was a partner with the accounting firm of Ernst &#038; Young since 1979.
Mr.&nbsp;Bressler is currently a Director of Univision Communications, Inc., Warner Music Group Corp.,
Gartner, Inc., The Nielsen Company and American Media, Inc., Inc. In addition, Mr.&nbsp;Bressler is a
member of the J.P. Morgan Chase National Advisory Board. Mr.&nbsp;Bressler holds a B.B.A. from Adelphi
University.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Charles A. Brizius </I>is a Managing Director of Thomas H. Lee Partners, L.P. Prior to joining
Thomas H. Lee Partners, L.P. in 1993, Mr.&nbsp;Brizius was employed by Morgan Stanley &#038; Co. Incorporated
in the Corporate Finance Department as part of the Financial Institutions Group. Mr.&nbsp;Brizius has
also worked as a securities analyst at The Capital Group Companies, Inc., an institutional money
management firm. Mr.&nbsp;Brizius is currently a Director of Ariel Holdings Ltd., Front Line Management
Companies, Inc., and Spectrum Brands, Inc. His prior directorships include Big V Supermarkets,
Inc., Eye Care Centers of America, Inc., Houghton Mifflin Company, TransWestern Publishing Company,
United Industries Corporation and Warner Music Group Corp. Mr.&nbsp;Brizius holds a B.B.A. from
Southern Methodist University and an M.B.A. from the Harvard Graduate School of Business
Administration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>John Connaughton </I>has been a Managing Director of Bain Capital Partners, LLC since 1997 and a
member of the firm since 1989. He has played a leading role in transactions in the media,
technology and medical industries. Prior to joining Bain Capital, Mr.&nbsp;Connaughton was a consultant
at Bain &#038; Company, Inc., where he advised Fortune 500 companies. Mr.&nbsp;Connaughton currently serves
as a director of Warner Music Group Corp., AMC Theatres, Cumulus Media Partners, Sungard Data
Systems, Hospital Corporation of America (HCA), M|C Communications (PriMed), Warner Chilcott, Epoch
Senior Living, CRC Health Group, and The Boston Celtics. He also volunteers for a variety of
charitable organizations, serving as a member of The Berklee College of Music Board of Trustees and
the UVa McIntire Foundation Board of Trustees. Mr.&nbsp;Connaughton received a B.S. in commerce from
the University of Virginia and an M.B.A. from the Harvard Graduate School of Business
Administration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ed Han </I>first joined Bain Capital Partners, LLC in 1998, and is currently a Principal of the
firm. Prior to joining Bain Capital Partners, LLC, Mr.&nbsp;Han was a consultant at McKinsey &#038; Company.
Mr.&nbsp;Han received a B.A. from Harvard College and an MBA from
the Harvard Graduate School of Business Administration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ian K. Loring </I>is a Managing Director at Bain Capital Partners, LLC. Prior to joining Bain
Capital Partners, LLC in 1996, Mr.&nbsp;Loring was a Vice President of Berkshire Partners, with
experience in technology, media and telecommunications industries. Mr.&nbsp;Loring serves on the Boards
of Directors of Warner Music Group, Eschelon, NXP and Cumulus Media Partners as well as other
private companies. Mr.&nbsp;Loring received a B.A. from Trinity College and an MBA from the Harvard
Graduate School of Business Administration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Kent R. Weldon </I>is a Managing Director of Thomas H. Lee Partners, L.P. Prior to joining Thomas
H. Lee Partners, L.P. in 1991, Mr.&nbsp;Weldon was employed by Morgan Stanley and Co. Incorporated in
the Corporate Finance Department as part of the Financial Institutions Group. Mr.&nbsp;Weldon has also
worked as a securities analyst at Wellington Management Company, an institutional money management
firm. Mr.&nbsp;Weldon is currently a Director of Cumulus Media Partners, LLC, Michael Foods, Inc.,
Nortek, Inc. and Progressive Moulded Products Limited. His prior directorships include FairPoint
Communications, Inc. and Fisher Scientific International, Inc. Mr.&nbsp;Weldon holds a B.A. from the
University of Notre Dame and an M.B.A. from the Harvard Graduate School of Business Administration.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the merger and the issuance of the Class&nbsp;A common stock of Holdings, we will
increase the size of our board from eight to 12 members. At any time when any shares of Holdings
Class&nbsp;A common stock are outstanding, the holders of the Class&nbsp;A common stock, voting as a separate
class, will have the right to elect two independent directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management of Holdings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate that, after the merger, the current executive officers of Clear Channel will be
appointed as officers of Holdings by the board of directors of Holdings.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="145"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE PARTIES TO THE MERGER</B>
</DIV>

<DIV align="left">
<A name="146"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BT Triple Crown Capital Holdings III, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BT Triple Crown Capital Holdings III, Inc., a Delaware corporation, which we refer to as
Holdings, is currently wholly owned by the Sponsors and was organized solely for the purpose of
entering into the merger agreement and consummating the transactions contemplated by the merger
agreement. Holdings&#146; principal executive offices are located at One International Plaza,
36<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Boston, MA 02110 and its telephone number is (617)&nbsp;951-7000. It has not
conducted any activities to date other than activities incidental to its formation and in
connection with the transactions contemplated by the merger agreement. Holdings does not have any
assets or liabilities other than as contemplated by the merger agreement. Under the terms of the
merger agreement, Holdings will indirectly own 100% of the outstanding equity of Clear Channel
following the merger.
</DIV>
<DIV align="left">
<A name="147"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Clear Channel Communications, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Communications, Inc., incorporated in 1974, is a diversified media company with
three reportable business segments: radio broadcasting, Americas outdoor advertising (consisting
of operations in the United States, Canada and Latin America) and international outdoor
advertising. Clear Channel&#146;s principal executive offices are located at 200 East Basse Road, San
Antonio, Texas, 78209, and its telephone number is (210)&nbsp;822-2828. Clear Channel owns over 1,100
radio stations and a leading national radio network operating in the United States. In addition,
Clear Channel has equity interests in various international radio broadcasting companies. Clear
Channel also owns or operates more than 195,000 national and 717,000 international outdoor
advertising display faces. Additionally, Clear Channel owns or programs 51 television stations and
owns a full-service media representation firm that sells national spot advertising time for clients
in the radio and television industries throughout the United States. Clear Channel is
headquartered in San Antonio, Texas, with radio stations in major cities throughout the United
States.
</DIV>
<DIV align="left">
<A name="148"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B Triple Crown Finco, LLC and T Triple Crown Finco, LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B Triple Crown Finco, LLC, a Delaware limited liability company and T Triple Crown Finco, LLC,
a Delaware limited liability company, which we refer to as the Fincos, were organized solely for
the purpose of entering into the merger agreement and consummating the transactions contemplated by
the merger agreement. B Triple Crown Finco, LLC is currently wholly owned by Bain Capital
Partners, LLC (&#147;Bain Capital Fund IX&#148;) and its principal executive office is located at 111
Huntington Avenue, Boston, MA 02199 and its telephone number is (617)&nbsp;516-2000. T Triple Crown
Finco, LLC is currently wholly owned by Thomas H. Lee Partners, L.P. (&#147;THL Partners Fund VI&#148;) and
its principal executive office is located at 100 Federal Street, Boston, MA 02110 and its
telephone number is (617)&nbsp;227-1050.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to replacement equity commitment letters signed in connection with Amendment No.&nbsp;2,
Bain Capital Fund IX and THL Partners Fund VI, which we refer to as the Sponsors, have severally
agreed to purchase (either directly or indirectly through one or more intermediate entities) up to
an aggregate of $3.94&nbsp;billion of equity securities of Holdings and to cause all or a portion of
such cash to be contributed to Merger Sub as needed for the merger and related transactions
(including payment of cash merger consideration to Clear Channel shareholders, repayment of certain
Clear Channel debt, and payment of certain transaction fees and expenses). Each Sponsors&#146; equity
commitment will be reduced by half of the amount of Stock Consideration elected by Clear Channel
shareholders (that is, an aggregate reduction equal to $39.20 multiplied by the number of Clear
Channel shares subject to elections to receive Stock Consideration). The replacement equity
commitment letters entered into in connection with Amendment No.&nbsp;2 superseded the equity commitment
letters previously delivered by the Sponsors. Subject to certain conditions, each of the Sponsors
may also assign a portion of its equity commitment obligation to other investors, resulting in a
corresponding reduction of such Sponsor&#146;s commitment to the extent the assignee funds its
commitment, provided that any such transfer will not release such Investor of its obligations under
the limited guarantees. As a result, the investor groups may ultimately include additional equity
investors, although it is anticipated that all or substantially all of such co-investment by third
parties would be through entities controlled by the Sponsors.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="149"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BT Triple Crown Merger Co., Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BT Triple Crown Merger Co., Inc., a Delaware corporation, which we refer to as Merger Sub, is
currently wholly owned by Holdings and was organized solely for the purpose of entering into the
merger agreement and consummating the transactions contemplated by the merger agreement. Merger
Sub&#146;s principal executive offices are located at 100 Federal Street, Boston, MA 02110 and its
telephone number is (617)&nbsp;227-1050. It has not conducted any activities to date other than
activities incidental to its formation and in connection with the transactions contemplated by the
merger agreement. Under the terms of the merger agreement, Merger Sub will merge with and into
Clear Channel. Merger Sub does not have any assets or liabilities other than as contemplated by
the merger agreement. Clear Channel will survive the merger as an indirect wholly owned subsidiary
of Holdings and Merger Sub will cease to exist.
</DIV>
<DIV align="left">
<A name="150"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE SPECIAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="left">
<A name="151"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Time, Place and Purpose of the Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus is being furnished to you as part of the solicitation of
proxies by Clear Channel&#146;s board of directors for use at a special meeting to be held at the
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
, 2007, at 8:00 a.m., local time, or at any adjournment thereof. The
purpose of the special meeting is to consider and vote on the proposal to adopt the merger
agreement (and to approve the adjournment of the special meeting, if necessary or appropriate to
solicit additional proxies). If the shareholders fail to adopt the merger agreement, the merger
will not occur. A copy of the merger agreement, Amendment No.&nbsp;1 and Amendment No.&nbsp;2 are attached
to this proxy statement/prospectus as Annex A, Annex B and Annex C, respectively.
</DIV>
<DIV align="left">
<A name="152"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Who Can Vote at the Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Clear Channel&#146;s bylaws, Clear Channel&#146;s board of directors has set 5:00
p.m., Central Daylight Savings Time, on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007 as the record date. The holders of
Clear Channel common stock as of the record date are entitled to receive notice of and to vote at
the special meeting. If you own shares that are registered in someone else&#146;s name (for example, a
broker), you need to direct that person to vote those shares or obtain an authorization from them
to vote the shares yourself at the special meeting. On <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007, there were <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;shares of
Clear Channel common stock outstanding held by approximately <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> holders of record.
</DIV>
<DIV align="left">
<A name="153"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vote Required for Adoption of the Merger Agreement; Quorum</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adoption of the merger agreement requires the approval of the holders of two-thirds of the
outstanding shares of Clear Channel common stock entitled to vote thereon, with each share having a
single vote for these purposes. The failure to vote has the same effect as a vote &#147;AGAINST&#148;
adoption of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding shares of Clear Channel common stock entitled to
be cast as of the record date, represented in person or by proxy, will constitute a quorum for
purposes of the special meeting. A quorum is necessary to hold the special meeting. Once a share
of Clear Channel common stock is represented at the special meeting, it will be counted for the
purposes of determining a quorum and for transacting all business, unless the holder is present
solely to object to the special meeting. If a quorum is not present at the special meeting, it is
expected that the meeting will be adjourned to solicit additional proxies. If a new record date is
set for an adjourned meeting, then a new quorum will have to be established.
</DIV>
<DIV align="left">
<A name="154"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting By Proxy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus is being sent to you on behalf of the board of directors for
the purpose of requesting that you allow your shares of Clear Channel common stock to be
represented at the special meeting by the persons named in the enclosed proxy card. All shares of
Clear Channel common stock represented at the special meeting by proxies voted by properly executed
proxy cards will be voted in accordance with the instructions indicated on that proxy. If you sign
and return a proxy card without giving voting instructions, your shares will be voted as
recommended by the board of directors. <B>After careful consideration, the Clear Channel board of</B>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>directors (excluding Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs
who recused themselves from the deliberations), unanimously recommends a vote &#147;FOR&#148; adoption of the
merger agreement. The Clear Channel board of directors did not, and will not, make any
recommendation to its shareholders with respect to the election of the Stock Consideration. </B>In
considering the recommendation of Clear Channel&#146;s board of directors with respect to the merger
agreement, you should be aware that some of Clear Channel&#146;s directors and executive officers have
interests in the merger that are different from, or in addition to, the interests of our
shareholders generally. See &#147;The Merger &#151; Interests of Clear Channel&#146;s Directors and Executive
Officers in the Merger&#148; beginning on page&nbsp;95.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons named in the proxy card will use their own judgment to determine how to vote your
shares regarding any matters not described in this proxy statement/prospectus that are properly
presented at the special meeting. Clear Channel does not know of any matter to be presented at the
special meeting other than the proposal to adopt the merger agreement (and to approve the
adjournment of the meeting, if necessary or appropriate to solicit additional proxies).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may revoke your proxy at any time before the vote is taken at the special meeting. To
revoke your proxy, you must either send a signed written notice to Clear Channel revoking your
proxy, submit a proxy by mail dated after the date of the earlier proxy you wish to change or
attend the special meeting and vote your shares in person. Merely attending the special meeting
without voting will not constitute revocation of your earlier proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares of Clear Channel common stock are held in street name, you will receive
instructions from your broker, bank or other nominee that you must follow in order to have your
shares voted. If you do not instruct your broker to vote your shares, it has the same effect as a
vote &#147;AGAINST&#148; adoption of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel will pay the cost of this proxy solicitation. In addition to soliciting proxies
by mail, directors, officers and employees of Clear Channel may solicit proxies personally and by
telephone, facsimile or otherwise. None of these persons will receive additional or special
compensation for soliciting proxies. Clear Channel has retained Innisfree to assist in its
solicitation of proxies in connection with the special meeting. Innisfree may solicit proxies from
individuals, banks, brokers, custodians, nominees, other institutional holders and other
fiduciaries. Clear Channel has agreed to reimburse Innisfree for its reasonable administrative and
out-of-pocket expenses, to indemnify it against certain losses, costs and expenses, and to pay its
customary fees in connection with the proxy solicitation. Clear Channel also, upon request, will
reimburse brokers, banks and other nominees for their expenses in sending proxy materials to their
customers who are beneficial owners and obtaining their voting instructions. The Fincos, directly
or through one or more affiliates or representatives, may, at their own cost, also make additional
solicitation by mail, telephone, facsimile or other contact in connection with the merger. The
Fincos have retained Georgeson Inc. to assist them in any solicitation efforts they may decide to
make in connection with the merger. Georgeson may solicit proxies from individuals, banks,
brokers, custodians, nominees, other institutional holders and other fiduciaries. The Fincos have
agreed to reimburse Georgeson for its reasonable administrative and out-of-pocket expenses, to
indemnify it against certain losses, costs and expenses, and to pay its customary fees in
connection with such proxy solicitation.
</DIV>
<DIV align="left">
<A name="155"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Submitting Proxies Via the Internet or by Telephone</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of Clear Channel&#146;s shareholders who hold their shares of Clear Channel common stock
through a broker or bank will have the option to submit their proxies or voting instructions via
the Internet or by telephone. If your shares are held in &#147;street name,&#148; you should check the
voting instruction card provided by your broker to see which options are available and the
procedures to be followed.
</DIV>
<DIV align="left">
<A name="156"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Adjournments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although it is not currently expected, the special meeting may be adjourned for the purpose of
soliciting additional proxies. Any adjournment may be made without notice, other than by an
announcement made at the special meeting, of the time, date and place of the adjourned meeting. If
no quorum exists, the Chairman of the meeting shall have the power to adjourn the meeting from time
to time, without notice other than announcement at the meeting, until a quorum shall be present or
represented. If a quorum exists, holders of a majority of the shares of Clear Channel common stock
present in person or represented by proxy at the special meeting and entitled to vote
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">thereat may adjourn the special meeting. If your proxy card is signed and no instructions are
indicated on your proxy card, your shares of Clear Channel common stock will be voted &#147;FOR&#148; any
adjournment of the special meeting, if necessary or appropriate, to solicit additional proxies.
Any adjournment of the special meeting for the purpose of soliciting additional proxies will allow
Clear Channel&#146;s shareholders who have already sent in their proxies to revoke them at any time
prior to their use at the special meeting as adjourned.
</DIV>
<DIV align="left">
<A name="157"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion of the merger in this proxy statement/prospectus is qualified in its entirety
by reference to the merger agreement, Amendment No.&nbsp;1 and Amendment No.2 which are attached to this
proxy statement/prospectus as Annex A, Annex B and Annex C, respectively. You should read each of
the merger agreement, Amendment No.&nbsp;1, and Amendment No.&nbsp;2 carefully.
</DIV>
<DIV align="left">
<A name="158"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors periodically reviews and assesses strategic alternatives
available to Clear Channel to enhance shareholder value. As part of this on-going review, on April
29, 2005, Clear Channel announced a strategic realignment of its businesses. The plan included an
initial public offering of approximately 10% of the common stock of Clear Channel Outdoor,
comprised of Clear Channel&#146;s Americas and international outdoor segments, and a 100% spin-off of
Clear Channel&#146;s live entertainment segment and sports representation business, which now operates
under the name Live Nation. Clear Channel completed the initial public offering of Clear Channel
Outdoor on November&nbsp;11, 2005 and the spin-off of Live Nation on December&nbsp;21, 2005. In addition,
since that time Clear Channel has returned $1.6&nbsp;billion to Clear Channel&#146;s shareholders in the form
of stock repurchases and increased by 50% its regular quarterly dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding these initiatives, Clear Channel&#146;s common stock continued to trade during late
2005 and through the summer of 2006 at levels which management and the board of directors believed
discounted the value of Clear Channel. On August&nbsp;18, 2006, Messrs.&nbsp;Mark Mays and Randall Mays,
Clear Channel&#146;s Chief Executive Officer and President/Chief Financial Officer, respectively,
contacted Goldman Sachs and requested Goldman Sachs to prepare a preliminary assessment of the
strategic alternatives available to Clear Channel, including a possible sale of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;24, 2006, representatives of The Blackstone Group, or Blackstone, contacted Messrs.
Mark Mays and Randall Mays and stated that Blackstone was interested in exploring the possible
acquisition of Clear Channel. During this discussion, representatives of Blackstone discussed
their views on the merits of a possible acquisition of Clear Channel, but did not make any
proposals regarding the price or structure of a transaction. Messrs.&nbsp;Mark Mays and Randall Mays
did not make any proposals regarding a transaction or solicit any proposals from Blackstone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;28, 2006, representatives of Goldman Sachs met with Messrs.&nbsp;Mark Mays and Randall
Mays and discussed various strategic alternatives available to Clear Channel, including the
spin-off or taxable sale of Clear Channel Outdoor and the sale of non-core operating assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&nbsp;30, 2006, Messrs.&nbsp;Mark Mays and Randall Mays met with representatives of Blackstone
in San Antonio, Texas. On September&nbsp;1, 2006, Messrs.&nbsp;Mark Mays and Randall Mays met with
representatives of Providence Equity Partners, or Providence, in San Antonio, Texas. At these
meetings, Messrs.&nbsp;Mark Mays and Randall Mays discussed with representatives of these two private
equity groups their respective views on the feasibility of a leveraged acquisition transaction by
Clear Channel. No proposals regarding a transaction were made by any of the parties at those
meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;5, 2006, at a special meeting of Clear Channel board of directors held by
telephone, Mr.&nbsp;Mark Mays stated that, in light of the fact that Clear Channel&#146;s common stock
continued to trade at prices which management considered to discount the value of Clear Channel,
the recent strong operating performance reported by Clear Channel and prevailing conditions in the
financial markets, he considered it appropriate for the board to conduct a thorough consideration
of strategic alternatives.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Mark Mays further stated he was regularly contacted by private equity groups inquiring
about Clear Channel&#146;s interest in a possible transaction involving either the sale of Clear Channel
as a whole or one or more divisions or a portion of its assets. He reported that no specific
proposal had been made by any group and that the contacts had been limited to general inquiries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Clear Channel board of directors determined to conduct a thorough review of strategic
alternatives available to Clear Channel at its next regular meeting. The Clear Channel board of
directors requested that Goldman Sachs be engaged to advise the board of directors in connection
with that review. The board of directors directed management to attempt to determine whether a
leveraged buyout transaction was feasible in the current financial markets so that it could include
this alternative as part of its review. The Clear Channel board of directors authorized management
to permit Blackstone and Providence to act together to evaluate possible transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel management was directed to first obtain an agreement from Blackstone and
Providence containing customary confidentiality and standstill provisions. The Clear Channel board
expressly directed that the authority being granted was limited to providing confidential
information to Blackstone and Providence for the purpose of determining whether a leveraged buyout
of Clear Channel represented a feasible strategic alternative in the financial markets at this time
and that management was not authorized to commence a sale process or to negotiate price or terms of
a potential transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the meeting, the directors consulted with one another regarding the engagement of a
financial advisor and legal counsel in connection with the board&#146;s strategic review. It was the
consensus of the board, subject to formal ratification at the next scheduled meeting, to engage
Goldman Sachs as its financial advisor and Akin Gump Strauss Hauer &#038; Feld LLP, or Akin Gump, as
its legal advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;11, 2006, Clear Channel entered into a confidentiality agreement with each of
Blackstone and Providence to enable the parties to share information regarding Clear Channel and
its business in order to determine whether a sale of Clear Channel represented a feasible strategic
alternative at this time. The confidentiality agreements expressly prohibited Blackstone and
Providence from contacting any actual or potential co-investors, financiers or other third parties
who would or might provide equity, debt or other financing for a transaction without Clear
Channel&#146;s consent. The confidentiality agreements also contained customary standstill provisions
which, among other things, prevented Blackstone and Providence and their representatives from
acquiring Clear Channel common stock or participating in a proxy solicitation regarding Clear
Channel&#146;s common stock without Clear Channel&#146;s consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Blackstone and Providence met with Messrs.&nbsp;Mark Mays and Randall Mays in
New York City on September&nbsp;13, 2006 as part of their due diligence review. Representatives of Akin
Gump and Weil, Gotshal &#038; Manges, or Weil, legal counsel for Blackstone and Providence, were also in
attendance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;22, 2006, a consortium, which we refer to as Consortium 1, led by Blackstone and
Providence, submitted a preliminary nonbinding proposal to acquire Clear Channel in an all cash
transaction for $34.50 per share of common stock. The proposal indicated that Blackstone,
Providence, Bank of America Corporation and certain limited partners of Blackstone and Providence
would fund the equity for the transaction. Accompanying the preliminary, nonbinding proposal was a
letter from Bank of America Securities, LLC, or BAS, in which BAS stated that it was highly
confident of its ability to arrange for the necessary debt facilities in connection with the
possible transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;25, 2006, the board of directors convened a special meeting at Clear Channel&#146;s
headquarters in San Antonio, Texas, to review and discuss Clear Channel&#146;s strategic alternatives.
The meeting was also attended by representatives of Akin Gump and Goldman Sachs. Akin Gump
reviewed the directors&#146; fiduciary duties in the context of considering Clear Channel&#146;s strategic
alternatives. Messrs.&nbsp;Mark Mays and Randall Mays made a presentation regarding Clear Channel&#146;s
recent business results and financial performance, Clear Channel&#146;s existing financial condition and
Clear Channel&#146;s strategic plans, goals and prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs then made a presentation, which included an assessment of
Clear Channel&#146;s various strategic alternatives and reviewed illustrative financing at assumed
leverage ratios for a leveraged buyout transaction. The directors discussed the presentation and
asked questions of management
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">regarding their confidence in Clear Channel&#146;s plans, forecasts and prospects. The board of
directors discussed the risk and challenge of Clear Channel&#146;s existing business plans and
prospects, as well as the opportunities such plans presented to Clear Channel. The board of
directors discussed each of these alternatives in detail, including the potential value that each
alternative could generate to Clear Channel&#146;s shareholders, the attendant risks and challenges of
each alternative, the potential disruption to Clear Channel&#146;s existing business plans and prospects
occasioned by each alternative and the likelihood of successfully executing on such alternatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs also reviewed with the board of directors the proposal from
Consortium 1. The board of directors discussed the proposal generally and in relation to the other
strategic alternatives that might be available to Clear Channel, particularly the spin-off of Clear
Channel Outdoor combined with a sale of non-core assets by Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Clear Channel (excluding Messrs.&nbsp;Mark, Randall and L. Lowry Mays and
B. J. McCombs who were recused due to their potential interest in the transaction) continued the
meeting. These directors, whom we refer to as the disinterested directors, consisting of Alan D.
Feld, Perry J. Lewis, Phyllis B. Riggins, Theodore H. Strauss, J. C. Watts, John H. Williams and
John B. Zachry, have each been determined by the Clear Channel board of directors to be independent
for the purposes of the transaction. Akin Gump again reviewed the directors&#146; fiduciary duties in
considering strategic alternatives, including the possible sale of Clear Channel. Following
discussion among the disinterested directors and representatives of Goldman Sachs and Akin Gump,
the Clear Channel board of directors, by unanimous action of the disinterested directors, resolved
to begin a process to explore strategic alternatives to enhance shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, the disinterested directors determined to advise Messrs.&nbsp;Mark, Randall and L. Lowry
Mays and B. J. McCombs that they should not participate in deliberations by the board of directors
with respect to any proposed leveraged buyout transaction because of their possible participation
in the transaction following any closing. The disinterested directors determined that all
communications between any potential buying groups be directly with Akin Gump and Goldman Sachs and
not through members of management. Further, the disinterested directors advised Messrs.&nbsp;Mark,
Randall and L. Lowry Mays and B. J. McCombs to not have discussions, either directly or through
their representatives, regarding the terms on which any of them would participate in the management
of, or invest in, a surviving corporation following any sale of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs stated that, if a sales process developed with respect to the sale of Clear
Channel, Goldman Sachs would be willing to offer debt financing to all potential buying groups to
facilitate the sale process, noting that no buying group would be obligated to use Goldman Sachs as
its debt financing source. Akin Gump discussed with the board of directors the nature of the
potential conflict of interest that might arise from Goldman Sachs acting both as the financial
advisor to the board of directors and Clear Channel and a possible financing source in connection
with the sale of Clear Channel and described to the board of directors certain procedures that
Goldman Sachs could undertake to ensure the separation between the financing teams and the team
advising the board of directors and Clear Channel and the safeguards that Clear Channel could
undertake with regard to such conflict, including obtaining a fairness opinion from another
investment bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs were then excused from the board meeting and the
disinterested directors engaged in a discussion of the risks and benefits relating to Goldman
Sachs&#146; offer, including the potential conflict of interest and the related safeguards, with Akin
Gump. After the discussion, the disinterested directors determined that, although they could
anticipate circumstances in which such an offer may facilitate a sale process, those circumstances
were not currently present and they determined not to authorize Goldman Sachs to make such an
offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors determined that it would be advisable to establish a special
advisory committee to evaluate and report to the directors as to the fairness of the terms of any
leveraged buyout transaction or other proposal determined by the board of directors to be advisable
to Clear Channel and that presented potential conflicts with the interests of any of the directors.
The special advisory committee, consisting of Perry J. Lewis, who was designated as chair of the
committee, John H. Williams and John Zachry, was formed and given the power, among others, to
retain separate legal counsel and separate financial advisors. The process for pursuing, and all
negotiations with respect to, any possible transaction would be directed by the disinterested
directors as a whole.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors engaged in a discussion of the proposal made by Consortium 1. The
disinterested directors determined that the price proposed was not adequate when compared with the
other strategic alternatives considered at the meeting. After an extended discussion and
consideration of all relevant issues, the disinterested directors authorized Goldman Sachs to
communicate to Consortium 1 that the Clear Channel board of directors had no interest in pursuing a
transaction at the valuation proposed by Consortium 1. The disinterested directors further
directed Goldman Sachs to communicate to Consortium 1 that Clear Channel was terminating access to
further due diligence on Clear Channel and its business and that if it desired to continue
discussions and diligence it should materially improve its proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making these determinations, the disinterested directors emphasized that the Clear Channel
board of directors had made no determination to effect a sale of Clear Channel and neither
management nor Goldman Sachs was authorized to engage in a sale process. Nevertheless, in the
event that discussions with Consortium 1 continued or if another buying group or buying groups
emerged, the disinterested directors requested Mr.&nbsp;Alan Feld to act as lead director for purposes
of any discussion with potential buyer groups and to oversee and provide direction to Goldman Sachs
between meetings of the Clear Channel board of directors with respect to any future discussions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs contacted Consortium 1 on September&nbsp;26, 2006 and relayed the
directions of the board of directors, to the effect that a price of $34.50 was inadequate and that
the Clear Channel board of directors had determined not to pursue discussions and to terminate the
due diligence process and that the board of directors would entertain further diligence and
discussions if the consortium materially improved its offer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;27, 2006, Consortium 1 contacted representatives of Goldman Sachs and indicated
that, based upon certain assumptions regarding Clear Channel&#146;s operations, it would be willing to
acquire Clear Channel for $35.50 per share but would require further due diligence, including
access to more members of senior management, in order to improve on this price. Blackstone and
Providence also requested that, due to the size of some of the contractual obligations owing to
management, it desired an opportunity to engage in discussions with Messrs.&nbsp;Mark, Randall and L.
Lowry Mays regarding the terms on which they would be willing to participate in the management of,
or invest in, the surviving corporation in the event a sale was accomplished. After discussion
with representatives of Goldman Sachs and Akin Gump, Mr.&nbsp;Alan Feld authorized representatives of
Goldman Sachs to allow Consortium 1 to undertake a limited due diligence investigation of Clear
Channel for the sole purpose of improving on its proposal. The request to have conversations with
Messrs.&nbsp;Mark, Randall and L. Lowry Mays was deferred until the Clear Channel board of directors
could next meet.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;29, 2006, Blackstone and Providence requested permission to admit Kohlberg Kravis
Roberts &#038; Co., or KKR, to Consortium 1, which Mr.&nbsp;Alan Feld approved. KKR executed a
confidentiality agreement containing substantially the same terms as the confidentiality agreements
executed by Blackstone and Providence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a special meeting of Clear Channel board of directors held by telephone on October&nbsp;3, 2006
(attended by each of the directors other than John Zachry), which representatives of Goldman Sachs
and Akin Gump also attended, representatives of Goldman Sachs reported on the discussions with
Blackstone and Providence since the September&nbsp;25, 2006 meeting of the board of directors.
Following this report, Messrs.&nbsp;Mark, Randall, and L. Lowry Mays and B. J. McCombs recused
themselves and left the meeting. In response to the request by Blackstone and Providence on
September&nbsp;27, 2006, the disinterested directors determined that legal counsel for Messrs.&nbsp;Mark,
Randall and L. Lowry Mays, whom the disinterested directors authorized be engaged at Clear
Channel&#146;s expense to represent the Mayses in connection with any proposed leveraged buyout
transaction, would be permitted to have general discussions with Weil regarding the terms upon
which management might participate in the surviving corporation following a possible transaction on
the condition that no direct discussions would be permitted, no specific negotiations arriving at
any agreement would be had and that Akin Gump would be included in all such discussions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 5 and 6, 2006, members of management held a two-day diligence session with
representatives of Consortium 1 in New York City to discuss Clear Channel&#146;s business, operations,
financial condition, results of operations and financial forecasts for future periods. Also in
attendance were representatives of Akin Gump and Goldman Sachs.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;6, 2006, there was a meeting between counsel for Messrs.&nbsp;Mark, Randall and L. Lowry
Mays and Weil in which counsel for the Mayses presented a summary of the terms on which the Mayses
might participate in the management of, and invest in, the surviving corporation if a leveraged
buyout transaction were to occur. Counsel for the Mayses also advised Weil that discussions with
respect to Mr.&nbsp;L. Lowry Mays were only in respect of his employment arrangements and that he was
not at this time interested in discussing the possibility of any on-going investment in Clear
Channel. The meeting was also attended by Akin Gump.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;10, 2006, the special advisory committee met and determined to engage Sidley Austin
LLP as its special counsel. The special advisory committee retained Lazard Fr&#232;res &#038; Co. LLC, or
Lazard, as its financial advisor. Such retention contemplated that Lazard would undertake a study
to enable it to render an opinion as to the fairness from a financial point of view of the
financial consideration to be received by Clear Channel&#146;s shareholders in connection with any sale
of Clear Channel, which engagement was confirmed in an engagement letter dated October&nbsp;25, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;11, 2006, representatives of Consortium 1 contacted Goldman Sachs and indicated
that Consortium 1 would require further due diligence and an opportunity to meet further with
senior management of Clear Channel before revising its proposal. At the direction of Mr.&nbsp;Alan
Feld, Goldman Sachs requested Consortium 1 to identify with specificity what further diligence it
required for this limited purpose and arranged for further meetings to be held on October&nbsp;12 and
October&nbsp;13, 2006 in San Antonio, Texas. Separately, representatives of Clear Channel and Goldman
Sachs were contacted by representatives of Thomas H. Lee Partners, L.P., or THL Partners, who
stated that if Clear Channel was considering a leveraged buyout transaction, it desired to have an
opportunity to discuss such a transaction with Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;12 and 13, 2006, Clear Channel management held a due diligence session with
representatives of Consortium 1 in San Antonio, Texas, to discuss Clear Channel&#146;s business,
operations, financial condition, results of operations and financial forecasts for future periods.
Also in attendance were representatives of Goldman Sachs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a special meeting of Clear Channel board of directors held by telephone on October&nbsp;13, 2006
(attended by each of the directors other than J.C. Watts), which representatives of Goldman Sachs
and Akin Gump also attended, representatives of Goldman Sachs updated the board of directors with
respect to recent discussions with Consortium 1. Goldman Sachs then made a presentation on the
potential strategic alternatives available to enhance shareholder value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the meeting, Goldman Sachs reported the contact with THL Partners and THL Partners&#146;
desire to have exploratory discussions regarding a potential leveraged buyout transaction.
Following Goldman Sachs&#146; report, Messrs.&nbsp;Mark, Randall and L. Lowry Mays and B. J. McCombs recused
themselves and left the meeting. The disinterested directors present continued to discuss THL
Partners&#146; request for exploratory discussions. The disinterested directors discussed the increased
possibility of a leak, as well as the distraction to Clear Channel&#146;s management, and the potential
negative impact on Clear Channel and its business and operations, that could arise by engaging in
discussions with multiple parties. In light of these concerns and the potential adverse impact on
Clear Channel, the disinterested directors present directed Goldman Sachs to communicate to THL
Partners that the board of directors had not determined to sell Clear Channel. Akin Gump then
reported that it had prepared a draft of a merger agreement to be distributed to Weil to elicit
their views on the non-price terms of their proposal. The disinterested directors present
requested that Akin Gump review the terms of the proposed form of merger agreement with Mr.&nbsp;Alan
Feld, who would provide guidance on the terms reflected in the draft merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following discussions with Mr.&nbsp;Alan Feld, on October&nbsp;14, 2006 Akin Gump distributed a draft
merger agreement to Weil.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;15, 2006, Weil distributed a revised summary of senior executive arrangements and a
management equity term sheet to counsel to Messrs.&nbsp;Mark, Randall and L. Lowry Mays. Akin Gump was
provided a copy of each of these submissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;18, 2006, Blackstone and Providence contacted representatives of Goldman Sachs and
informed Goldman Sachs that KKR had withdrawn from Consortium 1, but that the remainder of the
consortium was making a non-binding preliminary proposal to purchase Clear Channel at the price of
$35.00 per share.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blackstone and Providence indicated that they would need to identify other equity and debt
sources to complete the transaction and that they could complete their remaining due diligence and
other work necessary to enter into definitive agreements for the proposed acquisition within two
weeks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later that same day, Weil provided to Akin Gump Consortium 1&#146;s written position on certain key
terms in the draft merger agreement previously transmitted to it, including the termination date,
the length of the marketing period, a go-shop right, the definition of material adverse effect,
fiduciary termination rights, termination fees payable in certain circumstances by Clear Channel,
on the one hand, and by the buyer, on the other hand, the conditions to closing, interim operating
covenants, equity syndication terms, board recommendation provisions, specific performance rights,
a proposed cap on the liability of the private equity firms for breach by the buyer and in other
circumstances and the allocation of risk with respect to regulatory approvals required with respect
to FCC matters and antitrust approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a special meeting of the Clear Channel board of directors held by telephone on October&nbsp;19,
2006 (attended by each of the directors other than J.C. Watts), which representatives of Goldman
Sachs and Akin Gump also attended, Goldman Sachs updated the Clear Channel board of directors with
respect to recent discussions with Consortium 1. Following Goldman Sachs&#146; report, Messrs.&nbsp;Mark,
Randall and L. Lowry Mays and B. J. McCombs recused themselves and left the meeting. Akin Gump
reviewed the directors&#146; fiduciary duties when considering strategic alternatives, including a
possible sale of Clear Channel. The disinterested directors present continued to discuss the most
recent proposal by Consortium 1. It was noted that not only had the price proposed by the
consortium been reduced but that any transaction was less certain to be executed in light of the
fact that Consortium 1 no longer had equity and debt commitments sufficient to complete the
transaction. The disinterested directors present discussed the alternatives available to Clear
Channel, including a discussion of the values for the shareholders that could be achieved from a
possible sale of Clear Channel compared to a spin-off of Clear Channel Outdoor combined with a sale
of non-core assets. Following discussion, the disinterested directors present directed Goldman
Sachs to communicate to Consortium 1 that the Clear Channel board of directors considered its
proposal inadequate; that the board of directors had a meeting scheduled for October&nbsp;25, 2006 to
discuss and review Clear Channel&#146;s strategic alternatives and if Consortium 1 desired that its
proposal be given consideration, it should improve its proposal prior to such time; and that the
board of directors intended in the interim to contact other parties that had expressed an interest
in exploring a sale transaction. The disinterested directors present then authorized Goldman Sachs
to contact THL Partners to ascertain whether it had an interest in leading a consortium to explore
a possible sale transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;20, 2006, Goldman Sachs contacted Blackstone and Providence and relayed the
directives of the board of directors. Goldman Sachs also contacted THL Partners and informed THL
Partners that it would provide THL Partners an opportunity to conduct due diligence to determine
whether it had an interest in forming a consortium to pursue discussions with Clear Channel
regarding a possible sale transaction. Goldman Sachs informed THL Partners that the board of
directors was meeting on October&nbsp;25, 2006 to discuss and review Clear Channel&#146;s strategic
alternatives and if THL Partners desired that a proposal be given consideration, it should provide
an indication of interest prior to such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;21, 2006, Akin Gump met with Mr.&nbsp;Alan Feld to obtain guidance on the written
positions taken by Consortium 1 with respect to the draft merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;21 and 22, 2006, members of Clear Channel management participated in multiple
telephone conferences with representatives of THL Partners to discuss Clear Channel&#146;s business,
operations, financial condition, results of operations and financial forecasts for future periods.
Prior to that time, THL Partners signed a confidentiality agreement containing substantially the
same terms as the confidentiality agreements executed by each of the other private equity firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;24, 2006, there were press reports to the effect that Clear Channel was in
discussions with private equity firms regarding a possible sale transaction. Later that day, THL
Partners submitted a non-binding expression of interest to acquire all of Clear Channel&#146;s
outstanding capital stock in an all cash transaction for $35.00 to $37.00 per share. THL Partners
indicated that it would need to identify other equity and debt sources to complete the transaction
but felt confident that it could secure firm commitments for the remaining equity and debt among
firms that it had worked with in the past. The proposal further indicated that THL Partners
anticipated that it could
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">complete its remaining due diligence and other work necessary to enter into definitive
agreements for the proposed acquisition within 20&nbsp;days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Consortium 1 submitted a revised proposal to acquire all of Clear Channel&#146;s
outstanding common stock in an all cash transaction for $35.00 per share. The proposal indicated
that KKR had rejoined the consortium. Accompanying the proposal was a &#147;highly confident letter&#148;
from BAS and Merrill Lynch, representing 100% of the debt financing necessary to complete the
transaction. The proposal further contemplated a 20&nbsp;day exclusivity period and stated that
Consortium 1 anticipated that it could complete its remaining due diligence and other work
necessary to enter into definitive agreements for the proposed acquisition within that 20&nbsp;day
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the same day, there were also press reports to the effect that Clear Channel was in
discussions with private equity firms regarding a possible sale transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;25, 2006, the Clear Channel board of directors convened a regular meeting at Clear
Channel&#146;s headquarters in San Antonio, Texas, to include a review and discussion of Clear Channel&#146;s
strategic alternatives. The meeting was also attended by representatives of Akin Gump and Goldman
Sachs. Akin Gump reviewed the directors&#146; fiduciary duties in the context of considering Clear
Channel&#146;s strategic alternatives, including a possible sale of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs updated the Clear Channel board of directors regarding events
that had transpired since the last meeting. Representatives of Goldman Sachs then discussed the
proposals that had been received by the Clear Channel board of directors from Consortium 1 and THL
Partners. Following Goldman Sachs&#146; discussion, the directors discussed the presentation and asked
questions of management regarding their confidence in Clear Channel&#146;s plans, forecasts and
prospects. The Clear Channel board of directors discussed the risks and challenges of Clear
Channel&#146;s existing business plans and prospects, as well as the opportunities presented to Clear
Channel by each of the alternative plans. The board of directors discussed each of these
alternatives in detail, including the potential value that each alternative could generate to Clear
Channel&#146;s shareholders, the attendant risks and challenges of each alternative, the potential
disruption to Clear Channel&#146;s existing business plans and prospects occasioned by each alternative
and the likelihood of successfully executing on such alternatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the discussion, Messrs.&nbsp;Mark, Randall and L. Lowry Mays and B. J. McCombs recused
themselves and left the meeting and the disinterested directors continued the meeting. Akin Gump
again reviewed the directors&#146; fiduciary duties in considering strategic alternatives, including the
possible sale of Clear Channel. The disinterested directors discussed each of the two proposals.
It was noted that given the recent press reports about possible discussions with private equity
firms, it was no longer possible to avoid the disruption that would accompany a more public
process. After taking these factors into account and reviewing the other strategic alternatives
presented to it, the disinterested directors determined that Clear Channel should issue a press
release that same day announcing that the board of directors had commenced a review of Clear
Channel&#146;s strategic alternatives and that the board of directors had retained Goldman Sachs to
advise it with respect to that review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further, Goldman Sachs was directed to inform Consortium 1 and THL Partners that Clear Channel
intended to issue the press release and request that they submit their best and final proposal to
the board of directors by close of business on November&nbsp;10, 2006, accompanied by equity and debt
financing commitments, sponsor guarantees, a summary of the terms (if any) proposed by the
consortium with respect to management&#146;s participation and/or investment in the surviving
corporation and comments to a draft merger agreement to be supplied by Akin Gump.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later that day, representatives of Goldman Sachs communicated the Clear Channel board of
directors requests for final proposals to each of Consortium 1 and THL Partners. They also
explained to each that Goldman Sachs and Akin Gump would make themselves available to discuss and
negotiate key terms and provisions of the draft merger agreement prior to the November&nbsp;10, 2006
deadline and that the Clear Channel board of directors encouraged each of them to avail themselves
of the opportunity to negotiate proposed changes to the draft merger agreement issues prior to the
November&nbsp;10, 2006 deadline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, THL Partners requested permission to form a consortium, which we refer to as
Consortium 2, with Bain Capital Partners LLC, or Bain, and Texas Pacific Group, or TPG, which was
approved by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Alan Feld. Bain and TPG each entered into a confidentiality agreement with Clear Channel
with terms substantially similar to the confidentiality agreements entered into by each of the
other private equity firms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;26, 2006, members of Clear Channel management held a due diligence session with
Consortium 2 in San Antonio, Texas, to discuss Clear Channel&#146;s business, operations, financial
condition, results of operations and financial forecasts for future periods. Representatives of
Goldman Sachs were also in attendance. Akin Gump transmitted to legal counsel to Consortium 2,
Ropes &#038; Gray LLP, or Ropes &#038; Gray, a copy of the draft merger agreement previously submitted to
Consortium 1. Further, Akin Gump explained the procedures previously approved by the Clear Channel
board of directors with respect to contacts with Mark, Randall and L. Lowry Mays with respect to
the terms on which they might participate in the management or equity of the surviving corporation.
Counsel for Mark, Randall and L. Lowry Mays distributed to Ropes &#038; Gray a summary of senior
executive arrangements and a management equity term sheet. The summary and term sheet contained
terms that were substantially identical to those most recently distributed to Consortium 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;27, 2006, the Clear Channel board of directors received a written non-binding,
preliminary, indication of interest from a consortium, which we refer to as Consortium 3,
consisting of Apollo Management, L.P., or Apollo, and The Carlyle Group, or Carlyle, to acquire all
of Clear Channel&#146;s outstanding common stock for at least $36.00 per share in cash. The indication
of interest stated that Consortium 3 had been informed by Goldman Sachs that the board of directors
requested the submission of fully financed bids on November&nbsp;10, 2006 and requested the board of
directors to consider a more extended process. At the direction of Mr.&nbsp;Alan Feld, Goldman Sachs
informed Consortium 3 that, upon execution of confidentiality agreements, it would be provided
access to management and due diligence materials and requested Consortium 3 to submit a more
definitive proposal (including plans for financing) by November&nbsp;1, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Lazard received, and forwarded to Goldman Sachs, from a consortium, which we
refer to as Consortium 4, consisting of Cerberus Capital Management, or Cerberus, and Oak Hill
Capital Management, or Oak Hill, a non-binding, preliminary indication of interest to engage in
discussions regarding a possible leveraged buyout transaction with Clear Channel. The indication
of interest did not contain a price at which Consortium 4 would be interested in completing a
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of Clear Channel board of directors was held by telephone on October&nbsp;28,
2006 (attended by each of the directors other than Mr.&nbsp;Theodore H. Strauss), which representatives
of Goldman Sachs and Akin Gump also attended. Mr.&nbsp;Alan Feld and representatives of Goldman Sachs
updated the Clear Channel board of directors regarding events that had transpired since the last
meeting. Messrs.&nbsp;Mark, Randall and L. Lowry Mays and B. J. McCombs then excused themselves from
the meeting. The disinterested directors present then discussed the indications of interest
received from Consortium 3 and Consortium 4. Following the discussion, the disinterested directors
present directed Goldman Sachs to inform Consortium 3 that if, following preliminary due diligence
on Clear Channel and its business, it submitted a more definitive proposal that was competitive,
the board of directors would look favorably on their request that the time for submission of bids
be extended. In addition, the directors present directed Goldman Sachs to contact Consortium 4 and
inquire as to whether they had intended to submit an indication of interest and, if that was the
case, to provide a preliminary indication of the valuation they were considering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs also reported that both THL Partners and Apollo had inquired regarding the
availability of financing from Goldman Sachs. Goldman Sachs confirmed that, to facilitate the sale
process, Goldman Sachs would be willing to offer debt financing to all consortia, noting that no
consortium would be obligated to use Goldman Sachs as its debt financing source. Akin Gump
reviewed with the disinterested directors the nature of the potential conflict of interest that
might arise from Goldman Sachs acting both as the financial advisor to the Clear Channel board of
directors and Clear Channel and a possible financing source in connection with the sale of Clear
Channel and the procedures that Goldman Sachs could undertake to ensure the separation between the
financing teams and the team advising the board of directors of Clear Channel and the safeguards
that Clear Channel could undertake with regard to such conflict.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs were then excused from the board meeting and the
disinterested directors engaged in a discussion of the risks and benefits relating to Goldman
Sachs&#146; offer, including the potential conflict of interest and the related safeguards, with Akin
Gump present. After the discussion, the disinterested
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directors present determined that, in light of the short period that remained prior to the
time for the submission of the bids and in order to increase the competitiveness of the bidding
process, Goldman Sachs was authorized to offer debt financing on the condition that appropriate
procedural safeguards acceptable to Akin Gump and Mr.&nbsp;Alan Feld were put in place and that Goldman
Sachs offered the same package of debt financing to each consortium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;29, 2006, Apollo and Carlyle each executed confidentiality agreements with terms
substantially similar to those contained in the confidentiality agreements with the other private
equity firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;29 and 30, 2006, management held a due diligence session by telephone with
representatives of Consortium 3 to discuss Clear Channel&#146;s business, operations, financial
condition, results of operations and financial forecasts for future periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;29, 2006, the Clear Channel board of directors and representatives of Goldman Sachs
received a written non-binding, preliminary indication of interest from Consortium 4 to acquire all
of Clear Channel&#146;s outstanding common stock for a price ranging from $37.00 to $39.00 per share.
At the direction of Mr.&nbsp;Alan Feld, representatives of Goldman Sachs informed Consortium 4 that,
upon execution of confidentiality agreements, they would be provided access to Clear Channel
management and due diligence materials and were requested to submit a more definitive proposal
(including plans for financing) in the next several days. Goldman Sachs was also directed to
inform them that if, after they completed preliminary due diligence on Clear Channel and its
business, they submitted a more definitive proposal (including plans for financing) that was
competitive, the Clear Channel board of directors would look favorably on any request to extend the
time for submission of bids.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;30, 2006, Mr.&nbsp;Alan Feld, on behalf of the board of directors, and Goldman Sachs
executed a consent letter outlining agreed upon procedures with respect to the planned offer by
Goldman Sachs of debt financing to each consortium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, drafts of confidentiality agreements in substantially the same form executed
by each of the other private equity firms were presented to Cerberus and Oak Hill and their
counsel. Clear Channel and Akin Gump engaged in negotiations with Cerberus and Oak Hill from
October&nbsp;30, 2006 through November&nbsp;10, 2006 to attempt to reach agreement on a form of
confidentiality agreement. The parties were unable to reach agreement due to the fact that
Cerberus and Oak Hill were unwilling to agree to provisions comparable to those agreed to by the
other private equity firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Weil presented to Akin Gump comments from Consortium 1 on the draft merger
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Clear Channel management held a due diligence session in San Antonio, Texas,
with representatives of Lazard to discuss Clear Channel&#146;s business, operations, financial
condition, results of operations and financial forecasts for future periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, on that same day, Clear Channel management also held a telephonic due diligence
session with representatives of Consortium 3 to discuss Clear Channel&#146;s business, operations,
financial condition, results of operations and financial forecasts for future periods.
Representatives of Goldman Sachs were also in attendance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;31, 2006, Clear Channel management held a due diligence session in San Antonio,
Texas, with representatives of Consortium 3 to discuss Clear Channel&#146;s business, operations,
financial condition, results of operations and financial forecasts for future periods.
Representatives of Goldman Sachs were also in attendance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In or around late October&nbsp;2006, representatives of TPG indicated to THL Partners and Bain that
TPG was having difficulty with its participation in the transaction, and that TPG did not want to
impede the process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;1, 2006, Apollo verbally submitted to Goldman Sachs a revised non-binding
preliminary indication of interest to acquire all of the common stock of Clear Channel in an all
cash transaction at a price of $35.00 per share and informed Goldman Sachs that Carlyle had removed
itself from Consortium 3. Following this
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">time, Apollo did not request to participate in any further diligence or indicate any interest
to form another consortium or submit a proposal.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first two weeks of November&nbsp;2006, through November&nbsp;15, 2006, Consortium 1 and
Consortium 2, their financing partners, representatives and advisors continued to conduct due
diligence on Clear Channel and its business. In addition, Clear Channel, Akin Gump and FCC and
antitrust counsel for Clear Channel conducted due diligence on the members of each of the
consortia, particularly with respect to their investments in other media companies and the markets
that such companies operated in and the participation of any non-United States persons in such
consortia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;3, 2006, the special advisory committee retained Watson Wyatt &#038; Company (&#147;Watson
Wyatt&#148;) as its executive compensation consultant. The retention was confirmed in an engagement
letter dated November&nbsp;6, 2006. Such retention contemplated that Watson Wyatt would review the
existing change-in-control arrangements for Messrs.&nbsp;Mark, Randall and L. Lowry Mays, any proposed
settlement of such existing arrangements in conjunction with a change of control of Clear Channel
and any proposed new incentive and investment arrangements for management. Watson Wyatt&#146;s
engagement also contemplated a comparison of proposed management arrangements with benchmark data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first two weeks of November, the special advisory committee met three times in
connection with its review of the possible transactions. At these meetings, the special advisory
committee received the advice and reports of Sidley, Lazard and Watson Wyatt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;4, 2006, Ropes &#038; Gray submitted to Akin Gump written comments to the draft merger
agreement on behalf of Consortium 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of Clear Channel board of directors was held by telephone on November&nbsp;7,
2006 (attended by each of the directors), which representatives of Goldman Sachs, Akin Gump and
Sidley also attended. Representatives of Goldman Sachs updated the board of directors regarding
events that had transpired since the last meeting of the board of directors. Akin Gump reviewed
the Clear Channel directors&#146; fiduciary duties in considering strategic alternatives, including the
possible sale of Clear Channel. Messrs.&nbsp;Mark, Randall and L. Lowry Mays and B. J. McCombs then
recused themselves and left the meeting. Akin Gump then summarized the key terms of the draft
merger agreement presented to each of Consortium 1 and Consortium 2. The key terms covered the
scope of the representations, warranties and covenants made by the respective parties to the
agreement, as well as the conditions to closing the transaction and the provisions relating to the
termination of such agreement. Akin Gump then summarized the comments on the draft merger
agreement received from each consortium. The disinterested directors instructed Akin Gump and
Goldman Sachs that they would not approve a definitive agreement that was contingent on receipt of
financing for the transaction; that the board of directors must have the right to change its
recommendation to Clear Channel&#146;s shareholders with respect to the transaction if required by its
fiduciary duties to do so; that the board of directors must be able to terminate the agreement if
it received a superior proposal following execution of a definitive agreement; that the fee payable
by Clear Channel if it terminated the agreement must be reasonable, with a lower fee payable during
a post-signing go-shop period; that the buying group must agree not to syndicate its equity
holdings to other bidders in the process in order to protect the integrity of the bidding process;
that the buying group must covenant to take all necessary actions to obtain FCC and HSR approvals;
that the buying group must be liable to Clear Channel if the buyer breaches its obligations under
the definitive agreement or a closing fails to occur due to the failure of the regulatory
conditions; and that the terms of the transaction should provide additional purchase price in the
event the closing of the transaction is extended beyond an agreed upon date, which we refer to as a
ticking fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period from November&nbsp;8, 2006 through November&nbsp;12, 2006, Akin Gump and Goldman Sachs
continued to negotiate the terms of a draft merger agreement with Consortium 1 and Consortium 2
through telephonic meetings and in-person meetings held at Akin Gump&#146;s offices in New York City.
Also participating in some of these meetings were the parties&#146; respective FCC and antitrust
counsel. During the course of these discussions and negotiations, the parties addressed each of
the key terms of the draft merger agreement and the proposed plans of each of the two consortium
for dealing with potential FCC and HSR issues raised by the fact that each of the consortia had
investments in other media companies, some of which operated broadcast stations and print media in
markets overlapping markets served by Clear Channel&#146;s television and radio broadcast stations. Key
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">terms addressed in these negotiations included the terms of any ticking fee, the board of
directors&#146; request for a go-shop period, the structure and amount of break up fees and reverse
break up fees, change of recommendation provisions, the board of directors request that the equity
holdings of each consortium not be syndicated to other participants in the bidding process, the
definition of superior proposal and material adverse effect, and the remedies of Clear Channel for
breach of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;8, 2006, Consortium 2 informed Goldman Sachs it would not be able to submit a
complete bid package on November&nbsp;10, 2006. After consulting with Mr.&nbsp;Alan Feld, Goldman Sachs
informed each of Consortium 1 and Consortium 2 that the deadline for submitting the bid packages
would be moved to November&nbsp;13, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From November&nbsp;8, 2006 through November&nbsp;12, 2006, representatives Goldman Sachs and Akin Gump
periodically consulted with Mr.&nbsp;Alan Feld to provide him an update on developments in the separate
negotiations and to solicit his guidance on potential resolution of differences between the
positions taken by the board of directors and the positions taken by the two consortia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During this period, the parties and their advisors finalized the terms of separate agreements
to be entered into by the equity sponsors that comprised each consortium, which we refer to as
limited guarantees, pursuant to which such equity sponsors would guarantee certain payment
obligations of the buyer under the draft merger agreement, subject to a cap. In addition, during
this time period, counsel for Messrs.&nbsp;Mark, Randall and L. Lowry Mays and counsel for each of the
consortia continued to exchange views on the terms on which the Mayses would participate in
management, and invest in, the surviving corporation resulting for any transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2006, Akin Gump and representatives of Goldman Sachs met separately with each
of Consortium 1 and Consortium 2 and their advisors to review the procedures for submitting bids on
November&nbsp;13, 2006. Each consortium was informed that Akin Gump would deliver to it a final draft
of the merger agreement reflecting the terms which had been agreed to during the course of
negotiations and, where agreement had not been reached, the terms proposed by the board of
directors. Each consortium was told that, as part of the bid package, it would have an opportunity
to make changes to the final draft of the merger agreement, but that any changes submitted would
weigh against its bid when considered by the board of directors. Each consortium was requested to
submit written bid packages on November&nbsp;13, 2006 indicating the price per share to be paid for 100%
of the common stock of Clear Channel in an all cash transaction and consisting of (i)&nbsp;a copy of the
final draft of the merger agreement, marked with any proposed changes, (ii)&nbsp;a detailed description
of financing sources, including commitment letters, (iii)&nbsp;a final form of the limited guarantee and
(iv)&nbsp;a description of the terms proposed by the consortium with respect to the participation of
Messrs.&nbsp;Mark, Randall and L. Lowry Mays in the surviving corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;12, 2006, representatives of THL Partners and Bain informed Goldman Sachs that TPG
would not be a participant in Consortium 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consortium 1 and Consortium 2 submitted complete bid packages on November&nbsp;13, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Clear Channel board of directors convened a special meeting on November&nbsp;14, 2006, which
was also attended by representatives of Akin Gump, Goldman Sachs, and Sidley. Present at the
commencement of the meeting were each of the disinterested directors. Akin Gump reviewed the
directors&#146; fiduciary duties in considering strategic alternatives, including the sale of Clear
Channel. Representatives of Goldman Sachs then made a presentation to the disinterested directors.
During this presentation Goldman Sachs orally reviewed the history of negotiations with Consortium
1 and Consortium 2 and developments since the last meeting of Clear Channel board of directors.
Goldman Sachs also reviewed its contacts with Consortium 3 and Consortium 4 and confirmed to the
disinterested directors that each such consortium had been informed that if, after conducting
preliminary due diligence, it had made a qualified proposal that sufficient time would be provided
to it in order to participate in the bidding process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs then reviewed the two bid packages received on November&nbsp;13, 2006. Each
consortium proposed an all cash transaction at a price of $36.50 per common share. Goldman Sachs
also described the terms proposed by each of the consortium for the participation of management in
the surviving corporation. Akin Gump
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">described how the key terms discussed at the November&nbsp;7, 2006 board meeting had been resolved
and reviewed with the disinterested directors the principal differences between the two merger
agreements submitted as part of the bid packages. The non-financial terms proposed by Consortium 2
were overall more favorable than those proposed by Consortium 1 with respect to matters affecting
the responsibilities of the consortium to resolve issues that may arise in obtaining necessary
regulatory consents. Conversely, the structure and amounts of the termination fees payable by the
consortium in the event of a breach or failure to close in certain circumstances proposed by
Consortium 1 were more favorable than those proposed by Consortium 2. Further, Consortium 1
proposed a go-shop period of 30&nbsp;days following signing and Consortium 2 proposed a go-shop period
of 21&nbsp;days following signing. The disinterested directors then received reports from regulatory
counsel with respect to the FCC and HSR approval processes, issues that may be encountered and any
differences presented by the participants of the two consortia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the presentations by Goldman Sachs, Akin Gump and regulatory counsel, the disinterested
directors directed Goldman Sachs to communicate with each of Consortium 1 and Consortium 2 that
their bids reflected identical per share prices and that they would need to improve their bids if
they were to receive favorable consideration and to review the merger agreement provisions they
could improve to make their bid more favorable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors then discussed the current change in control contracts between
Clear Channel and each of Messrs.&nbsp;Mark, Randall and L. Lowry Mays, including provisions providing
for income tax and excise tax gross ups and the potential financial impact these arrangements might
have on a merger proposal when compared to benchmark arrangements with executives at comparable
companies. The disinterested directors determined to request Messrs.&nbsp;Mark, Randall and L. Lowry
Mays to accept a reduction in their change in control payments and benefits, including the
elimination of income tax gross ups. Messrs.&nbsp;Alan Feld and John Zachry, chairman of the
compensation committee, were requested to communicate these requests. The meeting was adjourned to
the following morning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following adjournment, Goldman Sachs and Akin Gump communicated the instructions of Clear
Channel board of directors to each of Consortium 1 and Consortium 2 and requested that each of the
consortiums submit improved bids on November&nbsp;15, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The meeting of the board of directors was reconvened on November&nbsp;15, 2006. Mr.&nbsp;Mark Mays
reported to the board that, in order to assure the receipt of the best price available in the
circumstances, each of he, Messrs.&nbsp;Randall Mays and L. Lowry Mays had agreed to a reduction in
payments and benefits otherwise provided by their change in control agreements in the event that
Clear Channel entered into a merger agreement with either Consortium 1 or Consortium 2 and the
merger (or a superior proposal) was consummated. The agreed upon reductions included the
elimination of Mr.&nbsp;L. Lowry Mays&#146; cash severance payment otherwise due him upon a termination of
employment following the merger, a reduction in the severance payment and benefits otherwise due
Messrs.&nbsp;Mark Mays and Randall Mays upon a termination of employment following the merger, the
elimination of the income tax gross ups otherwise due Messrs.&nbsp;Mark Mays and Randall Mays, and
certain other modifications. As a result of these agreed upon changes, it was estimated, by the
disinterested directors based on certain assumptions, including among others the timing of the
closing, that Clear Channel would realize approximately $300&nbsp;million in savings, which the
disinterested directors expected would enable the potential buyer to offer a higher consideration
for Clear Channel. The disinterested directors expressed their appreciation to the Mayses for
these concessions and Goldman Sachs was instructed by the disinterested directors to inform each of
Consortium 1 and Consortium 2 of these changes so that they could be reflected in their revised
proposals. In addition, the deadline for submitting the revised proposals was extended to provide
sufficient time to reflect these changes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Clear Channel board of directors then received an updated presentation from Goldman Sachs
reflecting its final assessment of the strategic alternatives available to Clear Channel. The
Clear Channel directors discussed the presentation and asked questions of management and conducted
a thorough review of each of these alternatives, including the risks and challenges presented by
each alternative; the potential value that each alternative could generate to Clear Channel&#146;s
shareholders; the potential disruption to Clear Channel&#146;s existing business plans and prospects
occasioned by each alternative; and the likelihood of successfully executing on such alternatives.
Following this presentation the Clear Channel board of directors determined that, depending on
receipt of a final proposal from one of the consortium that was acceptable to the disinterested
directors, a sale of Clear Channel presented the strategic alternative that was in the best
interests of the shareholders. Messrs.&nbsp;Mark, Randall and L.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lowry Mays confirmed that they were prepared to conclude their management arrangements with
either consortium if that were the decision of the disinterested directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs.&nbsp;Mark, Randall and L. Lowry Mays and B. J. McCombs left the meeting and the
disinterested directors continued the meeting. Following receipt of the revised proposal from each
of Consortium 1 and Consortium 2, the two proposals were read to the disinterested directors.
Consortium 1 submitted a revised proposal at $36.85 per share and Consortium 2 submitted a revised
proposal at $37.60 per share. In addition, each of the two revised proposals reflected
improvements to the terms of the merger agreement. It was determined by the disinterested
directors that the proposal submitted by Consortium 2 represented the most attractive proposal. At
the request of the disinterested directors, Goldman Sachs reviewed with the disinterested directors
its financial analysis of the merger consideration proposed by Consortium 2 and rendered to the
board of directors an opinion, which opinion was subsequently confirmed in writing, to the effect
that, as of that date and based upon and subject to the factors and assumptions set forth in its
opinion, the $37.60 per share in cash to be received by the holders of the outstanding shares of
Clear Channel common stock (other than holders of Rollover Shares) pursuant to the merger agreement
was fair, from a financial point of view, to such holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to approving the execution of definitive agreements, the disinterested directors
requested that the special advisory committee report to the directors its assessment of the
fairness of the terms of the proposed merger with Consortium 2 to Clear Channel&#146;s unaffiliated
shareholders. The meeting of the board was then recessed and the special advisory committee
convened separately with Sidley, Lazard and Watson Wyatt. At the meeting of the special advisory
committee, the special advisory committee requested that Lazard render an opinion as to whether the
financial consideration to be received by Clear Channel shareholders in the proposed merger with
entities sponsored by Consortium 2 was fair from a financial point of view to Clear Channel
shareholders (other than Clear Channel, Merger Sub, any holder of Rollover Shares and any
shareholder who is entitled to demand and properly perfects appraisal rights). Lazard delivered to
the special advisory committee an oral opinion, which was subsequently confirmed by a written
opinion dated November&nbsp;16, 2006, that, as of such date and based upon and subject to the factors
and assumptions set forth in its written opinion, the consideration to be received by the holders
of Clear Channel&#146;s common stock in the proposed merger was fair, from a financial point of view, to
such holders (other than Clear Channel, Merger Sub, any holder of Rollover Shares and any
shareholder who is entitled to demand and properly perfects appraisal rights). Watson Wyatt
advised the special advisory committee that the modified management arrangements conformed more
closely in design and amount to benchmarks (except with respect to Mr.&nbsp;L. Lowry Mays, whose amended
arrangement was more favorable to Clear Channel than a standard arrangement). Watson Wyatt
confirmed their report that buyouts for the full amount of existing severance arrangements are
typical in leveraged buyout transactions, the proposed award of restricted stock to Messrs.&nbsp;Mark
Mays and Randall Mays was in an amount consistent with a buyout of the modified severance
arrangements and the proposed equity pool for management in the modified arrangements was within
benchmark ranges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After additional discussion and deliberation with its advisors, the special advisory committee
determined that the terms of the proposed merger with entities sponsored by Consortium 2 was fair
to Clear Channel&#146;s unaffiliated shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the meeting of the special advisory committee, the directors (excluding Messrs.
Mark, Randall and L. Lowry Mays and B. J. McCombs) reconvened, and the chair of the special
advisory committee reported to the disinterested directors as a whole its assessment as to
fairness. The Clear Channel board of directors, by the unanimous vote of the disinterested
directors, determined that the merger is advisable and in the best interests of Clear Channel and
its shareholders, approved the merger and the merger agreement and resolved to recommend to the
shareholders of Clear Channel approval of the merger and approval and adoption of the merger
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the meeting was adjourned, Clear Channel, the Fincos and Merger Sub executed the merger
agreement and issued a press release announcing the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the execution of the merger agreement, Goldman Sachs began the process of contacting
private equity firms and strategic buyers that might be interested in exploring a transaction with
Clear Channel. Of the 22 parties contacted during the 21-day post-signing go-shop period,
including 16 potential strategic buyers and 6 private equity firms (2 of which had previously been
contacted, but had not entered into confidentiality agreements), none submitted a proposal to
pursue a transaction with Clear Channel. Accordingly, on December&nbsp;8, 2006, Clear
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Channel notified the Fincos that Clear Channel had not received any proposals that would
qualify as an &#147;Excluded Competing Proposal&#148; for purposes of the solicitation provisions of the
merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period between January and March&nbsp;2007, Messrs.&nbsp;Mark and Randall Mays together with
Alan Feld, Clear Channel&#146;s lead director, and Perry J. Lewis, the Chairman of the special advisory
committee, met with several of Clear Channel&#146;s institutional shareholders to provide them more
detail regarding the board&#146;s process that led to its determination to recommend the merger. During
these meetings, some of Clear Channel&#146;s institutional shareholders indicated that they intended to
vote against the merger proposal and expressed the view that the merger consideration of $37.60 per
share was not sufficient to obtain their vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on March&nbsp;13, 2007, Clear Channel&#146;s board of directors, with Messrs.&nbsp;Mark P.
Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs recusing themselves, rescheduled the special
meeting of shareholders to April&nbsp;19, 2007 and set a new record date for shareholders entitled to
vote at the special meeting of March&nbsp;23, 2007. In making that determination, the Clear Channel
board considered the substantial trading volume in Clear Channel&#146;s shares of common stock since the
original record date for the special meeting, and as the original record date no longer reflected
Clear Channel&#146;s then current shareholder base, determined to set a new record date to better align
the economic and voting interests of all shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;12, 2007, Ropes &#038; Gray, on behalf of the Fincos, requested in writing to the Clear
Channel board that pursuant to the terms of the merger agreement, Clear Channel reconfirm to Clear
Channel&#146;s shareholders its recommendation to vote in favor of adoption of the merger agreement and
the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;13, 2007, the Fincos provided to Clear Channel board of directors a letter indicating
their willingness to discuss a proposal to amend the merger agreement. The proposal reflected a
change in the merger consideration to include $38.50 per share, the opportunity for each
shareholder, in that shareholder&#146;s sole discretion, to receive the $38.50 in either, or a
combination of, cash and/or shares of stock in the surviving corporation (up to an aggregate cap on
the number of shares of stock equivalent to 10% of the outstanding shares immediately following the
merger) and a &#147;contingent value right,&#148; or CVR, providing for a right to receive contingent cash
payments in certain circumstances. Specifically, the CVR would provide that the shareholders would
receive in installments (i)&nbsp;following the closing of the merger, within 10 business days following
the availability of certain financial statements covering the period through closing, (ii)&nbsp;in 2009,
50% of the net proceeds (net of expense, reserves, and certain other costs and taxes) received by
Clear Channel from the sale of certain non-core radio and television assets in excess of $2.0
billion, and (iii)&nbsp;in 2010 an additional amount per share if the compounded annual growth rate
(&#147;CAGR&#148;) of Clear Channel&#146;s radio business for the period from January&nbsp;1, 2006 through December&nbsp;31,
2009 is 2% or higher. In the latter case, if the CAGR for Clear Channel&#146;s radio business for this
period was less than 2%, no additional amount would be paid under the CVR; if the CAGR for Clear
Channel&#146;s radio business for his period was equal to or greater than 2% (but less than 3%), an
additional $1.00 per share would be paid to Clear Channel shareholder; and if the CAGR for Clear
Channels radio business for this period was greater than 3%, an additional $2.00 per share would be
paid to Clear Channel&#146;s shareholders. The proposal also included proposed additional termination
fees payable by Clear Channel in certain circumstances, as follows: (x)&nbsp;in the event that Clear
Channel&#146;s shareholders did not approve the merger at the special meeting, Clear Channel would be
required to pay to the Fincos $75&nbsp;million in lieu of any expense reimbursement (which under the
original merger agreement and under the merger agreement is capped at $45&nbsp;million) and (y)&nbsp;in the
event that the merger agreement was terminated and a Competing Proposal was consummated with one of
the parties contacted during the auction process or the go-shop period within 12&nbsp;months thereafter,
Clear Channel would be required to pay a termination fee to the Fincos in the amount of $600
million. The proposal made by the Fincos provided that it would terminate automatically in the
event that Clear Channel made any public disclosure of its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On that same day, Clear Channel&#146;s board of directors convened a special meeting by telephone,
which was attended by representatives of Akin Gump and Goldman Sachs. Present at the meeting were
each of the directors (other than Ms.&nbsp;Phyllis Riggins and Mr.&nbsp;J.C. Watts). Representatives of
Goldman Sachs summarized the financial terms of the proposal received from the Fincos. Representatives of Akin Gump
addressed certain legal matters, including the fiduciary duties of the board of directors. They
further explained that if the Clear Channel board were to accept the proposal, the timing of the
special meeting could be delayed by as much as 90&nbsp;days in order to allow Clear Channel an
opportunity to prepare, file and process a registration statement with the Securities and Exchange
Commission and distribute it to Clear Channel&#146;s shareholders. Management reported that, after
consulting with representatives of
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Goldman Sachs, the value of the CVR is highly uncertain given the nature of the minimum
thresholds for any future payments. Management noted that its current estimates indicated that the
net proceeds from non-core radio and TV assets (as these terms were defined in the Fincos&#146;
proposal) would not exceed $2.0&nbsp;billion and that analyst estimates for growth in the radio industry
are uncertain. The Clear Channel board requested Goldman Sachs to prepare a financial analysis
regarding the proposal and adjourned the meeting to April&nbsp;15, 2007. Each of Messrs.&nbsp;Mark P. Mays,
Randall T. Mays, L. Lowry Mays and B. J. McCombs then excused themselves from the meeting. The
disinterested directors continued their deliberations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A special meeting of Clear Channel board of directors was held by telephone on April&nbsp;15, 2007
(attended by each of the directors other than Mr.&nbsp;B. J. McCombs and Ms.&nbsp;Phyllis Riggins), and was
also attended by representatives of Akin Gump and Goldman Sachs. Management reviewed and discussed
its revised forecasts with Clear Channel&#146;s board of directors. Representatives of Goldman Sachs
made a presentation to Clear Channel&#146;s board of directors regarding an analysis of the financial
terms of the proposed amendment to the merger agreement and an updated financial analysis of the
strategic alternatives available to Clear Channel, including a separation of Clear Channel Outdoor,
a recapitalization and special dividend. The directors discussed the presentation and asked
questions of management and conducted a thorough review of each of these alternatives, including
the risks and challenges presented by each alternative; the potential value that each alternative
could generate to Clear Channel&#146;s shareholders; the potential disruption to Clear Channel&#146;s
existing business plans and prospects occasioned by each alternative; and the likelihood of
successfully executing on each alternative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following this presentation, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays and L. Lowry Mays
then excused themselves from the meeting and the disinterested directors continued their
deliberations. Following discussion, the disinterested directors directed Goldman Sachs to inform
the Fincos that the board was concerned about the delays that would be attendant to their proposal
and that they strongly favored an all cash offer, which should be increased from $38.50 per share
in light of the expressed opposition of certain of Clear Channel&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;16, 2007, a special meeting of the board of directors was held by telephone, which
was also attended by representatives of Akin Gump and Goldman Sachs. Representatives of Goldman
Sachs reported to Clear Channel&#146;s board of directors on Goldman Sachs&#146; discussion with the Fincos
following the meeting of the board of directors held on April&nbsp;15, 2007. Goldman Sachs reported
that the Fincos had indicated they would take under consideration the request that the offer be
converted to an all cash offer. Goldman Sachs also reported that the Fincos had requested that the
board of directors respond to the other terms of the proposal, including the changes to the
termination fee provisions. Following a discussion among Clear Channel&#146;s directors, Goldman Sachs
was instructed to inform the Fincos that the Clear Channel board of directors strongly preferred an
increased all-cash offer and that the board was not agreeable to any change in the termination
fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;17, 2007, the Fincos submitted to Clear Channel&#146;s board of directors a revised
written proposal to amend the merger agreement. The revised proposal reflected an all-cash merger
consideration of $39.00 per share. The revised proposal also included proposed changes in
termination fees payable by Clear Channel in certain circumstances, as follows: (i)&nbsp;in the event
that Clear Channel&#146;s shareholders did not approve the merger at the special meeting, Clear Channel
would be required to pay to the Fincos $60&nbsp;million in lieu of any expense reimbursement (which
under the original merger agreement and under the merger agreement is capped at $45&nbsp;million) and
(ii)&nbsp;in the event that the merger agreement was terminated for any reason other than a willful
breach by the Fincos and Clear Channel executed a definitive agreement with respect to or
consummated a Competing Proposal with one of the parties contacted during the auction process or
the go-shop period within 12&nbsp;months thereafter, Clear Channel would be required to pay a
termination fee to the Fincos in the amount of $500&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;17, 2007, the Clear Channel board of directors convened a special meeting by
telephone, which also was attended by representatives of Akin Gump and Goldman Sachs. Present at
the meeting were each of Clear Channel directors. Goldman Sachs presented to the board of
directors the terms of the written proposal submitted by the Fincos. Following the presentation,
each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs then excused
themselves from the meeting and the disinterested directors discussed the revised written proposal.
The disinterested directors directed Goldman Sachs to inform the Fincos that the board was not
agreeable to the $60&nbsp;million fee payable in the event the shareholders failed to approve the merger
but, in consideration of the increase in the merger consideration, would accept an additional fee
of $100&nbsp;million in the event that the merger
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">agreement was terminated and a Competing Proposal was consummated with one of the parties
contacted during the auction process or the go-shop period within 12&nbsp;months thereafter. The
special meeting was adjourned to enable Goldman Sachs to discuss the board&#146;s proposal with the
Fincos.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later on that same date, the Clear Channel board of directors re-convened the special meeting
by telephone. Goldman Sachs reported that the Fincos had revised their proposal further,
indicating that it was their best and final proposal. The revised proposal was presented in the
form of an amendment to the merger agreement, which in its final form is referred to in this proxy
statement/prospectus as Amendment No.&nbsp;1. The revised proposal reflected an all-cash merger
consideration of $39.00 per share. The revised proposal also included a proposed change in
termination fees payable by Clear Channel in the event that the merger agreement was terminated for
any reason other than a willful breach by the Fincos and Clear Channel executed a definitive
agreement with respect to or consummated a Competing Proposal with one of the parties contacted
during the auction process or the go-shop period, or their affiliates, within 12&nbsp;months thereafter.
In this event, Clear Channel would be required to pay a termination fee to the Fincos in the
amount of $200&nbsp;million. Representatives of Akin Gump reviewed with Clear Channel&#146;s board of
directors its fiduciary duties in the context of a review of the proposed amendment to the original
merger agreement. Representatives of Goldman Sachs made a presentation to Clear Channel&#146;s board of
directors regarding an analysis of the financial terms of the proposed amendment to the original
merger agreement. The directors discussed the presentation and asked questions of management. The
Clear Channel directors reviewed their deliberations and discussion of the other strategic
alternatives available to Clear Channel at the prior meetings and asked questions of Goldman Sachs
and management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following these discussions, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and
B. J. McCombs then excused themselves from the meeting and the disinterested directors continued
their deliberations. Goldman Sachs then delivered to Clear Channel&#146;s board of directors its oral
opinion (subsequently confirmed in writing), that as of the date of its opinion, and based upon and
subject to the factors and assumptions therein, the consideration of $39.00 per share in cash to be
received by the holders of the outstanding shares of Clear Channel&#146;s common stock (other than the
Rollover Shares) pursuant to the merger agreement was fair from a financial point of view to such
holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of the original merger agreement, the disinterested members
of Clear Channel&#146;s board of directors formed a special advisory committee comprised of three
disinterested and independent members of the board, with the purpose of providing its assessment as
to the fairness of the terms of the original merger agreement and to provide its assessment in the
event Clear Channel receives a Competing Proposal. The special advisory committee was not
requested by the independent directors to separately assess the proposed amendment, as the
amendment does not constitute a Competing Proposal. As a consequence, Lazard, financial advisor to
the special advisory committee, was not requested to provide an opinion with respect to the
proposed amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors (excluding Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry
Mays and B. J. McCombs who had recused themselves from the deliberations) then considered the
proposed amendment to the merger agreement and the transactions contemplated thereby and approved
and adopted Amendment No.&nbsp;1. Clear Channel&#146;s board of directors then determined that, subject to
the execution of the amendment to the merger agreement, the special meeting be rescheduled and held
on May&nbsp;8, 2007 to allow Clear Channel&#146;s shareholders entitled to vote at the special meeting
additional time to consider the amendment to the merger agreement and the information in this
supplement and in the proxy statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;18, 2007, Clear Channel, Merger Sub and the Fincos executed the amendment to the
merger agreement and issued a press release announcing the amendment to the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;2, 2007, the board of directors received from the Fincos a term sheet contemplating a
change in the terms and structure of the merger agreement. The term sheet contemplated (i)&nbsp;an
increase in the merger consideration to be paid to unaffiliated shareholders from $39.00 to $39.20
per share and (ii)&nbsp;the opportunity for each shareholder to elect between cash and stock in the
surviving corporation in the merger (up to an aggregate cap equivalent to 30% of the outstanding
capital stock and voting power immediately following the merger). Under this proposal, each of L.
Lowry Mays, Mark Mays and Randall Mays (and their affiliates) and each director of Clear Channel
would be entitled to receive $37.60 per share in cash for each share of common stock (and options)
held by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">them (or in the case of a rollover, shares with a value of $37.60 per share), in lieu of the
$39.20 per share and the election set forth above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;3, 2007, the Clear Channel board of directors convened a special meeting by telephone,
which also was attended by representatives of Akin Gump and Goldman Sachs. Present at the meeting
were each of the Clear Channel directors. Representatives of Akin Gump reviewed with Clear
Channel&#146;s board of directors its fiduciary duties in the context of a review of the term sheet.
Goldman Sachs summarized for the board of directors the terms reflected on the term sheet submitted
by the Fincos. Following the presentation, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry
Mays and B. J. McCombs then recused themselves from the meeting and the disinterested directors
discussed the proposed term sheet. During the discussion it was noted that acceptance of the
proposal would result in a delay in the special meeting to consider the merger, then scheduled for
May&nbsp;8, 2007, by as much as 90&nbsp;days in order to allow parties an opportunity to prepare, file and
process a registration statement with the Securities and Exchange Commission and distribute it to
Clear Channel&#146;s shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disinterested directors then determined not to accept the new terms and structure
submitted by the Fincos. In doing so, the disinterested directors noted that the increase in
merger consideration was only 0.5% more than currently provided for and the change in structure
would require a delay in the date of the special meeting of up to 90&nbsp;days with no material increase
in certainty that the transaction would be approved by Clear Channel&#146;s shareholders. Further, it
was noted that, since the announcement on April&nbsp;18, 2007 of the increase in merger consideration
from $37.60 to $39.00 per share, significant shareholders of Clear Channel had privately or
publicly made known their opposition to the merger at $39.00 per share and their lack of interest
in shares of capital stock of the surviving corporation following the merger; two of the country&#146;s
leading institutional proxy advisory services, Institutional Shareholder Services and Glass Lewis &#038;
Co., had recommended against the merger transaction, stating that the $39.00 per share purchase
price is too low; and tabulated proxies received by the Clear Channel board of directors reflected
at the time of the meeting a vote against the merger of more than the required 1/3 of the
outstanding shares necessary to defeat the merger proposal. The board decided to convene the
special meeting of shareholders scheduled to take place on May&nbsp;8, 2007 and allow the shareholders
to vote on the existing merger proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Between May&nbsp;3, 2007 and May&nbsp;7, 2007, the Fincos engaged in discussions with the board of
directors and its representatives regarding the terms summarized in the term sheet submitted on May
2, 2007. In addition, a number of shareholders of Clear Channel, including some of its largest
shareholders, contacted members of the board of directors and requested the board to delay the date
of the special meeting to provide the shareholders an opportunity to consult with the board on the
proposed change in structure and terms. At a meeting convened on May&nbsp;7, 2007 by telephone, the
board of directors (with L. Lowry Mays, Mark Mays, Randall Mays and B.J. McCombs recused from the
vote), determined to reschedule the special meeting to May&nbsp;22, 2007 at 8:00 a.m., Central Daylight
Savings Time, to allow the board of directors sufficient time to complete its discussions with the
Fincos, consult with its significant shareholders and further develop the Fincos&#146; proposal to issue
&#147;stub equity&#148; in the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period from May&nbsp;7, 2007 through May&nbsp;17, 2007, members of the board of directors had
discussions with the most significant shareholders of Clear Channel (in terms of holdings) in which
a substantial majority of these shareholders requested that the board of directors negotiate a
stock election as part of the merger terms and submit the revised structure to the shareholders for
a vote. In addition, during this period Akin Gump and Ropes &#038; Gray negotiated the terms of a
proposed form of Amendment No.&nbsp;2 to the merger agreement. Key terms addressed in these
negotiations included the organizational structure of the buying group, terms of the stock
election, the treatment of shares of common stock and options to purchase common stock held by
members of the board of directors, limitations on the fees payable to the Fincos and their
affiliates in connection with the merger and the inclusion of at least two independent directors on
the board of directors of Holdings following the merger. The board of directors met on May&nbsp;14,
2007 to receive an update on the status of discussions with shareholders and the Fincos and its
counsel on the form of amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;17, 2007, the Clear Channel board of directors convened a special meeting by telephone,
at which each of the directors was present. Representatives of Akin Gump and Goldman Sachs were
also present. Goldman Sachs and Akin Gump summarized the terms of a proposed amendment to the
merger agreement, which we refer to as Amendment No.&nbsp;2 in this proxy statement/prospectus and the
history of the negotiations on the terms of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amendment. Certain members of the board of directors summarized various conversations that
were had with various shareholders of Clear Channel, including some of its largest shareholders, in
which a substantial majority of such shareholders requested the board of directors to amend the
merger proposal to include a stock election and submit the revised terms to the shareholders for a
vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the proposed Amendment No.&nbsp;2, at the effective time of the merger, each
outstanding Clear Channel Common Stock and Net Electing Option Shares (as defined in &#147;The Merger Agreement &#151;
Treatment of Common Stock and Other Securities &#151; Clear Channel Common Stock&#148; below), other than
shares owned by Clear Channel, Merger Sub, the Fincos, Holdings, any shareholders who are entitled
to and who properly exercise appraisal rights under Texas law and by the holders of certain
securities that will be &#147;rolled-over&#148; into securities of Holdings, will be cancelled and converted
into the right to receive $39.20 in cash plus the Additional Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an alternative to receiving the $39.20 per share cash consideration, Clear Channel&#146;s
unaffiliated shareholders and optionholders would be offered the opportunity to exchange up to
approximately 30,612,245 shares of outstanding Clear Channel common stock and Net Electing Option
Shares in the aggregate for an equal number of shares of Holdings Class&nbsp;A common stock
(representing approximately 30% of the outstanding capital stock and voting power of Holdings
immediately following the merger). In addition, no Clear Channel shareholder would be allocated a
number of shares of Holdings Class&nbsp;A common stock representing more than 9.9% of the outstanding
common stock of Holdings immediately following the merger. The proposed Amendment No.&nbsp;2, as
presented to the board of directors of Clear Channel, included the other terms and conditions
summarized in this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Akin Gump reviewed with Clear Channel&#146;s board of directors its fiduciary
duties in the context of a review of the proposed Amendment No.&nbsp;2. In particular, they reported
that, under Texas law, the board of directors may submit a merger proposal to its shareholders
without a recommendation or, if submitted with a recommendation, may qualify that recommendation in
any manner the board determines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representatives of Goldman Sachs made a presentation to Clear Channel&#146;s board of directors
regarding an analysis of the financial terms of the proposed cash consideration of $39.20 per share
that holders of Public Shares could elect to receive pursuant to the proposed Amendment No.&nbsp;2. As
part of that presentation, Goldman Sachs stated that it would not be expressing any opinion as to
the value of the Holdings Class&nbsp;A common stock or the prices at which the Holdings Class&nbsp;A common
stock may trade if and when they are issued or whether any market would develop for the Holding
Class&nbsp;A common stock. During the discussion that followed, the board of directors noted the risks
associated with the Holdings Class&nbsp;A common stock and the likely reduced liquidity in the stock
compared to that currently available to shares of Clear Channel common stock. Further, the board
of directors took note of the fact that, under the proposal, each shareholder could elect to
receive the Cash Consideration and any Stock Election would represent a voluntary investment
decision by the shareholder so electing and that the Stock Election is responsive to those
shareholders that have expressed a desire to retain an equity position in the surviving corporation
following the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following these discussions, each of Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and
B. J. McCombs then recused themselves from the meeting and the disinterested directors continued
their deliberations. Goldman Sachs then delivered to Clear Channel&#146;s board of directors its oral
opinion (subsequently confirmed in writing), that as of the date of its opinion, and based upon and
subject to the factors and assumptions therein, the Cash Consideration of $39.20 per share that
holders of Public Shares can elect to receive pursuant to the merger agreement was fair from a
financial point of view to such holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution of the original merger agreement, the disinterested members
of Clear Channel&#146;s board of directors formed a special advisory committee comprised of three
disinterested and independent members of the board, with the purpose of providing its assessment as
to the fairness of the terms of the original merger agreement and to provide its assessment in the
event Clear Channel receives a Competing Proposal. The special advisory committee was not
requested by the independent directors to separately assess the proposed Amendment No.&nbsp;2, as the
amendment does not constitute a Competing Proposal. As a consequence, Lazard, financial advisor to
the special advisory committee, was not requested to provide an opinion with respect to the
proposed amendment.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors (excluding Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry
Mays and B. J. McCombs who had recused themselves from the deliberations) then considered the
proposed Amendment No.&nbsp;2 and the transactions contemplated thereby and approved and adopted
Amendment No.&nbsp;2. Following a discussion of the Goldman Sachs presentation and the proposed
amendment, Clear Channel&#146;s Board of Directors:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; determined that the merger agreement and the merger are advisable and in the best
interest of Clear Channel&#146;s shareholders;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; approved and adopted the merger agreement and the merger; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unanimously recommended that Clear Channel&#146;s shareholders approve and adopt the merger
agreement and the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recommendation of the board of directors was based on its assessment of the Cash
Consideration to be received by shareholders that make a Cash Election. The board of directors
expressly did not make any recommendation as to whether any shareholder should make a Stock
Election and makes no recommendation regarding the Class&nbsp;A common stock of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s board of directors then determined to cancel the special meeting of
shareholders scheduled on May&nbsp;22, 2007 to allow management time to prepare, file and process this
proxy statement/prospectus.
</DIV>
<DIV align="left">
<A name="159"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reasons for the Merger</B>
</DIV>

<DIV align="left">
<A name="160"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Determination of the Board of Directors</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration, the Clear Channel board of directors, by a unanimous vote of the
disinterested directors (i)&nbsp;determined that the merger is advisable and in the best interests of
Clear Channel and its unaffiliated shareholders, (ii)&nbsp;approved, adopted and declared advisable the
merger agreement and the transactions contemplated thereby, (iii)&nbsp;recommended that the shareholders
of Clear Channel vote in favor of the merger and directed that such matter be submitted for
consideration of the shareholders of Clear Channel at the special meeting (except that the board of
directors did not, and will not, make any recommendation to the shareholders with respect to the
election of the Stock Consideration) and (iv)&nbsp;authorized the execution, delivery and performance of
the merger agreement and the transactions contemplated by the merger agreement. <B>The board of
directors&#146; recommendation is based on the Cash Consideration to be received by shareholders that
make a Cash Election. The board of directors makes no recommendation as to whether any shareholder
should make a Stock Election and makes no recommendation regarding the Class&nbsp;A common stock of
Holdings. </B>In considering the recommendation of the Clear Channel board of directors with respect
to the merger agreement, you should be aware that some of Clear Channel&#146;s directors and executive
officers who participated in meetings of the board of directors have interests in the merger that
are different from, or in addition to, the interests of Clear Channel&#146;s shareholders generally.
See &#147;The Merger &#151; Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger&#148;
beginning on page&nbsp;95.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decisions Clear Channel&#146;s board of directors consulted with its financial and
legal advisors, and considered a number of factors, including, but not limited to, those set forth
below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Clear Channel board of directors&#146; familiarity with the business, financial
condition, results of operations, prospects and competitive position of Clear Channel,
including the challenges faced by Clear Channel and other risks inherent in achieving
Clear Channel&#146;s plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The judgment of the disinterested directors regarding the prospects of Clear Channel
based on its current and historical performance, management&#146;s projections, the
uncertainties regarding industries in which Clear Channel operates and the risks
inherent in achieving management&#146;s projections.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The results of the Clear Channel board of directors&#146; review, with the assistance of
Goldman Sachs, of the strategic alternatives available to Clear Channel, including the
board of directors&#146;</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessment of the risks and challenges presented by each alternative; the potential
value that each alternative could generate to Clear Channel&#146;s shareholders; the
potential disruption to Clear Channel&#146;s existing business plans and prospects
occasioned by each alternative; and the likelihood of successfully executing each
such alternative.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prior strategic initiatives implemented by Clear Channel, including the initial
public offering of approximately 10% of the common stock of Clear Channel Outdoor, the
100% spin-off of Live Nation, a $1.6&nbsp;billion return of capital to Clear Channel&#146;s
shareholders in the form of stock repurchases and a 50% increase in Clear Channel&#146;s
regular quarterly dividend, which had failed to increase the market price of Clear
Channel common stock to a level reflective of the value of Clear Channel&#146;s businesses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that Clear Channel, with the assistance of its advisors, had conducted a
wide-ranging process to solicit indications of interest in a transaction, including (i)
the public announcement on October&nbsp;25, 2006 of its intention to evaluate strategic
alternatives, (ii)&nbsp;the execution of nine confidentiality agreements, (iii)&nbsp;the receipt
of preliminary indications of interest from four consortia of private equity firms,
(iv)&nbsp;active due diligence and management interviews by three consortia of private
equity firms, (v)&nbsp;the conduct of discussions and negotiations with consortia of private
equity firms and (vi)&nbsp;the receipt of two definitive proposals to acquire Clear Channel,
as described under &#147;The Merger &#151; Background of the Merger.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that during the 21-day period following the execution of the merger
agreement, Goldman Sachs contacted a total of 22 potential buyers that might be
interested in exploring a transaction with Clear Channel none of whom submitted a
proposal to pursue a transaction with Clear Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The opinion dated May&nbsp;17, 2007 of Goldman Sachs to the Clear Channel board of
directors, to the effect that as of that date, and based upon and subject to the
factors and assumptions set forth therein, the cash consideration of $39.20 per Public
Share that the holders of Public Shares can elect to receive pursuant to the merger
agreement was fair from a financial point of view, to such holders as described under
&#147;Opinion of Clear Channel&#146;s Financial Advisor.&#148; The full text of the Goldman Sachs
opinion is attached to this proxy statement/prospectus as Annex E.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The current and historical market prices of Clear Channel&#146;s common stock and the
premium over the recent historical market prices of Clear Channel&#146;s common stock
reflected in the $39.20 price per share, a premium of approximately 21.7 % above the
closing trading price of Clear Channel common stock on October&nbsp;24, 2006, the day prior
to the announcement of Clear Channel&#146;s decision to consider strategic alternatives, a
premium of approximately 30.7 % above the average closing price of Clear Channel common
stock during the 30 trading days ended October&nbsp;24, 2006, a premium of approximately
33.9% above the average closing price of Clear Channel common stock during the 60
trading days ended October&nbsp;24, 2006, and a premium of approximately 17.9% over the
average closing trading price of Clear Channel common stock over the one year period
ended May&nbsp;25, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the $39.20 price per share reflected the highest firm proposal
received from all parties contacted in soliciting indications of interest under the
process discussed above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Debt Commitment Letter indicated a strong commitment on the part of the lenders
with few conditions that would permit the lenders to terminate their commitments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the merger agreement and the related agreements, including:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;A 21-day post-signing go-shop period, during which Clear Channel may solicit additional
interest in transactions involving Clear Channel, and after such 21-day period, continue
discussions with certain persons under certain circumstances for an additional 29&nbsp;days;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Clear Channel&#146;s ability after the go-shop period, under certain other limited
circumstances, to furnish information to and conduct negotiations with third parties regarding
other proposals;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;the fact that the merger agreement permits Clear Channel to respond to Competing Proposals,
and upon payment of a fee of $500&nbsp;million ($300&nbsp;million during the go-shop period), to accept a
proposal that Clear Channel&#146;s board of directors determines to be superior to the terms of the
merger agreement and the transactions contemplated thereby, under certain circumstances as more
fully described under &#147;The Merger Agreement &#151; Solicitation of Alternative Proposals&#148;;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;the limited number and nature of the conditions to funding set forth in the Debt Commitment
Letter and the obligation of the buyer to use its reasonable best efforts (1)&nbsp;to obtain the debt
financing and (2)&nbsp;if the buyer fails to effect the closing because of a failure to obtain the debt
financing, to pay Clear Channel a $500&nbsp;million termination fee;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;the provisions of the merger agreement that allow Clear Channel&#146;s board of directors, under
certain circumstances, to change its recommendation that Clear Channel&#146;s shareholders vote in favor
of the adoption of the merger agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;the limited number and nature of the conditions which must be satisfied prior to the
consummation of the merger under the merger agreement, including the absence of a financing
condition;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;the fact that Clear Channel will be entitled to a termination fee of $600&nbsp;million, in
certain circumstances, if the merger agreement is terminated due to the failure to receive the
requisite regulatory approvals prior to a specified date provided that all other conditions to
Merger Sub&#146;s obligations to consummate the merger have been satisfied; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;the fact that the Sponsors have agreed not to syndicate equity interests in Merger Sub to
other private equity firms that executed confidentiality agreements prior to the signing of the
merger agreement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The modifications to the employment agreements of Messrs.&nbsp;Mark, Randall and L. Lowry
Mays, including the agreement that the proposed transaction would not be deemed a
change of control under their employment agreements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The several limited guarantees provided by the Sponsors and the respective
representations, warranties and covenants of the parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The understanding of the directors, after consulting with their financial and legal
advisers, that the termination fee of $500&nbsp;million ($300&nbsp;million if the termination
occurs during the go-shop period) to be paid by Clear Channel if the merger agreement
is terminated under certain circumstances, was reasonable, customary and not
preclusive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that Clear Channel shareholders have the option to receive an equity
interest in Holdings following the proposed transaction and therefore will participate
in any potential future growth or earnings of Clear Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The availability of appraisal rights to Clear Channel&#146;s shareholders who comply with
all required procedures under Texas law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The experience of the Sponsors in completing acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors also considered the following potentially negative factors in reaching
its decision to approve, adopt and declare advisable in all respects the merger agreement and the
transactions contemplated by the merger agreement:
</DIV>

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risk that the financing contemplated by the Debt Commitment Letter for the
consummation of the merger might not be obtained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the consideration to be received in the merger by the holders of the
outstanding shares of Clear Channel common stock (other than the Rollover Shares) is
not all cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the merger would be a taxable transaction to the
shareholders of Clear Channel with respect to the cash portion of the
consideration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that the interests of certain directors and officers of Clear Channel are
different in certain respects from the interests of shareholders generally, as
described under &#147;The Merger &#151; Interests of Clear Channel&#146;s Directors and Executive
Officers in the Merger,&#148; including potential payments to be made to members of Clear
Channel&#146;s management in the transaction.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The restrictions on the conduct of Clear Channel&#146;s business prior to the
consummation of the merger, which, subject to specific limitations, may delay or
prevent Clear Channel from taking certain actions during the time that the merger
agreement remains in effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The requirement that under the terms of the merger agreement, Clear Channel would
pay the Fincos a termination fee if it were to terminate the merger agreement to accept
a Superior Proposal for the acquisition of Clear Channel, if the board of directors
were to change its recommendation concerning the merger agreement, and in certain other
circumstances (including, in some instances, if shareholders do not vote to adopt the
merger agreement), and that Clear Channel&#146;s obligation to pay the termination fee might
discourage other parties from proposing a business combination with, or an acquisition
of, Clear Channel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fact that Clear Channel is entering into the merger agreement with a newly
formed entity with essentially no assets and, accordingly, that its remedy in
connection with a breach, even a breach that is deliberate or willful, of the merger
agreement by Merger Sub is limited to a termination fee of $500&nbsp;million ($600&nbsp;million
in certain circumstances if the breach results in a failure to obtain necessary
regulatory consents).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risks and costs to Clear Channel if the merger does not close, including the
diversion of management and employee attention, potential employee attrition and the
potential impact on Clear Channel&#146;s businesses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The risk that while the merger is expected to be completed, there can be no
assurance that all conditions to the parties&#146; obligations to complete the merger will
be satisfied, and as a result, it is possible that the merger may not be completed even
if approved by Clear Channel&#146;s shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The approvals required for consummation of the transaction, including the approval
of the FTC or the Antitrust Division of the U.S. Department of Justice under the HSR
Act and the FCC Consent, and the time periods that may be required to obtain those
approvals.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Clear Channel board of directors considered all of the factors as a whole and the board of
directors unanimously considered the factors in their totality to be favorable to and in support of
the decision to approve, adopt and declare advisable in all respects the merger agreement and the
transactions contemplated by the merger agreement and to recommend that Clear Channel&#146;s
shareholders approve and adopt the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In view of the variety of factors considered in connection with its evaluation of the merger,
the Clear Channel board of directors did not find it practicable to and did not quantify, rank or
otherwise assign relative or specific weight or values to any of these factors. In addition, each
individual director may have given different weights to different factors.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing discussion of Clear Channel&#146;s board of directors&#146; considerations concerning the
merger is forward looking in nature. This information should be read in light of the discussions
under the heading &#147;Cautionary Statement Concerning Forward-Looking Information.&#148;
</DIV>
<DIV align="left">
<A name="161"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Determination of the Special Advisory Committee</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;25, 2006, the disinterested members of Clear Channel&#146;s board of directors formed
a special advisory committee comprised of three disinterested and independent members of the board.
The special advisory committee was formed for the purpose of (i)&nbsp;prior to execution of the
original merger agreement, providing its assessment, after receiving the advice of legal and
financial advisors and other experts, as to the fairness of the terms of the original merger
agreement, and (ii)&nbsp;following execution of the original merger agreement, in the event Clear
Channel receives a Competing Proposal, providing its assessment, after receiving the advice of
legal and financial advisors and other experts, as to the fairness and/or superiority of the terms
of the Competing Proposal and the continuing fairness of the terms of the original merger
agreement. The process for pursuing, and all negotiations with respect to, the original merger
agreement, Amendment No.&nbsp;1 and Amendment No.&nbsp;2 (and any other possible transaction) were not
directed by the special advisory committee, but rather were directed by the disinterested directors
as a whole. On November&nbsp;15, 2006, the special advisory committee unanimously determined that the
terms of the original merger agreement were fair to Clear Channel&#146;s unaffiliated shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In reaching its determination, the special advisory committee consulted its legal and
financial advisors and other experts and considered a number of factors, including, but not limited
to, those positive and potentially negative factors set forth in Clear Channel&#146;s proxy statement
dated January&nbsp;29, 2007 under the caption &#147;The Merger&#151;Reasons for the Merger&#151;Determinations of the
Special Advisory Committee and of the Board of Directors.&#148; The special advisory committee
considered all of the factors as a whole in making its assessment. In view of the variety of
factors considered in connection with its assessment as to fairness, the special advisory committee
did not find it practicable to and did not quantify, rank or otherwise assign relative or specific
weight or values to any of these factors. In addition, each individual member of the special
advisory committee may have given different weights to different factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The special advisory committee was not requested by the independent directors to separately
assess Amendment No.&nbsp;1 or Amendment No.&nbsp;2, as neither amendment constitutes a Competing Proposal.
As a consequence, Lazard, financial advisor to the special advisory committee, was not requested to
provide an opinion with respect to either Amendment No.&nbsp;1 or Amendment No.&nbsp;2. The special advisory
committee did not, and will not, make any determination of the fairness of the terms of the merger
agreement.
</DIV>
<DIV align="left">
<A name="162"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Recommendation of the Clear Channel Board of Directors</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After careful consideration Clear Channel&#146;s board of directors by unanimous vote (excluding
Messrs.&nbsp;Mark P. Mays, Randall T. Mays, L. Lowry Mays and B. J. McCombs who recused themselves from
the deliberations):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determined that the merger is advisable and in the best interests of Clear Channel
and its unaffiliated shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approved, adopted and declared advisable the merger agreement and the transactions
contemplated by the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommended that the shareholders of Clear Channel vote in favor of the merger and
directed that such matter be submitted for consideration of the shareholders of Clear
Channel at the special meeting (except that the board of directors did not, and will
not, make any recommendation to the shareholders with respect to the election of the
Stock Consideration); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorized the execution, delivery and performance of the merger agreement and the
transactions contemplated by the merger agreement.</TD>
</TR>

</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The board of directors&#146; recommendation is based on the Cash Consideration to be received
by shareholders that make a Cash Election. The board of directors makes no recommendation as to
whether any shareholder should make a Stock Election and makes no recommendation regarding the
Class&nbsp;A common stock of Holdings.</B>
</DIV>
<DIV align="left">
<A name="163"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In considering the recommendation of the Clear Channel board of directors with respect to the
merger agreement, you should be aware that some of Clear Channel&#146;s directors and executive officers
have interests in the merger that are different from, or in addition to, the interests of Clear
Channel&#146;s shareholders generally. These interests, to the extent material, are described below.
The Clear Channel board of directors was aware of these interests and considered them, among other
matters, in approving the merger agreement and the merger. Additionally, concurrently with the
execution of the merger agreement, the Fincos and each of the members of Clear Channel&#146;s board of
directors entered into a letter agreement pursuant to which each director has agreed that he or she
will not elect to receive the Stock Consideration with respect to any and all shares of Clear
Channel common stock, Clear Channel restricted stock and Clear Channel stock options beneficially
held by such director.
</DIV>
<DIV align="left">
<A name="164"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Treatment of Clear Channel Stock Options</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of May&nbsp;15, 2007, there were 6,444,823 outstanding Clear Channel stock options held by Clear
Channel&#146;s directors and executive officers under Clear Channel&#146;s stock option plans. Of these
Clear Channel stock options, 2,211,068 have an exercise price below $39.20, and are considered &#147;in
the money.&#148; Except as otherwise agreed to by the Fincos, Holdings, and a holder of Clear Channel
stock options, each outstanding Clear Channel stock option that remains outstanding and unexercised
as of the Effective Time, whether vested or unvested (except as described below under &#147;Equity
Rollover&#148; or which is subject to a valid irrevocable stock election), will automatically become
fully vested and convert into the right to elect to receive a cash payment equal to the product of
(i)&nbsp;the excess, if any, of the Cash Consideration plus any
Additional Consideration over the exercise price per share of the Clear
Channel stock option and (ii)&nbsp;the number of shares of Clear Channel common stock issuable upon
exercise of such Clear Channel stock option. As of the Effective Time, Clear Channel stock options
will no longer be outstanding and will automatically cease to exist, and the holders thereof will
no longer have any rights with respect to Clear Channel stock options, except the right to receive
the cash payment, if any, described in the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table identifies, for each of Clear Channel&#146;s directors and executive officers,
the aggregate number of shares of Clear Channel common stock subject to outstanding vested and
unvested &#147;in the money&#148; options as of May&nbsp;15, 2007, the aggregate number of shares of Clear Channel
common stock subject to outstanding unvested &#147;in the money&#148; options that will become fully vested
in connection with the merger, the weighted average exercise price and value of such unvested &#147;in
the money&#148; options, and the weighted average exercise price and value of vested and unvested &#147;in
the money&#148; options. The information in the table assumes that all options remain outstanding on
the closing date of the merger.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Vested and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subject to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan D. Feld</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perry J. Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.40824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">454,367</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.43055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,075,010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.78604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,204,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.78604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,204,997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.78604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,204,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.78604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,204,997</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. J. McCombs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.02353</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">174,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.91242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">239,972</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->95<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>of Vested and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Vested and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subject to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unvested</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Options</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phyllis B. Riggins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Theodore H. Strauss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. C. Watts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,833</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.08610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John B. Zachry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.72000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">134,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.72000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">168,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.28494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,781,925</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.15280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,965,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herbert W. Hill, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.97996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">73,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33.48541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">89,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.67544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">189,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33.35672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">237,921</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald D. Perry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.72442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">83,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.72442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">83,654</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<A name="165"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Treatment of Clear Channel Restricted Stock</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of May&nbsp;15, 2007, Clear Channel&#146;s directors and executive
officers held 721,432 shares of
Clear Channel restricted stock. Each share of Clear Channel restricted stock that remains
outstanding as of the Effective Time, whether vested or unvested (except as otherwise agreed by the
Fincos, Holdings, Clear Channel and a holder of Clear Channel restricted stock), will automatically
become fully vested and convert into the right to receive either the Cash Consideration or the
Stock Consideration. As of the Effective Time, all shares of Clear Channel restricted stock
(except as described below under &#147;Equity Rollover&#148;) will no longer be outstanding and will
automatically cease to exist, and such directors and executive officers will no longer have any
rights with respect to their shares of Clear Channel restricted stock, except the right to elect to
receive either the Cash Consideration or the Stock Consideration in respect of each share of Clear
Channel restricted stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table identifies, for each of Clear Channel&#146;s directors and executive officers,
the aggregate number of shares of Clear Channel restricted stock held by such director or executive
officer as of May&nbsp;15, 2007 and the value of these shares of Clear Channel restricted stock that
will become fully vested in connection with the merger. The information in this table assumes that
all such shares of Clear Channel restricted stock remain outstanding on the closing date of the
merger.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Shares of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Value of Shares of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Clear Channel Restricted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Clear Channel Restricted</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Stock</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan D. Feld</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">211,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perry J. Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">211,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,292,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,172,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,172,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. J. McCombs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phyllis B. Riggins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">235,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Theodore H. Strauss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">211,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. C. Watts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">211,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">211,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John B. Zachry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">470,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,940,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herbert W. Hill, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">382,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">820,534</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald D. Perry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">735,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="166"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Severance</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of Clear Channel&#146;s disinterested directors, Clear Channel has entered into
second amendments to the current employment agreements with each of Messrs.&nbsp;L. Lowry Mays, Mark P.
Mays and Randall T. Mays, to (i)&nbsp;provide that the consummation of the merger alone will not give
them &#147;Good Reason&#148; (as defined in the employment agreements) to resign and receive the severance
payments and benefits provided in the respective employment agreements, and (ii)&nbsp;modify the
severance provisions applicable following consummation of the merger as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective upon consummation of the merger, or a transaction qualifying as a
&#147;Superior Proposal&#148; as defined in the merger agreement, the employment agreements for
each of Messrs.&nbsp;Mark P.
Mays and Randall T. Mays have been modified to provide that if his employment is
terminated by Clear Channel without &#147;Cause&#148; or if he resigns for &#147;good reason&#148;, then
he will each receive (i)&nbsp;a lump-sum cash payment equal to the base salary, bonus and
accrued vacation pay through the date of termination, (ii)&nbsp;a lump-sum cash payment
equal to 2.99 times the sum of his base salary and bonus (using the highest bonus
paid to executive in the three years preceding the termination, but not less than
$1,000,000), and (iii)&nbsp;three years continued benefits for himself, his spouse and
his dependents. As part of the amendments, both Messrs.&nbsp;Mark P. Mays and Randall T.
Mays have also relinquished the right to receive a federal and state income-tax
&#147;gross-up&#148; payment in connection with amounts payable upon termination, as well as
the right to receive options to purchase 1,000,000 shares of Clear Channel common
stock upon termination. Except as described above, the employment agreements
otherwise remain as previously in effect until the Effective Time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective upon consummation of the merger or a transaction qualifying as a Superior
Proposal as defined in the merger agreement, the employment agreement for Mr.&nbsp;L. Lowry
Mays has been modified to provide that, if his employment is terminated by Clear
Channel without &#147;Cause&#148; or if he resigns for &#147;good reason&#148;, then he will receive a
lump-sum cash payment equal to his base salary, bonus and accrued vacation pay through
the date of termination. As part of the amendment, Mr.&nbsp;L. Lowry Mays has relinquished
(i)&nbsp;his right to any other cash severance payments (other than the right to receive a
federal and state income tax &#147;gross-up&#148; payment in connection with amounts payable upon
termination), as well as (ii)&nbsp;the right to receive options to purchase 1,000,000 shares
of Clear Channel common stock upon termination. Except as described above, the
employment agreement otherwise remains as previously in effect until the Effective
Time.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to a severance policy adopted by Clear Channel, any corporate officer of Clear
Channel (including executive officers) actively employed on November&nbsp;16, 2006, except for any
corporate officer who is collectively bargained or party to an employment or other agreement with
Clear Channel or any of its subsidiaries that provides for severance, who is terminated without
&#147;cause&#148; or resigns for &#147;good reason&#148; in the period beginning on November&nbsp;16, 2006 and ending one
year after the Effective Time, will be entitled to 18&nbsp;months of his or her &#147;base pay&#148; plus 18
months of his or her &#147;monthly bonus&#148; as severance. Monthly bonus is defined by the severance
policy to be an amount equal to the corporate officer&#146;s 2006 annual bonus earned by the officer
divided by 12.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming that each executive officer is involuntarily terminated without &#147;cause&#148; or such
employee terminates employment for &#147;good reason&#148; between November&nbsp;16, 2006 and the date that is one
year following the Effective Time, the amount of cash severance benefits (based upon the executive
officer&#146;s current monthly &#147;base pay&#148; and his or her 2006&nbsp;monthly bonus) that would be payable is:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Potential Cash</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Severance Benefits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Potential Cash</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Severance Benefits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herbert W. Hill, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">390,251</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andrew W. Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">873,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald D. Perry(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">966,250</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Messrs.&nbsp;L. Lowry Mays, Mark P. Mays, Randall T. Mays, Paul J. Meyer and John Hogan are
all employed pursuant to employment agreements and not covered by this severance policy. In
addition, each of the employment agreements of Messrs.&nbsp;L. Lowry Mays, Mark P. Mays and
Randall T. Mays will be terminated or modified, as applicable, and replaced with new or
amended employment agreements which terms will be as described below under &#147;New Employment
Agreements.&#148;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In connection with a divestiture of certain radio and television assets, Clear
Channel&#146;s severance policy provides that if a corporate officer, except for any corporate
officer who is collectively bargained or party to an employment or other agreement with
Clear Channel or any of its subsidiaries that provides for severance, is involuntarily
terminated without &#147;cause,&#148; not offered comparable employment with the successor entity, or
resigns for &#147;good reason&#148; in connection with the divestiture, the corporate officer will be
entitled to 24&nbsp;months of his or her &#147;base pay&#148; plus 24&nbsp;months of his or her &#147;monthly bonus&#148;
as severance.</TD>
</TR>

</TABLE>


<DIV align="left">
<A name="167"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Equity Rollover</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger agreement, the Fincos and Mr.&nbsp;L. Lowry Mays, Clear Channel&#146;s
chairman of the board of directors, Mr.&nbsp;Mark P. Mays, Clear Channel&#146;s Chief Executive Officer/Chief
Operating Officer, and Mr.&nbsp;Randall T. Mays, Clear Channel&#146;s President/Chief Financial Officer,
entered into a letter agreement (as supplemented in connection with Amendment No.&nbsp;2, the &#147;Letter
Agreement&#148;), pursuant to which each of Messrs.&nbsp;Mark P. Mays and Randall T. Mays have agreed to
convert $10&nbsp;million of shares of Clear Channel common stock, shares of Clear Channel restricted
stock and &#147;in the money&#148; Clear Channel stock options into equity securities of Holdings. The
Letter Agreement provides that Messrs.&nbsp;Mark P. Mays and Randall T. Mays, upon execution of new or
amended employment agreements with the surviving corporation, will each receive $20&nbsp;million in
restricted common stock of Holdings, which will vest ratably over five years. Additionally, Clear
Channel has been informed that the Fincos and the Sponsors have provided Messrs.&nbsp;L. Lowry Mays and
B. J. McCombs, each a member of Clear Channel&#146;s board of directors, the opportunity to convert,
although the Fincos and the Sponsors are under no obligation to provide such opportunity, a portion
of their shares of Clear Channel common stock, shares of Clear Channel restricted stock and &#147;in the
money&#148; Clear Channel stock options held by them into equity securities of Holdings. Mr.&nbsp;L. Lowry
Mays&#146; current intention is to sell 100% of his equity securities in Clear Channel. However, Mr.&nbsp;L.
Lowry Mays has informed Clear Channel&#146;s board of directors that if he seeks to rollover some
portion of his holdings, he will sell a substantial majority of his holdings in the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement contemplates that the Fincos and Holdings may agree to permit certain
executive officers to elect that some of their outstanding shares of Clear Channel common stock,
shares of Clear Channel restricted stock and &#147;in the money&#148; Clear Channel stock options will not be
cancelled in exchange for the Merger Consideration, but instead will be converted into shares or
options to purchase shares of Holdings following the effectiveness of the merger. We contemplate
that such conversions, if any, would be based on the fair market value on the date of conversion,
which we contemplate to be the per share cash consideration being paid to Clear Channel
shareholders in the merger and the per share prices paid by the Sponsors in connection with Equity
Financing for the transactions contemplated by the merger agreement, and in the case of Clear
Channel stock options, would preserve the aggregate spread value of the rolled options. As of the
date of this proxy statement/prospectus, except for the Letter Agreement, no member of Clear
Channel&#146;s management nor any director has entered into any agreement, arrangement or understanding
with the Fincos or Merger Sub or their affiliates regarding any such arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fincos and Merger Sub have informed Clear Channel that they anticipate offering certain
members of Clear Channel&#146;s management the opportunity to convert a portion of their current equity
interests in Clear Channel into equity of Holdings and/or to the right to purchase equity interests
in the surviving corporation or an affiliate of the surviving corporation. Although we believe
members of Clear Channel&#146;s management team are likely to enter into new arrangements to purchase or
participate in the equity of the surviving corporation or an affiliate, these matters are subject
to further negotiations and discussion and no terms or conditions have been finalized (other than
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Letter Agreement). Any such new arrangements are expected to be entered into prior to the
completion of the merger.
</DIV>
<DIV align="left">
<A name="168"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>New Equity Incentive Plan</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the consummation of the merger, Holdings will adopt a new equity incentive
plan, under which participating employees will be eligible to receive options to acquire stock or
other equity interests and/or restricted share interests in Holdings. The Letter Agreement
contemplates that this new equity incentive plan will permit the grant of options covering 12.5% of
the fully diluted equity of Holdings immediately after consummation of the merger (with exercise
prices set at fair market value for shares issuable upon exercise of such options, which for
initial grants we contemplate would be tied to the price paid by the Sponsors or their affiliates
for such securities). The Sponsors, the Fincos, and Clear Channel&#146;s management are still
analyzing various alternatives for the implementation of the new equity incentive plan contemplated
by the Letter Agreement. It is contemplated by the parties to the Letter Agreement that, at the
closing of the merger, a significant majority of the options or other equity securities permitted
to be issued under the new equity incentive plan will be granted. As part of this grant, each of
Messrs.&nbsp;Mark P. Mays and Randall T. Mays will receive grants of options equal to 2.5% of the fully
diluted equity of Holdings. The remaining 7.5% of the fully diluted equity subject to the new
equity incentive plan will be granted immediately after consummation of the merger to other
employees of Clear Channel, including officers of Clear Channel, or reserved for future issuance.
Of the options or other equity securities to be granted to Messrs.&nbsp;Mark P. Mays and Randall T. Mays
under the new equity incentive plan at the closing of the merger, 50% will vest solely based upon
continued employment (with 25% vesting on the third anniversary of the grant date, 25% vesting on
the fourth anniversary of the grant date and 50% vesting on the fifth anniversary of the grant
date) and the remaining 50% will vest based both upon continued employment and upon the achievement
of predetermined performance targets. These options will have an exercise price equal to the fair
market value at the date of grant, which we contemplate to be the same price per share paid by the
Sponsors in connection with the Equity Financing for the merger. The size and terms of the option
grants to other employees of Clear Channel, including officers of Clear Channel, have not yet been
determined.
</DIV>
<DIV align="left">
<A name="169"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>New Employment Agreements</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Letter Agreement provides that Mr.&nbsp;L. Lowry Mays&#146; existing employment agreement will be
terminated effective at the Effective Time and replaced with a new five-year employment agreement
pursuant to which Mr.&nbsp;L. Lowry Mays will receive an annual salary of $250,000 and benefits and
perquisites consistent with his current arrangement. Mr.&nbsp;Mays also will be eligible to receive an
annual bonus of not less than $1&nbsp;million upon satisfaction of certain performance goals of the
surviving corporation. Mr.&nbsp;L. Lowry Mays also will agree to be bound by customary covenants not to
compete and not to solicit employees during the term of his agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Letter Agreement also provides that each of Messrs.&nbsp;Mark P. Mays and Randall T. Mays&#146;
existing employment agreements will be terminated or modified effective at the Effective Time, and
that each new or modified employment agreement will have the following terms:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the provision of the new option grants as summarized above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>severance upon termination in a lump sum amount equal to three times the executive&#146;s
annual base salary plus the executive&#146;s prior year&#146;s annual cash bonus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a five-year term, automatically extended for consecutive one year periods unless 12
months prior notice of non-renewal is provided by the terminating party;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>salary consistent with current salary in effect;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual bonus not less than executive&#146;s bonus for the year ended December&nbsp;31, 2006,
so long as the surviving corporation reaches certain performance goals; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain benefits and perquisites consistent with those provided by the executive&#146;s
current employment agreements (including &#147;gross-up&#148; payments for excise taxes that may
be payable as a result of the merger).</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="170"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Board of Director Representations</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Letter Agreement provides that Messrs.&nbsp;Mark P. Mays and Randall T. Mays each will be a
member of the board of directors of Holdings, for so long as they are officers of Holdings. Mr.&nbsp;L.
Lowry Mays will serve as Chairman &#151; Emeritus of Holdings.
</DIV>

<DIV align="left">
<A name="171"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Indemnification and Insurance</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, Merger Sub has agreed that all current rights of
indemnification provided by Clear Channel for its current and former directors or officers shall
survive the merger and continue in full force and effect. Merger Sub has also agreed to indemnify,
defend and hold harmless, and advance expenses to Clear Channel&#146;s current and former directors or
officers to the fullest extent required by Clear Channel&#146;s articles of incorporation, bylaws or any
indemnification agreement to which Clear Channel is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the surviving corporation for the six years following the Effective Time, will
indemnify and hold harmless each current and former officers and directors of Clear Channel from
any costs or expenses paid in connection with any claim, action or proceeding arising out of or
related to (i)&nbsp;any acts or omissions of a current or former officer or director in their capacity
as an officer or director if the service was at the request or for the benefit of Clear Channel or
any of its subsidiaries or (ii)&nbsp;the merger, the merger agreement or any transactions contemplated
thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at Clear Channel&#146;s election, Clear Channel or the Fincos will obtain insurance
policies with a claims period of at least six years from the Effective Time with respect to
directors&#146; and officers&#146; liability insurance that provides coverage for events occurring on or
before the Effective Time. The terms of the policies will be no less favorable than the existing
policy of Clear Channel, unless the cost of the policies would exceed 300% of the current policy&#146;s
annual premium, in which case the coverage will be the greatest amount available for an amount not
exceeding 300% of the current premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; second amended and restated certificate of incorporation authorizes the
indemnification of directors for breach of fiduciary duty except to the extent such exculpation is
not permitted under the Delaware General Corporation Law (&#147;DGCL&#148;). The DGCL &#167; 145(e) permits
Holdings to pay expenses of a director or officer in advance of a final disposition of a proceeding
if the director or officer provides Holdings with an undertaking to repay such expenses if it is
ultimately determined that he is not entitled to be indemnified. Holdings also is permitted to pay
expenses incurred by other employees and agents upon such terms and conditions, if any, as the
Holdings board of directors deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification of liabilities under the Securities Act may be permitted to
directors, officers or persons controlling the registrant pursuant the foregoing provisions, the
registrant has been informed that, in the opinion of the Securities and Exchange Commission, such
indemnification is against public policy as expressed in the Securities Act and is therefore
unenforceable.
</DIV>
<DIV align="left">
<A name="172"></A>
</DIV>




<DIV align="left">
<A name="191"></A>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Agreement</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the development of the May&nbsp;2, 2007 term sheet presented to the Clear
Channel, and the execution of Amendment No.&nbsp;2, the Fincos requested that Highfields Capital I LP, a
Delaware limited partnership (&#147;Highfields I&#148;), Highfields Capital II LP, a Delaware limited
partnership (&#147;Highfields II&#148;), Highfields Capital III LP, an exempted limited partnership organized
under the laws of the Cayman Islands, B.W.I. (&#147;Highfields III&#148;), and Highfields Capital Management
LP, a Delaware limited partnership (&#147;Highfields Management&#148; and, together with Highfields I,
Highfields II and Highfields III, the &#147;Highfields Funds&#148;) enter into a Voting Agreement with the
Fincos, Merger Sub and Holdings and such agreement was reached and entered into on May&nbsp;26, 2007
(the &#147;Voting Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the Voting Agreement, among other things, the Sponsors and Holdings and its
subsidiaries have agreed that the second amended and restated certificate of incorporation and
bylaws of Holdings will each be, as of the effective time of the merger, in the form attached as
Exhibits 3.1 and 3.2 to this registration statement, and to enter into an agreement restricting
Holdings and subsidiaries from engaging in certain affiliate transactions with the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sponsors or
their affiliates (see &#147;Certain Affiliate Transactions&#148;). Pursuant to the Voting Agreement, the
Highfields Funds have agreed that during the time the Voting Agreement is in effect, at every
meeting of the shareholders of Clear Channel or adjournment or postponement thereof, or for any
written consents of shareholders taken, they will:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause the 24&nbsp;million shares of Common Stock they owned as of the date of the Voting
Agreement (the &#147;Covered Shares&#148;) and any shares of Clear
Channel common stock they acquire after that
time (the &#147;After Acquired Shares&#148;) to be counted as present for purposes of calculating a
quorum, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>vote (or cause to be voted) in person or by proxy, or deliver a written consent (or
cause a consent to be delivered) covering all of the Covered Shares and any After Acquired
Shares that the Highfields Funds are entitled to vote,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in favor of adoption and approval of the merger agreement and the transactions
contemplated thereby, including the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>against any extraordinary corporate transaction (other than the merger or
pursuant to the merger) or any Competing Proposal, or any letter of intent, memorandum
of understanding, agreement in principle, acquisition agreement, merger agreement or
similar agreement providing for the consummation of a transaction contemplated by any
Competing Proposal, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in favor of any proposal to adjourn the special meeting of shareholders to
vote upon the merger which Holdings and the Fincos support.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Highfields Funds have agreed that (i)&nbsp;during the time the Voting Agreement is in effect,
not to, directly or indirectly, grant any proxies or enter into any voting trust or other agreement
or arrangement with respect to the voting of any Covered Shares and any After Acquired Shares, and
(ii)&nbsp;until after the vote has been taken at the shareholders
meeting called to approve the merger
not to, directly or indirectly, sell, transfer, assign, dispose of, or enter into any contract,
option, commitment or other arrangement or understanding with respect to the sale, transfer,
assignment or other disposition of, the beneficial ownership of any Covered Shares, although the
Highfields Funds may make a transfer to their affiliates, subject to the transferee agreeing in
writing to be bound by the terms of, and perform the obligations under the Voting Agreement, or as
otherwise permitted by the Fincos. In addition the Highfields Funds agreed that while the Voting
Agreement is in effect, they and their affiliates will not solicit proxies or become a
&#147;participant&#148; in any solicitation in opposition to the solicitation of proxies by Clear Channel and
the Fincos for the merger agreement and they will publicly acknowledge their voting obligations in
all public statements and public filings they make about the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the parties to the Voting Agreement agreed that unless such actions taken or
investments of the Highfields Funds would result in Holdings or its affiliates not being qualified
under the Communications Act to control Clear Channel is FCC Licenses (as in effect on the date of
such action) or such actions or investments would cause any other violations by Holdings or its
affiliates of the Communications Act or the FCC&#146;s rules:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately following the effective time of the merger, the Board of Directors of
Holdings will consist of 12 directors, one of whom will be a United States citizen and be named by
Highfields Management (which member will be named to Holdings&#146;
nominating committee) and one member of which will be a United States citizen and will be
selected by Holdings&#146; nominating committee after consultation with
Highfields Management and any holder whose Stock Election is
reasonably expected to result in such holder owning three percent
(3%) or more of the total outstanding equity securities of Holdings (these two directors,
&#147;Public Directors&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until the Highfields Funds beneficially own (as defined under the Securities Exchange
Act of 1934, as amended) less than 5% of the outstanding shares of voting securities of
Holdings issued as Stock Consideration (&#147;Required Percentage&#148;), in connection with each
election of Public Directors (and with respect to any replacements of such directors if
they can no longer serve), Holdings will:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nominate as Public Directors one candidate selected by Highfields
Management and one candidate selected by Holdings&#146; nominating committee after
consultation with Highfields Management and any public holder owning
three percent (3%) or more of the total outstanding equity securities
of Holdings,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recommend the election of such candidates,</TD>
</TR>


</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>solicit proxies for the election of such candidates, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent authorized by shareholders granting proxies, vote the voting
securities represented by all proxies granted by shareholders in connection with the
solicitation of proxies by the Board for such meeting, in favor of such candidates.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until the Highfields Funds no longer own the Required Percentage, the Fincos and their
affiliates will vote all shares of voting securities which they own and which are eligible
to vote for the election of the Public Directors in favor of such
candidates&#146; election as Public Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>until the Highfields Funds no longer own the Required Percentage, subject to the
Holdings Board&#146;s fiduciary duties, at least one Public Director will be appointed (and, if
required, replaced by another Public Director) to each of the committees of the Board of
Holdings.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highfields Management has represented, among other things, that (i)&nbsp;it is qualified to hold an
&#147;attributable interest&#148; in Holdings, Clear Channel, or their affiliates under the FCC&#146;s media
ownership rules, and (ii)&nbsp;neither Highfields Management nor any party holding an attributable
interest in Highfields Management holds media interests that conflict with Clear Channel&#146;s media
interests or would impede or delay regulatory consents to consummate the merger. Also,
if any affiliate of Highfields Management or any other Highfields Fund should be deemed to hold an attributable
interest in Holdings, Clear Channel, or their affiliates, Highfields Management either (i)&nbsp;will
demonstrate that such Highfields Management affiliate is qualified to hold such interest and has no
media interests that would conflict with the Clear Channel&#146;s media interests or delay or impede
regulatory consents to consummate the merger or (ii)&nbsp;will elect among certain curative actions,
including relinquishing certain of its rights under the Voting Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the Voting Agreement, the Fincos have cancelled and have agreed not to accept
or enter into any subscription agreement or understandings to acquire equity securities in Holdings
with any private investment funds that are stockholders of the Clear Channel and are not limited
partners or shareholders of an investment fund managed by one of the Sponsors and certain
investment funds who are stockholders of Clear Channel and who executed such commitments after
January&nbsp;31, 2007. No new arrangements with such investment funds may be entered into prior to the
effective time of the Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Voting Agreement will terminate upon the earliest to occur of (i)&nbsp;the effective time of
the merger; (ii)&nbsp;upon termination of the merger agreement in accordance with its terms; or (iii)
upon mutual written agreement of the Highfields Funds, Holdings, the Fincos and Merger Sub.
Certain limited provisions including the director nomination provision set forth above survive the
effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain funds affiliated with the Sponsors have agreed that prior to the termination or
expiration of the Voting Agreement, to use their reasonable best efforts to cause the obligations
of the Fincos, Holdings and Merger Sub to comply with the provisions set forth above.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTAIN
AFFILIATE TRANSACTIONS</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Voting Agreement entered into with the Highfields Funds, the Sponsors and Holdings
and its subsidiaries have agreed to enter into an agreement, under which Holdings and its
subsidiaries agreed that they will not enter into or effect any affiliate transaction between
Holdings or of one of its subsidiaries, on the one hand, and either Sponsor or any other private
investment fund under common control with either Sponsor (collectively referred to herein as the
&#147;principal investors&#148;), on the other hand, without the prior approval of either a majority of the
independent directors of Holdings or a majority of the then-outstanding shares of Class&nbsp;A common
stock (excluding for purposes of such calculation from both (x)&nbsp;the votes cast and (y)&nbsp;the
outstanding shares, all shares held at that time by any principal investor, any affiliate of a
principal investor or members of management and directors of Holdings whose beneficial ownership
information is required to be disclosed in filings with the SEC pursuant to
Item&nbsp;403 of Regulation
S-K, such shares referred to herein as the &#147;public shares&#148;). Such agreement will become effective
as of the effective time of the merger and expire upon the earlier of (i)&nbsp;an underwritten public
offering and sale of Holdings&#146; common stock which results in aggregate proceeds in excess of $250
million to Holdings and after which Holdings&#146; common stock is
listed on NASDAQ&#146;s National Market System
or another national securities exchange (a &#147;qualified public
offering&#148;) and (ii)&nbsp;the consummation of a certain
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">transaction resulting in a change of control (as
defined therein) of Holdings. The following are not deemed to be affiliate transaction for
purposes of the agreement described in the previous sentence: (i)&nbsp;any commercial transaction
between Holdings or any of its subsidiaries, on the one hand, and any portfolio company in which
any principal
investor or any affiliate of a principal investor has a direct or indirect equity interest, on
the other, so long as such transaction was entered into on an arms&#146;- length basis; (ii)&nbsp;any
purchase of bank debt or securities by a principal investor or an affiliate of a principal investor
or any transaction between a principal investor or affiliate of a principal investor on the one
hand, and Holdings or one of its subsidiaries on the other hand, related to the ownership of bank
debt or securities, provided such purchase or transaction is on terms (except with respect to
relief from all or part of any underwriting or placement fee applicable thereto) comparable to
those consummated within an offering made to unaffiliated third parties; (iii)&nbsp;the payment by
Holdings or one of its subsidiaries of up to $87.5&nbsp;million in transaction fees to the principal
investors or their affiliates in connection with the transactions contemplated by the merger
agreement; (iv)&nbsp;any payment of management, transaction, monitoring or any other fees to the
principal investors or their affiliates except pursuant to an arrangement or structure whereby the
holders of public shares of Holdings are made whole for the portion of such fees paid by Holdings
that would otherwise be proportionate to their share holdings; and (v)&nbsp;any transaction to which a
principal investor or an affiliate thereof is a party in its capacity as a stockholder of Holdings
that is offered generally to other stockholders of Holdings (including the holders of shares of
Class&nbsp;A common stock) on comparable or more favorable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A change of control of Holdings will be deemed to have occurred upon the occurrence of any of
the following: (i)&nbsp;any consolidation or merger of Holdings with or into any other corporation or
other, or any other corporate reorganization or transaction (including the acquisition of stock of
Holdings), in which the direct and indirect stockholders of Holdings immediately prior to such
consolidation, merger, reorganization or transaction, own stock either representing less than fifty
percent (50%) of the economic interests in and less than fifty percent (50%) of the voting power of
Holdings or other surviving entity immediately after such consolidation, merger, reorganization or
transaction or that does not have, through the ownership of voting securities, by agreement or
otherwise, the power to elect a majority of the entire board of directors of Holdings or other
surviving entity immediately after such consolidation, merger, reorganization or transaction,
excluding any bona fide primary or secondary public offering, (ii)&nbsp;any stock sale or other
transaction or series of related transactions, after giving effect to which in excess of fifty
percent (50%) of the Holdings&#146; voting power is owned by any person or entity and its &#147;affiliates&#148;
or &#147;associates&#148; (as such terms are defined in the rules adopted by the SEC under the Exchange Act),
other than the principal investors and their respective affiliates, excluding any bona fide primary
or secondary public offering; or (iii)&nbsp;a sale, lease or other disposition of all or substantially
all of the assets of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement described above terminates upon the earliest of the termination of the merger
agreement, a qualified public offering and the consummation of a change of control (as defined
therein). Other than as described in the prior sentence, such agreement may not be terminated,
amended, supplemented or otherwise modified without the prior written approval of either (i)&nbsp;a
majority of the independent directors of Holdings elected by the holders Class&nbsp;A common stock or
(ii)&nbsp;a majority of the then-outstanding public shares.
</DIV>
<DIV align="left">
<A name="173"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FINANCING</B>
</DIV>

<DIV align="left">
<A name="174"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financing of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;31, 2007, on a pro forma basis, the total amount of funds necessary to complete
the merger is anticipated to be approximately $22.8&nbsp;billion, consisting of (i)&nbsp;approximately $19.5
billion to pay Clear Channel&#146;s shareholders and optionholders the amounts due to them under the
merger agreement, assuming that no Clear Channel shareholder validly exercises and perfects its
appraisal rights and that none of the unaffiliated shareholders will make a Stock Election covering
any of their Clear Channel Shares in the merger, (ii)&nbsp;approximately $2.4&nbsp;billion to refinance
certain existing indebtedness, including all of Clear Channel&#146;s existing bank indebtedness and
certain issues of Clear Channel&#146;s outstanding public debt, and (iii)&nbsp;approximately $0.9&nbsp;billion to
pay transaction costs in connection with the merger and related
transactions, including professional fees, employee benefit
costs, change of control payments,
financing costs and other related expenses and charges. These
amounts are anticipated to be funded by Merger Sub in a combination of equity contributions by
entities controlled by the Sponsors and other investors indirectly into Merger Sub, debt financing
obtained by Merger Sub and the Fincos and made available to Merger Sub and Clear Channel and to the
extent available, cash of Clear Channel. Holdings, Merger Sub and the Fincos have obtained equity
and debt financing commitments described below in connection with the transactions contemplated by
the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">merger agreement. To the extent that unaffiliated shareholders make any Stock Elections
covering all or a portion of their Clear Channel Shares in the merger, the funds necessary to
complete the merger will be correspondingly reduced by the Stock Consideration and accordingly, the
aggregate amount of equity contributions required to be made by entities controlled by the Sponsors and their co-investors and their percentage ownership of Holdings will be reduced by
the amount of the Stock Elections (up to the maximum thirty percent (30%) cap for Stock Elections
described above).
</DIV>
<DIV align="left">
<A name="175"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Equity Financing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to replacement equity commitment letters signed in connection with Amendment No.&nbsp;2,
Bain Capital Fund IX and THL Partners Fund VI, which we refer to as the Sponsors, have severally
agreed to purchase (either directly or indirectly through one or more intermediate entities) up to
an aggregate of $3.94&nbsp;billion of equity securities of Holdings (the &#147;Equity Financing&#148;) and to
cause all or a portion of such cash to be contributed to Merger Sub as needed for the merger and
related transactions (including payment of cash merger consideration to Clear Channel shareholders,
repayment of certain Clear Channel debt, and payment of certain transaction fees and expenses).
Each Sponsors&#146; equity commitment will be reduced by half of the amount of Stock Consideration
elected by Clear Channel Shareholders (that is, an aggregate reduction equal to $39.20 multiplied
by the number of Clear Channel shares subject to elections to receive Stock Consideration).
Subject to certain conditions, each of the Sponsors may also assign a portion of its equity
commitment obligation to other investors, resulting in a corresponding reduction of such Sponsor&#146;s
commitment to the extent the assignee funds its commitment, provided that any such transfer will
not release such Investor of its obligations under the limited guarantees. As a result, the
investor groups may ultimately include additional equity investors, although it is anticipated that
all or substantially all of such co-investment by third parties would be through entities
controlled by the Sponsors.
</DIV>
<DIV align="left">
<A name="176"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt Financing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with Amendment No.&nbsp;2, Merger Sub and the Fincos have received a second amended
and restated debt commitment letter, dated May&nbsp;17, 2007 (the &#147;Debt Commitment Letter&#148;), from
Citigroup Global Markets Inc., Deutsche Bank AG New York Branch, Deutsche Bank AG Cayman Islands
Branch, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Credit Suisse, Cayman
Islands Branch, Credit Suisse Securities (USA)&nbsp;LLC, The Royal Bank of Scotland plc, RBS Securities
Corporation, Wachovia Bank, National Association, Wachovia Investment Holdings, LLC and Wachovia
Capital Markets, LLC (collectively, the &#147;Financing Sources&#148;) to provide $22.125&nbsp;billion in
aggregate debt financing (the &#147;Debt Financing&#148;), which is currently anticipated to consist of (i)
senior secured credit facilities in an aggregate principal amount of $18.525&nbsp;billion (the &#147;Senior
Secured Credit Facilities&#148;), (ii)&nbsp;a receivables backed credit facility with a maximum availability
of $1.000&nbsp;billion with actual availability limited by a &#147;borrowing base&#148; (which is calculated
periodically based on a specified percentage of accounts receivables and is subject to adjustments
for reserves and other matters) (the &#147;Receivables Backed Credit Facility&#148;), and (iii)&nbsp;a senior
bridge loan facility in an aggregate principal amount of up to $2.600&nbsp;billion (the &#147;Senior Bridge
Facility&#148;) to finance, in part, the Transactions and, after the closing date of the merger, to
provide for ongoing working capital, refinance other debt and general corporate purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If availability under the Receivables Backed Credit Facility is less than $750&nbsp;million on the
closing date of the merger due to borrowing base limitations, the Financing Sources have agreed to
increase their commitments and availability under the Senior Secured Credit Facilities by the
amount of such shortfall. In addition, Merger Sub and the Fincos have engaged Deutsche Bank
Securities Inc., Morgan Stanley &#038; Co. Incorporated, Citigroup Global Markets Inc., Credit Suisse
Securities (USA)&nbsp;LLC, RBS Securities Corporation and Wachovia Capital Markets, LLC to place or
underwrite the issuance and sale of $2.600&nbsp;billion in aggregate principal amount of new senior
notes (the &#147;New Senior Notes&#148;) in a public offering or in a Rule&nbsp;144A or other private placement to
finance, in part, the Transactions. If the New Senior Notes are issued or sold for the full amount
upon or prior to the closing of the merger, no borrowings will be made under the committed Senior
Bridge Facility, which will only be used if the full amount of the New Senior Notes are not issued
or sold upon or prior to the closing of the merger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt commitments expire on the termination date set forth in the merger agreement, as may
be extended pursuant to the terms of the merger agreement. The availability of the Debt Financing
under the Debt Commitment Letter is subject to customary closing conditions, including:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the consummation of the merger in accordance with the merger agreement;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the absence of any amendments or waivers to the merger agreement which are materially
adverse to the lenders and which have not been approved by the lead arrangers under the Debt
Commitment Letter;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the absence of any &#147;Material Adverse Effect on the Clear Channel&#148; (as defined below under
&#147;The Merger Agreement &#151; Representations and Warranties&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the receipt by Merger Sub of cash equity contributions, when taken together with the
proceeds of the Debt Financing and available cash, in an amount required to consummate the
Transactions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the execution of definitive documentation consistent with the term sheets for the Debt
Financing;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the receipt of specified financial statements of Clear Channel; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149; the receipt of customary closing documents and deliverables.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Commitment Letter and the availability of the Debt Financing are not conditioned on,
nor do they require or contemplate the acquisition of, the outstanding public shares of Clear
Channel Outdoor. The Debt Commitment Letter and the Debt Financing do not require or contemplate
any changes to the existing cash management and intercompany arrangements between Clear Channel and
Clear Channel Outdoor, the provisions of which are described in Clear Channel Outdoor&#146;s SEC
filings. The consummation of the merger will not permit Clear Channel Outdoor to terminate these
arrangements and Clear Channel may continue to use the cash flows of Clear Channel Outdoor for its
own general corporate purposes pursuant to the terms of the existing cash management and
intercompany arrangements between Clear Channel and Clear Channel Outdoor, which may include making
payments on the Debt Financings and any other debt financing arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Commitment Letter contemplates that at least a majority in principal amount of each
of Clear Channel&#146;s existing 7.65% Senior Notes Due 2010 and AMFM Operating Inc.&#146;s existing 8%
Senior Notes due 2008 (the &#147;Repurchased Existing Notes&#148;) will be repurchased, redeemed, satisfied
or discharged on the closing date of the merger or as soon as practicable thereafter. Under the
merger agreement, Clear Channel has agreed to commence, and to cause AMFM Operating Inc. to
commence, debt tender offers to purchase the Repurchased Existing Notes with the assistance of the
Fincos. As part of the debt tender offers, Clear Channel and AMFM Operating Inc. will solicit the
consent of the holders to amend, eliminate or waive certain sections (as specified by the Fincos)
of the applicable indenture governing the Repurchased Existing Notes. The closing of the debt
tender offers shall be conditioned on the occurrence of the closing of the merger, but the closing
of the merger and the Debt Financing are not conditioned upon the closing of the debt tender
offers. In addition, the Debt Financing, as well as any supplemental, replacement or other debt
financing arrangements, is expected to contain representations and warranties, covenants, events of
default, mandatory prepayment or redemption requirements and other provisions as may be customary
for the type of Debt Financing governed thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing describes the Debt Financing currently contemplated by the Debt Commitment
Letter. There can be no assurance that the actual debt financing arrangements will be consistent
with the Debt Financing described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Debt Financing is not subject to due diligence or a typical &#147;market out&#148;
provision (i.e. a provision allowing lenders not to fund their commitments if certain conditions in
the financial markets prevail), the Debt Financing may not be considered assured. Merger Sub and
the Fincos have agreed under the merger agreement that if any portion of the Debt Financing becomes
unavailable in the manner or from the sources contemplated in the Debt Commitment Letter, they have
agreed to use their reasonable best efforts to obtain
alternative financing from alternative
sources. In addition, under the merger agreement, the Debt Commitment Letter may be amended,
restated, supplemented or otherwise modified, superseded or replaced to add one or more lenders,
lead arrangers, bookrunners, syndication agents or similar entities, increase the amount of debt,
replace or modify the facilities or otherwise replace or modify the Debt Commitment Letter in a
manner not less beneficial in the aggregate to Merger Sub, the Fincos and Holdings, except that any
new debt financing commitments shall not (i)&nbsp;adversely amend the conditions to the debt financing
set forth in the Debt Commitment Letter in any material
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">respect, (ii)&nbsp;reasonably be expected to
delay or prevent the closing of the merger, or (iii)&nbsp;reduce the aggregate amount of debt financing
available for closing unless replaced with new equity or debt financing. Subject to the foregoing,
Merger Sub and the Fincos are permitted under the merger agreement to obtain other debt financing
arrangements. The debt financing arrangements are subject to change (whether as a result of market
conditions or
otherwise) and the Debt Financing described above or any other debt financings remain subject
to negotiation and completion of definitive documentation. Accordingly, since the final terms,
structures and amounts of the actual debt financing arrangements have not been agreed upon and may
not be determined until shortly before the effective time of the Merger, the final terms,
structures and amounts of any or all of the actual debt financing arrangements may differ
materially from the Debt Financing described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Debt Financing and the Debt Commitment Letter included herein will not
be updated or otherwise revised to reflect circumstances existing after the date of this proxy
statement/prospectus, including any amendments or modifications of such Debt Financing, or to
reflect the occurrence of future events, including in the event that any of the statements
regarding the financing arrangements are shown to be in error or otherwise no longer appropriate or
all or a portion of the Debt Financing is supplemented, superseded or replaced by any other debt
financing arrangements, other than in connection with (i)&nbsp;any amendment, modification, superseding
or replacement of the Debt Commitment Letter that is otherwise prohibited under the merger
agreement, but for which consent has been received pursuant to the merger agreement, or (ii)&nbsp;any
material increase in the aggregate net cash proceeds of the debt financing to be funded at the time
of the merger over the aggregate amount of the Debt Financing otherwise described above.
</DIV>
<DIV align="left">
<A name="177"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPINION OF CLEAR CHANNEL&#146;S FINANCIAL ADVISOR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs delivered its oral opinion to Clear Channel&#146;s board of directors, which was
subsequently confirmed in its written opinion dated May&nbsp;17, 2007, that, as of such date, and based
upon and subject to the factors and assumptions set forth therein, the cash consideration of $39.20
per Public Share that the holders of Public Shares can elect to receive pursuant to the merger
agreement was fair from a financial point of view to such holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full text of the written opinion of Goldman Sachs, dated May&nbsp;17, 2007, which sets forth
the assumptions made, procedures followed, matters considered and limitations on the review
undertaken in connection with the opinion, is attached as Annex E to this proxy
statement/prospectus. Goldman Sachs provided its opinion for the information and assistance of
Clear Channel&#146;s board of directors in connection with its consideration of the merger. Goldman
Sachs&#146; opinion is not a recommendation as to how any holder of shares of Clear Channel common stock
should vote or make any election with respect to the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with delivering the opinion described above and performing its related financial
analyses, Goldman Sachs reviewed, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual reports to shareholders and Annual Reports on Form 10-K of Clear Channel for
the five years ended December&nbsp;31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annual reports to shareholders and Annual Reports on Form 10-K of Clear Channel
Outdoor for the two years ended December&nbsp;31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel Outdoor&#146;s Registration Statement on Form S-1, including the prospectus
contained therein, dated November&nbsp;10, 2005, relating to the Clear Channel Outdoor Class
A common stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain interim reports to shareholders and Quarterly Reports on Form 10-Q of Clear
Channel and Clear Channel Outdoor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain other communications from Clear Channel and Clear Channel Outdoor to their
respective shareholders; and</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->106<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain internal financial analyses and forecasts for Clear Channel prepared by
Clear Channel&#146;s management (the &#147;Management Forecasts&#148;), which included certain
assessments with respect to the likelihood of achieving such forecasts for Clear
Channel, and financial analyses and forecasts
for Clear Channel Outdoor and which are pro forma to give effect to estimated
television and small market radio asset sales by Clear Channel.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs also held discussions with members of the senior managements of Clear Channel
and Clear Channel Outdoor regarding their assessment of the past and current business operations,
financial condition and future prospects of Clear Channel and Clear Channel Outdoor. In addition,
Goldman Sachs reviewed the reported price and trading activity for Clear Channel common stock and
Clear Channel Outdoor Class&nbsp;A common stock, compared certain financial and stock market information
for Clear Channel and Clear Channel Outdoor with similar information for certain other companies
the securities of which are publicly traded, reviewed the financial terms of certain recent
business combinations in the broadcasting and outdoor advertising industries specifically and in
other industries generally and performed such other studies and analyses, and considered such other
factors, as it considered appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs relied upon the accuracy and completeness of all of the financial, legal,
accounting, tax and other information discussed with or reviewed by it and assumed such accuracy
and completeness for purposes of delivering the opinion described above. In addition, Goldman Sachs
did not make an independent evaluation or appraisal of the assets and liabilities (including any
contingent, derivative or off-balance-sheet assets and liabilities) of Clear Channel, Clear Channel
Outdoor or any of their respective subsidiaries, nor was any evaluation or appraisal of the assets
or liabilities of Clear Channel, Clear Channel Outdoor or any of their respective subsidiaries
furnished to Goldman Sachs. Goldman Sachs&#146; opinion does not address the underlying business
decision of Clear Channel to engage in the merger, the relative merits of the merger as compared to
any alternative transaction that might be available to Clear Channel or the impact of the merger on
the solvency or viability of Holdings or the ability of Holdings to pay its obligations when they
become due. Furthermore, Goldman Sachs&#146; opinion does not address the value of the Holdings Class&nbsp;A common stock or the prices at which the Holdings Class&nbsp;A
common stock may trade if and when they are issued or whether any market would develop for the
Holdings Class&nbsp;A common stock. Goldman Sachs&#146; opinion was necessarily based on economic, monetary,
market and other conditions as in effect on, and the information made available to Goldman Sachs as
of, the date of the opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material financial analyses delivered by Goldman Sachs to
the board of directors of Clear Channel in connection with rendering the opinion described above.
The following summary, however, does not purport to be a complete description of the financial
analyses performed by Goldman Sachs, nor does the order of analyses described represent relative
importance or weight given to those analyses by Goldman Sachs. Some of the summaries of the
financial analyses include information presented in tabular format. The tables must be read
together with the full text of each summary and are alone not a complete description of Goldman
Sachs&#146; financial analyses. Except as otherwise noted, the following quantitative information, to
the extent that it is based on market data, is based on market data as it existed on or before May
15, 2007 and is not necessarily indicative of current market conditions.
</DIV>
<DIV align="left">
<A name="178"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Present Value of Transaction Price Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative analysis of the present value of the cash
consideration of $39.20 per share of Clear Channel common stock. For this analysis, Goldman Sachs
incorporated the value of an annual dividend of $0.75 per share to be paid quarterly through
closing. Goldman Sachs then discounted the value of the transaction price and the value of any
dividends to be paid through closing using potential closing dates of September&nbsp;30, 2007, November
15, 2007 and December&nbsp;31, 2007 and discount rates ranging from 6.0% to 10.0%. The following table
presents the results of Goldman Sachs&#146; analysis:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Closing Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Illustrative Present Value</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September&nbsp;30, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD nowrap align="right">38.18-$38.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November&nbsp;15, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD nowrap align="right">37.73-$38.43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD nowrap align="right">37.46-$38.34</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->107<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="179"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Analysis at Various Prices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed certain analyses, based on historical financial information, SEC
filings and the Management Forecasts. Using the closing market price of Clear Channel&#146;s common
stock on May&nbsp;15, 2007 of $37.81 per share and the cash consideration of $39.20 per share of Clear
Channel common stock. Goldman Sachs calculated (i)&nbsp;adjusted equity value by subtracting
unconsolidated assets and the present value of tax assets from Clear Channel&#146;s implied equity
value, and (ii)&nbsp;pro forma adjusted enterprise value by subtracting unconsolidated assets and the
present value of tax assets from Clear Channel&#146;s implied enterprise value after giving effect to
estimated television and small market radio asset sales. Goldman Sachs then calculated (i)&nbsp;the
ratio of pro forma adjusted enterprise value to revenue, (ii)&nbsp;the ratio of pro forma adjusted
enterprise value to earnings before interest, income taxes, depreciation and amortization, or
EBITDA, and (iii)&nbsp;the ratio of adjusted equity value to free cash flow, or FCF, adjusted to remove
effects of acquisition related depreciation and amortization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the results of Goldman Sachs&#146; analysis based on illustrative
Clear Channel common stock share prices of $37.81 and $39.20.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$37.81 per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$39.20 per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro Forma Adjusted Enterprise Value/Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.7x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pro Forma Adjusted Enterprise Value/EBITDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.2x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted Equity Value/Adjusted FCF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.2x</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008E</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.2x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.8x</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs also reviewed the historical trading prices and volumes for Clear Channel common
stock for the two-year period ended November&nbsp;14, 2006. In addition, Goldman Sachs analyzed the
closing market price of $37.81 per share of Clear Channel&#146;s common stock on May&nbsp;15, 2007 and the
cash consideration of $39.20 per share of Clear Channel common stock in relation to (i)&nbsp;the closing
prices of Clear Channel common stock on May&nbsp;15, 2007, on October&nbsp;6, 2006 (the last trading day
prior to the day that a research analyst issued a report outlining potential strategic alternatives
for Clear Channel and Clear Channel Outdoor), and on September&nbsp;22, 2006 (the last trading day prior
to the September&nbsp;25, 2006 meeting of Clear Channel&#146;s board of directors during which strategic
alternatives were discussed), (ii)&nbsp;the high price over the 52-week and two-year periods ended
November&nbsp;14, 2006 and (iii)&nbsp;the low price over the 52-week and two-year periods ended November&nbsp;14,
2006. The following table presents the results of Goldman Sachs&#146; analysis based on illustrative
share prices of $37.81 and $39.20 per share of Clear Channel common stock:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$37.81 per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$39.20 per</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to market price of $37.81 per share (as of May&nbsp;15, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to undisturbed price of $30.02 per share (as of October&nbsp;6, 2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">25.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to undisturbed price of $29.05 per share (as of September&nbsp;22,
2006)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to high price of $35.48 per share for the two-year and 52-week
period ended November&nbsp;14, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premium to low price of $27.41 per share for the two-year and 52-week
period ended November&nbsp;14, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->108<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="180"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Present Value of Future Stock Price Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative analysis of the implied present value of the future
stock price of Clear Channel, which is designed to provide an indication of the present value of a
theoretical future value of a company&#146;s equity as a function of such company&#146;s estimated future
capital structure and implied share price based on an assumed enterprise value as a multiple of
future EBITDA. For this analysis, Goldman Sachs used the Management Forecasts and assumed (i)&nbsp;a
$1.7&nbsp;billion minority interest based on Clear Channel Outdoor and Clear Media Ltd. market data as
of May&nbsp;15, 2007 and a $210&nbsp;million other minority interest grown in each case at 5% per year based
on the Management Forecasts, (ii)&nbsp;unconsolidated assets of $540&nbsp;million grown at 5% per year based
on the Management Forecasts, (iii)&nbsp;a $0.7&nbsp;billion present value of tax assets as of December&nbsp;31,
2007, (iv)&nbsp;that leverage is maintained at a total debt to last twelve months EBITDA ratio of 3.5x,
(v)&nbsp;that excess cash flow is used to repurchase Clear Channel common stock at enterprise value to
one-year forward EBITDA multiples of 9.0x to 10.0x, and (vi)&nbsp;an annual recurring dividend of $0.75
per share paid quarterly. Goldman Sachs first calculated implied per share values for Clear Channel
common stock at year end for each of the fiscal years 2007 to 2011 by applying enterprise value to
one-year forward EBITDA multiples of 9.0x to 10.0x to estimates prepared by Clear Channel
management of fiscal years 2008 to 2012 EBITDA. Goldman Sachs then discounted those values and the
value of any dividends to be paid up to the date of the future share price to May&nbsp;15, 2007, using
an equity discount rate of 10.0%. This analysis resulted in a range of illustrative values per
share of Clear Channel common stock of $31.09 to $37.99.
</DIV>
<DIV align="left">
<A name="181"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discounted Cash Flow Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed an illustrative discounted cash flow analysis using the Management
Forecasts to determine a range of implied present values per share of Clear Channel common stock.
All cash flows were discounted to May&nbsp;15, 2007, and terminal values were based upon perpetuity
growth rates for cash flows in the year 2012 and beyond. In performing the illustrative discounted
cash flow analysis, Goldman Sachs applied discount rates ranging from 7.5 to 8.5% to the projected
unlevered free cash flows of Clear Channel for the remainder of 2007 and calendar years 2008 to
2011. The discount rates applied by Goldman Sachs reflect the weighted average cost of capital of
Clear Channel based on the capital structure of Clear Channel as of May&nbsp;15, 2007. Goldman Sachs
also applied perpetuity growth rates ranging from 1.75% to 2.75%. This analysis resulted in a range
of illustrative values per share of Clear Channel common stock of
$30.55 to $46.39.
</DIV>
<DIV align="left">
<A name="182"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Recapitalization Analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs analyzed an illustrative recapitalization transaction involving Clear Channel
and the theoretical value that Clear Channel shareholders could receive in such a transaction. In
the illustrative recapitalization transaction, Clear Channel used after-tax proceeds from certain
asset sales by Clear Channel Outdoor to finance a special dividend to Clear Channel shareholders in
the range of $2.8&nbsp;billion to $3.2&nbsp;billion on December&nbsp;31, 2007. In calculating the amount of the
special dividend, Goldman Sachs assumed (i)&nbsp;that 88% of after-tax proceeds from certain asset sales
by Clear Channel Outdoor would be distributed to Clear Channel&#146;s shareholders, (ii)&nbsp;an annual
recurring dividend of $0.75 per share paid quarterly, and (iii)&nbsp;the use of an existing $1.5&nbsp;billion
capital loss tax shield. Goldman Sachs then discounted the value of the special dividend to May&nbsp;15,
2007, using discount rates ranging from 9.50% to 10.50%, which resulted in a present value of the
special dividend to shareholders in the range of $5.33 to $6.26 per share. The theoretical
post-recapitalization trading values of shares of Clear Channel common stock were based upon
estimated enterprise value to one-year forward EBITDA multiples of 9.5x to 10.5x and the Management
Forecasts after giving effect to certain asset sales by Clear Channel Outdoor. Goldman Sachs then
calculated the implied per share future equity values for Clear Channel common stock from 2007 to
2011, and then discounted those values and the value of any dividends to be paid up to the date of
the future share price to May&nbsp;15, 2007, using an equity discount rate of 10.0%. This analysis
resulted in a range of illustrative values per share of Clear Channel common stock of $33.72 to
$39.83.
</DIV>
<DIV align="left">
<A name="183"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sum-of-the-Parts Analyses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs performed illustrative sum-of-the-parts analyses on Clear Channel using the
Management Forecasts. In the first illustrative sum-of-the-parts analysis, Goldman Sachs
calculated illustrative per share value indications for Clear Channel assuming a spin-off of Clear
Channel Outdoor on June&nbsp;30, 2007 and asset sales by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel in addition to the spin-off of Clear Channel Outdoor. In the second
illustrative sum-of-the-parts analysis, Goldman Sachs calculated illustrative per share value
indications for Clear Channel assuming a spin-off of Clear Channel Outdoor on June&nbsp;30, 2008 and
asset sales by Clear Channel in addition to the spin-off of Clear Channel Outdoor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first illustrative sum-of-the-parts analysis, Goldman Sachs made the following
assumptions: (i)&nbsp;a spin-off of Clear Channel Outdoor closing on June&nbsp;30, 2007, (ii)&nbsp;the sale of
small market radio and television assets, (iii)&nbsp;the use of proceeds from the sale of small market
radio and television assets and proceeds from inter-company debt repayments and/or new debt
financings to finance a special dividend to shareholders of Clear Channel in the range of $1.7 to
$5.7&nbsp;billion, or $3.48 to $11.39 per share, and (iv)&nbsp;an annual recurring dividend of $0.75 per
share by Clear Channel following the spin-off. The theoretical post spin-off illustrative values of
Clear Channel Outdoor shares were based upon estimated enterprise value to 2007 estimated EBITDA
multiples of 12.0x to 14.0x . The theoretical post spin-off trading values of shares of Clear
Channel common stock were based upon estimated enterprise value to 2007 estimated EBITDA multiples
of 9.0x to 11.0x and the Management Forecasts after giving effect to the spin-off of Clear Channel
Outdoor. Goldman Sachs then calculated the implied per share future equity values for Clear
Channel Outdoor, the special dividend and Clear Channel following the spin-off of Clear Channel
Outdoor and then discounted those values to May&nbsp;15, 2007, using a discount rate of 10.0%. This
analysis resulted in a range of illustrative values per share of Clear Channel common stock of
$34.14 to $42.79, inclusive of the values of Clear Channel Outdoor, Clear Channel following the
spin-off of Clear Channel Outdoor and the amount of the special dividend.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the second illustrative sum-of-the-parts analysis, Goldman Sachs made the following
assumptions: (i)&nbsp;a spin-off of Clear Channel Outdoor closing on June&nbsp;30, 2008, (ii)&nbsp;the sale of
small market radio and television assets, (iii)&nbsp;the use of proceeds from the sale of small market
radio and television assets and proceeds from inter-company debt repayments and/or new debt
financings to finance a special dividend to shareholders of Clear Channel in the range of $1.9 to
$6.8&nbsp;billion, or $3.74 to $13.61 per share, and (iv)&nbsp;an annual recurring dividend of $0.75 per
share by Clear Channel following the spin-off. The theoretical post spin-off illustrative values of
Clear Channel Outdoor shares were based upon estimated enterprise value to 2008 estimated EBITDA
multiples of 12.0x to 14.0x and the Management Forecasts. The theoretical post spin-off trading
values of shares of Clear Channel common stock were based upon estimated enterprise value to 2008
estimated EBITDA multiples of 9.0x to 11.0x and the Management Forecasts after giving effect to the
spin-off of Clear Channel Outdoor. Goldman Sachs then calculated the implied per share future
equity values for Clear Channel Outdoor, the special dividend and Clear Channel following the
spin-off of Clear Channel Outdoor and then discounted those values to May&nbsp;15, 2007, using a
discount rate of 10.0%. This analysis resulted in a range of illustrative values per share of Clear
Channel common stock of $35.03 to $43.24, inclusive of the values of Clear Channel Outdoor, Clear
Channel following the spin-off of Clear Channel Outdoor and the amount of the special dividend.
</DIV>
<DIV align="left">
<A name="184"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Miscellaneous</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of a fairness opinion is a complex process and is not necessarily susceptible
to partial analysis or summary description. Selecting portions of the analyses or of the summary
set forth above, without considering the analyses as a whole, could create an incomplete view of
the processes underlying Goldman Sachs&#146; opinion. In arriving at its fairness determination, Goldman
Sachs considered the results of all of its analyses and did not attribute any particular weight to
any factor or analysis considered by it. Rather, Goldman Sachs made its determination as to
fairness on the basis of its experience and professional judgment after considering the results of
all of its analyses. No company or transaction used in the above analyses as a comparison is
directly comparable to Clear Channel, Clear Channel Outdoor or the contemplated merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs prepared these analyses for purposes of Goldman Sachs&#146; providing its opinion to
Clear Channel&#146;s board of directors as to the fairness from a financial point of view of the cash
consideration of $39.20 per Public Share that holders of Public Shares can elect to receive
pursuant to the merger agreement. These analyses do not purport to be appraisals nor do they
necessarily reflect the prices at which businesses or securities actually may be sold. Analyses
based upon forecasts of future results are not necessarily indicative of actual future results,
which may be significantly more or less favorable than suggested by these analyses. Because these
analyses are inherently subject to uncertainty, being based upon numerous factors or events beyond
the control of the parties or their
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">respective advisors, none of Clear Channel, Goldman Sachs or any other person assumes
responsibility if future results are materially different from those forecasts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash consideration of $39.20 per Public Share was determined through arms-length
negotiations between Clear Channel, on the one hand, and the Sponsors, on the other hand, and was
unanimously approved by Clear Channel&#146;s board of directors (excluding Messrs.&nbsp;Mark P. Mays, Randall
T. Mays, L. Lowry Mays and B. J. McCombs who recused themselves from the deliberations). Goldman
Sachs provided advice to Clear Channel&#146;s board of directors during these negotiations. Goldman
Sachs did not, however, recommend any specific amount of consideration to Clear Channel, its board
of directors or the special advisory committee of its board of directors or that any specific
amount of consideration constituted the only appropriate consideration for the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described above, Goldman Sachs&#146; opinion to Clear Channel&#146;s board of directors was one of
many factors taken into consideration by Clear Channel&#146;s board of directors in making its
determination to approve the merger agreement (See &#147;The Merger &#151; Reasons for the Merger&#148; in this
proxy statement/prospectus). The foregoing summary does not purport to be a complete description of
the analyses performed by Goldman Sachs in connection with the fairness opinion and is qualified in
its entirety by reference to the written opinion of Goldman Sachs
attached as Annex E to this proxy
statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs and its affiliates, as part of their investment banking business, are
continually engaged in performing financial analyses with respect to businesses and their
securities in connection with mergers and acquisitions, negotiated underwritings, competitive
biddings, secondary distributions of listed and unlisted securities, private placements and other
transactions as well as for estate, corporate and other purposes. Goldman Sachs acted as financial
advisor to Clear Channel in connection with, and participated in certain of the negotiations
leading to, the transaction contemplated by the merger agreement. In addition, Goldman Sachs has
provided and is currently providing certain investment banking services to Clear Channel, including
having acted as global coordinator and senior bookrunning manager in connection with the initial
public offering of 35,000,000 shares of class A common stock of Clear Channel Outdoor in November
2005, as financial advisor to Clear Channel in connection with the spin-off of Live Nation, Inc., a
former subsidiary of Clear Channel, in December&nbsp;2005 and as financial advisor to Clear Channel in
connection with the announced sale of Clear Channel&#146;s television assets to Providence Equity
Partners Inc. In addition, at the request of the board of directors of Clear Channel, Goldman
Sachs Credit Partners L.P., an affiliate of Goldman Sachs, made available a financing package to
the Sponsors in connection with the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs has provided and is currently providing certain investment banking services to
THL Partners and its affiliates and portfolio companies, including having acted as financial
advisor to Houghton Mifflin Holding Company, Inc., a former portfolio company of THL Partners, in
connection with its sale in December&nbsp;2006, as joint lead arranger and joint bookrunner in
connection with senior secured credit facilities (aggregate principal amount $5,000,000,000) in
connection with the acquisition of Aramark Corporation by THL Partners acting together with a
consortium of private equity companies and management in January&nbsp;2007 and as joint lead arranger
and joint bookrunner in connection with senior secured credit facilities (aggregate principal
amount $1,600,000,000) of Spectrum Brands, Inc., a portfolio company of THL Partners, in April
2007. Goldman Sachs has provided and is currently providing certain investment banking services to
Bain and its affiliates and portfolio companies, including having acted as lead arranger in
connection with the leveraged recapitalization of Brenntag AG, a former portfolio company of Bain
(&#147;Brenntag&#148;), in January&nbsp;2006, as co-financial advisor to Brenntag in connection with its sale in
September&nbsp;2006 and as financial advisor to Houghton Mifflin Holding Company, Inc., a former
portfolio company of Bain, in connection with its sale in December&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs may also provide investment banking services to Clear Channel and its affiliates
and each of the Sponsors and their respective affiliates and portfolio companies in the future. In
connection with the above-described investment banking services Goldman Sachs has received, and may
receive, compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs is a full service securities firm engaged, either directly or through its
affiliates, in securities trading, investment management, financial planning and benefits
counseling, risk management, hedging, financing and brokerage activities for both companies and
individuals. In the ordinary course of these activities, Goldman Sachs and its affiliates may
provide such services to Clear Channel and its affiliates and each of the Sponsors and their
respective affiliates and portfolio companies, actively trade the debt and equity securities (or
related derivative
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">securities) of Clear Channel and the respective affiliates and portfolio companies of each of
the Sponsors for their own account and for the accounts of their customers and at any time hold
long and short positions of such securities. Affiliates of Goldman Sachs have co-invested with each
of the Sponsors and their respective affiliates from time to time and such affiliates of Goldman
Sachs have invested and may invest in the future in limited partnership units of affiliates of each
of the Sponsors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of Clear Channel selected Goldman Sachs as its financial advisor
because it is an internationally recognized investment banking firm that has substantial experience
in transactions similar to the merger. Pursuant to a letter agreement, dated September&nbsp;18, 2006,
Clear Channel engaged Goldman Sachs to act as its financial advisor in connection with its
consideration of a range of strategic alternatives. Pursuant to the terms of this engagement
letter, Clear Channel has agreed to pay Goldman Sachs a transaction fee equal to approximately $50
million, the principal portion of which is contingent upon consummation of the merger. In addition,
Clear Channel has agreed to reimburse Goldman Sachs for its expenses, including attorneys&#146; fees and
disbursements, and to indemnify Goldman Sachs and related persons against various liabilities,
including certain liabilities under the federal securities laws.
</DIV>

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<DIV align="left">
<A name="185"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a discussion of the material United States federal income tax consequences of
the merger to U.S. holders (as defined below). This discussion is based on the Internal Revenue
Code of 1986, as amended (the &#147;Code&#148;), applicable Treasury regulations, administrative
interpretations and court decisions as in effect as of the date of this proxy statement/prospectus,
all of which may change, possibly with retroactive effect. This discussion assumes that the merger
will be completed in accordance with the terms of the merger agreement. No ruling has been or will
be sought from the Internal Revenue Service (&#147;IRS&#148;) as to the United States federal income tax
consequences of the merger, and the following summary is not binding on the IRS or the courts. As
a result, the IRS could adopt a contrary position, and such a contrary position could be sustained
by a court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this discussion, a &#147;U.S. holder&#148; is a beneficial owner of a share of Clear
Channel common stock that is:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a citizen or individual resident of the United States;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation, or other entity taxable as a corporation, created or organized in or
under the laws of the United States or any political subdivision thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an estate the income of which is subject to United States federal income tax
regardless of its source; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust if, in general, the trust is subject to the supervision of a court within
the United States, and one or more U.S. persons have the authority to control all
significant decisions of the trust.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion only addresses U.S. holders who hold shares of Clear Channel common stock as
capital assets within the meaning of Section&nbsp;1221 the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This discussion does not purport to be a complete analysis of all potential tax effects of the
merger, and, in particular, does not address U.S. federal income tax considerations applicable to
shareholders subject to special treatment under U.S. federal income tax law (including, for
example, non-U.S. holders, brokers or dealers in securities, financial institutions, mutual funds,
insurance companies, tax-exempt entities, holders who hold Clear Channel common stock as part of a
hedge, appreciated financial position, straddle, conversion transaction or other risk reduction
strategy, holders who acquired Clear Channel common stock pursuant to the exercise of an employee
stock option or right or otherwise as compensation, holders exercising dissenter&#146;s rights, holders
that are partnerships or other pass-through entities or investors in partnerships or other
pass-through entities and U.S. holders liable for the alternative minimum tax). In addition, this
discussion does not address the tax consequences of transactions effectuated prior to or after the
merger (whether or not such transactions occur in connection with the merger), including, without
limitation, any exercise of an option or the acquisition or disposition of shares of Clear Channel
common stock other than pursuant to the merger. Also, this discussion does not address U.S.
federal income tax considerations applicable to holders of options or warrants to purchase Clear
Channel common stock, or holders of debt instruments convertible into Clear Channel common stock.
No information is provided herein with respect to the tax consequences of the merger under
applicable state, local or non-U.S. laws, or under any proposed Treasury regulations that have not
taken effect as of the date of this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>HOLDERS OF CLEAR CHANNEL COMMON STOCK ARE URGED TO CONSULT WITH THEIR TAX ADVISORS REGARDING
THE TAX CONSEQUENCES OF THE MERGER TO THEM, INCLUDING THE EFFECTS OF UNITED STATES FEDERAL, STATE
AND LOCAL, FOREIGN AND OTHER TAX LAWS.</B>
</DIV>
<DIV align="left">
<A name="186"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>United States Federal Income Tax Consequences to Clear Channel Shareholders</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax consequences of the merger to a U.S. holder will depend upon the relative proportions
of Holdings Class&nbsp;A common stock and cash that such holder receives in the merger. As a result, the
tax consequences to each U.S. holder will not be ascertainable with certainty until such holder
knows the precise amount of Holdings Class&nbsp;A
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">common stock and cash that such holder will receive in the merger as determined under the
pro-ration provisions of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange of Clear Channel Common Stock Solely For Cash. </I>A U.S. holder who exchanges Clear
Channel common stock solely for cash will recognize capital gain or loss equal to the difference
between the amount of cash received and such holder&#146;s tax basis in the shares of Clear Channel
common stock surrendered therefor. Such gain or loss will be long-term capital gain or loss if, as
of the Effective Time, the holding period for such Clear Channel common stock is more than one
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange of Clear Channel Common Stock Solely for Holdings Common Stock</I>. A U.S. holder who
exchanges Clear Channel common stock solely for Holdings Class&nbsp;A common stock will not recognize
any gain or loss upon the exchange. Such holder will have a tax basis in the Holdings Class&nbsp;A
common stock received equal to the tax basis of Clear Channel common stock surrendered therefor,
provided either that Clear Channel common stock exchanged does not have a tax basis that exceeds
its fair market value or, if it does, that a certain election to reduce the tax basis of the
Holdings Class&nbsp;A common stock received to its fair market value is not made. The holding period
for the Holdings Class&nbsp;A common stock received in the exchange will include the holder&#146;s holding
period for Clear Channel common stock surrendered therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exchange of Clear Channel Common Stock for a Combination of Holdings Common Stock and Cash</I>.
Although the matter is not free from doubt and no assurances can be given that the Internal Revenue
Service would not take a contrary position, Clear Channel believes that for purposes of determining
the federal income tax consequences to U.S. holders who exchange Clear Channel common stock for a
combination of Holdings Class&nbsp;A common stock and cash, the transactions contemplated by the merger
agreement will be treated as two separate transactions &#151;  a transfer to Clear Channel of a portion
of the holders&#146; Clear Channel common stock solely in exchange for cash (the &#147;Deemed Redemption&#148;)
and a transfer to Holdings of the balance of the Clear Channel common stock in exchange for cash
and Holdings Class&nbsp;A common stock (the &#147;Deemed Exchange&#148;). Clear Channel further believes that the
Deemed Exchange will be treated as part of a transaction described in Section 351(a) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with the characterization as a Deemed Redemption and a Deemed Exchange, a U.S.
holder will be required to bifurcate the cash received in the merger with respect to the Clear
Channel common stock between two categories: (a)&nbsp;the amount of such cash that is attributable to
the Equity Financing (&#147;Sponsor Cash&#148;) and (b)&nbsp;the remaining amount of such cash (&#147;Clear Channel
Cash&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deemed Redemption</I>. The Clear Channel Cash portion of the total cash received by a U.S. Holder
in the merger with respect to Clear Channel common stock will be treated as received in the Deemed
Redemption and thus should, subject to Section&nbsp;302 of the Code, be treated as capital gain or loss
equal to the difference between the amount of the Clear Channel Cash that such holder receives and
such holder&#146;s allocable tax basis in the Clear Channel common stock transferred in the Deemed
Redemption. The Clear Channel Cash received by a U.S. Holder is equal to the total cash received
by such holder in the merger with respect to Clear Channel common stock multiplied by a fraction,
the numerator of which is the amount of Clear Channel Cash received by all holders in the merger
and the denominator of which is the total cash received by all holders in the merger with respect
to Clear Channel common stock. This fraction cannot be computed accurately until after the
Effective Time. Clear Channel intends to report its computation of such fraction to the holders as
supplemental information to the IRS Form 1099-B, or other appropriate information reporting. With
respect to any U.S. holder, the number of shares of Clear Channel common stock treated as redeemed
by Clear Channel in the Deemed Redemption will equal the Clear Channel Cash received by such Holder
divided by the per share Cash Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deemed Exchange</I>. Any shares of Clear Channel common stock of a U.S. holder that are not
treated as redeemed pursuant to the Deemed Redemption will be treated as exchanged for Holdings
Class&nbsp;A common stock and Sponsor Cash in the Deemed Exchange. The holding period of the Holdings
Class&nbsp;A common stock received will include the holding period of the shares of Clear Channel common
stock surrendered in exchange therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder will recognize gain in the Deemed Exchange to the extent of the &#147;boot&#148; received.
The Sponsor Cash portion of the total cash received by a U.S. Holder in the merger with respect to
Clear Channel common stock will be treated under Section 351(b) of the Code as &#147;boot&#148; received in a
Section&nbsp;351 exchange and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will be equal to the total cash received by such holder in the merger with respect to Clear
Channel common stock multiplied by a fraction, the numerator of which is the amount of Sponsor Cash
received by all holders in the merger and the denominator of which is the total cash received by
all holders in the merger with respect to Clear Channel common stock. This fraction cannot be
computed accurately until after the Effective Time. Clear Channel intends to report its
computation of such fraction to the holders as supplemental information to the IRS Form 1099-B, or
other appropriate information reporting. Subject to the discussion below regarding Section&nbsp;304 of
the Code, a U.S. holder will recognize gain, but not loss, on the Deemed Exchange equal to the
lesser of the amount of Sponsor Cash received and the gain realized on the Deemed Exchange. A U.S.
holder will realize gain on the Deemed Exchange equal to the excess of (i)&nbsp;the sum of the fair
market value of the Holdings Class&nbsp;A common stock and the Sponsor Cash received by such U.S. holder
over (ii)&nbsp;such holder&#146;s tax basis in Clear Channel common stock surrendered in the Deemed Exchange.
Subject to the discussion below regarding Section&nbsp;304 of the Code, any gain recognized by such
U.S. holder will generally be treated as capital gain. Any gain that is treated as capital gain
will be long-term capital gain if such holder has held the Clear Channel common stock surrendered
in the exchange for more than one year as of the Effective Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Recharacterization of the Merger by the Internal Revenue Service. </I>There is a risk that the
Internal Revenue Service may recharacterize the tax treatment of the Clear Channel Cash as
additional cash consideration received in the Deemed Exchange. Under such a characterization,
certain U.S. holders otherwise not recognizing any gain in the merger could recognize an amount of
gain and certain U.S. holders recognizing gain in the merger could recognize a greater amount of
gain. The recognition of this gain or increased gain would be due to an inability to offset the
Clear Channel Cash with the full amount of the U.S. holder&#146;s basis in its Clear Channel common
stock surrendered in the Deemed Redemption. Subject to the discussion below regarding Section&nbsp;304
of the Code, if the merger were re-characterized in this manner, a U.S. holder who exchanged Clear
Channel common stock for a combination of cash and Holdings Class&nbsp;A common stock would recognize
gain, but not loss, on the exchange, and such holder&#146;s gain recognized would equal the lesser of
the amount of cash received and the gain realized. The gain realized would be the excess of (i)
all of the cash and the fair market value of the Holdings Class&nbsp;A common stock received by the U.S.
holder with respect to its Clear Channel common stock over (ii)&nbsp;the U.S. holder&#146;s tax basis in its
Clear Channel common stock surrendered in the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Application of Section&nbsp;304 of the Code</I>. The results described above may be altered if,
contrary to expectations, Section&nbsp;304 of the Code were to apply to the merger. Section&nbsp;304 of the
Code would apply to the merger if Clear Channel shareholders, in the aggregate, were to own stock
of Holdings possessing 50% or more of the total combined voting power or 50% or more of the total
combined value of all classes of stock of Holdings, taking into account certain constructive
ownership rules under the Code. In the unlikely event that Section&nbsp;304 of the Code were to apply
to the merger, the amount and character of income recognized by Clear Channel shareholders could be
different. U.S. holders of Clear Channel common stock should consult their own tax advisors as to
the amount and character of any income in the event that Section&nbsp;304 of the Code were to apply to
the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Information on the Merger to Be Filed with Clear Channel Shareholders&#146; Returns</I>. U.S. holders
who receive Holdings Class&nbsp;A common stock, and following the effective time of the merger own
Holdings Class&nbsp;A common stock representing at least 5% of the total combined voting power or value
of the total outstanding Holdings Class&nbsp;A common stock, are required to attach to their tax returns
for the year in which the merger are consummated, and maintain a permanent record of, a complete
statement that contains the information listed in Treasury Regulation&nbsp;Section&nbsp;1.351&#151;3T. Such
statement must include their aggregate fair market value and tax basis in their Clear Channel
common stock surrendered in the exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Information Reporting and Backup Withholding</I>. Payments of cash pursuant to the merger will be
subject to information reporting and backup withholding unless (i)&nbsp;they are received by a
corporation or other exempt recipient or (ii)&nbsp;the recipient provides correct taxpayer
identification number and certifies that no loss of exemption from backup withholding has occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder who provides an incorrect taxpayer identification number may be subject to
penalties imposed by the IRS. The amount of any backup withholding from a payment to a U.S. holder
will be allowed as a credit against the U.S. holder&#146;s United States federal income tax liability
and may entitle such U.S. holder to a refund, provided that the required information is timely
furnished to the IRS.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax matters are very complicated, and the tax consequences of the merger to you will depend
upon the facts of your particular situation. The discussion set forth above, while based upon the
reasoned judgment of counsel, addresses legal issues with respect to which there is uncertainty.
Accordingly, we strongly urge you to consult with a tax advisor to determine the particular
federal, state, local, or foreign income or other tax consequences to you of the merger.</B>
</DIV>
<DIV align="left">
<A name="187"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ACCOUNTING TREATMENT OF TRANSACTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that the merger will be accounted for as a purchase in conformity with Statement of
Financial Accounting Standards No.&nbsp;141, <I>Business Combinations </I>and Emerging Issues Task Force Issue
88-16, <I>Basis in Leveraged Buyout Transactions</I>. As a result of the potential continuing ownership
of certain members of management and the potential continuing ownership of large shareholders,
Clear Channel expects to allocate a portion of the purchase price to the assets and liabilities at
their respective fair values with the remaining portion recorded at the continuing shareholders&#146;
historical basis. Any residual amount will be recorded as goodwill.
</DIV>
<DIV align="left">
<A name="188"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REGULATORY APPROVALS</B>
</DIV>

<DIV align="left">
<A name="189"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Hart-Scott-Rodino</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the HSR Act and the rules promulgated thereunder, Clear Channel cannot complete the
merger until it notifies and furnishes information to the Federal Trade Commission (the &#147;FTC&#148;) and
the Antitrust Division of the U.S. Department of Justice, and specified waiting period requirements
are satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties have agreed that if the FTC or the Antitrust Division of the U.S. Department of
Justice has not granted the necessary approvals under the HSR Act as of August&nbsp;16, 2007, then if
Clear Channel&#146;s and the Fincos&#146; respective antitrust counsel, in their professional judgment,
jointly determine that a divestiture is required to obtain the necessary approvals under the HSR
Act, they will provide notice of such determination to the Fincos and the Fincos have agreed
promptly, and in any event by November&nbsp;15, 2007, to implement the divestiture. Under the terms of
the merger agreement, a &#147;divestiture&#148; of any asset or business means (i)&nbsp;any sale, transfer,
separate holding, divestiture or other disposition, or any prohibition of, or any limitation on,
the acquisition, ownership, operation, effective control or exercise of full rights of ownership,
of such asset or (ii)&nbsp;the termination or amendment of any existing or contemplated governance
structure of Merger Sub or Clear Channel or contemplated contractual or governance rights of Merger
Sub or Clear Channel.
</DIV>
<DIV align="left">
<A name="190"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FCC Regulations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Communications Act, Clear Channel and the Fincos may not complete the merger unless
they have first obtained the approval of the FCC to transfer control of Clear Channel&#146;s FCC
licenses to affiliates of the Fincos (the &#147;FCC Consent&#148;). FCC approval is sought through the
filing of applications with the FCC, which are subject to public comment and objections from third
parties. Pursuant to the merger agreement, the parties filed on December&nbsp;12, 2006 all applications
necessary to obtain the FCC Consent. The timing or outcome of the FCC approval process cannot be
predicted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fincos have agreed to take promptly any and all steps necessary to avoid or eliminate any
impediment (including any impediment under the FCC&#146;s media ownership rules) to obtaining the FCC
Consent so as to enable the parties to close the transactions contemplated by the merger agreement
as promptly as practicable.
</DIV>
<DIV align="left">
<A name="191"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger is also subject to review by governmental authorities of various other
jurisdictions under the antitrust, communication and investment review laws of those jurisdictions.
</DIV>

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<DIV align="left">
<A name="192"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STOCK EXCHANGE LISTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the consummation of the merger, shares of Holdings Class&nbsp;A common stock will not be
listed on a national securities exchange. It is anticipated that, following the merger, the shares
of Class&nbsp;A common stock will be quoted on the Over-the-Counter Bulletin Board.
</DIV>
<DIV align="left">
<A name="193"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESALE OF HOLDINGS CLASS A COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of Holdings Class&nbsp;A common stock issued in the merger will not be subject to any
restrictions on transfer arising under the Securities Act, except for shares issued to any Clear
Channel shareholder who may be deemed to be an &#147;affiliate&#148; of Clear Channel or Holdings for
purposes of Rule&nbsp;144 or Rule&nbsp;145 under the Securities Act.
</DIV>
<DIV align="left">
<A name="194"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MERGER RELATED LITIGATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are aware of eight putative class action complaints that were filed in the District Court
of Bexar County, Texas, in connection with the merger. Of these putative class action complaints,
the following three have been dismissed: <I>Murphy v Clear Channel Communications, Inc., et al</I>., No.
2006CI17647 (filed November&nbsp;16, 2006), <I>Manson v. Clear Channel Communications, Inc., et al.</I>, No.
2006CI17656 (filed November&nbsp;16, 2006), and <I>Metzler Investment GmbH v. Clear Channel Communications,
Inc., et al</I>. , No.&nbsp;2006CI18067 (filed November&nbsp;28, 2006).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
remaining five actions &#151;  <I>Teitelbaum v. Clear Channel Communications, Inc., et al.</I>, No.
2006CI17492 (filed November&nbsp;14, 2006), <I>City of St. Clair Shores Police and Fire Retirement System
v. Clear Channel Communications, Inc., et al</I>., No.&nbsp;2006CI17660 (filed November&nbsp;16, 2006), <I>Levy
Investments, Ltd. v. Clear Channel Communications, Inc., et al</I>., No.&nbsp;2006CI17669 (filed November
16, 2006), <I>DD Equity Partners LLC v. Clear Channel Communications, Inc., et al</I>., No.&nbsp;2006CI7914
(filed November&nbsp;22, 2006), and <I>Pioneer Investments Kapitalanlagegesellschaft MBH v. Clear Channel
Communications, Inc., et. al</I>., No.&nbsp;2006CI18542 (filed
December 7, 2006) &#151; have been consolidated for pretrial
purposes only into one proceeding (the &#147;Consolidated Class
Action&#148;), captioned
<I>In re Clear Channel Communications, Inc. Shareholders
Litigation,</I> Cause No. 2006-CI-17492. The Second Amended Complaint
currently pending in the Consolidated Class Action alleges that Clear
Channel and its directors breached their fiduciary duties in
connection with the proposed merger and in connection with the
disclosures in the merger proxy statement. The complaint also alleges
that Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. aided and abetted those breaches of
fiduciary duty. The complaint seeks damages and an order enjoining
the defendants from completing the proposed transaction. On May&nbsp;4,
2007, the plaintiff filed a Supplemental Memorandum of Law in Support
of Plaintiff's Motion for a Temporary Restraining Order and Temporary
Injunction, which sought an order enjoining the shareholder vote that
was previously scheduled for May&nbsp;8, 2007. No action was taken by
the Court on plaintiff's request for an injunction.
</DIV>

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</Table>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the actions described above, we are aware of two shareholder derivative
complaints naming Clear Channel and its directors as defendants. The first action, also filed in
the District Court of Bexar County, Texas, <I>Rauch v. Clear Channel Communications, Inc., et al</I>., No.
2006CI17436 (filed November&nbsp;22, 2006) alleges breach of fiduciary duties, abuse of control, gross
mismanagement, and waste of corporate assets by the defendants. The complaint seeks an order
declaring the employment agreements with Messrs.&nbsp;L. Lowry Mays, Mark P. Mays, and Randall T. Mays
unenforceable or rescinding them, declaring the merger agreement unenforceable and rescinding it,
directing the defendants to exercise their fiduciary duties to obtain a transaction that is in the
best interests of Clear Channel and its shareholders, imposing a constructive trust upon any
benefits improperly received by the defendants, and directing the payment of plaintiff&#146;s costs and
fees. The Rauch litigation has been consolidated with the five putative class action complaints
described above for limited pre-trial purposes, but is not set for hearing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The second action, filed in the United States District Court for the Western District of
Texas, <I>Alaska Laborers Employees Retirement Fund v. Clear Channel Communications, Inc., et al</I>., No.
SA07CA0042RF (filed January&nbsp;11, 2007) contains both derivative and class action claims and alleges,
among other things, that Clear Channel&#146;s directors violated federal securities laws, breached their
fiduciary duties, abused their control of Clear Channel, and grossly mismanaged Clear Channel in
connection with the proposed merger. The complaint also alleges that Bain Capital Partners, LLC
and Thomas H. Lee Partners, L.P. are liable as controlling persons
under the federal securities laws and that Bain Capital Partners, LLC and
Thomas H. Lee Partners, L.P. also aided and abetted Clear Channel&#146;s directors in breaching their
fiduciary duties. <I>The Alaska Laborers </I>complaint seeks a determination that class action status is
proper, a declaration that the merger agreement was entered into in breach of Clear Channel&#146;s
directors fiduciary duties, an order enjoining the merger, an order
directing that Clear Channel&#146;s directors exercise
their fiduciary duties to obtain a transaction that is in the best interests of Clear Channel and
its shareholders, and an order imposing a constructive trust upon any benefits improperly received by the
defendants, as well as an award of plaintiff&#146;s costs and fees.
On or about March&nbsp;28, 2007, the Court heard argument on
defendants' motion to dismiss the class action and derivative
complaint and ordered that Merger Sub, the Fincos and the Sponsors be
dismissed from the action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;30, 2007, Pioneer Investments Kapitalanlagegesellschaft mbH (&#147;Pioneer
Investments&#148;), located in Munich, Germany and an affiliate of UniCredito Italiona S.p.A. of Milan,
Italy, filed a second complaint against Clear Channel and its officers and directors for violations
of Section&nbsp;14(a)-9 of the Securities Exchange Act. The action <I>Pioneer Investments
Kapitalanlagegesellschaft mbH v. Clear Channel Communications, Inc., et al., </I>Case No.
SA-007-CA-0997, filed in the United States District Court for the Western District of Texas, San
Antonio Division (the &#147;Pioneer Federal Action&#148;), alleges Clear Channel failed to disclose all
relevant and material information in the proxy statement mailed to shareholders on February&nbsp;1, 2007
in connection with the proposed merger. On March&nbsp;9, 2007, Clear Channel filed a motion to dismiss
the Pioneer Federal Action on a number of grounds including the fact that the claims upon which
Pioneer Investments seeks relief in federal court are already pending in a consolidated state court
class action, of which Pioneer Investments is also a plaintiff. No hearing date has been scheduled
for the motion to dismiss. On the order of Judge Royal Furgeson, who is the presiding judge for
the Alaska Laborers complaint, the Pioneer Federal Action was transferred to his court.
</DIV>

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<DIV align="left">
<A name="195"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>THE MERGER AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This section describes the material terms of the merger agreement. The description in this
section and elsewhere in this proxy statement/prospectus is qualified in its entirety by reference
to the merger agreement, including Amendment No.&nbsp;1 and Amendment No.&nbsp;2, which are attached to this
proxy statement/prospectus as Annex A, Annex B and Annex C, respectively, and which are
incorporated by reference into this proxy statement/prospectus. This summary does not purport to
be complete and may not contain all of the information about the merger agreement that is important
to you. We encourage you to carefully read the merger agreement in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of the merger agreement is included to provide you with information
regarding its terms and is not intended to provide any other factual information about Clear
Channel, the Fincos, Holdings, Merger Sub or their respective affiliates. The representations,
warranties and covenants made by Clear Channel, the Fincos, Holdings and Merger Sub are qualified
and subject to important limitations agreed to by Clear Channel, the Fincos, Holdings and Merger
Sub in connection with negotiating the terms of the merger agreement. Furthermore, the
representations and warranties may be subject to standards of materiality applicable to Clear
Channel, the Fincos, Holdings and Merger Sub that may be different from those that are applicable
to you.
</DIV>
<DIV align="left">
<A name="196"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effective Time; Marketing Period</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effective time of the merger will occur at the later of the time that Clear Channel and
the Fincos cause the Articles of Merger to be executed and filed with the Secretary of State of the
State of Texas and the Certificate of Merger to be filed with the Secretary of State of the State
of Delaware, or such later time as provided in the Articles of Merger and agreed to by the Fincos,
Holdings, Merger Sub and Clear Channel (the &#147;Effective Time&#148;). The closing of the merger will
occur as soon as practicable, but in no event later than the second business day after all of the
conditions to the merger set forth in the merger agreement have been satisfied or waived, or such
other date as the Fincos, Holdings, Merger Sub and Clear Channel may agree. If all of the
conditions have been satisfied, but the Marketing Period (defined below) has not expired, then the
Fincos are not required to effect the closing until the earlier of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a date during the Marketing Period specified by the Fincos on no less than three
business days&#146; written notice to Clear Channel; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the final day of the Marketing Period, or at such other time, date or place as is
agreed to in writing by the Fincos, Holdings, Merger Sub and Clear Channel.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Marketing Period&#148; means the first period of 25
consecutive business days throughout which time the Fincos have certain financial information
required to be provided by Clear Channel under the merger agreement and the mutual conditions to
the obligations of the parties and the conditions to the obligations of the Fincos (other than
those conditions that, by their own terms, cannot be satisfied until the closing) have been and
remain satisfied. If the Marketing Period has not ended on or before August&nbsp;17, 2007, the
Marketing Period will be deemed to commence no earlier than September&nbsp;4, 2007, or if the Marketing
Period has not ended on or before December&nbsp;14, 2007, the Marketing Period will be deemed to
commence no earlier than January&nbsp;7, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Marketing Period is to provide Merger Sub and the Fincos with a reasonable
and appropriate period of time during which they can market and place the permanent debt financing
contemplated by the debt financing commitments for the purposes of financing the merger.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos and the Merger Sub have agreed to use their reasonable best efforts to
arrange and obtain the financing on the terms and conditions described in the financing
commitments, negotiate and finalize definitive agreements with respect to the financing
on the terms and conditions contained in the financing commitments, satisfy on a timely
basis all conditions applicable to the Fincos or Merger Sub in the definitive
agreements that are within their control,</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consummate the financing no later than the closing, and enforce their rights under
the financing commitments; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any portion of the financing becomes unavailable on the terms and conditions
contemplated in the financing commitments, the Fincos have agreed to promptly notify
Clear Channel and the Fincos and Merger Sub have agreed to use their reasonable best
efforts to obtain alternative financing from alternative sources, on terms, taken as a
whole, that are no more adverse to Clear Channel, as promptly as practicable following
the occurrence of such event, but in no event later than the last day of the Marketing
Period, including entering into definitive agreements with respect thereto.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if all or any portion of the debt financing that is structured as a high yield
financing has not been consummated, and certain conditions under the merger agreement have been
satisfied or waived and the bridge financing contemplated by the financing commitments is available
on the terms and conditions contemplated in the financing commitments, then Merger Sub must use the
proceeds of the bridge financing to replace the high yield financing no later than the last day of
the Marketing Period.
</DIV>
<DIV align="left">
<A name="197"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Effects of the Merger; Structure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, Merger Sub will merge with and into Clear Channel. The separate
existence of Merger Sub will cease, and Clear Channel will survive the merger and continue to exist
after the merger as an indirect wholly owned subsidiary of Holdings. Upon completion of the
merger, Clear Channel common stock will be converted into the right to receive either the Cash
Consideration or the Stock Consideration. All of Clear Channel&#146;s and Merger Sub&#146;s properties,
rights, privileges, powers and franchises, and all of their claims, obligations, liabilities,
debts, and duties, will become those of the surviving corporation. Following completion of the
merger, Clear Channel common stock will be delisted from the NYSE, deregistered under the Exchange
Act, and no longer publicly traded. Thereafter, the current shareholders of Clear Channel will not
participate in any future earnings or growth of Clear Channel and will not benefit from any
appreciation in value of Clear Channel following the Effective Time, except to the extent that such
shareholders receive the Stock Consideration.
</DIV>
<DIV align="left">
<A name="198"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rollover by Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, the Fincos may allow certain employees of Clear
Channel (each, a &#147;Rollover Shareholder&#148;) to convert some or all of the shares of Clear Channel
common stock or other equity or convertible securities of Clear Channel held by them (&#147;Rollover
Shares&#148;) into equity securities of Holdings in lieu of receiving the applicable portion of the
Merger Consideration. The equity securities of Holdings that will be issued in connection with the
rollover will not decrease the 30,612,245 shares of Holdings Class&nbsp;A common stock available for
issuance as Stock Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Letter Agreement each of Messrs.&nbsp;Mark P. Mays and Randall T. Mays have agreed
to convert $10&nbsp;million, in the aggregate, of shares of Clear Channel common stock, shares of Clear
Channel restricted stock and &#147;in the money&#148; Clear Channel stock options into equity securities of
Holdings, in the same proportion as that of the Fincos. Additionally, Clear Channel has been
informed that the Fincos and the Sponsors have provided Messrs.&nbsp;L. Lowry Mays and B. J. McCombs,
each a member of Clear Channel&#146;s board of directors, the opportunity to convert a portion of their
shares of Clear Channel common stock, shares of Clear Channel restricted stock and &#147;in the money&#148;
Clear Channel stock options held by them into equity securities of Holdings. Mr.&nbsp;L. Lowry Mays&#146;
current intention is to sell 100% of his equity securities in Clear Channel. However, if he seeks
to rollover some portion of his holdings, Mr.&nbsp;L. Lowry Mays has informed Clear Channel that he will
be selling a substantial majority of his holdings in the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fincos, Holdings and Merger Sub have informed Clear Channel that they anticipate offering
certain members of Clear Channel&#146;s management the opportunity to convert a portion of their current
equity interests in Clear Channel into equity in Holdings and/or to the right to purchase equity
interests in Holdings. Although Clear Channel believes members of its management team are likely
to enter into new arrangements to purchase or participate in the equity of Holdings, these matters
are subject to further negotiations and discussion and no terms or
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">conditions have been finalized (other than the Letter Agreement). Any such new arrangements
are expected to be entered into prior to the completion of the merger. For further discussion, see
the section titled &#147;Equity Rollover&#148; above.
</DIV>

<DIV align="left">
<A name="199"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Treatment of Common Stock and Other Securities</B>
</DIV>

<DIV align="left">
<A name="200"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Clear Channel Common Stock</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Effective Time, each Public Share issued and outstanding immediately prior to the
Effective Time will automatically be converted into the right to
receive, at the election of the holder of record and subject to proration (as more fully described
under the headings &#147;Election Procedures&#148; and &#147;Proration Procedures&#148; below), either (x)&nbsp;an amount
equal to $39.20 in cash without interest, plus the Additional Consideration, if any (the &#147;Cash
Consideration&#148;) or (B)&nbsp;one validly issued, fully paid and non assessable share of Holdings Class&nbsp;A
common stock (valued at $39.20 per share based on the cash purchase price to be paid by investors
that buy Holdings common stock for cash in connection with the closing of the merger), plus the
Additional Consideration, if any, payable in cash (the &#147;Stock Consideration&#148;). The following
shares, which shares are not Public Shares, will not be converted into the right to receive the consideration described in the preceding
sentence:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shares of Clear Channel common stock held in Clear Channel&#146;s treasury or owned by
Merger Sub or Holdings immediately prior to the Effective Time, which shares will
automatically be canceled, retired and will cease to exist without conversion or
consideration;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shares of Clear Channel common stock held by shareholders who do not vote in favor
of adoption of the merger agreement and who have properly demanded and perfected their
appraisal rights in accordance with Texas law, which shares will be entitled to only
such rights as are granted by Texas law; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rollover Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to separate agreements entered into by the Fincos and each member of Clear Channel&#146;s
board of directors (the &#147;affiliated holders&#148;), each member of Clear Channel&#146;s board of directors
has agreed, as part of the merger, to convert all shares of Clear Channel common stock held by such
affiliated holder, or issuable upon exercise of Clear Channel stock options held by such affiliated
holder (other than Rollover Shares, which will not affect the number
of shares of Holdings Class A common stock available for issuance as
Stock Consideration) into the Cash Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Public Share, when converted into Stock Consideration
or Cash Consideration, will automatically be canceled, and will cease to exist. After the
Effective Time, each outstanding stock certificate or book-entry share representing shares of Clear
Channel common stock converted in the merger will represent only the right to receive the Cash
Consideration or the Stock Consideration, as elected by each holder of record, with respect to each
such Public Share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Additional Consideration&#148; means, if the Effective Time occurs after January&nbsp;1, 2008,
an additional amount for each share of Clear Channel common stock equal to the lesser of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the pro rata portion, based upon the number of days elapsed since January&nbsp;1, 2008,
of $39.20 multiplied by 8% per annum, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an amount equal to (a)&nbsp;the Operating Cash Flow for Clear Channel and its
subsidiaries for the period from and including January&nbsp;1, 2008 through and including
the last day of the last month preceding the closing date of the merger for which
financial statements are available at least ten (10)&nbsp;calendar days prior to the closing
date of the merger less dividends paid or declared with respect to the foregoing period
and amounts committed or paid to purchase equity interests in Clear Channel or
derivatives thereof with respect to that period (but only to the extent that those
dividends or amounts are not deducted from the Operating Cash Flow for Clear Channel
and its</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>subsidiaries for any prior period) divided by (b)&nbsp;the sum of the number of
outstanding shares of Clear Channel common stock (including outstanding shares of
Clear Channel restricted stock) plus the number of shares of Clear Channel common
stock issuable pursuant to convertible securities of Clear Channel outstanding at
the closing date of the merger with exercise prices less than the Merger
Consideration.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Operating Cash Flow&#148; means an amount determined on a consolidated basis for Clear
Channel and its subsidiaries as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an amount determined in accordance with generally accepted accounting principles
equal to the sum of net income, excluding therefrom any amount described in one or more
of the following clauses (but only to the extent included in net income):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate after-tax amount, if positive, of any net
extraordinary, nonrecurring or unusual gains,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any items of gain or loss from permitted divestitures under the
merger agreement,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any items of gain or loss from the change in value or
disposition of investments, including with respect to marketable securities and
forward exchange contracts,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any non-cash income, gain or credits included in the
calculation of net income,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any net income or loss attributable to non-wholly owned
subsidiaries or investments, except to the extent Clear Channel has received a
cash dividend or distribution or an intercompany cash payment with respect
thereto during such period,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any net income attributable to foreign subsidiaries, except to
the extent Clear Channel has received a cash dividend or distribution or an
intercompany cash payment with respect thereto during such period, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cumulative effect of a change in accounting principle,
plus</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the extent net income has been reduced thereby and without duplication,
amortization of deferred financing fees included in interest expense, depreciation and
amortization (including amortization of film contracts) and other non-cash charges that
are (a)&nbsp;not attributable to subsidiaries whose net income is subject to clause (v)&nbsp;or
(vi)&nbsp;of the first bullet above and (b)&nbsp;not in the nature of provisions for future cash
payments, minus</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the amount of cash taxes paid or accrued with respect to such period (including
provision for taxes payable in future periods) to the extent exceeding the amount of
tax expense deducted in determining net income, minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dividends paid or declared with respect to such period and amounts committed or paid
to purchase equity interests in Clear Channel or derivatives thereof with respect to
such period, minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital expenditures made in cash or accrued with respect to such period, minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to any income realized outside of the United States, any amount of
taxes that would be required to be paid in order to repatriate such income to the
United States, minus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cash payments made or scheduled to be made with respect to film contracts.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left">
<A name="201"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Clear Channel Stock Options</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to &#95;&#95;&#95;, 2007, except as otherwise agreed by the Fincos, Holdings and a holder of
Clear Channel stock options, each holder of an outstanding Clear Channel stock option that remains
outstanding and unexercised prior to the Election Form Record Date
(as defined below), whether vested or unvested may irrevocably elect to convert such
option (on a net share basis) into Net Electing Option Share(s) and further elect to receive the
Stock Consideration for such Net Electing Option Share(s) (subject to proration) as more fully
described below under the headings &#147;Election Procedures&#148; and &#147;Proration Procedures&#148;). If a holder
of Clear Channel stock options does not make a valid election to convert such options into Net
Electing Option Shares and a valid Stock Consideration election (each as described below), then
such Clear Channel stock option, whether vested or unvested, will automatically become fully vested
and convert into the right at the Effective Time to receive a cash payment (without interest and
less applicable withholding taxes) calculated as follows: the product of (i)&nbsp;the excess, if any,
of the Cash Consideration plus any Additional Consideration over the exercise price per share of Clear Channel stock option and (ii)
the number of shares of Clear Channel common stock issuable upon exercise of such Clear Channel stock option (the
&#147;Option Payment&#148;). As of the Effective Time, subject to certain exceptions, Clear Channel stock
options will no longer be outstanding and will automatically cease to exist, and the holders
thereof will no longer have any rights with respect to such Clear Channel stock options, except the
right to receive the Merger Consideration or cash payment described above.
</DIV>
<DIV align="left">
<A name="202"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Clear Channel Restricted Stock</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the Effective Time, except as otherwise agreed by the Fincos and a holder of shares of
Clear Channel restricted stock, each share of Clear Channel restricted stock that remains
outstanding as of the Effective Time, whether vested or unvested, will automatically become fully
vested and become free of restriction and will be cancelled and converted into the right to
receive, at the election of the holder thereof, the Cash Consideration or the Stock Consideration
at the election of the holder of record and subject to proration (as more fully described under the
headings &#147;Election Procedures&#148; and &#147;Proration Procedures&#148; below).
Any unaffiliated holder of restricted shares of Clear Channel common
stock who would like to make a Stock Election with respect to such
shares, must do so prior to
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2007 using the procedures described below.
</DIV>
<DIV align="left">
<A name="203"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Election Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each holder of Public Shares who is a holder as of the record
date for the Shareholders&#146; Meeting (the &#147;Election Form&nbsp;Record Date&#148;) is entitled to make an
election to receive either the Cash Consideration (a &#147;Cash Election&#148;) or the Stock Consideration (a
&#147;Stock Election&#148;) with respect to all Public Shares  held on the
Election Form&nbsp;Record Date. For purposes of the merger agreement, a holder of Public Shares who does not make a valid election prior to 5:00 p.m. New York City time on
the business day immediately preceding the Clear Channel shareholders&#146; meeting (the &#147;Election
Deadline&#148;), including any failure to return the form of election prior to the Election Deadline,
any revocation of a form of election or any failure to properly complete the form of election, will
be deemed to have elected to receive the Cash Consideration for each Public Share. Holdings may, in its sole discretion reject all or any part of a Stock Election made
by a non-U.S. person, if Holdings determines that the rejection would be reasonable in light of the
requirements of Article&nbsp;VIII, Section&nbsp;6 of Clear Channel&#146;s by-laws or Article&nbsp;X of Holdings&#146; second
amended and restated certificate of incorporation or such rejection is otherwise advisable to
facilitate compliance with FCC restrictions on foreign ownership. Holdings may also reject all or
any part of a Stock Election if such election is made in contravention of an agreement entered into
between Fincos and a member of the Clear Channel board of directors. In the event that a Stock
Election or portion of a Stock Election is rejected then the holder making the rejected Stock
Election will be deemed to have made a Cash Election with respect to the holder&#146;s shares of Clear
Channel common stock subject to the rejected Stock Election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person (other than an affiliated holder) who holds Clear Channel stock options on the
Election Form&nbsp;Record Date is also entitled to make a Stock
Election with respect to any
Net Electing Option Share held by such holder by submitting a form of election specifying (i)&nbsp;the number of Clear
Channel stock options that the holder irrevocably commits to exercise immediately prior to the
Effective Time and (ii)&nbsp;the corresponding number of Net Electing Option Shares that the holder
desires to convert into the Stock Consideration (i.e. paying the exercise price using the value of
the shares of Clear Channel common stock underlying such Clear Channel stock option). Any holder
of Clear Channel stock options who fails to properly submit a form of election on or before the
Election Deadline will be deemed to have failed to make an election and such holder&#146;s Clear Channel
stock options will be treated as if no Stock Election for the Net Electing Option Shares was made,
as described in the section titled &#147;Clear Channel Stock Options&#148; above, and will be converted into
the right to receive a cash payment at the Effective Time.
Any Stock Election with respect to Clear Channel stock options will
be subject to the procedures (including with regard to acceptance and
rejection) described in the preceding paragraph.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Stock Elections with respect to Clear Channel Common Stock and Net Electing Option Shares
may be revoked at any time prior to the Election Deadline. From and after the Election Deadline,
all Stock Elections will be irrevocable.
</DIV>
<DIV align="left">
<A name="204"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proration Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the merger agreement, the maximum aggregate number of Public Shares and Net
Electing Option Shares that may be converted to shares of Holdings Class&nbsp;A common stock may not
exceed 30,612,245 (the &#147;Maximum Stock Election Number&#148;). In the event that the holders elect to
convert an aggregate number of Public Shares and Net Electing Option Shares exceeding the Maximum
Stock Election Number, each holder who elected to convert Public Shares and/or Net Electing Option
Shares into shares of Holdings Class&nbsp;A common stock will receive:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a pro-rata number of shares of Holdings Class&nbsp;A common stock determined in the
following manner:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a proration factor will be determined by dividing the Maximum Stock Election
Number by the total number of Public Shares and Net Electing Option Shares for
which holders have made valid Stock Elections (&#147;Stock Election Shares&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to each form of election submitted by a record holder of Public
Shares and/or Clear Channel stock options, the number of Stock Election Shares
will be converted into the right to receive a number of shares of Holdings
Class&nbsp;A common stock (plus the Additional Consideration, if any, which will be
paid in cash) equal to the product of (x)&nbsp;the proration factor times (y)&nbsp;the
total number of Stock Election Shares reflected on such form of election; plus</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right to receive the Cash Consideration with respect to the Public
Shares and Net Electing Option Shares elected to be converted into Holdings
Class&nbsp;A common stock which are not converted into shares of Holdings Class&nbsp;A
common stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If pursuant to a single form of election (and after proration, if any), a holder of Public
Shares and/or Net Electing Option Shares will receive shares of Holdings Class&nbsp;A common stock
representing more than 9.9% of the shares of Holdings Class&nbsp;A common stock outstanding as of the
Effective Date (the &#147;Individual Cap&#148;), the number of shares of Holdings Class&nbsp;A common stock to be
received by such holder will be reduced to the number of shares equal to the Individual Cap. In
addition, the holder will receive Cash Consideration for the number of shares of Public Shares
and/or Net Electing Option Shares that are cut back. The number of shares of Public Shares and/or
Net Electing Option Shares that are cut back will be reallocated pro rata to holders who have not
received the number of shares of Holdings Class&nbsp;A common stock covered by such holders&#146; valid Stock
Elections; provided that such holders have not exceeded their respective Individual Caps. The
allocation process will continue until the Maximum Stock Election Number is reached or all holders
who have elected Stock Consideration have reached their Individual Cap.
</DIV>
<DIV align="left">
<A name="205"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exchange and Payment Procedures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Clear Channel shareholders approve the merger, the paying and exchange
agent (the &#147;paying agent&#148;) selected by Holdings and Merger Sub (and reasonably acceptable to Clear
Channel) will coordinate with Merger Sub, Holdings and Clear Channel to perform the proration of
the Stock Elections described above and promptly after the shareholders&#146; meeting, notify each
holder who made a valid Stock Election of the number of Public Shares and Net Electing Option
Shares which will be converted into the right to receive the Stock Consideration. Each Clear
Channel shareholder and each holder of Clear Channel stock option(s) will be required to submit to
the paying agent certificates or book-entry shares, as applicable, representing the shares and
stock options to be converted into the Stock Consideration (together with properly executed letters
of transmittals in the form distributed by the paying agent) within 30&nbsp;days of the receipt of such
notice. The failure of any holder to timely submit certificates or book-entry shares, as
applicable, representing the Clear Channel common stock or Clear
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->124<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Channel stock options underlying the Net Electing Option Shares and properly executed letters
of transmittal will result in the rejection of the applicable Stock Election. Any holder whose
Stock Election is rejected due to such failure shall be deemed to have made a Cash Election with
respect to such Public Shares and Net Electing Option Shares and shall be entitled only to the Cash
Consideration for such shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the closing date of the merger, promptly following the Effective Time, the surviving
corporation and Holdings will deposit or cause to be deposited with the paying agent (i)&nbsp;cash in an
amount equal to the aggregate amount of the Cash Consideration to be paid, (ii)&nbsp;certificates
representing Holdings Class&nbsp;A common stock in an amount equal to the aggregate amount of Stock
Consideration, (iii)&nbsp;cash in an amount equal to the aggregate amount of cash payments to be paid in
lieu of any fractional shares, and (iv)&nbsp;cash in an amount equal to the total amount of Option
Payments to be paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appropriate transmittal materials will be provided to the holders of Clear Channel common
stock certificates, book-entry shares or Clear Channel stock options not previously submitted to the paying agent promptly
following the Effective Time, and in any event not later than the second business day following the
Effective Time, informing the holders of the effectiveness of the merger and the procedure for
surrendering Clear Channel common stock share certificates, option
certificates and book-entry shares. After holders
surrender their certificates or book-entry shares and submit properly completed and executed
transmittal materials to the paying agent, the surrendered certificates will be canceled and those
holders will be entitled to receive in exchange therefor the Cash Consideration, for each share of
Clear Channel common stock represented by the surrendered and
canceled certificates, and the cash payment, for any Clear Channel
stock options. The Paying
Agent will deliver the Cash Consideration or cash payment
contemplated to be paid per outstanding share or option within 20
business days of the later to occur of the Effective Time or the paying agent&#146;s receipt of the
certificates or book-entry shares representing those securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the Effective Time, there will be no further transfers of Clear Channel common
stock. Any certificate presented to the surviving corporation for transfer (other than those
certificates representing dissenting shares) after the Effective Time will be canceled and
exchanged for the Cash Consideration with respect to each share of Clear Channel common stock
represented by the certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
portion of the Merger Consideration or any cash payment with respect
to Clear Channel stock options deposited with the paying agent that remains
undistributed to holders of certificates, book-entry shares, Clear Channel stock options, or
restricted shares one year after the Effective Time will be delivered, if cash, to the surviving
corporation, and, if shares of Holdings Class&nbsp;A common stock, to Holdings, together with interest
and other income received by the paying agent. Holders of Clear Channel common stock and/or Clear
Channel stock options who at that time have not yet complied with the exchange procedures outlined
above will be required to look to the surviving corporation and Holdings, as general creditors of
the surviving corporation, for payment of their claim for cash, without interest, that may be
payable upon surrender of their share certificates.
</DIV>
<DIV align="left">
<A name="206"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Representations and Warranties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement contains representations and warranties of the parties to the merger
agreement made to and solely for the benefit of each other. The assertions embodied in those
representations and warranties are qualified by information in confidential disclosure schedules
that the parties have exchanged in connection with signing of the merger agreement, Amendment No.&nbsp;1
and Amendment No.&nbsp;2 and that modify, qualify and create exceptions to the representations and
warranties contained in the merger agreement. Accordingly, you should not rely on the
representations and warranties as characterizations of the actual state of facts, because (i)&nbsp;they
were made only as of the date of the original merger agreement, Amendment No.&nbsp;1 or Amendment No.&nbsp;2,
as applicable, or a prior specified date, (ii)&nbsp;in some cases they are subject to qualifications
with respect to materiality and knowledge, and (iii)&nbsp;they are modified in important part by the
underlying disclosure schedules. Clear Channel&#146;s disclosure schedules contain information that has
been included in Clear Channel&#146;s prior public disclosures, as well as non-public information.
Moreover, information concerning the subject matter of the representations and warranties may have
changed since the date of the merger agreement, Amendment No.&nbsp;1 or Amendment No.&nbsp;2, as applicable,
which subsequent information may or may not be fully reflected in Clear Channel&#146;s public
disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel makes various representations and warranties in the merger agreement that are
subject, in some cases, to exceptions and qualifications (including exceptions that do not create a
Material Adverse Effect on Clear Channel (as defined below)). Clear Channel&#146;s representations and
warranties relate to, among other things:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s and its subsidiaries&#146; due organization, valid existence, good
standing and qualification to do business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s and its subsidiaries&#146; articles of incorporation, bylaws and other
organizational documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s capitalization, including in particular the number of issued and
outstanding shares of Clear Channel common stock, Clear Channel stock options and
warrants and Clear Channel restricted stock outstanding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s corporate power and authority to enter into the merger agreement,
Amendment No.&nbsp;1 and Amendment No.&nbsp;2, and to consummate the transactions contemplated by
the merger agreement and perform its obligations under Amendment No.&nbsp;1 and Amendment
No.&nbsp;2;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the approval and recommendation of the merger agreement, Amendment No.&nbsp;1 and
Amendment No.&nbsp;2, and the approval of the merger and the other transactions contemplated
by the merger agreement by the board of directors (except that the board of directors
did not, and will not, make any recommendation to the shareholders with respect to the
Stock Consideration);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required vote of Clear Channel&#146;s shareholders in connection with the adoption of
the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of certain specified violations of, or conflicts with, Clear Channel&#146;s
governing documents, applicable law or certain agreements as a result of entering into
the merger agreement and consummating the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required consents and approvals of governmental entities in connection with
consummation of the merger and the other transactions contemplated by the merger
agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with applicable laws and permits, including FCC licenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our SEC forms, documents, registration statements and reports since December&nbsp;31,
2004, and to Clear Channel&#146;s knowledge, the SEC forms, documents, registration
statements and reports of Clear Channel Outdoor since November&nbsp;2, 2005, including the
financial statements contained therein;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our disclosure controls and procedures and internal controls over financial
reporting;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of a Material Adverse Effect on Clear Channel and certain other changes
or events related to Clear Channel or its subsidiaries since December&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of certain undisclosed liabilities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of legal proceedings and governmental orders against Clear Channel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>taxes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of any untrue statement of a material fact or omission of a material
fact required to be stated in this proxy statement/prospectus or any other document
filed with the SEC in connection with the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our material contracts;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>employment and labor matters affecting Clear Channel or Clear Channel&#146;s
subsidiaries, including matters relating to the Clear Channel&#146;s or its subsidiaries&#146;
employee benefit plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the inapplicability to the merger agreement and the merger of restrictions imposed
on business combinations by Article&nbsp;13 of the Texas Business Corporation Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt by the board of directors of a fairness opinion from Goldman Sachs and
the receipt by the special advisory committee of the board of directors of an opinion
from Lazard (except that the fairness opinion delivered in connection with Amendment
No.&nbsp;2 was an opinion from Goldman Sachs and did not opine on the shares held by the
members of the board of directors of Clear Channel, which shares are subject to
separate agreements with the Fincos described in the section titled &#147;The Merger
Agreement &#151; Treatment of Common Stock and Other Securities &#151; Clear Channel Common
Stock&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of undisclosed brokers&#146; fees.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Material Adverse Effect on Clear Channel&#148; means any
event, state of facts, circumstance, development, change, effect or occurrence that has had or
would reasonably be expected to have a material adverse effect on the business condition (financial
or otherwise), operations or results of operations of Clear Channel and its subsidiaries, taken as
a whole. However, any event, state of facts circumstance, development, change, effect or
occurrence resulting from the following matters will not be taken into account in determining
whether there has been a Material Adverse Effect on Clear Channel and will not constitute a
Material Adverse Effect on Clear Channel:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in general economic or political conditions or the securities, credit or
financial markets in general, in each case, generally affecting the general television
or radio broadcasting, music, internet, outdoor advertising or event industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general changes or developments in the general television or radio broadcasting,
music, internet or event industries, including general changes in law or regulation
across such industries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the announcement of the merger agreement or the pendency or consummation of the
merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the identity of Merger Sub, the Sponsors or any of their affiliates as the acquirer
of Clear Channel;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>compliance with the terms of, or the taking of any action required by, the merger
agreement or consented to by the Fincos;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any acts of terrorism or war (other than any of the foregoing that causes any damage
or destruction to or renders unusable any facility or property of Clear Channel or any
of its subsidiaries);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in generally accepted accounting principles or the interpretation thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any weather related event; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any failure to meet internal or published projections, forecasts or revenue or
earning predictions for any period (provided that the underlying causes of the failure
will be considered in determining whether there is a Material Adverse Effect on Clear
Channel).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The events summarized in the first two bullet points above will not be taken into account in
determining whether there has been a Material Adverse Effect on Clear Channel except to the extent
those changes or developments would reasonably be expected to have a materially disproportionate
impact on Clear Channel and its subsidiaries, taken as a whole, relative to other for-profit
participants in the industries and in the geographic markets
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->127<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in which Clear Channel conducts its businesses after taking into account the size of Clear
Channel relative to such other for-profit participants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement also contains various representations and warranties made jointly and
severally by the Fincos, Holdings and Merger Sub that are subject, in some cases, to exceptions and
qualifications (including exceptions that do not create a Holdings Material Adverse Effect (as
defined below)). The representations and warranties relate to, among other things:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their due organization, valid existence and good standing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their certificate of incorporation, bylaws and other organizational documents;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their power and authority to enter into the merger agreement, Amendment No.&nbsp;1 and
Amendment No.&nbsp;2, and to consummate the transactions contemplated by the merger
agreement and perform their obligations under Amendment No.&nbsp;1 and Amendment No.&nbsp;2;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of violations of, or conflicts with, their governing documents,
applicable law or certain agreements as a result of entering into the merger agreement
and consummating the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the required consents and approvals of governmental entities in connection with the
transactions contemplated by the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their qualification under the Communications Act to hold FCC licenses;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of litigation and government orders against the Fincos, Holdings and Merger Sub;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fincos&#146; and Merger Sub&#146;s ability to secure financing for the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the delivery of limited guarantees of certain of the obligations of the Fincos and
Merger Sub executed by each of the Sponsors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the capitalization of Holdings, Merger Sub and any other subsidiaries of Holdings;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of undisclosed broker&#146;s fees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the absence of any untrue statement of a material fact or omission of a material
fact required to be stated in any information supplied by the Fincos, Merger Sub or
Holdings for inclusion in this proxy statement/prospectus; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the solvency of the surviving corporation and Holdings following the consummation of
the merger.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, a &#147;Holdings Material Adverse Effect&#148; means any event,
state of facts, circumstance, development, change, effect or occurrence that is materially adverse
to the business, financial condition or results of operations of Holdings and Holdings&#146;
subsidiaries taken as a whole or may reasonably be expected to prevent or materially delay or
materially impair the ability of Holdings or any of its subsidiaries to consummate the merger and
the other transactions contemplated by the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties in the merger agreement of each of Clear Channel, the
Fincos, Holdings and Merger Sub will terminate at the earlier of the Effective Time and the
termination of the merger agreement pursuant to its terms.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->128<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="207"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conduct of Clear Channel&#146;s Business Pending the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, Clear Channel has agreed that, subject to certain exceptions,
between November&nbsp;16, 2006 and the completion of the merger, unless the Fincos give their prior
written consent:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel and its subsidiaries will conduct business in the ordinary course and
consistent with past practice in all material respects; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel and its subsidiaries will use their reasonable best efforts to
preserve substantially intact Clear Channel&#146;s business organizations and to keep
available the services of certain senior executive officers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel also has agreed that, during the same time period, subject to certain
exceptions, neither Clear Channel nor any of its subsidiaries will take any of the following
actions, unless the Fincos give their prior written consent:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend Clear Channel&#146;s articles of incorporation or bylaws or the organizational
documents of its subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issue, sell, pledge, dispose, encumber or grant any equity securities or convertible
securities of Clear Channel or its subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire any business organization or any division thereof or any material amount of
assets with a purchase price in excess of $150&nbsp;million in the aggregate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adjust, recapitalize, reclassify, combine, split, subdivide, redeem, purchase or
otherwise acquire any equity securities or convertible securities of Clear Channel or
its subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other than with respect to the payment by Clear Channel of a regular quarterly
dividend, as and when normally paid, not to exceed $0.1875 per share, declare, set
aside for payment or pay any dividend payable in cash, property or stock on, or make
any other distribution in respect of, any shares of its capital stock;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>create, incur, guarantee or assume any indebtedness except for indebtedness: (i)
incurred under Clear Channel&#146;s or a subsidiary&#146;s existing credit facilities, (ii)&nbsp;for
borrowed money incurred pursuant to agreements in effect prior to the execution of the
merger agreement, (iii)&nbsp;as otherwise required in the ordinary course of Clear Channel&#146;s
business consistent with past practice, or (iv)&nbsp;in an aggregate principal amount not to
exceed $250&nbsp;million;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any material change to its methods of accounting in effect at December&nbsp;31,
2005, except as required by generally accepted accounting principles, Regulation&nbsp;S-X of
the Exchange Act, as required by a governmental authority, as required by a change in
applicable law, or as disclosed in the documents filed by Clear Channel with the SEC
prior to November&nbsp;16, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt or enter into a plan of restructuring, recapitalization or other
reorganization (other than the merger and other than transactions exclusively between
Clear Channel and its subsidiaries or between Clear Channel&#146;s subsidiaries, in which
case, the Fincos&#146; consent will not be unreasonably withheld or delayed);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, lease, license, transfer, exchange or swap, mortgage or otherwise encumber
(including securitizations), or subject to any lien (other than permitted liens) or
otherwise dispose of any asset or any portion of its properties or assets with a sale
price in excess of $50&nbsp;million;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->129<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any material change in any method of tax accounting or any annual tax
accounting period, make, change or rescind any material tax election, participate in
any settlement negotiations concerning United States federal income taxes in respect of
the 2003 or subsequent tax year, settle or compromise any material tax liability, audit
claim or assessment, surrender any right to claim for a material tax refund, file any
amended tax return involving a material amount of additional taxes, enter into any
closing agreement relating to material taxes, or waive or extend the statute of
limitations in respect of material taxes other than pursuant to extensions of time to
file tax returns obtained in the ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant any stock options, restricted shares or other rights to acquire any of Clear
Channel&#146;s or its subsidiaries&#146; capital stock or take any action to cause to be
exercisable any otherwise unexercisable options under any of Clear Channel&#146;s option
plans, except as may be required under any option plans or an employment agreement or
pursuant to any customary grants made to employees at fair market value (provided that
the number of shares of Clear Channel common stock thereunder will not exceed 0.25% of
the outstanding shares of Clear Channel common stock as of the close of business on
November&nbsp;10, 2006);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase the compensation or other benefits payable to (i)&nbsp;current or former
directors (including L. Lowry Mays, Mark P. Mays, and Randall T. Mays in their
capacities as executive officers of Clear Channel), (ii)&nbsp;any other senior executive
officers of Clear Channel by an amount exceeding a specified amount agreed upon by
Clear Channel and the Fincos, or (iii)&nbsp;other employees except in the ordinary course of
business consistent with past practices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grant any severance or termination pay to, or enter into any severance agreement
with, any current or former director, executive officer or employee of Clear Channel or
any of its subsidiaries, except as are required in accordance with any benefit plan of
Clear Channel and in the case of employees other than the senior executive officers,
other than in the ordinary course of business consistent with past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any employment agreement with any director, executive officer or employee
of Clear Channel or any of its subsidiaries, except (i)&nbsp;employment agreements to
replace a departing executive officer or employee upon substantially similar terms,
(ii)&nbsp;employment agreements with on-air talent, (iii)&nbsp;new employment agreements entered
into in the ordinary course of business providing for compensation not in excess of
$250,000 annually and with a term of no more than two years, or (iv)&nbsp;extensions of
employment agreements other than agreements with senior executive officers in the
ordinary course of business consistent with past practice;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, approve, ratify, enter into or amend any collective bargaining agreement,
side letter, memorandum of understanding or similar agreement with any labor union;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt, amend or terminate any benefit plan of Clear Channel or any retention, change
in control, profit sharing, or severance plan or contract for the benefit of any of
Clear Channel&#146;s current or former directors, officers, or employees or any of their
beneficiaries, except for any amendment to comply with Section&nbsp;409(A) of the Code.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any capital expenditure in excess of $50&nbsp;million individually, or $100&nbsp;million
in the aggregate, except for any capital expenditures in aggregate amounts consistent
with past practice or as required pursuant to new contracts entered into in the
ordinary course of business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any investment in, or loan or advance (other than travel and similar advances
to its employees in the ordinary course of business consistent with past practice) to,
any person in excess of $25&nbsp;million in the aggregate for all such investments, loans or
advances, other than an investment in, or loan or advance to, a subsidiary of Clear
Channel, provided that (other than travel and similar advances in the ordinary course
of business) Clear Channel will not make any loans or advances to any senior executive
officer;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->130<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>settle or compromise any material claim, suit, action, arbitration or other
proceeding, provided that Clear Channel may settle or compromise any claim that is not
related to the merger agreement or the transactions contemplated hereby that do not
exceed $10&nbsp;million individually, or $30&nbsp;million in the aggregate, and do not impose any
material restriction on the business or operations of Clear Channel or its
subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>except with respect to certain permitted divestitures, without the Fincos&#146; consent
(which consent may not be unreasonably withheld, delayed or conditioned), enter into
any local marketing or similar agreement in respect of the programming of any radio or
television broadcast station or contract for the acquisition or sale of any radio
broadcast station, television broadcast station or daily newspaper or of any equity or
debt interest in any person that directly or indirectly has an attributable interest in
any radio broadcast station, television broadcast station or daily newspaper;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any amendment or modification to, or give any consent or grant any waiver
under, that certain Master Agreement, dated as of November&nbsp;16, 2005, by and between
Clear Channel and Clear Channel Outdoor (the &#147;Master Agreement&#148;) to permit Clear
Channel Outdoor to issue any capital stock, options or other securities, consolidate or
merge with another person, declare or pay any dividend, sell or encumber any of its
assets, amend, modify, cancel, forgive or assign any intercompany notes or amend,
terminate or modify the Master Agreement or the Corporate Services Agreement, dated
November&nbsp;16, 2005, between Clear Channel Management Services, L.P. and Clear Channel
Outdoor;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any transaction, agreement, arrangement or understanding between Clear
Channel or any of its subsidiaries, on the one hand, and any affiliate of Clear Channel
(other than its subsidiaries) on the other hand, of the type that would be required to
be disclosed under Item&nbsp;404 of Regulation&nbsp;S-K that involves more than $100,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adopt any takeover defenses or take any action to render any state takeover statutes
inapplicable to any transaction other than the transactions contemplated by the merger
agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>authorize or enter into any written agreement or otherwise make any commitment to do
any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="208"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FCC Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the Effective Time, Clear Channel has agreed to: (i)&nbsp;use its reasonable best efforts to
comply with all material requirements of the FCC applicable to the operation of Clear Channel&#146;s
television and radio stations, (ii)&nbsp;promptly deliver to the Fincos copies of any material reports
or applications filed with the FCC, (iii)&nbsp;promptly notify the Fincos of any inquiry, investigation
or proceeding initiated by the FCC relating to Clear Channel&#146;s television and radio stations, which
if determined adversely, would be reasonably likely to have a Material Adverse Effect on Clear
Channel, and (iv)&nbsp;not make or revoke any election with the FCC that would have, in the aggregate, a
Material Adverse Effect on Clear Channel.
</DIV>
<DIV align="left">
<A name="209"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shareholders&#146; Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the merger agreement is terminated, Clear Channel is required to establish a record
date for, duly call, give notice of, convene and hold special meeting of shareholders of Clear
Channel for the purpose of voting upon the adoption of the merger agreement and approval of the
merger. Clear Channel is required to recommend that Clear Channel&#146;s shareholders vote in favor of
the adoption of the merger agreement and the approval of the merger, except that Clear Channel will
not be obligated to recommend to its shareholders the adoption of the merger agreement or the
approval of the merger if the board of directors, in accordance with the merger agreement changes,
qualifies, withdraws or modifies in any manner adverse to the Fincos its recommendation that Clear
Channel&#146;s shareholders vote in favor of the adoption of the merger agreement and the approval of
the merger. Clear Channel is also required to use its commercially reasonable efforts to solicit
from its shareholders proxies in favor of the adoption of the merger agreement and the approval of
the merger and to take all other actions necessary or advisable
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->131<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to secure the vote or consent of its shareholders required by the rules of the NYSE and
applicable law, unless the board of directors, in accordance with the merger agreement changes,
qualifies, withdraws or modifies in any manner adverse to the Fincos its recommendation that Clear
Channel&#146;s shareholders vote in favor of the adoption of the merger agreement and the approval of
the merger.
</DIV>

<DIV align="left">
<A name="210"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Appropriate Actions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties agreed in the merger agreement to use their respective reasonable best efforts to
consummate the merger, including, (i)&nbsp;in the case of the Fincos, the obtaining of all necessary
approvals under any applicable communication laws required in connection with the merger, (ii)
obtaining all necessary actions or non-actions, consents and approvals from governmental
authorities or other persons and taking all reasonable steps as may be necessary to obtain approval
from, or to avoid an action or proceeding, by any governmental authority or other persons necessary
to consummate the merger, (iii)&nbsp;defending any lawsuits or legal proceedings challenging the merger,
including seeking to have any stay or temporary restraining order vacated or reversed, and (iv)
executing and delivering any additional instruments necessary to consummate the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the merger agreement, the Fincos and Clear Channel filed on December&nbsp;12, 2006, all
applications necessary in order to obtain the FCC Consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fincos have agreed to promptly take any and all steps necessary to avoid or eliminate
every impediment and obtain all consents under any antitrust, competition or communications or
broadcast law (including the FCC media ownership rules), that may be required by any governmental
authority to enable the parties to consummate the merger as promptly as practicable, including
committing to or effecting, by consent decree, hold separate order, trust or otherwise, the
divestiture (as defined above under &#147;Regulatory Approvals&#148;) of such assets or businesses as are
required to be divested in order to obtain the FCC Consent or to avoid the entry of, or to effect
the dissolution of or vacate or lift any order, that would otherwise have the effect of preventing
or materially delaying the consummation of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties have agreed that if the FTC or the Antitrust Division of the U.S. Department of
Justice has not granted the necessary approvals under the HSR Act as of August&nbsp;16, 2007, then if
Clear Channel&#146;s and the Fincos&#146; respective antitrust counsel, in their professional judgment,
jointly determine that a divestiture is required to obtain the necessary approvals under the HSR
Act, they will provide notice of such determination to the Fincos and the Fincos have agreed
promptly, and in any event by November&nbsp;15, 2007, to implement the divestiture.
</DIV>
<DIV align="left">
<A name="211"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Access to Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until the earlier of the Effective Time or the termination of the merger agreement, except as
otherwise prohibited by applicable law or the terms of any contract entered into prior to November
16, 2006 or as would reasonably be expected to violate or result in a loss or impairment of any
attorney-client or work product privilege, Clear Channel will, and will cause each of its
subsidiaries to, (i)&nbsp;provide to the Fincos and their respective officers, directors, employees,
accountants, consultants, legal counsel, permitted financing sources, agents and other
representatives (the &#147;Fincos&#146; Representatives&#148;) reasonable access during normal business hours to
Clear Channel&#146;s and certain material subsidiaries&#146; officers, employees, offices and other
facilities, properties, books, contracts and records and other information as the Fincos may
reasonably request regarding the business, assets, liabilities, employees and other aspects of
Clear Channel and its subsidiaries, (ii)&nbsp;permit the Fincos to make copies and inspections thereof
as the Fincos may reasonably request, and (iii)&nbsp;furnish promptly to the Fincos such information
concerning the business, properties, contracts, assets, liabilities, personnel and other aspects of
Clear Channel and its subsidiaries as the Fincos or the Fincos&#146; Representatives may reasonably
request. In addition, during such time, Clear Channel will provide the Fincos and the Fincos&#146;
Representatives copies of each unaudited monthly consolidated balance sheet of Clear Channel for
the month then ended and related statements of earnings, and cash flows in the form and promptly
following such time as they are provided or made available to Clear Channel&#146;s senior executive
officers.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="212"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Solicitation of Alternative Proposals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement provides that through 11:59&nbsp;p.m. Eastern Standard Time on December&nbsp;7,
2006 (the &#147;No-Shop Period Start Date&#148;), Clear Channel was permitted to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>initiate, solicit and encourage Competing Proposals from third parties, including by
way of providing access to non-public information to third parties pursuant to a
confidentiality agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate in discussions or negotiations regarding, and take any other action to
facilitate any Competing Proposal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the No-Shop Period Start Date, Clear Channel agreed to advise the Fincos of the number and
identities of the parties making a bona fide written Competing Proposal that the board of directors
or any committee thereof believed in good faith after consultation with Clear Channel&#146;s outside
legal and financial advisors, constituted or could reasonably be expected to lead to a Superior
Proposal (as defined below) (any such proposal, an &#147;Excluded Competing Proposal&#148;) and provide to
the Fincos (within two calendar days) written notice specifying the material terms and conditions
of any such Excluded Competing Proposal. Clear Channel did not receive any Competing Proposals
prior to that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing on the No-Shop Period Start Date Clear Channel agreed to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately cease and cause to be terminated any solicitation, encouragement,
discussion or negotiation with any persons conducted prior these dates with respect to
any actual or potential Competing Proposal; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to parties with whom discussions or negotiations have been terminated
on, prior to or subsequent to November&nbsp;16, 2006, use its reasonable best efforts to
obtain the return or the destruction of, in accordance with the terms of the applicable
confidentiality agreement, any confidential information previously furnished by it.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the No-Shop Period Start Date until the earlier of the Effective Time or the
date, if any, on which the merger agreement is terminated, Clear Channel agreed not to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>initiate, solicit, or knowingly facilitate or encourage the submission of any
inquiries, proposals or offers with respect to a Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participate in any negotiations regarding, or furnish to any person any information
in connection with, any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in discussions with any person with respect to any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approve or recommend any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enter into any letter of intent or similar document or any agreement or commitment
providing for any Competing Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise cooperate with, or assist or participate in, or knowingly facilitate or
encourage any effort or attempt by any person (other than the Fincos or their
representatives) with respect to a Competing Proposal; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exempt any person from the restrictions contained in any state takeover or similar
laws or otherwise cause these restrictions not to apply to any person or to any
Competing Proposal.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, a &#147;Competing Proposal&#148; means any proposal or offer
relating to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any direct or indirect acquisition or purchase, in any single transaction or series
of related transactions, by any person or &#147;group&#148; as defined in Section 13(d) of the
Exchange Act, which does not include any of the Fincos, Merger Sub or their respective
affiliates, of 15% or more of the fair market value of the assets, issued and
outstanding shares of Clear Channel common stock or other ownership interests of Clear
Channel and its consolidated subsidiaries, taken as a whole, or to which 15% or more of
Clear Channel&#146;s and its subsidiaries net revenues or earnings on a consolidated basis
are attributable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any tender offer or exchange offer that if consummated would result in any person or
group beneficially owning 15% or more of the shares of Clear Channel common stock; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger, consolidation, business combination, recapitalization, issuance of or
amendment to the terms of outstanding stock or other securities, liquidation,
dissolution or other similar transaction involving Clear Channel as a result of which
any person or group acting in concert would acquire 15% or more of the fair market
value of the assets, issued and outstanding shares of Clear Channel common stock or
other ownership interests (including capital stock of Clear Channel&#146;s subsidiaries) of
Clear Channel and its consolidated subsidiaries, taken as a whole or to which 15% or
more of Clear Channel&#146;s and its subsidiaries net revenues or earnings on a consolidated
basis are attributable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to adoption of the merger agreement by Clear Channel&#146;s shareholders, if Clear Channel
receives any written Competing Proposal which the board of directors believes in good faith to be
bona fide and which the board of directors determines, after consultation with outside counsel and
financial advisors, constitutes, or could reasonably be expected to result in, a Superior Proposal,
Clear Channel may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>furnish information to the third party making the Competing Proposal, provided Clear
Channel receives from the third party an executed confidentiality agreement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>engage in discussions or negotiations with the third party with respect to the
Competing Proposal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, neither the board of directors nor any committee thereof will change, qualify,
withdraw or modify in any manner adverse to the Fincos, Holdings or Merger Sub, or publicly propose
to change, qualify, withdraw or modify in a manner adverse to the Fincos, Holdings or Merger Sub,
its recommendation that Clear Channel shareholders adopt the merger agreement (the &#147;Company
Recommendation&#148;) or its approval of the merger agreement and the transactions contemplated thereby,
or make any recommendation or public statement in connection with a tender offer or exchange offer
other than a recommendation against such offer or otherwise take any action inconsistent with the
Company Recommendation (collectively, a &#147;Change of Recommendation&#148;); provided, that (1)&nbsp;prior to
adoption of the merger agreement by Clear Channel&#146;s shareholders, the board of directors may effect
a Change of Recommendation and/or terminate the merger agreement if Clear Channel has received a
Competing Proposal that the board of directors has concluded in good faith, after consultation with
outside legal and financial advisors, constitutes a Superior Proposal and that the failure of the
board of directors to effect a Change of Recommendation and/or terminate the merger agreement would
be reasonably likely to be inconsistent with the directors&#146; exercise of their fiduciary duties to
Clear Channel&#146;s shareholders under applicable law and (2)&nbsp;the board of directors cannot effect a
Change of Recommendation or terminate the merger agreement in response to a Superior Proposal
unless (i)&nbsp;Clear Channel has provided at least 5 business days&#146; prior written notice to the Fincos
of its intention to effect a Change of Recommendation and/or terminate the merger agreement to
enter into a definitive agreement with respect to such Superior Proposal, which specifies the
material terms of conditions of such Superior Proposal, (ii)&nbsp;the board of directors has determined
in good faith, after consultation with outside counsel, that the failure to make a Change of
Recommendation in connection with the Superior Proposal could be reasonably likely to violate the
board of directors&#146; fiduciary duties under applicable law and Clear Channel has promptly notified
the Fincos in writing of such determinations and (iii)&nbsp;following such five business day period,
during which Clear Channel must in good faith negotiate with the Fincos, to the extent the Fincos
wish to negotiate, to enable the Fincos to make such proposed changes to the terms of the merger
agreement, and taking into account any revised proposal
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">made by the Fincos, the board of directors has determined in good faith, after consultation
with outside counsel, that such Superior Proposal remains a Superior Proposal. A termination of
the merger agreement described in the preceding sentence would be void and of no force and effect
unless concurrently with such termination Clear Channel pays the termination fee as described below
&#147;Termination Fees &#151; Clear Channel Termination Fee.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel agreed to advise the Fincos of any Competing Proposal or any inquiry, proposal
or offer, request for information or request for discussions or negotiations with respect to or
that would reasonably be expected to lead to any Competing Proposal, the identity of the person
making any Competing Proposal, or inquiry, proposal, offer or request, and to provide the Fincos
with a copy (if in writing) and summary of the material terms of any such Competing Proposal or
such inquiry, proposal or request. Clear Channel agreed to keep the Fincos informed of the status
of any Competing Proposal or inquiry, proposal or request and not to enter into any confidentiality
agreement or other agreement with any person subsequent to the date of the merger agreement which
prohibits Clear Channel from providing such information to the Fincos. Clear Channel also agreed
that neither it nor any of its subsidiaries will terminate, waive, amend or modify any provision or
any existing standstill or confidentiality agreement to which it or any of its subsidiaries is a
party and that it and its subsidiaries will enforce the provisions of any such agreement, unless
failure by the board of directors to take such action could reasonably be expected to violate its
fiduciary duties under applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Superior Proposal&#148; means any bona fide written offer or
proposal made by a third party (including any shareholder of Clear Channel) to acquire (when
combined with such party&#146;s ownership of securities of Clear Channel held immediately prior to such
offer or proposal) greater than 50% of the issued and outstanding Clear Channel common stock or all
or substantially all of the assets of Clear Channel and its subsidiaries, taken as a whole,
pursuant to a tender or exchange offer, a merger, a consolidation, a liquidation or dissolution, a
recapitalization, an issuance of securities by Clear Channel, a sale of all or substantially all
Clear Channel&#146;s assets or otherwise, on terms which are not subject to a financing contingency and
which the board of directors determines in good faith, after consultation with Clear Channel&#146;s
financial and legal advisors and consideration of all terms and conditions of such offer or
proposal (including the conditionality and the timing and likelihood of consummation of such
proposal), is on terms that are more favorable to the holders of Clear Channel common stock from a
financial point of view than the terms set forth in the merger agreement or the terms of any other
proposal made by the Fincos after the Fincos&#146; receipt of a notification of such Superior Proposal,
taking into account at the time of determination, among any other factors, any changes to the terms
of the merger agreement that as of that time had been proposed by the Fincos in writing and the
conditionality and likelihood of consummation of the Superior Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, Clear Channel may:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclose to the shareholders a position contemplated by Rules&nbsp;14e-2(a) and 14d-9
under the Exchange Act; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make other disclosures to Clear Channel&#146;s shareholders, if the board of directors
reasonably determines in good faith, after consultation with outside legal counsel,
that the failure to do so would be inconsistent with any applicable state or federal
securities law.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="213"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification; Directors&#146; and Officers&#146; Insurance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the terms of the merger agreement, Merger Sub has agreed that all current rights of
indemnification provided by Clear Channel for its current and former directors or officers will
survive the merger and continue in full force and effect. Merger Sub has also agreed to indemnify,
defend and hold harmless, and advance expenses to Clear Channel&#146;s current and former directors or
officers to the fullest extent required by Clear Channel&#146;s articles of incorporation, bylaws or any
indemnification agreement to which Clear Channel is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the surviving corporation for the six years following the Effective Time, will
indemnify and hold harmless each current and former officer and director of Clear Channel from any
costs or expenses paid in connection with any claim, action or proceeding arising out of or related
to (i)&nbsp;any acts or omissions of a current or former officer or director in their capacity as an
officer or director if the service was at the request or for the benefit
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->135<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Clear Channel or any of its subsidiaries or (ii)&nbsp;the merger, the merger agreement or any
transactions contemplated thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, at Clear Channel&#146;s election, Clear Channel or the Fincos will obtain insurance
policies with a claims period of at least six years from the Effective Time with respect to
directors&#146; and officers&#146; liability insurance that provides coverage for events occurring on or
before the Effective Time of the merger. The terms of the policies will be no less favorable than
the existing policy of Clear Channel, unless the annual premiums of the policies would exceed 300%
of the current policy&#146;s premium, in which case the coverage will be the greatest amount available
for an amount not exceeding 300% of the current premium.
</DIV>
<DIV align="left">
<A name="214"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employee Benefit Plans</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, the Fincos have agreed that they will, and will cause the
surviving corporation to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for one year following the closing of the merger, provide the surviving
corporation&#146;s employees and its subsidiaries&#146; employees (other than those senior
executive officers who have existing employment agreements or other employees that
enter into new employment arrangements with the Fincos or the surviving corporation in
connection with the merger) compensation and employee benefits (other than any
equity-based benefits) that, in the aggregate, are no less favorable than the
compensation and employee benefits for these employees immediately prior to the
consummation of the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for one year following the closing of the merger, provide to Clear Channel employees
who experience a termination of employment severance benefits that are no less than the
severance benefits that would have been provided to these employees upon a similar
termination of employment immediately prior to the Effective Time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>credit all service with Clear Channel and its subsidiaries for purposes of
eligibility and vesting and for accrual of vacation, other paid time off and severance
benefits under any employee benefit plan applicable to employees of the surviving
corporation or its subsidiaries after the consummation of the merger to the extent
recognized by Clear Channel under a corresponding benefit plan; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>honor any and all collective bargaining agreements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="215"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financing</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos and Merger Sub have agreed to use their reasonable best efforts to
arrange and obtain the financing on the terms and conditions described in the financing
commitments, negotiate and finalize definitive agreements with respect to the financing
on the terms and conditions contained in the financing commitments, satisfy on a timely
basis all conditions applicable to the Fincos or Merger Sub in the definitive
agreements that are within their control, consummate the financing no later than the
closing date of the merger, and enforce their rights under the financing commitments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos and Merger Sub have agreed that if any portion of the financing becomes
unavailable on the terms and conditions contemplated in the commitments, to promptly
notify Clear Channel and use their reasonable best efforts to obtain alternative
financing from alternative sources, on terms, taken as a whole, that are no more
adverse to Clear Channel, as promptly as practicable, but in no event later than the
last day of the Marketing Period, including entering into definitive agreements with
respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos and Merger Sub have agreed that if all or any portion of the debt
financing structured as a high yield financing has not been consummated, the conditions
to closing the merger</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->136<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>contained in the merger agreement (except limited specified exceptions) have been
satisfied or waived and the bridge financing contemplated by the financing
commitments is available on the terms and conditions contemplated in the debt
financing commitments, and Merger Sub has agreed to use the bridge financing
contemplated in the debt financing commitments, if necessary, to replace the high
yield financing no later than the last day of the Marketing Period; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fincos have agreed to keep Clear Channel reasonably informed of the status of
their efforts to arrange the debt financing, to provide Clear Channel with copies of
the definitive documents related to the debt financing promptly upon execution and to
give Clear Channel prompt notice of any material breach of or termination of any
financing commitment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, the debt financing commitment may be amended, restated or
otherwise modified or superseded to add lenders, arrangers or similar agents, increase the amount
of debt, replace or modify the facilities or otherwise replace or modify the debt financing
commitment in manner not less beneficial in the aggregate to Merger Sub, Holdings and the Fincos,
except that any new debt financing commitments will not (i)&nbsp;adversely amend the conditions to the
debt financing set forth in the debt financing commitment in any material respect, (ii)&nbsp;reasonably
be expected to delay or prevent the closing of the merger, or (iii)&nbsp;reduce the aggregate amount of
debt financing available for closing unless replaced with new equity or debt financing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel has agreed to cooperate in connection with the arrangement of the financing as
may be reasonably requested by Merger Sub and the Fincos, provided that such requested cooperation
does not unreasonably interfere with Clear Channel ongoing operations or otherwise materially
impair the ability of any of Clear Channel&#146;s officers or executives to carry out their duties.
Such cooperation will include, among other things, at the reasonable request of Merger Sub or the
Fincos:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing business, financial and other pertinent information and data of the type
required by Regulation&nbsp;S-X and Regulation&nbsp;S-K under the Securities Act and of the type
and form customarily included in private placements resold under Rule&nbsp;144A of the
Securities Act to consummate the offerings of debt securities contemplated by the debt
financing commitments, including delivery of financial statements, compliant with
applicable requirements of Regulation&nbsp;S-K and Regulation&nbsp;S-X and a registration
statement on Form S-1 under the Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>participation in meetings, presentations, road shows, drafting sessions, due
diligence sessions and sessions with rating agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assistance with the preparation of materials for rating agency presentations,
offering documents and similar documents required in connection with the debt
financing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entering into agreements, executing and delivering officer&#146;s certificates and
pledging assets and facilitating diligence with respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>using reasonable best efforts to obtain customary accountants&#146; comfort letters,
consents, legal opinions, survey and title insurance along with assistance and
cooperation from independent accountants and other professional advisors as reasonably
requested by Merger Sub or the Fincos;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise reasonably cooperating in connection with the consummation of the debt
financing and the syndication and marketing thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, Clear Channel has agreed to commence, and to cause AMFM Operating
Inc. to commence, debt tender offers to purchase Repurchased Existing Notes with the assistance of
the Fincos.
</DIV>
<DIV align="left">
<A name="216"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Independent Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately after the closing of the merger, Holdings&#146; board of directors will include at
least two independent directors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->137<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="217"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transaction Fees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transaction fees paid or to be paid to the Fincos or their affiliates at or prior to the
closing of the merger will not exceed $87.5&nbsp;million. Unless otherwise approved by Clear Channel&#146;s
independent directors, after the closing of the merger, Clear Channel will not pay management,
transaction, monitoring or any other fees to the Fincos or their affiliates except pursuant to an
arrangement whereby the holders of shares of Holdings Class&nbsp;A common stock are made whole for any
portion of such fees paid by Clear Channel that would otherwise be attributable to their holdings.
</DIV>
<DIV align="left">
<A name="218"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conduct of the Fincos&#146; Business Pending the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the merger agreement, the Fincos have agreed that, subject to certain exceptions,
between November&nbsp;16, 2006 and the Effective Time, unless Clear Channel gives its written consent
(which consent will not be unreasonably withheld, delayed or conditioned), they will not:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>amend or otherwise change any of Merger Sub&#146;s or Holdings&#146; organizational documents
that would be likely to prevent or materially delay the consummation of the Merger and
related transactions, or change the rights, preferences or privileges of the shares of
Holdings Class&nbsp;A common stock in any material respect which would render the
representation and warranty regarding the capitalization of Holdings to be untrue or
inaccurate at the Effective Time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acquire or make any investment in any corporation, partnership, limited liability
company, other business organization or any division thereof that holds, or has an
attributable interest in, any license, authorization, permit or approval issued by the
FCC if such acquisition or investment would delay, impede or prevent receipt of the FCC
Consent; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take any action that would be reasonably likely to cause a material delay in the
satisfaction of certain specified conditions contained in the merger agreement or the
consummation of the merger.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="219"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registration</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings has agreed to use reasonable efforts to maintain the registration of the Holdings
Class&nbsp;A common stock under Section&nbsp;12 of the Exchange Act for two years following completion of the
merger, subject to certain exceptions.
</DIV>
<DIV align="left">
<A name="220"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conditions to the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the parties to complete the merger are subject to the satisfaction or
waiver of the following mutual conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Shareholder Approval</I>. The adoption of the merger agreement by Clear Channel&#146;s
shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>HSR Act Approvals</I>. Any applicable waiting period under the HSR Act and any
applicable foreign antitrust laws relating to the consummation of the merger will have
expired or been terminated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>No Law or Orders</I>. No governmental authority will have enacted or issued any law or
order which is then in effect and has the effect of making the merger illegal or
otherwise prohibiting the consummation of the merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>FCC Consent</I>. The FCC Consent will have been obtained.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Fincos, Holdings and Merger Sub to complete the merger are subject to
the satisfaction or waiver of the following additional conditions:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->138<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Representations and Warranties</I>. The accuracy of Clear Channel&#146;s representations and
warranties set forth in the original merger agreement as of the date of the execution
of the original merger agreement, the accuracy of Clear Channel&#146;s representations and
warranties set forth in Amendment No.&nbsp;1 as of the date of such amendment and the
accuracy of Clear Channel&#146;s representations and warranties set forth in Amendment No.&nbsp;2
as of the date of such amendment, as applicable, and, in each case, as of the Effective
Time (except for representations and warranties made as of a specific date, which need
only be true and correct as of such date or time), except where the failure of such
representations and warranties (in general, without giving effect to materiality
qualifiers) to be so true and correct would not, individually or in the aggregate, have
a Material Adverse Effect on Clear Channel and, except for Clear Channel&#146;s
representation regarding its capitalization, which will be correct except for
inaccuracies which are de minimis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Performance of Obligations</I>. The performance or compliance, in all material
respects, by Clear Channel of its agreements and covenants in the merger agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Closing Certificate</I>. Clear Channel&#146;s delivery to the Fincos at the closing of a
certificate with respect to the satisfaction of the conditions relating to Clear
Channel&#146;s representations, warranties, covenants and agreements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>No Material Adverse Affect</I>. There will not have occurred, since November&nbsp;16, 2006,
any Material Adverse Effect on Clear Channel.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of Clear Channel to complete the merger is subject to the satisfaction or
waiver of the following additional conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Representations and Warranties</I>. The accuracy of the Fincos&#146; and Merger Sub&#146;s
representations and warranties set forth in the original merger agreement as of the
date of execution of the original merger agreement, the accuracy of the Fincos&#146; and
Merger Sub&#146;s representations and warranties set forth in Amendment No.&nbsp;1 as of the date
of such amendment and the accuracy of the Fincos&#146;, Holdings&#146; and Merger Sub&#146;s
representations and warranties set forth in Amendment No.&nbsp;2 as of the date of such
amendment, and, in each case, as of the Effective Time (except for representations and
warranties made as of a specific date, which need only be true and correct as of such
date or time), except where the failure of such representations and warranties (in
general, without giving effect to materiality qualifiers) to be so true and correct
would not, individually or in the aggregate, have a Holdings Material Adverse Effect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Performance of Obligations</I>. The performance or compliance, in all material
respects, by the Fincos, Holdings and Merger Sub of their agreements and covenants in
the merger agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Solvency Certificate</I>. The Fincos&#146; delivery to Clear Channel at the closing of a
solvency certificate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Closing Certificate</I>. The Fincos&#146; delivery to Clear Channel at the closing of a
certificate with respect to the satisfaction of the conditions relating to the Fincos&#146;
representations, warranties, covenants and agreements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a failure to satisfy one of these conditions to the obligations of Clear Channel to
complete the merger is not considered by Clear Channel&#146;s board of directors to be material to Clear
Channel&#146;s shareholders, the board of directors could waive compliance with that condition. Clear
Channel&#146;s board of directors is not aware of any condition to the merger that cannot be satisfied.
Under Texas law, after the merger agreement has been adopted by Clear Channel&#146;s shareholders, the
Merger Consideration cannot be changed and the merger agreement cannot be altered in a manner
adverse to Clear Channel&#146;s shareholders without re-submitting the revisions to Clear Channel&#146;s
shareholders for their approval.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->139<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="221"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel and the Fincos may agree to terminate the merger agreement without completing
the merger at any time. The merger agreement also may be terminated in each of the following
circumstances:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by either the Fincos or Clear Channel, if:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the closing of the merger has not occurred on or before December&nbsp;12, 2007,
the date that is 12&nbsp;months from the date on which all applications necessary to
obtain the FCC Consent have been filed (the &#147;FCC Filing Date&#148;) (such date, as
may be extended in accordance with this paragraph, the &#147;Termination Date&#148;),
except that, if, as of the Termination Date, all conditions to the merger
agreement have been satisfied or waived, other than the expiration or
termination of any applicable waiting period under the HSR Act and any
applicable foreign antitrust laws and receipt of the FCC Consent, the
Termination Date may be extended to the date that is 18&nbsp;months from the FCC
Filing Date by Clear Channel or the Fincos;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any governmental entity has issued an order, decree or ruling or taken any
other action permanently restraining, enjoining or otherwise prohibiting the
merger and such order, decree, ruling or other action is final and
non-appealable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s shareholders do not adopt the merger agreement at the
special meeting or any adjournment of the special meeting; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a material breach by the non-terminating party of any of its
representations, warranties, covenants or agreements in the merger agreement
such that the closing conditions would not be satisfied by the Termination Date
and such breach has not been cured within 30&nbsp;days following delivery of written
notice by the terminating party.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel, if on or prior to the last day of the Marketing Period none of
Merger Sub, Holdings or the surviving corporation has received the proceeds of the
financings sufficient to consummate the merger;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel, if prior to the adoption of the merger agreement by Clear Channel
shareholders, the board of directors has concluded in good faith, after consultation
with outside legal and financial advisors, that an unsolicited Competing Proposal is a
Superior Proposal;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors effects a Change of Recommendation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors fails to reconfirm Company Recommendation
within five business days of receipt of a written request from the Fincos, provided
that the Fincos will only be entitled to one such request; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors fails to include in the proxy
statement/prospectus distributed to Clear Channel&#146;s shareholders its recommendation
that Clear Channel&#146;s shareholders approve and adopt the merger agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some cases, termination of the merger agreement may require Clear Channel to pay a
termination fee to the Fincos, or require the Fincos to pay a termination fee to us, as described
below under &#147;The Merger Agreement &#151; Termination Fees.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->140<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="222"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Termination Fees</B>
</DIV>

<DIV align="left">
<A name="223"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Clear Channel Termination Fee</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel must pay to the Fincos a termination fee of $500&nbsp;million in cash if the merger
agreement is terminated:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel, prior to adoption of the merger agreement by Clear Channel&#146;s
shareholders, in order to enter into a definitive agreement relating to a Superior
Proposal, such termination fee to be paid concurrently with the termination of the
merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the board of directors effects a Change of Recommendation, fails
to reconfirm Company Recommendation, or fails to include the Company Recommendation in
this proxy statement/prospectus, such termination fee to be paid promptly following the
termination of the merger agreement (and in any event no later than two business days
after delivery to Clear Channel of notice of demand for payment);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos or Clear Channel, if Clear Channel&#146;s shareholders do not adopt the
merger agreement at the special meeting and prior to the special meeting a Competing
Proposal has been publicly announced or been made known to Clear Channel and not
withdrawn at least two business days prior to the special meeting, and within 12&nbsp;months
after the termination of the merger agreement, Clear Channel or any of its subsidiaries
enters into a definitive agreement with respect to, or consummates, any Competing
Proposal, such termination fee to be paid promptly following the execution of a
definitive agreement or the consummation of the transaction contemplated by the
Competing Proposal (and in any event no later than two business days after delivery to
Clear Channel of notice of demand of payment); or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by the Fincos, if the Fincos are not in material breach of their obligations under
the merger agreement and, if Clear Channel has willfully and materially breached or
failed to perform in any material respect any of its representations, warranties,
covenants or other agreements set forth in the merger agreement such that the
corresponding closing condition would not be satisfied, which breach has not been cured
within 30&nbsp;days, and prior the date of termination a Competing Proposal has been
publicly announced or been made known to Clear Channel and within 12&nbsp;months after the
termination of the merger agreement Clear Channel or any of its subsidiaries enters
into a definitive agreement with respect to, or consummates, any Competing Proposal,
such termination fee to be paid promptly following the execution of a definitive
agreement or the consummation of the transaction contemplated by the Competing Proposal
(and in any event no later than two business days after delivery to Clear Channel of
notice of demand of payment).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the merger agreement is terminated (i)&nbsp;by Clear Channel or the Fincos
because of the failure to obtain the approval of Clear Channel&#146;s shareholders at the special
meeting or any adjournment thereof or (ii)&nbsp;by the Fincos due to a willful or material breach of the
merger agreement by Clear Channel, and a termination fee is not otherwise then payable by Clear
Channel under the merger agreement, Clear Channel has agreed to pay reasonable out-of-pocket fees
and expenses incurred by the Fincos, Merger Sub and Holdings in connection with the merger
agreement and this proxy statement/prospectus, not to exceed an amount equal to $45&nbsp;million. If
Clear Channel becomes obligated to pay a termination fee under the merger agreement after payment
of the expenses, the amount previously paid to the Fincos as expenses will be credited toward the
termination fee amount payable by Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, Clear Channel must pay to the Fincos a termination fee of $200&nbsp;million, but only
if the $500&nbsp;million termination fee that is payable under the circumstances described above is not
otherwise payable, if the merger agreement is terminated (A)&nbsp;by the Fincos or Clear Channel because
a governmental entity has issued an order, decree or ruling or taken any other action permanently
restraining, enjoining or otherwise prohibiting the merger and such order, decree, ruling or other
action is final and non-appealable, (B)&nbsp;by the Fincos or Clear Channel because Clear Channel&#146;s
shareholders do not adopt the merger agreement at the special meeting or any adjournment
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->141<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the special meeting or (C)&nbsp;by the Fincos because Clear Channel materially breached or
failed to perform any of its representations, warranties, covenants or agreements in the merger
agreement such that the closing conditions would not be satisfied by the termination date and such
breach has not been cured within 30&nbsp;days following delivery of written notice by the Fincos,
<U>and</U> within twelve (12)&nbsp;months after such termination (i)&nbsp;Clear Channel or any of its
subsidiaries consummates, (ii)&nbsp;Clear Channel or any of its subsidiaries enters into a definitive
agreement, or (iii)&nbsp;one or more Contacted Parties (as defined below) or a Qualified Group (as
defined below) commences a tender offer with respect to a Contacted Party Proposal (as defined
below), and, in the case of each of clause (ii)&nbsp;and (iii)&nbsp;above, subsequently consummates (whether
during or after such twelve (12)&nbsp;month period) such Contacted Party Proposal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Contacted Party&#148; means any person, (i)&nbsp;that is
referenced in this proxy statement/prospectus as having been contacted during the auction process,
or (ii)&nbsp;that was contacted during the &#147;go-shop&#148; period provided for in the merger agreement which
commenced on November&nbsp;17, 2006 and ended on December&nbsp;7, 2007, or in the case of (i)&nbsp;and (ii), their
affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Qualified Group&#148; means any Contacted Party, either by
itself or acting as a &#147;group&#148; as defined in Section 13(d) of the Exchange Act, which does not
include any of the Fincos, Merger Sub or their respective affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the merger agreement, &#147;Contacted Parties Proposal&#148; means (i)&nbsp;any transaction
in which a Contacted Party or a Qualified Group, directly or indirectly acquires or purchases, in
any single transaction or series of related transactions, more than 50% of the fair market value of
the assets, issued and outstanding Clear Channel common stock or other ownership interests of Clear
Channel and its consolidated subsidiaries, taken as a whole, or to which 50% or more of Clear
Channel&#146;s and its subsidiaries, net revenues or earnings on a consolidated basis are attributable,
(ii)&nbsp;any tender offer or exchange offer, as defined pursuant to the Exchange Act, that if
consummated would result in one or more of the Contacted Parties or a Qualified Group acting in
concert acquiring assets, securities or businesses in the minimum percentage described in clause
(i)&nbsp;above or (iii)&nbsp;any merger, consolidation, business combination, recapitalization, issuance of
or amendment to the terms of outstanding stock or other securities, liquidation, dissolution or
other similar transaction involving Clear Channel as a result of which any Contacted Party or
Qualified Group acting in concert would acquire assets, securities or businesses in the minimum
percentage described in clause (i)&nbsp;above. For clarification purposes, a spin-off,
recapitalization, stock repurchase program or other transaction effected by Clear Channel or any of
its subsidiaries will not constitute a Contacted Parties Proposal unless, as a result of such
transaction, a Contacted Party or Qualified Group acting in concert acquires the assets, securities
or business representing more than 50% of the fair market value of the assets, issued and
outstanding Clear Channel common stock or other ownership interests of Clear Channel and its
consolidated subsidiaries, taken as a whole, or to which 50% or more of Clear Channel&#146;s and its
subsidiaries net revenues or earnings on a consolidated basis are attributable.
</DIV>
<DIV align="left">
<A name="224"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Merger Sub Termination Fee</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger Sub must pay to Clear Channel a termination fee within two business days after the
termination of the merger agreement if the merger agreement is terminated as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;by either Clear Channel or the Fincos, if the Effective Time has not occurred on
or before the Termination Date and the terminating party has not breached in any
material respect its obligations under the merger agreement that proximately caused the
failure to consummate the merger on or before the Termination Date, or (ii)&nbsp;by Clear
Channel, if Clear Channel is not in material breach of its obligations under the merger
agreement and the Fincos, Holdings and Merger Sub have willfully and materially
breached or failed to perform in any material respect any of their representations,
warranties, covenants or other agreements set forth in the merger agreement such that
certain closing condition would not be satisfied, which breach has not been cured
within 30&nbsp;days, and in each case, all conditions to the Fincos&#146;, Holdings&#146; and Merger
Sub&#146;s obligation to consummate the merger have been satisfied, other than conditions
relating to the expiration or termination of any applicable waiting period under the
HSR Act or the receipt of the FCC Consent, in which case Merger Sub will pay to Clear
Channel a termination fee of $600&nbsp;million in cash; provided, however, if the only
condition that has not been satisfied is the receipt of the FCC Consent and Merger Sub,
Holdings, the Fincos and each attributable investor have carried out</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->142<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>their respective obligations relating to obtaining that consent, the termination fee
will be $300&nbsp;million in cash; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by Clear Channel if (i)&nbsp;on or prior to the last day of the Marketing Period neither
Merger Sub nor the surviving corporation has received the proceeds of the financings
sufficient to consummate the merger or (ii)&nbsp;the Fincos have, due to a willful and
material breach by Merger Sub, Holdings and/or the Fincos, breached or failed to
perform in any material respect any of their representations, warranties, covenants or
other agreements under the merger agreement such that certain closing conditions would
not be satisfied, and such breach has not been cured within 30&nbsp;days following delivery
of written notice by Clear Channel, and in each case of (i)&nbsp;or (ii)&nbsp;the first bullet
above is not applicable, in which case Merger Sub will pay Clear Channel a termination
fee of $500&nbsp;million in cash.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our right to receive a termination fee from Merger Sub pursuant to the merger agreement or the
limited guarantees executed by the Sponsors is Clear Channel&#146;s exclusive remedy for losses suffered
by Clear Channel as a result of the failure of the merger to be consummated.
</DIV>
<DIV align="left">
<A name="225"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment and Waiver</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement may be amended by mutual written agreement of the parties by action taken
by or on behalf of their respective boards of directors at any time prior to the Effective Time.
However, after the adoption of the merger agreement by Clear Channel&#146;s shareholders, the merger
agreement can not be amended if such amendment would require further approval by the shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The merger agreement also provides that, at any time prior to the Effective Time, any party
may, by written agreement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the time for the performance of any of the obligations or other acts of the
other parties to the merger agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive any inaccuracies in the representations and warranties of the other party
contained in the merger agreement or in any document delivered pursuant to the merger
agreement; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive compliance with any of the agreements or conditions contained in the merger
agreement which may be legally waived.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="226"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limited Guarantees</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with Amendment No.&nbsp;2, each of the Sponsors (each an affiliate of one of the
Fincos) and Clear Channel entered into a Limited Guarantee pursuant to which, among other things,
each of the Sponsors is providing Clear Channel a guarantee of payment of its pro rata portion of
the Merger Sub termination fees. The Limited Guarantees entered into in connection with Amendment
No.&nbsp;2 superseded the Limited Guarantees previously delivered by Sponsors.
</DIV>
<DIV align="left">
<A name="227"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Letter Agreements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the merger agreement, the Fincos and each of the members of Clear Channel&#146;s
board of directors entered into a letter agreement pursuant to which each director has agreed to
not elect to receive the Stock Consideration with respect to any and all shares of Clear Channel
common stock, Clear Channel restricted stock and Clear Channel stock
options (other than Rollover Shares, which will not affect the number
of shares of Holdings Class A common stock available for issuance as
Stock Consideration) held by the director.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->143<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="228"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MARKET PRICES OF CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the NYSE under the symbol &#147;CCU.&#148; The following table sets forth
the intraday high and low sales price per share of Clear Channel&#146;s common stock on the NYSE and
cash dividend declared for the periods indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cash Dividend</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Declared</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2005</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First Quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">37.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second Quarter (through May&nbsp;25, 2007)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.188</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;24, 2006, which was the trading day immediately prior to the date on which we
announced that Clear Channel&#146;s board of directors was exploring possible strategic alternatives for
Clear Channel to enhance shareholder value, Clear Channel&#146;s common stock closed at $32.20 per
share, and the average closing stock price of Clear Channel common stock during the 60 trading days
ended October&nbsp;24, 2006 was $29.27 per share. On November&nbsp;15, 2006, which was the last trading day
before we announced that Clear Channel&#146;s board of directors has approved the merger agreement,
Clear Channel common stock closed at $34.12 per share. On May 25, 2007, which was the last
trading day before this proxy statement/prospectus was printed, Clear Channel common stock closed
at $38.24 per share. You are encouraged to obtain current market quotations for Clear Channel common
stock in connection with voting your shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of May&nbsp;15, 2007, there were  496,658,218 shares of Clear Channel common stock outstanding
held by approximately 3,169 holders of record.
</DIV>
<DIV align="left">
<A name="229"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DELISTING AND DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the merger is completed, Clear Channel&#146;s common stock will be delisted from the NYSE and
deregistered under the Exchange Act, and Clear Channel will no longer file periodic reports with
the SEC on account of Clear Channel&#146;s common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings Class&nbsp;A common stock is not currently traded or quoted on a stock exchange is not
expected to be traded on a national securities exchange subsequent to the merger. It is
anticipated that, after the merger, Holdings Class&nbsp;A common
stock will be registered under the Exchange Act and will be quoted on the
Over-the-Counter-Bulletin Board. Upon consummation of the merger, Holdings will file the reports
specified in Section 13(a) of the Exchange Act and the rules thereunder for a period of two years
following the merger.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->144<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="230"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECURITY OWNERSHIP BY CERTAIN BENEFICIAL<BR>
OWNERS AND MANAGEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth information concerning the beneficial ownership of Clear Channel
common stock as of May&nbsp;15, 2007 for each member of Clear Channel&#146;s board of directors, each of
Clear Channel&#146;s named executive officers, Clear Channel&#146;s directors and executive officers as a
group and each person known to Clear Channel to own beneficially more than 5% of the outstanding
Clear Channel common stock. At the close of business on May&nbsp;15, 2007, there were 496,658,218
shares of Clear Channel common stock outstanding. Except as otherwise noted, each shareholder has
sole voting and investment power with respect to the shares beneficially owned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please see the footnotes below for the disclosure required by the Exchange Act, for each of
the parties listed below. We obtained the information presented below for shareholders other than
executive officers and directors from Form&nbsp;13Fs, Schedule&nbsp;13Gs and amendments thereto, which
reflect beneficial ownership as of the dates indicated in the Form&nbsp;13Fs, Schedule&nbsp;13Gs or
amendments thereto.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount and</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Nature of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Percent</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Beneficial</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Ownership (1)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Class</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alan D. Feld</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">66,996</TD>
    <TD nowrap>&nbsp;(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Perry J. Lewis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">192,971</TD>
    <TD nowrap>&nbsp;(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Lowry Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31,563,419</TD>
    <TD nowrap>&nbsp;(4)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark P. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2,366,281</TD>
    <TD nowrap>&nbsp;(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randall T. Mays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,976,059</TD>
    <TD nowrap>&nbsp;(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">B. J. McCombs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,816,669</TD>
    <TD nowrap>&nbsp;(7)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phyllis B. Riggins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17,241</TD>
    <TD nowrap>&nbsp;(8)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Theodore H. Strauss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">206,942</TD>
    <TD nowrap>&nbsp;(9)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J. C. Watts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,224</TD>
    <TD nowrap>&nbsp;(10)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John H. Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">64,667</TD>
    <TD nowrap>&nbsp;(11)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John B. Zachry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4,500</TD>
    <TD nowrap>&nbsp;(12)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John E. Hogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">403,440</TD>
    <TD nowrap>&nbsp;(13)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Paul J. Meyer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">21,874</TD>
    <TD nowrap>&nbsp;(14)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Herb Hill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">144,432</TD>
    <TD nowrap>&nbsp;(15)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Andy Levin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">77,889</TD>
    <TD nowrap>&nbsp;(16)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Don Perry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27,104</TD>
    <TD nowrap>&nbsp;(17)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FMR Corp (18)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,216,851</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highfields Capital Management LP (19)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,854,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All Directors and Executive Officers as a Group (16 persons)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41,814,818</TD>
    <TD nowrap>&nbsp;(20)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Percentage of shares beneficially owned by such person does not exceed one percent of the class
so owned.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;13d-3 under the Exchange Act, a person has beneficial ownership of any
securities as to which such person, directly or indirectly, through any contract, arrangement,
undertaking, relationship or otherwise, has or shares voting power and/or investment power or
as to which such person has the right to acquire such voting and/or investment power within 60
days. Percentage of beneficial ownership by a person as of a particular date is calculated by
dividing the number of shares beneficially owned by such person by the sum of the number of
shares outstanding as of such date and the number of unissued shares as to which such person
has the right to acquire voting and/or investment power within 60&nbsp;days. Unless otherwise
indicated, the number of shares shown includes outstanding shares of common stock owned as of
November&nbsp;30, 2006 by the person indicated and shares underlying options owned by such person
on November&nbsp;30, 2006 that are exercisable within 60&nbsp;days of that date.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 48,042 shares subject to options held by Mr.&nbsp;Feld. Excludes 9,000 shares owned by
Mr.&nbsp;Feld&#146;s wife, as to which Mr.&nbsp;Feld disclaims beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 125,314 shares subject to options held by Mr.&nbsp;Lewis, 39,953 of which are held in a
margin</TD>
</TR>

</TABLE>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>account. Excludes 3,000 shares owned by Mr.&nbsp;Lewis&#146; wife, as to which Mr.&nbsp;Lewis disclaims
beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 2,890,866 shares subject to options held by Mr.&nbsp;L. Mays, 48,456 shares held by
trusts of which Mr.&nbsp;L. Mays is the trustee, but not a beneficiary, 26,905,357 shares held by
the LLM Partners Ltd of which Mr.&nbsp;L. Mays shares control of the sole general partner,
1,532,120 shares held by the Mays Family Foundation and 100,184 shares held by the Clear
Channel Foundation over which Mr.&nbsp;L. Mays has either sole or shared investment or voting
authority. Mr.&nbsp;L. Mays&#146; address is c/o Clear Channel, 200 East Basse Road, San Antonio, Texas
78209.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 757,243 shares subject to options held by Mr.&nbsp;M. Mays, 343,573 shares held by trusts
of which Mr.&nbsp;M. Mays is the trustee, but not a beneficiary, and 1,022,293 shares held by the
MPM Partners, Ltd. Mr.&nbsp;M. Mays controls the sole general partner of MPM Partners, Ltd. Also
includes 6,727 shares and 1,054 shares, which represent shares in LLM Partners.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 757,243 shares subject to options held by Mr.&nbsp;R. Mays, 359,517 shares held by trusts
of which Mr.&nbsp;R. Mays is the trustee, but not a beneficiary, and 619,761 shares held by RTM
Partners, Ltd. Mr.&nbsp;R. Mays controls the sole general partner of RTM Partners, Ltd. Also
includes 4,484 shares and 1,054 shares, which represent shares in LLM Partners.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 53,586 shares subject to options held by Mr.&nbsp;McCombs and 4,763,083 shares held by
the McCombs Family Partners, Ltd. of which Mr.&nbsp;McCombs is the general partner. Excludes
27,500 shares held by Mr.&nbsp;McCombs&#146; wife, as to which Mr.&nbsp;McCombs disclaims beneficial
ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 6,266 shares subject to options held by Ms.&nbsp;Riggins.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 48,042 shares subject to options held by Mr.&nbsp;Strauss, and 72,087 shares held by the
THS Associates L.P. of which Mr.&nbsp;Strauss is the general partner.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 14,099 shares subject to options held by Mr.&nbsp;Watts.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 45,953 shares subject to options held by Mr.&nbsp;Williams. Excludes 9,300 shares held
by Mr.&nbsp;Williams&#146; wife, as to which Mr.&nbsp;Williams disclaims beneficial ownership.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 4,500 shares subject to options held by Mr.&nbsp;Zachry.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 295,062 shares subject to options held by Mr.&nbsp;Hogan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 21,874 shares subject to options held by Mr.&nbsp;Meyer.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(15)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 35,128 shares subject to options held by Mr.&nbsp;Hill, and 5,920 shares held by trusts</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(16)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 53,409 shares subject to options held by Mr.&nbsp;Levin.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(17)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 8,354 shares subject to options held by Mr.&nbsp;Perry.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(18)</TD>
    <TD>&nbsp;</TD>
    <TD>Address: 1585 Broadway, New York, New York 10036.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(19)</TD>
    <TD>&nbsp;</TD>
    <TD>Address: John Hancock Tower, 200 Clarendon Street, 51st Floor, Boston, Massachusetts 02116</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(20)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes 5,143,107 shares subject to options held by such persons, 600,576 shares held by
trusts of which such persons are trustees, but not beneficiaries, 26,905,357 shares held by
the LLM Partners Ltd, 1,022,293 shares held by the MPM Partners, Ltd., 619,761 shares held by
the RTM Partners, Ltd, 4,763,083 shares held by the McCombs Family Partners, Ltd, 72,087
shares held by the THS Associates L.P., 1,532,120 shares held by the Mays Family Foundation
and 100,184 shares held by the Clear Channel Foundation.</TD>
</TR>

</TABLE>


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<DIV align="left">
<A name="231"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOLDINGS&#146; STOCK OWNERSHIP AFTER THE MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the merger, and depending upon the number of Clear Channel shareholders who elect to
receive Merger Consideration in the form of Class&nbsp;A common stock of Holdings, the outstanding
capital stock of Holdings will be owned as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>up to 30% of Holdings&#146; outstanding capital stock and voting power will be held in the
form of shares of Class&nbsp;A common stock issued to former Clear Channel shareholders who have
elected to receive shares of Class&nbsp;A common stock in connection with the merger; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remaining shares of outstanding capital stock of Holdings (approximately 70%
assuming that Clear Channel shareholders elect to receive the maximum permitted amount of
Stock Consideration in the merger and subject to reduction on account of rollover
investments by certain directors of Clear Channel described below) will be held in the form
of Class&nbsp;B common stock and Class&nbsp;C common stock issued to affiliates of the Sponsors as
part of the Equity Financing and to L. Lowry Mays, Mark P. Mays, Randall T. Mays and B.J.
McCombs as Rollover Shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the merger, Mark P. Mays, the Chief Executive Officer of Clear Channel,
and Randall T. Mays, the President and Chief Financial Officer of Clear Channel, will each receive
a grant of approximately 510,000 shares of Class&nbsp;A common stock, subject to certain vesting
requirements, pursuant to their new employment arrangements with Holdings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, certain directors of Clear Channel (including L. Lowry Mays, B.J. McCombs and
other directors of Clear Channel who have signed a letter agreement agreeing that they will not
elect to take any portion of the Class&nbsp;A common stock made available to Clear Channel shareholders
as Stock Consideration in the merger) may be permitted to exchange a portion of their shares (or
options to purchase shares) of Clear Channel for shares (or options to purchase shares) of
Holdings. If and to the extent that directors of Clear Channel enter into such rollover
arrangements, the ownership interests of the Sponsors and their affiliates may be reduced
proportionately, but in all events the Sponsors will jointly control a majority of the voting power
of Holdings after the merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As described in &#147;The Merger&#151;New Equity Incentive Plan&#148; above, Holdings intends to adopt an
equity incentive plan, pursuant to which Holdings may grant options to purchase up to 12.5% of the
fully diluted equity of Holdings to be outstanding immediately after consummation of the merger.
</DIV>

<DIV align="left">
<A name="232"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DESCRIPTION OF HOLDINGS&#146; CAPITAL STOCK</B>
</DIV>

<DIV align="left">
<A name="233"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capitalization</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following the merger, the total number of shares of capital stock that Holdings will have
authority to issue will 650,000,000 shares of Common Stock, par value $0.001 per share, of which
(i)&nbsp;400,000,000 shares will be designated Class&nbsp;A common stock, (ii)&nbsp;150,000,000 shares will be
designated Class&nbsp;B common stock and (iii)&nbsp;100,000,000 shares will be designated Class&nbsp;C common
stock. Except as provided below or as otherwise required by the DGCL, all shares of Class&nbsp;A common
stock, Class&nbsp;B common stock and Class&nbsp;C common stock will have the same powers, privileges,
preferences and relative participating, optional or other special rights, and the qualifications,
limitations or restrictions thereof, and will be identical to each other in all respects.
</DIV>

<DIV align="left">
<A name="234"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting Rights and Powers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided below or as otherwise required by law, with respect to all
matters upon which shareholders are entitled to vote, the holders of the outstanding shares of
Class&nbsp;A common stock and Class&nbsp;B common stock will vote together with the holders of any other
outstanding shares of capital stock of Holdings entitled to vote, without regard to class. Every
holder of outstanding shares of Class&nbsp;A common stock will be entitled to cast thereon one vote in
person or by proxy for each share of Class&nbsp;A common stock standing in his name. Every holder of
outstanding shares of Class&nbsp;B common stock will be entitled to cast thereon, in person or by proxy,
for each share of Class&nbsp;B common stock, a number of votes equal to the number obtained by dividing
(a)&nbsp;the sum of
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">total number of shares of Class&nbsp;B common stock outstanding as of the record date for such vote
and the number of Class&nbsp;C common stock outstanding as of the record date for such vote by (b)&nbsp;the
number of shares of Class&nbsp;B common stock outstanding as of the record date for such vote. The
affirmative vote of the holders of a majority of the voting power of the Class&nbsp;A common stock and
Class&nbsp;B common stock, on a combined basis, as of any time is referred to as the &#147;majority common
stock approval.&#148; Except as otherwise required by law, the holders of outstanding shares of Class&nbsp;C
common stock will not be entitled to any votes upon any questions presented to shareholders of
Holdings, including, but not limited to, whether to increase or decrease the number of authorized
shares of Class&nbsp;C common stock.
</DIV>

<DIV align="left">
<A name="235"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise required by the DGCL, the holders of Class&nbsp;A common stock, Class&nbsp;B common
stock and Class&nbsp;C common stock will be entitled to receive ratably such dividends, other than share
distributions (as hereinafter defined), as may from time to time be declared by the board of
directors of Holdings out of funds legally available therefor. The board of directors may, at its
discretion, declare a dividend of any securities of Holdings or of any other corporation, limited
liability company, partnership, joint venture, trust or other legal entity (a &#147;share distribution&#148;)
to the holders of shares of Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock (i)
on the basis of a ratable distribution of identical securities to holders of shares of Class&nbsp;A
common stock, Class&nbsp;B common stock and Class&nbsp;C common stock or (ii)&nbsp;on the basis of a distribution
of one class or series of securities to holders of shares of Class&nbsp;A common stock and one or more
different classes or series of securities to holders of Class&nbsp;B common stock and Class&nbsp;C common
stock, as applicable, provided that the securities so distributed (and, if the distribution
consists of convertible or exchangeable securities, the securities into which such convertible or
exchangeable securities are convertible or for which they are exchangeable) do not differ in any
respect other than (a)&nbsp;differences in conversion rights consistent in all material respects with
differences in conversion rights between Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C
common stock and (b)&nbsp;differences in their voting rights and powers so long as immediately following
any share distribution, the ratio of the total number of votes exercisable in the aggregate by the
holders of the Class&nbsp;B common stock and the Class&nbsp;C common stock (whether attributable to the
shares of Class&nbsp;B common stock or Class&nbsp;C common stock or the securities so distributed (and, if
the distribution consists of convertible or exchangeable securities, the securities into which such
convertible or exchangeable securities are convertible or for which they are exchangeable)) to the
total number of votes exercisable by the holders of the Class&nbsp;A common stock (whether attributable
to the shares of Class&nbsp;A common stock or the securities so distributed (and, if the distribution
consists of convertible or exchangeable securities, the securities into which such convertible or
exchangeable securities are convertible or for which they are exchangeable)), does not exceed the
ratio existing immediately prior to such share distribution.
</DIV>
<DIV align="left">
<A name="236"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Distribution of Assets Upon Liquidation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event Holdings will be liquidated, dissolved or wound up, whether voluntarily or
involuntarily, the net assets of Holdings remaining thereafter will be divided ratably among the
holders of Class&nbsp;A common stock, Class&nbsp;B common stock and Class&nbsp;C common stock.
</DIV>
<DIV align="left">
<A name="237"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Split, Subdivision or Combination</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings will in any manner split, subdivide or combine the outstanding shares of Class&nbsp;A
common stock, Class&nbsp;B common stock or Class&nbsp;C common stock, whether by reclassification, share
distribution or otherwise, the outstanding shares of the other classes of Common Stock will be
proportionally split, subdivided or combined in the same manner and on the same basis as the
outstanding shares of the other class of Common Stock have been split, subdivided or combined,
whether by reclassification, share distribution or otherwise.
</DIV>
<DIV align="left">
<A name="238"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations set forth below, each record holder of shares of Class&nbsp;B common
stock or Class&nbsp;C common stock may convert any or all of such shares into an equal number of shares
of Class&nbsp;A common stock by delivering written notice to Holdings&#146; transfer agent stating that such
record holder desires to convert such shares into the same number of shares of Class&nbsp;A common stock
and requesting that Holdings issue all of such Class&nbsp;A common stock to the persons named therein,
setting forth the number of shares of Class&nbsp;A common stock to be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->148<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">issued to each such person (and, in the case of a request for registration in a name other
than that of such record holder, providing proper evidence of succession, assignation or authority
to transfer), accompanied by payment of documentary, stamp or similar issue or transfer taxes, if
any.
</DIV>
<DIV align="left">
<A name="239"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Certain Voting Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other approval required by law or by the charter, any consolidation of
Holdings with another corporation or entity, any merger of Holdings into another corporation or
entity or any merger of any other corporation or entity into Holdings pursuant to which shares of
Common Stock are converted into or exchanged for any securities or any other consideration will
require majority common stock approval.
</DIV>
<DIV align="left">
<A name="240"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Change in Number of Shares Authorized</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in the provisions establishing a class of stock, the number of
authorized shares of any class or series of stock may be increased or decreased (but not below the
number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of
the voting power of Holdings entitled to vote irrespective of the provisions of Section&nbsp;242(b)(2)
of the DGCL.
</DIV>
<DIV align="left">
<A name="241"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Stock Ownership or Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings may restrict the ownership, or proposed ownership, of shares of capital stock of
Holdings by any Person if such ownership or proposed ownership (a)&nbsp;s or could be inconsistent with,
or in violation of, any provision of the Federal Communications Laws (as hereinafter defined), (b)
limits or impairs or could limit or impair any business activities or proposed business activities
of Holdings under the Federal Communications Laws or (c)&nbsp;subjects or could subject Holdings to any
regulation under the Federal Communications Laws to which Holdings would not be subject but for
such ownership or proposed ownership (clauses (a), (b)&nbsp;and (c)&nbsp;collectively, &#147;FCC Regulatory
Limitations&#148;). The term &#147;Federal Communications Laws&#148; will mean any law of the United States now
or hereafter in effect (and any regulation thereunder), including, without limitation, the
Communications Act of 1934, as amended, and regulations thereunder, pertaining to the ownership
and/or operation or regulating the business activities of (x)&nbsp;any television or radio station,
cable television system or other medium of mass communications or (y)&nbsp;any provider of programming
content to any such medium.
</DIV>
<DIV align="left">
<A name="242"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Requests for Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Holdings believes that the ownership or proposed ownership of shares of capital stock of
Holdings by any shareholder may result in an FCC Regulatory Limitation, such shareholder will
furnish promptly to Holdings such information (including, without limitation, information with
respect to citizenship, other ownership interests and affiliations) as Holdings will request.
</DIV>
<DIV align="left">
<A name="243"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Denial of Rights, Refusal to Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If (a)&nbsp;any shareholder from whom information is requested pursuant to the above provisions
should not provide all the information requested by Holdings, or (b)&nbsp;Holdings will conclude that a
shareholder&#146;s ownership or proposed ownership of, or that a shareholder&#146;s exercise of any rights of
ownership with respect to, shares of capital stock of Holdings results or could result in an FCC
Regulatory Limitation, then, in the case of either clause (a)&nbsp;or clause (b), Holdings may (i)
refuse to permit the transfer of shares of capital stock of Holdings to such proposed shareholder,
(ii)&nbsp;suspend those rights of stock ownership the exercise of which causes or could cause such FCC
Regulatory Limitation, (iii)&nbsp;require the conversion of any or all shares of Class&nbsp;A common stock or
Class&nbsp;B common stock held by such shareholder into an equal number of shares of Class&nbsp;C common
stock, (iv)&nbsp;refuse to permit the conversion of shares of Class&nbsp;B common stock or Class&nbsp;C common
stock into Class&nbsp;A common stock, (v)&nbsp;redeem such shares of capital stock of Holdings held by such
shareholder in accordance with the provisions set forth below, and/or (vi)&nbsp;exercise any and all
appropriate remedies, at law or in equity, in any court of competent jurisdiction, against any such
shareholder or proposed transferee, with a view towards obtaining such information or preventing or
curing any situation which causes or could cause an FCC Regulatory Limitation. Any such refusal of
transfer. suspension of rights or refusal to convert pursuant to clauses (i), (ii)&nbsp;and (iv),
respectively, of the immediately
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">preceding sentence will remain in effect until the requested information has been received and
Holdings has determined that such transfer, or the exercise of such suspended rights, as the case
may be, will not result in an FCC Regulatory Limitation. The terms and conditions of redemption
pursuant to foregoing provisions will be as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the redemption price of any shares to be redeemed will be equal to the Fair Market Value
(as hereinafter defined) of such shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the redemption price of such shares may be paid in cash, Redemption Securities (as
hereinafter defined) or any combination thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;if less than all such shares are to be redeemed, the shares to be redeemed will be
selected in such manner as will be determined by the board of directors of Holdings, which may
include selection first of the most recently purchased shares thereof, selection by lot or
selection in any other manner determined by the board of directors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;at least 15&nbsp;days&#146; written notice of the Redemption Date (as hereinafter defined) will be
given to the record holders of the shares selected to be redeemed (unless waived in writing by any
such holder); <I>provided </I>that the Redemption Date may be the date on which written notice will be
given to record holders if the cash or Redemption Securities necessary to effect the redemption
will have been deposited in trust for the benefit of such record holders and subject to immediate
withdrawal by them upon surrender of the stock certificates for their shares to be redeemed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;from and after the Redemption Date, any and all rights of whatever nature in respect of
the shares selected for redemption (including, without limitation, any rights to vote or
participate in dividends declared on stock of the same class or series as such shares), will cease
and terminate and the holders of such shares will thenceforth be entitled only to receive the cash
or Redemption Securities payable upon redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;such other terms and conditions as the board of directors will determine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, certain capitalized terms will have the definitions set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fair Market Value&#148; will mean, with respect to a share of Holdings&#146; capital stock of any class
or series, the volume weighted average sales price for such a share on the New York Stock Exchange
or, if such stock is not listed on such exchange, on the principal U.S. registered securities
exchange on which such stock is listed, during the 30 most recent days on which shares of stock of
such class or series will have been traded preceding the day on which notice of redemption will be
given; provided, however, that if shares of stock of such class or series are not listed or traded
on any securities exchange, &#147;Fair Market Value&#148; will be determined by the board of directors in
good faith; and provided, further, that &#147;Fair Market Value&#148; as to any shareholder who purchased his
stock within 120&nbsp;days of a Redemption Date need not (unless otherwise determined by the board of
directors) exceed the purchase price paid by him.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Date&#148; will mean the date fixed by the board of directors for the redemption of any
shares of stock of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Securities&#148; will mean any debt or equity securities of Holdings, any subsidiary of
Holdings or any other corporation or other entity, or any combination thereof, having such terms
and conditions as will be approved by the board of directors and which, together with any cash to
be paid as part of the redemption price, in the opinion of any nationally recognized investment
banking firm selected by the board of directors (which may be a firm which provides other
investment banking, brokerage or other services to Holdings), has a value, at the time notice of
redemption is given, at least equal to the Fair Market Value of the shares to be redeemed
(assuming, in the case of Redemption Securities to be publicly traded, such Redemption Securities
were fully distributed and subject only to normal trading activity).
</DIV>

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</DIV>

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<DIV align="left">
<A name="244"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMPARISON OF SHAREHOLDER RIGHTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel is incorporated under the laws of the State of Texas and the rights, preferences
and privileges of shares of Clear Channel common stock are governed by Texas law, Clear Channel&#146;s
Articles of Incorporation, as amended (&#147;Clear Channel&#146;s Articles of Incorporation&#148;) and Clear
Channel&#146;s Seventh Amended and Restated Bylaws, as amended (the &#147;Clear Channel&#146;s Bylaws&#148;). Holders
of shares of Clear Channel common stock who elect to receive the Stock Consideration will receive
shares of Holdings Class&nbsp;A common stock. Holdings is incorporated under the laws of the State of
Delaware the rights, preferences and privileges of its shareholders are be governed by Delaware
law, Holdings&#146; second amended and restated certificate of incorporation and Holdings&#146; Bylaws. The
material differences between the rights of holders of shares of Holdings Class&nbsp;A common stock and
the rights of holders of shares of Clear Channel common stock, which result from differences in
Delaware and Texas law and the governing documents of the two companies, are summarized below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary does not purport to be a complete statement of the rights of holders of
shares of Holdings common stock under applicable Delaware law, Holdings&#146; second amended and
restated certificate of incorporation and Holdings&#146; Bylaws or a comprehensive comparison with the
rights of the holders of shares of Clear Channel common stock under Texas law, Clear Channel&#146;s
Articles of Incorporation, and Clear Channel&#146;s Bylaws, or a complete description of the specific
provisions referred to in this proxy statement/prospectus. The identification of specific
differences is not meant to indicate that other equally or more significant differences do not
exist. This summary is qualified in its entirety by reference to the DGCL, the Texas Business
Corporation Act (&#147;TBCA&#148;), the Texas Miscellaneous Corporate Laws Act (&#147;TMCLA&#148;) and the governing
corporate documents of Holdings and Clear Channel, to which holders of shares of Clear Channel
common stock are referred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain differences between the DGCL and the TBCA or TMCLA, as well as a description of the
corresponding provisions contained in Holdings&#146; and Clear Channel&#146;s respective charter and bylaws,
as such differences may affect the rights of shareholders, are set forth below. The following
summary does not purport to be complete and is qualified in its entirety to the TBCA, TMCLA and the
DGCL and applicable charter and bylaw provisions.
</DIV>
<DIV align="left">
<A name="245"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 251(b), (c), and (f)&nbsp;require approval of the board of directors and the affirmative
vote of a majority of the outstanding stock entitled to vote on a merger in order to effect that
merger. Unless required by its certificate of incorporation, no shareholder vote is required of a
corporation surviving a merger if (1)&nbsp;such corporation&#146;s certificate of incorporation is not
amended by the merger; (2)&nbsp;each share of stock of such corporation will be an identical share of
the surviving corporation after the merger; and (3)&nbsp;either no shares are to be issued by the
surviving corporation or the number of shares to be issued in the merger does not exceed 20% of
such corporation&#146;s outstanding common stock immediately before the effective date of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 5.03(E) requires that the affirmative vote of the holders of at least two-thirds of
the shares entitled to vote to approve a merger, or if any class of shares is entitled to vote as a
class on the approval of a merger, the affirmative vote of the holders of at least two-thirds of
the shares in each such class and the affirmative vote of the holders of at least two-thirds of the
shares otherwise entitled to vote. Similar voting requirements apply for share exchanges or
conversions. The TBCA does not require a vote by the shareholders on a plan of merger if: (1)&nbsp;the
corporation is the sole surviving corporation in the merger; (2)&nbsp;the articles of incorporation of
the surviving corporation will not differ from its articles of incorporation before the merger; (3)
each shareholder of the surviving corporation whose shares were outstanding immediately before the
effective date of the merger will hold the same number of shares, with identical designations,
preferences, limitations and relative rights immediately after the merger; (4)&nbsp;the voting power of
the number of voting shares outstanding immediately after the merger, plus the voting power of the
number of voting shares issuable as a result of the merger, will not exceed by more than 20% the
voting power of the total number of voting shares of the surviving corporation before the merger;
(5)&nbsp;the number of participating shares outstanding immediately after the merger, plus the number of
participating shares issuable as a result of the merger, will not exceed by more than 20% the total
number of participating shares of the corporation outstanding immediately before the merger; and
(6)&nbsp;the board of directors of the corporation adopts a resolution approving the plan of merger.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="246"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Voting on Sale of Assets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 271(a), a corporation may not sell all or substantially all of its assets unless
the proposed sale is authorized by a majority of the outstanding shares of voting stock of the
corporation. Holdings&#146; second amended and restated certificate of incorporation does not provide
for a different vote than that required by Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 5.10(A)(4), there is a requirement for the affirmative vote of the holders of at
least two-thirds of the shares entitled to vote to approve the sale, lease, exchange or other
disposition of all or substantially all the corporation&#146;s assets if other than in the usual and
regular course of business, or if any class of shares is entitled to vote as a class on the
approval of the sale, lease, exchange or other disposition of all or substantially all the
corporation&#146;s assets, the vote required for approval of such transaction is the affirmative vote of
the holders of at least two-thirds of the shares in each such class and the affirmative vote of the
holders of at least two-thirds of the shares otherwise entitled to vote. The TBCA &#167; 5.09(A) does
not require shareholder approval of a sale of assets in the usual and regular course of business
unless otherwise specified in the articles of incorporation. Under TBCA &#167; 5.09(B), a sale of
assets is deemed to be in the usual and regular course of business if the corporation will,
directly or indirectly, either continue to engage in one or more businesses or apply a portion of
the consideration received in connection with the transaction to the conduct of a business in which
it engages after the transaction. Clear Channel&#146;s Articles of Incorporation do not provide for a
different vote than required by Texas law.
</DIV>
<DIV align="left">
<A name="247"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Antitakeover Provisions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DGCL &#167; 203 generally prohibits business combinations, including mergers, sales and leases of
assets, issuances of securities and similar transactions by a corporation or a subsidiary with an
interested shareholder (defined as including the beneficial owner of 15&nbsp;percent or more of a
corporation&#146;s voting shares), within three years after the person or entity becomes an interested
shareholder, unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the board of directors has approved, before the acquisition date, either the
business combination or the transaction that resulted in the person becoming an
interested shareholder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upon completion of the transaction that resulted in the person becoming an
interested shareholder, the person owns at least 85&nbsp;percent of
the corporation&#146;s voting shares, excluding shares owned by directors who are officers and
shares owned by employee stock plans in which participants do not have the right to determine
confidentially whether shares will be tendered in a tender or exchange offer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>after the person or entity becomes an interested shareholder, the business
combination is approved by the board of directors and authorized by the vote of at
least 662/3&nbsp;percent of the outstanding voting shares not owned by the interested
shareholder at an annual or special meeting of shareholders and not by written consent.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; second amended and restated certificate of incorporation expressly states that
Holdings will not be governed by DGCL &#167; 203.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 13.03 provides that a Texas corporation with 100 or more shareholders may not
engage in certain business combinations, including mergers, consolidations and asset sales, with a
person, or an affiliate or associate of such person, who is an &#147;affiliated shareholder&#148; (generally
defined as the holder of 20% or more of the corporation&#146;s voting shares) for a period of three
years from the date such person became an affiliated shareholder unless:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business combination or purchase or acquisition of shares made by the affiliate
shareholder was approved by the board of directors of the corporation before the
affiliated shareholder became an affiliated shareholder, or</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the business combination was approved by the affirmative vote of the holders of at
least two-thirds of the outstanding voting shares of the corporation not beneficially
owned by the affiliated shareholder, at a meeting of shareholders called for that
purpose (and not by written consent), not less than six months after the affiliated
shareholder became an affiliated shareholder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Texas corporation may elect to opt out of these provisions. Clear Channel has not made such
an election.
</DIV>
<DIV align="left">
<A name="248"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment of Certificate of Incorporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 242(b), after a corporation has received payment for its capital stock,
amendments to a corporation&#146;s certificate of incorporation must be approved by a resolution of the
board of directors declaring the advisability of the amendment, and by the affirmative vote of a
majority of the outstanding shares entitled to vote. If an amendment would increase or decrease
the number of authorized shares of such class, increase or decrease the par value of the shares of
such class or alter or change the powers, preferences or other special rights of a class of
outstanding shares so as to affect the class adversely, then a majority of shares of that class
also must approve the amendment. The DGCL also permits a corporation to make provision in its
certificate of incorporation requiring a greater proportion of voting power to approve a specified
amendment. Holdings&#146; second amended and restated certificate of incorporation provides that
Holdings will not amend its second amended and restated certificate of incorporation in a manner
that would alter or change the powers, preferences or special rights of the Class&nbsp;A common stock in
a manner that would not so affect all classes of common stock of Holdings without the consent of
holders of a majority of the then-outstanding shares of Class&nbsp;A common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 4.02(3), the Articles of Incorporation of Clear Channel may be amended only if
the proposed amendment receives the affirmative vote of the holders of at least two-thirds of the
outstanding shares of voting stock of Clear Channel or the affirmative vote of the holders of at
least two-thirds of the outstanding shares of each class that are entitled to vote as a class on
the amendment.
</DIV>
<DIV align="left">
<A name="249"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Amendment of Bylaws</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 109, the power to adopt, amend or repeal a corporation&#146;s bylaws resides with the
shareholders entitled to vote on the bylaws, and with the directors of such corporation if such
power is conferred upon the board of directors by the certificate of
incorporation. Holdings&#146; second amended and restated certificate
of incorporation provides that Holdings&#146; Bylaws may be amended
by the board of directors of Holdings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.23(B) and Clear Channel&#146;s Bylaws, the board of directors of Clear Channel may
alter, amend or repeal Clear Channel Bylaws without shareholder approval, although bylaws made by
Clear Channel board of directors, and the power conferred upon the board of directors to amend such
bylaws, may be altered or repealed by a two-thirds vote by the shareholders.
</DIV>
<DIV align="left">
<A name="250"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Appraisal Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 262, shareholders have appraisal rights when they hold their shares in the
corporation through the effective date of a merger or consolidation, have not voted in favor of the
merger or consolidation, and the corporation&#146;s shares are not listed on a national securities
exchange or held by more than 2,000 holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 5.11, a shareholder generally has the right to dissent from any merger to which
the corporation is a party, from any sale of all or substantially all assets of the corporation, or
from any plan of exchange and to receive fair value for his or her shares. However, dissenters&#146;
rights are not available with respect to a plan of merger in which there is a single surviving
corporation, or with respect to any plan of exchange, if (i)&nbsp;the shares held by the shareholder are
part of a class or series, shares of which are listed on a national securities exchange or held of record by not less
than 2,000 holders on the record date fixed to determine the shareholders entitled to vote on the
plan of merger or the plan of exchange, (ii)&nbsp;the shareholder is not required by the terms of the
plan of merger or plan of exchange to accept for the shareholder&#146;s shares any consideration that is
different than the consideration (other than cash in lieu of fractional shares) to be provided to
any other holder of shares of the same class or series held by such shareholder, and (iii)&nbsp;the
shareholder is not required by the terms of the plan of merger or plan to exchange to accept
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for his or her shares any consideration other than (a)&nbsp;shares of a corporation that,
immediately after the effective time of the merger or exchange, will be part of a class or series
of shares that are (1)&nbsp;listed, or authorized for listing upon official notice of issuance, on a
national securities exchange, (2)&nbsp;approved for quotation on the NASDAQ National Market System, or
(3)&nbsp;held of record by not less than 2,000 holders, and (b)&nbsp;cash in lieu of fractional shares
otherwise entitled to be received. As such, the holders of shares of Clear Channel common stock
are entitled to appraisal rights in connection with the merger.
</DIV>
<DIV align="left">
<A name="251"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Special Meetings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 211(d), shareholders of Delaware corporations do not have a right to call special
meetings unless such right is conferred upon the shareholders in the corporation&#146;s certificate of
incorporation or bylaws. Holdings&#146; Bylaws allow special meetings to be called at any time pursuant
to a resolution of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.24(C), special meetings of the shareholders may be called by the board of
directors, the president, others permitted by the articles of incorporation or bylaws, or holders
of at least 10% of the shares entitled to vote at the meeting. Clear Channel&#146;s Bylaws provide that
special meetings of the shareholders may be called by the chairman of the board, the chief
executive officer, the president, the board of directors, or the holders of not less than
three-tenths of all the shares entitled to vote at the meetings.
</DIV>
<DIV align="left">
<A name="252"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Actions Without a Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 228, any action by a corporation&#146;s shareholders must be taken at a meeting of
such shareholders, unless a consent in writing setting forth the action so taken is signed by the
shareholders having not less than the minimum number of votes necessary to authorize or take such
action at a meeting at which all shares entitled to vote on the action were present and voted.
Both Holdings&#146; second amended and restated certificate of incorporation and Holdings&#146; Bylaws are
consistent with the requirements of Delaware law. In addition, Holdings&#146; second amended and
restated certificate of incorporation provides that from and after the effective time of the
merger, for so long as any Class&nbsp;A common stock is outstanding, any action that is taken without a
meeting but by written consent of the shareholders will become effective on the tenth business day
after public announcement by Holdings of the adoption of the consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 9.10(A)(1), any action required to be taken at an annual or special meeting of
shareholders may be taken without a meeting if all shareholders entitled to vote with respect to
the action consent in writing to such action or, if the corporation&#146;s articles of incorporation so
provide, if a consent in writing is signed by holders of shares having not less than the minimum
number of votes necessary to take such action at a meeting of shareholders. Clear Channel&#146;s
Articles of Incorporation are consistent with the TBCA, and Clear Channel&#146;s Bylaws provide for
shareholder action by written consent if signed by all of the shareholders entitled to vote with
respect to the subject matter thereof.
</DIV>
<DIV align="left">
<A name="253"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nomination of Director Candidates by Shareholders</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; Bylaws establish procedures that shareholders must follow to nominate persons for
election to Holdings&#146; board of directors. The nomination for election to the board of directors
may be made pursuant to the notice of meeting, by or at the direction of the board of directors, or
by any shareholder of the corporation who was entitled to vote at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s Articles of Incorporation do not contain provisions regarding the nomination
of directors. Clear Channel&#146;s Bylaws provide that shareholders who are shareholders of record at
the time notice of the meeting is given, are entitled to vote at the meeting, and have complied
with the notice procedures in the Bylaws are able to nominate persons to the board of directors at
an annual meeting.
</DIV>
<DIV align="left">
<A name="254"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Number of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 141(b) permits the Articles of Incorporation or the Bylaws of a corporation to
govern the number of directors. However, if the Articles of Incorporation fix the number of
directors, such number may not be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">changed without amending the Articles of Incorporation. The Holdings&#146; Bylaws allow for five
or more directors to serve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.32(A) permits the Articles of Incorporation or the Bylaws of a corporation to
govern the number of directors. Clear Channel&#146;s Bylaws authorize up to fourteen (14)&nbsp;members of
the board of directors. There are currently 11 directors serving on Clear Channel board of
directors.
</DIV>
<DIV align="left">
<A name="255"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Election of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 216(3) provides that, unless the certificate of incorporation or the bylaws specify
otherwise, a corporation&#146;s directors are elected by a plurality of the votes of the shares present
in person or represented by proxy at the meeting and entitled to vote on the election of directors.
Under DGCL &#167; 214, a corporation&#146;s certificate of incorporation may provide that shareholders of a
corporation can elect directors by cumulative voting. DGCL &#167; 141(d) permits, but does not require,
a classified board of directors, divided into as many as three classes. Holdings&#146; second amended
and restated certificate of incorporation allows holders of Class&nbsp;A common stock, from and after
the effective time of the merger, to elect at least two independent directors and holders of Class
A and Class&nbsp;B common stock to elect the remaining directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.32(B) provides that the holders of any class or series of shares can elect one or
more directors as described in the articles of incorporation or bylaws. Clear Channel&#146;s Articles
of Incorporation entitle its shareholders to vote at each election of directors, to vote in person
or by proxy the number of shares owned by such shareholder for as many persons as there are
directors to be elected and for whose election such shareholder has
the right to vote. In contested elections, Clear
Channel&#146;s Bylaws entitle its shareholders to elect directors by the vote of a plurality of the
votes cast. In uncontested elections, Clear Channel&#146;s Bylaws provide that a director must be elected by a majority of the votes
cast at such meeting.  If a nominee for a director who is an incumbent is not elected and no successor is elected at
the meeting, such incumbent director will tender his or her resignation to the board of directors.  The nominating and
governing committee will make a recommendation to the board of directors as to whether to accept or reject the
tendered resignation.
Both Clear Channel&#146;s Articles of Incorporation and Bylaws prohibit cumulative voting.
</DIV>
<DIV align="left">
<A name="256"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vacancies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 223(a)(1), a majority of the directors then in office (even though less than a
quorum) may fill vacancies and newly-created directorships. However, DGCL &#167; 223(c) provides that
if the directors then in office constitute less than a majority of the whole board, the Court of
Chancery may, upon application of any shareholder or shareholders holding at least 10% of the total
number of shares at the time outstanding and entitled to vote for directors, order an election to
be held to fill any such vacancy or newly created directorship. Holdings&#146; second amended and
restated certificate of incorporation provides that any vacancy created as a result of the removal
of any independent director elected by the holders of Class&nbsp;A common stock may only be filled by
the vote of the holders of Class&nbsp;A common stock at a special meeting of the shareholders and that
Holdings will use reasonable efforts to call such meeting. Otherwise, Holdings&#146; Bylaws allow for a
majority of the directors then in office to elect additional directors to fill the vacancies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.34, the shareholders or a majority of the remaining directors may fill any
vacancy occurring in the board of directors. A directorship to be filled by reason of an increase
in the number of directors may be filled by the shareholders or by the board of directors for a
term of office continuing only until the next election of one or more directors by the
shareholders. However, the board of directors may not fill more than two such directorships during
the period between any two successive annual meetings of shareholders. Clear Channel&#146;s Bylaws
provide that a majority of directors then in office may choose a successor.
</DIV>
<DIV align="left">
<A name="257"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Limitation of Liability of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 102(b)(7) provides that a corporation may limit or eliminate a director&#146;s personal
liability for monetary damages to the corporation or its shareholders for breach of fiduciary duty
as a director, except for liability for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any breach of the director&#146;s duty of loyalty to such corporation or its
shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acts or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law;</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>willful or negligent violation of provisions of the DGCL governing payment of
dividends and stock purchases or redemptions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for any transaction from which the director derived an improper personal benefit; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any act or omission before the adoption of such a provision in the certificate of incorporation.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Holdings second amended and restated certificate of incorporation provides that a director
shall not be liable to the corporation or its shareholders for monetary damages for breach of
fiduciary duty as a director.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the TMCLA &#167; 1302-7.06(B), a corporation&#146;s articles of incorporation may eliminate all
monetary liability of each director to the corporation or its shareholders for conduct in the
performance of a director&#146;s duties other than some conduct specifically excluded from protection.
Texas law does not permit any limitation of liability of a director for:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>breaching the duty of loyalty to the corporation or its shareholders;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an act or omission not in good faith that constitutes a breach of duty of the
director to the corporation or an act or omission that involves intentional misconduct
or a knowing violation of law;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a transaction from which the director received an improper benefit, whether or not
the benefit resulted from an action taken within the scope of the director&#146;s office; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an act or omission for which the liability of a director is expressly provided by an
applicable statute.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Clear Channel&#146;s Articles of Incorporation are silent with respect to the limitation of liability of
its officers and directors. However, the Articles of Incorporation and the Bylaws provide for the
indemnification of officers and directors. See &#147;Indemnification of Officers and Directors&#148; below.
</DIV>

<DIV align="left">
<A name="258"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification of Officers and Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 145(b) permits Holdings to indemnify its officers, directors and other agents to
substantially the same extent that the Texas statute permits Clear Channel to indemnify its
directors, except that (1)&nbsp;a director need not have reasonably believed that his conduct was in the
best interests of Holdings so long as he believed his conduct to be not opposed to the best
interests of Holdings and (2)&nbsp;no indemnification may be provided to any person in respect of any
matter as to which he has been adjudged liable to Holdings, except to the extent that the Delaware
Chancery Court or the court in which the matter was brought determines such person is fairly and
reasonably entitled to indemnification and then only for such expenses as the court deems proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 145(e) permits Holdings to pay expenses of a director or officer in advance of a
final disposition of a proceeding if the director or officer provides Holdings with an undertaking
to repay such expenses if it is ultimately determined that he is not entitled to be indemnified.
Holdings also is permitted to pay expenses incurred by other employees and agents upon such terms
and conditions, if any, as the Holdings board of directors deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; second amended and restated certificate of incorporation authorizes the
indemnification of directors for breach of fiduciary duty except to the extent such exculpation is
not permitted under the DGCL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both TBCA &#167; 2.02-1 and DGCL &#167; 145 currently provide that a corporation is required to
indemnify any director or officer of the corporation who has been or is threatened to be made a
party to a legal proceeding by reason of his service to the corporation if the director or officer
is successful on the merits or otherwise in the defense of such proceeding. In addition, both
Texas and Delaware law currently permit a corporation to purchase and maintain on behalf of its
directors and officers insurance with respect to any liability asserted against or incurred
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by such persons, whether or not the corporation would have the power under applicable law to
indemnify such persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under current Delaware law, Holdings may be permitted to indemnify its directors against some
liabilities for which indemnification is not permitted under Texas law. To the extent that the
Delaware statute is construed to permit indemnification of directors under circumstances in which
indemnification is not permitted by Texas law, the adoption by Holdings of the Bylaw that obligates
Holdings to indemnify its directors to the fullest extent permitted by Delaware law may represent a
conflict of interest for the directors of Clear Channel and may operate to their benefit at the
expense of Clear Channel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC has expressed its opinion that indemnification of directors, officers and controlling
persons against liabilities arising under the Securities Act of 1933 is against public policy and,
therefore, is unenforceable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.02-1(B) currently permits Clear Channel to indemnify any person who has been or
is threatened to be made a party to a legal proceeding because he is or was a director of Clear
Channel, or because he served at the request of Clear Channel as a principal of another business or
employee benefit plan, against any judgments, penalties, fines, settlements and reasonable expenses
incurred by him in connection with the proceeding. However, Clear Channel may not indemnify a
director in reliance on this statute unless the director (1)&nbsp;conducted himself in good faith, (2)
reasonably believed that his conduct was in the best interests of Clear Channel or, in the case of
action not taken in his official capacity, was not opposed to the best interests of Clear Channel,
and (3)&nbsp;in the case of a criminal proceeding, had no reason to believe that his conduct was
unlawful. Clear Channel also may not indemnify a director in reliance on this statute for
judgments or settlements if the director has been found liable to Clear Channel or is found to have
received an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.02-1 permits Clear Channel to pay expenses of a director in advance of the final
disposition of a proceeding for which indemnification may be provided on the condition that Clear
Channel receives (1)&nbsp;a written affirmation by the director of his good faith belief that he has met
the standard of conduct necessary for indemnification and (2)&nbsp;an undertaking by or on behalf of the
director that he will repay such expenses if it is ultimately determined that he is not entitled to
be indemnified. This statute also permits Clear Channel to indemnify and advance expenses to its
officers, employees and other agents other than those officers, employees and agents who are also
directors, to the same extent and under the same circumstances that it allows for directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s Articles of Incorporation and Bylaws authorize indemnification of officers,
directors and others to the fullest extent authorized or permitted by applicable law.
</DIV>
<DIV align="left">
<A name="259"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Removal of Directors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 141(k), a majority of shareholders of a Delaware corporation may remove a
director with or without cause, unless the directors are classified and elected for staggered
terms, in which case, directors may be removed only for cause. Holdings&#146; second amended and
restated certificate of incorporation is consistent with Delaware law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.32(C), the articles of incorporation or bylaws of a Texas corporation may
provide that at any meeting of shareholders called expressly for that purpose, the holders of a
majority of the shares then entitled to vote at an election of directors may vote to remove any
director or the entire board of directors, with or without cause, subject to further restrictions
on removal that the bylaws may contain. Clear Channel&#146;s Bylaws provide that a director may be
removed for cause at any special meeting of shareholders by the affirmative vote of at least
two-thirds of the outstanding shares then entitled to vote at such meeting.
</DIV>
<DIV align="left">
<A name="260"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends and Repurchases of Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The DGCL &#167; 170(a) permits a corporation to declare and pay dividends out of surplus or if
there is no surplus, out of net profits for the fiscal year as long as the amount of capital of the
corporation after the declaration and payment of the dividend is not less than the aggregate amount
of the capital represented by the issued and outstanding stock of all classes having preference
upon the distribution of assets. In addition, the DGCL &#167; 160(a)(1)
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">generally provides that a corporation may redeem or repurchase its shares only if the capital
of the corporation is not impaired and such redemption or repurchase would not impair the capital
of the corporation. Holders of Holdings&#146; common stock are entitled to receive dividends ratably
when, as declared by the board of directors out of funds legally available for payment of
dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The TBCA &#167; 2.38 provides that the board of directors of a corporation may authorize and the
corporation may make distributions; provided, that a distribution may not be made if (1)&nbsp;after
giving effect to the distribution, the corporation would be insolvent or (2)&nbsp;the distribution
exceeds the surplus of the corporation. But a corporation may make a distribution involving a
purchase or redemption of any of its own shares if the purchase or redemption is made by the
corporation to (1)&nbsp;eliminate fractional shares, (2)&nbsp;collect or compromise indebtedness owed by or
to the corporation, (3)&nbsp;pay dissenting shareholders entitled to payment for their shares under the
TBCA or (4)&nbsp;effect the purchase or redemption of redeemable shares in accordance with the TBCA.
Clear Channel&#146;s Articles of Incorporation and Bylaws provide that dividends may be declared by the
board of directors at any annual, regular or special meeting.
</DIV>
<DIV align="left">
<A name="261"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preemptive Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both Delaware and Texas law do not require shareholders to have preemptive rights. Neither
Holdings&#146; nor Clear Channel&#146;s shareholders possess preemptive rights.
</DIV>
<DIV align="left">
<A name="262"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Inspection of Books and Records</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under DGCL &#167; 220(b), any shareholder of a Delaware corporation making a proper written demand
may inspect the stock ledger, the list of shareholders and any other corporate books and records
for any purpose reasonably related to the shareholder&#146;s interest as a shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under TBCA &#167; 2.44(C), any shareholder who holds at least 5% of all of the outstanding shares
of a corporation or that has held its shares for at least six months has the right, upon proper
written demand, to examine at any reasonable time, for any proper purpose, the relevant books and
records of account, minutes and share transfer records of the corporation.
</DIV>
<DIV align="left">
<A name="263"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>DISSENTERS&#146; RIGHTS OF APPRAISAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the TBCA, you have the right to demand appraisal in connection with the merger and to
receive, in lieu of the Merger Consideration, payment in cash, without interest, for the fair value
of your shares of Clear Channel common stock as determined by an appraiser selected in a Texas
state court proceeding. Clear Channel&#146;s shareholders electing to exercise appraisal rights must
comply with the provisions of Article&nbsp;5.12 of the TBCA in order to perfect their rights. Clear
Channel will require strict compliance with the statutory procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is intended as a brief summary of the material provisions of the Texas statutory
procedures required to be followed by a shareholder in order to demand and perfect appraisal
rights. This summary, however, is not a complete statement of all applicable requirements and is
qualified in its entirety by reference to Article&nbsp;5.12 of the TBCA, the full text of which appears
in Annex F to this proxy statement/prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement/prospectus constitutes Clear Channel&#146;s notice to its shareholders of the
availability of appraisal rights in connection with the merger in compliance with the requirements
of Article&nbsp;5.12. If you wish to consider exercising your appraisal rights, you should carefully
review the text of Article&nbsp;5.12 contained in Annex F since failure to timely and properly comply
with the requirements of Article&nbsp;5.12 will result in the loss of your appraisal rights under Texas
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you elect to demand appraisal of your shares, you must satisfy each of the following
conditions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the special meeting you must deliver to Clear Channel a written objection
to the merger and your intention to exercise your right to dissent in the event that
the merger is effected and setting forth the address at which notice shall be delivered
in that event.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This written objection must be in addition to and separate from any proxy or vote
abstaining from or voting against the adoption of the merger agreement. Voting against
or failing to vote for the adoption of the merger agreement by itself does not
constitute a demand for appraisal within the meaning of Article&nbsp;5.12.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must not vote in favor of the adoption of the merger agreement. A vote in favor
of the adoption of the merger agreement, by proxy or in person, will constitute a
waiver of your appraisal rights in respect of the shares so voted and will nullify any
previously filed written demands for appraisal. Failing to vote against adoption of
the merger agreement will not constitute a waiver of your appraisal rights.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You must continuously hold your shares through the Effective Time.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you fail to comply with any of these conditions and the merger is completed, you will be
entitled to receive the cash payment for your shares of Clear Channel common stock as provided for
in the merger agreement if you are the holder of record at the Effective Time, but you will have no
appraisal rights with respect to your shares of Clear Channel common stock. A proxy card which is
signed and does not contain voting instructions will, unless revoked, be voted &#147;FOR&#148; the adoption
of the merger agreement and will constitute a waiver of your right of appraisal and will nullify
any previous written demand for appraisal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All written objections should be addressed to Clear Channel&#146;s Secretary at 200 East Basse
Road, San Antonio Texas, 78209, and should be executed by, or on behalf of, the record holder of
the shares in respect of which appraisal is being demanded. The written objection must reasonably
inform Clear Channel of the identity of the shareholder and the intention of the shareholder to
demand appraisal of his, her or its shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To be effective, a written objection by a holder of Clear Channel common stock must be made by
or on behalf of, the shareholder of record. The written objection should set forth, fully and
correctly, the shareholder of record&#146;s name as it appears on his or her stock certificate(s) and
should specify the holder&#146;s mailing address and the number of shares registered in the holder&#146;s
name. The written objection must state that the person intends to exercise their right to dissent
under Texas law in connection with the merger. Beneficial owners who do not also hold the shares
of record may not directly make appraisal demands to Clear Channel. The beneficial holder must, in
such cases, have the record owner submit the required demand in respect of those shares. If shares
are owned of record in a fiduciary capacity, such as by a trustee, guardian or custodian, execution
of a written objection should be made in that capacity; and if the shares are owned of record by
more than one person, as in a joint tenancy or tenancy in common, the written objection should be
executed by or for all joint owners. An authorized agent, including an authorized agent for two or
more joint owners, may execute the written objection for appraisal for a shareholder of record;
however, the agent must identify the record owner or owners and expressly disclose the fact that,
in executing the written objection, he or she is acting as agent for the record owner. A record
owner, such as a broker, who holds shares as a nominee for others, may exercise his or her right of
appraisal with respect to the shares held for one or more beneficial owners, while not exercising
this right for other beneficial owners. In that case, the written objection should state the
number of shares as to which appraisal is sought. Where no number of shares is expressly
mentioned, the written objection will be presumed to cover all shares held in the name of the
record owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold your shares of Clear Channel common stock in a brokerage account or in other
nominee form and you wish to exercise appraisal rights, you should consult with your broker or the
other nominee to determine the appropriate procedures for the making of a demand for appraisal by
the nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten days after the Effective Time, the surviving corporation must give written notice
that the merger has become effective to each Clear Channel shareholder who has properly filed a
written objection and who did not vote in favor of the merger agreement. Each shareholder who has
properly filed a written objection has ten days from the delivery or mailing of the notice to make
written demand for payment of the fair value for the shareholder&#146;s shares. The written demand must
state the number of shares owned by the shareholder and the fair value of the shares as estimated
by the shareholder. Any shareholder who fails to make written demand within ten days of the
delivery or mailing of the notice from the surviving corporation that the merger has become
effective will not be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">entitled to any appraisal rights. Any shareholder making a written demand for payment must
submit to the surviving corporation for notation any certificated shares held by that shareholder
which are subject to the demand within 20&nbsp;days after making the written demand. The failure by any
shareholder making a written demand to submit its certificates may result in the termination of the
shareholder&#146;s appraisal rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel has 20&nbsp;days after its receipt of a demand for payment to provide notice that the
surviving corporation (i)&nbsp;accepts the amount claimed in the written demand and agrees to pay the
amount claimed within 90&nbsp;days from Effective Time, or (ii)&nbsp;offer to pay its estimated fair value of
the shares within 90&nbsp;days after the Effective Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, within 60&nbsp;days after the Effective Time, the surviving corporation and a shareholder who
has delivered written demand in accordance with Article&nbsp;5.12 do not reach agreement as to the fair
value of the shares, either the surviving corporation or the shareholder may file a petition in any
Texas state court, with a copy served on the surviving corporation in the case of a petition filed
by a shareholder, demanding a determination of the fair value of the shares held by all
shareholders entitled to appraisal. The surviving corporation has no obligation and has no present
intention to file such a petition if there are objecting shareholders. Accordingly, it is the
obligation of Clear Channel&#146;s shareholders to initiate all necessary action to perfect their
appraisal rights in respect of shares of Clear Channel common stock within the time prescribed in
Article&nbsp;5.12. The failure of a shareholder to file such a petition within the period specified
could nullify the shareholder&#146;s previously written demand for appraisal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a petition for appraisal is duly filed by a shareholder and a copy of the petition is
delivered to the surviving corporation, the surviving corporation will then be obligated, within
ten days after receiving service of a copy of the petition, to provide the office of the clerk of
the court in which the petition was filed with a list containing the names and addresses of all
shareholders who have demanded an appraisal of their shares and with whom agreements as to the
value of their shares have not been reached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After notice to dissenting shareholders, the court will conduct a hearing upon the petition,
and determine those shareholders who have complied with Article&nbsp;5.12 and who have become entitled
to the appraisal rights provided thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After determination of the shareholders entitled to appraisal of their shares of Clear Channel
common stock, the court will appraise the shares, determining their fair value. When the value is
determined, the court will direct the payment of such value to the shareholders entitled to receive
the same, immediately to the holders of uncertificated shares and upon surrender by holders of the
certificates representing shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should be aware that the fair value of your shares as determined under Article&nbsp;5.12 could
be more, the same, or less than the value that you are entitled to receive under the terms of the
merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of the appraisal proceeding may be imposed upon the surviving corporation and the
shareholders participating in the appraisal proceeding by the court as the court deems equitable in
the circumstances. Upon the application of a shareholder, the court may order all or a portion of
the expenses incurred by any shareholder in connection with the appraisal proceeding, including,
without limitation, reasonable attorneys&#146; fees and the fees and expenses of experts, to be charged
pro rata against the value of all shares entitled to appraisal. Any shareholder who had demanded
appraisal rights will not, after the Effective Time, be entitled to vote shares subject to that
demand for any purpose or to receive payments of dividends or any other distribution with respect
to those shares, other than with respect to payment as of a record date prior to the Effective
Time; however, if no petition for appraisal is filed within 120&nbsp;days after the Effective Time, or
if the shareholder delivers a written withdrawal of such shareholder&#146;s demand for appraisal and an
acceptance of the terms of the merger prior to the filing of a petition for appraisal, then the
right of that shareholder to appraisal will cease and that shareholder will be entitled to receive
the cash payment for shares of his, her or its Clear Channel common stock pursuant to the merger
agreement. Any withdrawal of a demand for appraisal made after the filing of a petition for
appraisal may only be made with the written approval of the surviving corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to comply with all of the procedures set forth in Article&nbsp;5.12 will result in the loss
of a shareholder&#146;s statutory appraisal rights. In view of the complexity of Article&nbsp;5.12, Clear
Channel&#146;s shareholders who may wish to dissent from the merger and pursue appraisal rights should
consult their legal advisors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->160<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="264"></A>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of Holdings Class&nbsp;A common stock offered hereby will be passed upon by Ropes &#038;
Gray LLP, Boston, Massachusetts. Clear Channel has been represented
by Akin Gump Strauss Hauer &#038; Feld LLP, Los Angeles, California.
</DIV>

<DIV align="left">
<A name="265"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Clear Channel appearing in Clear Channel&#146;s Annual
Report (Form 10-K) for the year ended December&nbsp;31, 2006 (including the schedule appearing therein),
and Clear Channel management&#146;s assessment of the effectiveness of internal control over financial
reporting as of December&nbsp;31, 2006 included therein, have been audited by Ernst &#038; Young LLP,
independent registered public accounting firm, as set forth in their reports thereon, included
therein, and incorporated herein by reference. Such consolidated financial statements and
management&#146;s assessment are incorporated herein by reference in reliance upon such reports given on
the authority of such firm as experts in accounting and auditing.
</DIV>
<DIV align="left">
<A name="266"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OTHER MATTERS</B>
</DIV>

<DIV align="left">
<A name="267"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Other Business at the Special Meeting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel&#146;s management is not aware of any matters to be presented for action at the
special meeting other than those set forth in this proxy statement/prospectus. However, should any
other business properly come before the special meeting, or any adjournment thereof, the enclosed
proxy confers upon the persons entitled to vote the shares represented by such proxy, discretionary
authority to vote the same in respect of any such other business in accordance with their best
judgment in the interest of Clear Channel.
</DIV>
<DIV align="left">
<A name="268"></A>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Multiple Shareholders Sharing One Address</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Rule&nbsp;14a-3(e)(1) under the Exchange Act, one proxy statement/prospectus
will be delivered to two or more shareholders who share an address, unless Clear Channel has
received contrary instructions from one or more of the shareholders. Clear Channel will deliver
promptly upon written or oral request a separate copy of the proxy statement/prospectus to a
shareholder at a shared address to which a single copy of the proxy statement/prospectus was
delivered. Requests for additional copies of the proxy statement/prospectus, and requests that in
the future separate proxy statement/prospectus be sent to shareholders who share an address, should
be directed by writing to Innisfree M&#038;A Incorporated, at 501 Madison Avenue, 20th Floor, New York,
NY 10022, or by calling (877)&nbsp;456-3427 toll-free at (212)&nbsp;750-5833. In addition, shareholders who
share a single address but receive multiple copies of the proxy statement/prospectus may request
that in the future they receive a single copy by contacting Clear Channel at the address and phone
number set forth in the prior sentence.
</DIV>
<DIV align="left">
<A name="269"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel files annual, quarterly and current reports, proxy statement/prospectus and
other information with the SEC. You may read and copy any reports, proxy statement/prospectus or
other information that we file with the SEC at the following location of the SEC:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Reference Room&nbsp;100 F Street, N.E. Washington, D.C. 20549
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->161<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please call the SEC at 1-800-SEC-0330 for further information on the public reference rooms.
You may also obtain copies of this information by mail from the Public Reference Section of the
SEC, 100 F Street, N.E., Washington, D.C. 20549, at prescribed rates. Clear Channel&#146;s public
filings are also available to the public from document retrieval services and the Internet website
maintained by the SEC at www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports, proxy statement/prospectus or other information concerning Clear Channel may also be
inspected at the offices of the New York Stock Exchange at:
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 6%; margin-top: 6pt">20 Broad Street<BR>
New York, NY 10005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person, including any beneficial owner, to whom this proxy statement/prospectus is
delivered may request copies of reports, proxy statement/prospectus or other information concerning
us, without charge, by writing to Innisfree M&#038;A Incorporated at 501 Madison Avenue, 20th Floor, New
York, NY 10022, or by calling toll-free at (877)&nbsp;456-3427. If you would like to request
documents, please do so by &#95;&#95;&#95;, 2007, in order to receive them before the special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; into this proxy statement/prospectus documents
Clear Channel files with the SEC. This means that we can disclose important information to you by
referring you to those documents. The information incorporated by reference is considered to be a
part of this proxy statement/prospectus, and later information that we file with the SEC will
update and supersede that information. We incorporate by reference the documents listed below and
any documents filed by Clear Channel pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange
Act after the date of this proxy statement/prospectus and prior to the date of the special meeting:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2007</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s Current Reports on Form 8-K filed
January&nbsp;18, 2007, March&nbsp;14, 2007, April&nbsp;5, 2007,
April&nbsp;19, 2007, April&nbsp;26, 2007, May&nbsp;1, 2007,
May&nbsp;4, 2007, May&nbsp;7, 2007, May&nbsp;9, 2007, and
May&nbsp;18, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Clear Channel&#146;s proxy statement relating to its 2007 annual meeting of shareholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these filings, at no cost, by writing or calling Clear Channel at
the following address or telephone number: Investor Relations Department, Clear Channel
Communications, Inc., 210-832-3315. Exhibits to the filings will not be sent, however, unless
those exhibits have specifically been incorporated by reference in this document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No persons have been authorized to give any information or to make any representations other
than those contained in this proxy statement/prospectus and, if given or made, such information or
representations must not be relied upon as having been authorized by Clear Channel or any other
person. This proxy statement/prospectus is dated &#95;&#95;&#95;, 2007. You should not assume that the
information contained in this proxy statement/prospectus is accurate as of any date other than that
date, and the mailing of this proxy statement/prospectus to shareholders shall not create any
implication to the contrary.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->162<!-- /Folio -->
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<A name='216'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ANNEX
    A</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Merger
    Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Execution
    Copy</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENT
    AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">By and
    Among</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">BT
    TRIPLE CROWN MERGER CO., INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">B TRIPLE
    CROWN FINCO, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">T TRIPLE
    CROWN FINCO, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">and</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times; font-variant: SMALL-CAPS">CLEAR
    CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dated as
    of November&#160;16, 2006</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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&nbsp;
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&nbsp;
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&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;I.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">DEFINITIONS
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
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<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;1.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <A HREF='#501'><FONT style="font-size: 10pt">Definitions</FONT></A>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
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<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
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<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;II.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">THE MERGER
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;2.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">The Merger
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;2.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Closing
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;2.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Effective Time
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;2.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Articles of Incorporation and
    Bylaws
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;2.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Board of Directors
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;2.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Officers
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
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</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
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<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;III.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">EFFECT OF THE MERGER ON CAPITAL
    STOCK; EXCHANGE OF CERTIFICATES
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Effect on Securities
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Exchange of Certificates
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-3
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Stock Options and Other Awards
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Lost Certificates
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Dissenting Shares
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Transfers; No Further Ownership
    Rights
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Withholding
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Rollover by Shareholders
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;3.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Additional Per Share Consideration
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;IV.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">REPRESENTATIONS AND WARRANTIES OF
    THE COMPANY
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-7
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Organization and Qualification;
    Subsidiaries
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-8
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Articles of Incorporation and
    Bylaws
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-8
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Capitalization
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-8
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Authority Relative to Agreement
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-9
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">No Conflict; Required Filings and
    Consents
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-9
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Permits and Licenses; Compliance
    with Laws
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-10
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Company SEC Documents
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-10
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Absence of Certain Changes or
    Events
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-11
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">No Undisclosed Liabilities
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-11
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Absence of Litigation
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-12
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.11
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Taxes
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-12
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.12
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Information Supplied
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-12
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.13
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Material Contracts
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.14
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Employee Benefits and Labor Matters
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.15
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">State Takeover Statutes
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.16
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Opinion of Financial Advisors
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.17
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Brokers
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;4.18
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">No Other Representations or
    Warranties
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;V.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">REPRESENTATIONS AND WARRANTIES OF
    THE PARENTS AND MERGERCO
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Organization and Qualification;
    Subsidiaries
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Certificate of Incorporation,
    Bylaws, and Other Organizational Documents
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Authority Relative to Agreement
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">No Conflict; Required Filings and
    Consents
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">FCC Matters
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-16
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Absence of Litigation
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-16
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-i
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD> <!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=02 type=gutter -->
    <TD width="75%">&nbsp;</TD> <!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>  <!-- colindex=03 type=gutter -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=03 type=quadleft -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=03 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Available Funds
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-16
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Limited Guarantee
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Capitalization of Mergerco
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Brokers
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.11
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Information Supplied
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-18
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.12
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Solvency
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-18
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;5.13
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">No Other Representations or
    Warranties
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-18
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;VI.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">COVENANTS AND AGREEMENTS
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-18
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Conduct of Business by the Company
    Pending the Merger
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-18
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">FCC Matters
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-21
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Proxy Statement
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-22
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Shareholders&#146; Meeting
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-23
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Appropriate Action; Consents;
    Filings
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-23
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Access to Information;
    Confidentiality
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">No Solicitation of Competing
    Proposal
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-25
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Directors&#146; and Officers&#146;
    Indemnification and Insurance
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-28
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Notification of Certain Matters
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-29
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Public Announcements
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-30
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.11
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Employee Matters
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-30
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.12
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Conduct of Business by the Parents
    Pending the Merger
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-31
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.13
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Financing
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-31
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.14
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Actions with Respect to Existing
    Debt
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-33
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.15
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Section&#160;16(b)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-35
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.16
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Resignations
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-35
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;6.17
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Certain Actions and Proceedings
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-35
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;VII.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">CONDITIONS TO THE MERGER
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-35
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;7.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Conditions to the Obligations of
    Each Party
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-35
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;7.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Conditions to the Obligations of
    the Parents and Mergerco
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-35
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;7.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Conditions to the Obligations of
    the Company
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-36
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;VIII.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">TERMINATION, AMENDMENT AND WAIVER
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-36
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;8.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Termination
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-36
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;8.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Termination Fees
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-38
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;8.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Amendment
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-39
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;8.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Waiver
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-39
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;8.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Expenses; Transfer Taxes
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-40
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom" style="line-height: 19pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">ARTICLE&#160;IX.
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">GENERAL PROVISIONS
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-40
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.01
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Non-Survival of Representations,
    Warranties and Agreements
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-40
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.02
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Notices
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-40
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.03
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Interpretation; Certain Definitions
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-41
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.04
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Severability
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-41
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.05
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Assignment
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-41
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.06
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Entire Agreement; No Third-Party
    Beneficiaries
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-41
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.07
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Governing Law
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-42
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.08
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Consent to Jurisdiction;
    Enforcement
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-42
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.09
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Counterparts
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-42
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt; font-variant: SMALL-CAPS">Section</FONT><FONT style="font-size: 10pt">&#160;9.10
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Waiver of Jury Trial
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">A-42
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-ii
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AGREEMENT
    AND PLAN OF MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Agreement and Plan of Merger, dated as of November&#160;16,
    2006 (this <B><I>&#147;Agreement&#148;</I></B>), by and among
    BT&#160;Triple Crown Merger Co., Inc., a Delaware corporation
    (<B><I>&#147;Mergerco&#148;</I></B>), B Triple Crown Finco, LLC,
    a Delaware limited liability company, T Triple Crown Finco, LLC,
    a Delaware limited liability company (together with B Triple
    Crown Finco, LLC, the <B><I>&#147;Parents&#148;</I></B>), and
    Clear Channel Communications, Inc., a Texas corporation (the
    <B><I>&#147;Company&#148;</I></B>).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECITALS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, in furtherance of the recapitalization of the
    Company by Mergerco, the respective Boards of Directors of the
    Company, the Parents and Mergerco each have approved and deemed
    advisable and in the best interests of their respective
    shareholders (other than affiliated shareholders of the Company
    as to which no determination has been made) this Agreement and
    the merger of Mergerco with and into Company (the
    <B><I>&#147;Merger&#148;</I></B>), upon the terms and subject to
    the conditions and limitations set forth herein and in
    accordance with the Business Corporation Act of the State of
    Texas (the <B><I>&#147;TBCA&#148;</I></B>) and the Business
    Organizations Code of the State of Texas (the
    <B><I>&#147;TBOC&#148;</I></B>, together with the TBCA, the
    <B><I>&#147;Texas Acts&#148;</I></B>) and the General
    Corporation Law of the State of Delaware (the
    <B><I>&#147;DGCL&#148;</I></B>) and recommended approval and
    adoption by their respective shareholders of this Agreement, the
    Merger and the transactions contemplated hereby;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, a special advisory committee of the Board of
    Directors of the Company has reviewed the terms of the Merger
    and determined that such terms are fair;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>WHEREAS</B>, concurrently with the execution of this
    Agreement, and as a condition to the willingness of the Company
    to enter into this Agreement, the Parents and Mergerco have
    delivered to the Company the Limited Guarantee (the
    <B><I>&#147;Limited Guarantee&#148;</I></B>) of each of the
    Investors, in a form satisfactory to the Company, dated as of
    the date hereof.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">STATEMENT
    OF AGREEMENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOW</B>, <B>THEREFORE</B>, in consideration of the foregoing
    and the mutual representations, warranties and covenants and
    subject to the conditions herein contained and intending to be
    legally bound hereby, the parties hereto hereby agree as follows:
</DIV>
<A name='501'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;I.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    </FONT>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;1.01&#160;&#160;<I>Definitions.</I>&#160;&#160;Defined
    terms used in this Agreement have the meanings ascribed to them
    by definition in this Agreement or in <U>Appendix
    A.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;II.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">THE MERGER
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.01&#160;&#160;<I>The
    Merger.</I>&#160;&#160;Upon the terms and subject to the
    conditions of this Agreement, and in accordance with the Texas
    Acts and the DGCL, at the Effective Time, Mergerco shall be
    merged with and into the Company, whereupon the separate
    existence of Mergerco shall cease, and the Company shall
    continue under the name Clear Channel Communications, Inc. as
    the surviving corporation (the <B><I>&#147;Surviving
    Corporation&#148;</I></B>) and shall continue to be governed by
    the laws of the State of Texas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.02&#160;&#160;<I>Closing.</I>&#160;&#160;Subject
    to the satisfaction or, if permissible, waiver of the conditions
    set forth in <U>Article VII</U> hereof, the closing of the
    Merger (the <B><I>&#147;Closing&#148;</I></B>) will take place
    at 9:00&#160;a.m., Eastern Time, on a date to be specified by
    the parties hereto, but no later than the second business day
    after the satisfaction or waiver of the conditions set forth in
    <U>Section 7.01</U>, <U>Section 7.02</U> and <U>Section 7.03</U>
    hereof (other than conditions that, by their own terms, cannot
    be satisfied until the Closing, but subject to the satisfaction
    of such conditions at Closing) at the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-1
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    offices of Akin Gump Strauss Hauer&#160;&#38; Feld LLP, 590
    Madison Avenue, New York, New York 10022; <U>provided</U>,
    <U>however</U>, that notwithstanding the satisfaction or waiver
    of the conditions set forth in <U>Article&#160;VII</U> hereof,
    neither the Parents nor Mergerco shall be required to effect the
    Closing until the earlier of (a)&#160;a date during the
    Marketing Period specified by the Parents on no less than three
    (3)&#160;business days&#146; written notice to the Company and
    (b)&#160;the final day of the Marketing Period, or at such other
    time, date or place as is agreed to in writing by the parties
    hereto (such date being the <B><I>&#147;Closing
    Date&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.03&#160;&#160;<I>Effective
    Time.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Concurrently with the Closing, the Company and the
    Parents shall cause articles of merger (the <B><I>&#147;Articles
    of Merger&#148;</I></B>) with respect to the Merger to be
    executed and filed with the Secretary of State of the State of
    Texas (the <B><I>&#147;Secretary of State&#148;</I></B>) as
    provided under the Texas Acts and a Certificate of Merger to be
    filed with the Secretary of State of the State of Delaware as
    provided for in the DGCL (the <B><I>&#147;Certificate of
    Merger&#148;</I></B>). The Merger shall become effective on the
    later of the date and time at which the Articles of Merger has
    been duly filed with the Secretary of State or the Certificate
    of Merger has been filed with the Secretary of State of the
    State of Delaware or at such other date and time as is agreed
    between the parties and specified in the Articles of Merger, and
    such date and time is hereinafter referred to as the
    <B><I>&#147;Effective Time.&#148;</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;From and after the Effective Time, the Surviving
    Corporation shall possess all properties, rights, privileges,
    powers and franchises of the Company and Mergerco, and all of
    the claims, obligations, liabilities, debts and duties of the
    Company and Mergerco shall become the claims, obligations,
    liabilities, debts and duties of the Surviving Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.04&#160;&#160;<I>Articles
    of Incorporation and Bylaws.</I>&#160;&#160;Subject to
    <U>Section&#160;6.08</U> of this Agreement, the Articles of
    Incorporation and Bylaws of the Company, as in effect
    immediately prior to the Effective Time, shall be amended at the
    Effective Time to be (except with respect to the name and state
    of incorporation of the Company and such changes as are
    necessary to comply with Texas Law, if any) the same as the
    Articles of Incorporation and Bylaws of Mergerco as in effect
    immediately prior to the Effective Time, until thereafter
    amended in accordance with applicable law, the provisions of the
    Articles of Incorporation and the Bylaws of the Surviving
    Corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.05&#160;&#160;<I>Board
    of Directors.</I>&#160;&#160;Subject to applicable Law, each of
    the parties hereto shall take all necessary action to ensure
    that the Board of Directors of the Surviving Corporation
    effective as of, and immediately following, the Effective Time
    shall consist of the members of the Board of Directors of
    Mergerco immediately prior to the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;2.06&#160;&#160;<I>Officers.</I>&#160;&#160;From
    and after the Effective Time, the officers of the Company at the
    Effective Time shall be the officers of the Surviving
    Corporation, until their respective successors are duly elected
    or appointed and qualified in accordance with applicable Law.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;III.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">EFFECT OF
    THE MERGER ON CAPITAL STOCK; EXCHANGE OF CERTIFICATES
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.01&#160;&#160;<I>Effect
    on Securities.</I>&#160;&#160;At the Effective Time, by virtue
    of the Merger and without any action on the part of the Company,
    Mergerco or the holders of any securities of the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Cancellation of Company
    Securities.</U></I>&#160;&#160; Each share of the Company&#146;s
    common stock, par value $0.10&#160;per share (the
    <B><I>&#147;Company Common Stock&#148;</I></B>), held by the
    Company as treasury stock or held by Mergerco immediately prior
    to the Effective Time shall automatically be cancelled, retired
    and shall cease to exist, and no consideration or payment shall
    be delivered in exchange therefor or in respect thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Conversion of Company
    Securities.</U></I>&#160;&#160; Except as otherwise provided in
    this Agreement, each share of Company Common Stock issued and
    outstanding immediately prior to the Effective Time (other than
    shares cancelled pursuant to <U>Section&#160;3.01(a)</U> hereof,
    Dissenting Shares and Rollover Shares) shall be converted into
    the right to receive $37.60 plus the Additional Per Share
    Consideration, if any, in cash, without interest (the
    <B><I>&#147;Merger Consideration&#148;</I></B>). Each share of
    Company Common Stock to be converted into the right to receive
    the Merger Consideration as provided in this
    <U>Section&#160;3.01(b)</U> shall be automatically cancelled and
    shall cease to exist and the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-2
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    holders of certificates (the
    <B><I>&#147;Certificates&#148;</I></B>) or book-entry shares
    (<B><I>&#147;Book-Entry Shares&#148;</I></B>) which immediately
    prior to the Effective Time represented such Company Common
    Stock shall cease to have any rights with respect to such
    Company Common Stock other than the right to receive, upon
    surrender of such Certificates or Book-Entry Shares in
    accordance with <U>Section&#160;3.02</U> of this Agreement, the
    Merger Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Conversion of Mergerco Capital
    Stock.</U></I>&#160;&#160; At the Effective Time, by virtue of
    the Merger and without any action on the part of the holder
    thereof, each share of common stock, par value $0.001&#160;per
    share, of Mergerco (the <B><I>&#147;Mergerco Common
    Stock&#148;</I></B>) issued and outstanding immediately prior to
    the Effective Time shall be converted into and become validly
    issued, fully paid and nonassessable shares of the Surviving
    Corporation (with the relative rights and preferences described
    in an amendment to the Articles of Incorporation adopted as of
    the Effective Time as provided in <U>Section&#160;2.04</U>, the
    <B><I>&#147;Surviving Corporation Common Stock&#148;</I></B>).
    As of the Effective Time, all such shares of Mergerco Common
    Stock cancelled in accordance with this
    <U>Section&#160;3.01(c)</U>, when so cancelled, shall no longer
    be issued and outstanding and shall automatically cease to
    exist, and each holder of a certificate representing any such
    shares of Mergerco Common Stock shall cease to have any rights
    with respect thereto, except the right to receive the shares of
    Surviving Corporation Common Stock as set forth in this
    <U>Section&#160;3.01(c).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Adjustments.</U></I>&#160;&#160; Without limiting
    the other provisions of this Agreement, if at any time during
    the period between the date of this Agreement and the Effective
    Time, any change in the number of outstanding shares of Company
    Common Stock shall occur as a result of a reclassification,
    recapitalization, stock split (including a reverse stock split),
    or combination, exchange or readjustment of shares, or any stock
    dividend or stock distribution with a record date during such
    period, the Merger Consideration as provided in
    <U>Section&#160;3.01(b)</U> shall be equitably adjusted to
    reflect such change (including, without limitation, to provide
    holders of shares of Company Common Stock the same economic
    effect as contemplated by this Agreement prior to such
    transaction).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.02&#160;&#160;<I>Exchange
    of Certificates.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Designation of Paying Agent; Deposit of Exchange
    Fund.</U></I>&#160;&#160; Prior to the Effective Time, the
    Parents shall designate a paying agent (the <B><I>&#147;Paying
    Agent&#148;</I></B>) reasonably acceptable to the Company for
    the payment of the Merger Consideration as provided in
    <U>Section&#160;3.01(b).</U>&#160;&#160; On the Closing Date,
    promptly following the Effective Time, the Surviving Corporation
    shall deposit, or cause to be deposited with the Paying Agent
    for the benefit of holders of shares of Company Common Stock,
    cash amounts in immediately available funds constituting an
    amount equal to the aggregate amount of the Merger Consideration
    plus the Total Option Cash Payments (the <B><I>&#147;Aggregate
    Merger Consideration&#148;</I></B>) (exclusive of any amounts in
    respect of Dissenting Shares, the Rollover Shares and Company
    Common Stock to be cancelled pursuant to
    <U>Section&#160;3.01(a)</U>) (such amount as deposited with the
    Paying Agent, the <B><I>&#147;Exchange Fund&#148;</I></B>). In
    the event the Exchange Fund shall be insufficient to make the
    payments contemplated by <U>Section&#160;3.01(b)</U> and
    <U>Section&#160;3.03</U>, the Surviving Corporation shall
    promptly deposit, or cause to be deposited, additional funds
    with the Paying Agent in an amount which is equal to the
    deficiency in the amount required to make such payment. The
    Paying Agent shall cause the Exchange Fund to be (A)&#160;held
    for the benefit of the holders of Company Common Stock and
    Company Options, and (B)&#160;applied promptly to making the
    payments pursuant to <U>Section&#160;3.02(b)</U> hereof. The
    Exchange Fund shall not be used for any purpose that is not
    expressly provided for in this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Delivery of Shares.</U></I>&#160;&#160; As
    promptly as practicable following the Effective Time and in any
    event not later than the second business day after the Effective
    Time, the Surviving Corporation shall cause the Paying Agent to
    mail (and to make available for collection by hand) (i)&#160;to
    each holder of record of a Certificate or Book-Entry Share,
    which immediately prior to the Effective Time represented
    outstanding shares of Company Common Stock (x)&#160;a letter of
    transmittal, which shall specify that delivery shall be
    effected, and risk of loss and title to the Certificates or
    Book-Entry Shares, as applicable, shall pass, only upon proper
    delivery of the Certificates (or affidavits of loss in lieu
    thereof pursuant to <U>Section&#160;3.04</U> hereof) or
    Book-Entry Shares to the Paying Agent and which shall be in the
    form and have such other provisions as Mergerco and the Company
    may reasonably specify and (y)&#160;instructions for use in
    effecting the surrender of the Certificates or Book-Entry Shares
    in exchange for the Merger Consideration into which the number
    of shares of Company Common Stock previously represented by such
    Certificate or Book-Entry Shares shall have been converted
    pursuant to this Agreement (which instructions shall provide
    that at the election of the surrendering holder, Certificates or
    Book-Entry Shares may be surrendered, and the Merger
    Consideration in exchange therefor collected, by hand delivery);
    and (ii)&#160;to each holder of a Company Option, a
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    check in an amount due and payable to such holder pursuant to
    <U>Section&#160;3.03</U> hereof in respect of such Company
    Option. If payment of the applicable portion of the Aggregate
    Merger Consideration is made to a person other than the person
    in whose name the surrendered Certificate is registered, it
    shall be a condition of payment that (A)&#160;the Certificate so
    surrendered shall be properly endorsed or shall otherwise be in
    proper form for transfer and (B)&#160;the person requesting such
    payment shall have paid any transfer and other Taxes required by
    reason of the payment of the applicable portion of the Aggregate
    Merger Consideration to a person other than the registered
    holder of such Certificate surrendered or shall have established
    to the reasonable satisfaction of the Surviving Corporation that
    such Tax either has been paid or is not applicable. Until
    surrendered as contemplated by this <U>Section&#160;3.02</U>,
    each Certificate, Book-Entry Share or option certificate, as
    applicable, shall be deemed at any time after the Effective Time
    to represent only the right to receive the applicable portion of
    the Aggregate Merger Consideration or Option Cash Payments, as
    applicable, in cash as contemplated by this
    <U>Section&#160;3.02</U> or <U>Section&#160;3.03</U> without
    interest thereon.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Surrender of Shares.</U></I>&#160;&#160; Upon
    surrender of a Certificate (or affidavit of loss in lieu
    thereof) or Book-Entry Share for cancellation to the Paying
    Agent, together with a letter of transmittal duly completed and
    validly executed in accordance with the instructions thereto,
    and such other documents as may be required pursuant to such
    instructions, the holder of such Certificate or Book-Entry Share
    shall be entitled to receive in exchange therefor the Merger
    Consideration for each share of Company Common Stock formerly
    represented by such Certificate or Book-Entry Share, to be
    mailed (or made available for collection by hand if so elected
    by the surrendering holder) within five (5)&#160;business days
    following the later to occur of (i)&#160;the Effective Time; or
    (ii)&#160;the Paying Agent&#146;s receipt of such Certificate
    (or affidavit of loss in lieu thereof) or Book-Entry Share, and
    the Certificate (or affidavit of loss in lieu thereof) or
    Book-Entry Share so surrendered shall be forthwith cancelled.
    The Paying Agent shall accept such Certificates (or affidavits
    of loss in lieu thereof) or Book-Entry Shares upon compliance
    with such reasonable terms and conditions as the Paying Agent
    may impose to effect an orderly exchange thereof in accordance
    with normal exchange practices. No interest shall be paid or
    accrued for the benefit of holders of the Certificates or
    Book-Entry Shares on the Merger Consideration (or the cash
    pursuant to <U>Section&#160;3.02(b)</U>) payable upon the
    surrender of the Certificates or Book-Entry Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Termination of Exchange Fund.</U></I>&#160;&#160;
    Any portion of the Exchange Fund which remains undistributed to
    the holders of the Certificates, Book-Entry Shares or Company
    Options for twelve (12)&#160;months after the Effective Time
    shall be delivered to the Surviving Corporation, upon demand,
    and any such holders prior to the Merger who have not
    theretofore complied with this <U>Article&#160;III</U> shall
    thereafter look only to the Surviving Corporation, as general
    creditors thereof for payment of their claim for cash, without
    interest, to which such holders may be entitled. If any
    Certificates or Book-Entry Shares shall not have been
    surrendered prior to one (1)&#160;year after the Effective Time
    (or immediately prior to such earlier date on which any cash in
    respect of such Certificate or Book-Entry Share would otherwise
    escheat to or become the property of any Governmental
    Authority), any such cash in respect of such Certificate or
    Book-Entry Share shall, to the extent permitted by applicable
    Law, become the property of the Surviving Corporation, subject
    to any and all claims or interest of any person previously
    entitled thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;<I><U>No Liability.</U></I>&#160;&#160; None of the
    Parents, Mergerco, the Company, the Surviving Corporation or the
    Paying Agent shall be liable to any person in respect of any
    cash held in the Exchange Fund delivered to a public official
    pursuant to any applicable abandoned property, escheat or
    similar Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;<I><U>Investment of Exchange Fund.</U></I>&#160;&#160;
    The Paying Agent shall invest any cash included in the Exchange
    Fund as directed by the Parents or, after the Effective Time,
    the Surviving Corporation; provided that (i)&#160;no such
    investment shall relieve the Surviving Corporation or the Paying
    Agent from making the payments required by this
    <U>Article&#160;III</U>, and following any losses the Surviving
    Corporation shall promptly provide additional funds to the
    Paying Agent for the benefit of the holders of Company Common
    Stock and Company Options in the amount of such losses; and
    (ii)&#160;such investments shall be in short-term obligations of
    the United States of America with maturities of no more than
    thirty (30)&#160;days or guaranteed by the United States of
    America and backed by the full faith and credit of the United
    States of America or in commercial paper obligations rated
    <FONT style="white-space: nowrap">A-1</FONT> or
    <FONT style="white-space: nowrap">P-1</FONT> or
    better by Moody&#146;s Investors Service, Inc. or
    Standard&#160;&#38; Poor&#146;s Corporation, respectively. Any
    interest or income produced by such investments will be payable
    to the Surviving Corporation or Mergerco, as directed by
    Mergerco.
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.03&#160;&#160;<I>Stock
    Options and Other Awards</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Company Options.</U></I>&#160;&#160; As of the
    Effective Time, except as otherwise agreed by the Parents and a
    holder of Company Options with respect to such holder&#146;s
    Company Options, each Company Option, whether vested or
    unvested, shall, by virtue of the Merger and without any action
    on the part of any holder of any Company Option, become fully
    vested and converted into the right at the Effective Time to
    receive, as promptly as practicable following the Effective
    Time, a cash payment (less applicable withholding taxes and
    without interest) with respect thereto equal to the product of
    (a)&#160;the excess, if any, of the Merger Consideration over
    the exercise price per share of such Company Option multiplied
    by (b)&#160;the number of shares of Company Common Stock
    issuable upon exercise of such Company Option (the
    <B><I>&#147;Option Cash Payment&#148;</I></B> and the sum of all
    such payments, the <B><I>&#147;Total Option Cash
    Payments&#148;</I></B>). In the event that the exercise price of
    any Company Option is equal to or greater than the Merger
    Consideration, such Company Option shall be cancelled without
    payment therefor and have no further force or effect. Except for
    the Company Options set forth in Section&#160;3.03(a) of the
    Company Disclosure Schedule, as of the Effective Time, all
    Company Options shall no longer be outstanding and shall
    automatically cease to exist, and each holder of a Company
    Option shall cease to have any rights with respect thereto,
    except the right to receive the Option Cash Payment. Prior to
    the Effective Time, the Company shall take any and all actions
    reasonably necessary to effectuate this
    <U>Section&#160;3.03(a)</U>, including, without limitation,
    providing holders of Company Options with notice of their rights
    with respect to any such Company Options as provided herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Other Awards.</U></I>&#160;&#160; As of the
    Effective Time, except as otherwise agreed by the Parents and a
    holder of Restricted Shares with respect to such holder&#146;s
    Restricted Shares, each share outstanding immediately prior to
    the Effective Time subject to vesting or other lapse
    restrictions pursuant to any Company Option Plan or an
    applicable restricted stock agreement (each, a
    <B><I>&#147;Restricted Share&#148;</I></B>) which is outstanding
    immediately prior to the Effective Time shall vest and become
    free of restriction as of the Effective Time and shall, as of
    the Effective Time, be cancelled and converted into the right to
    receive the Merger Consideration in accordance with
    <U>Section&#160;3.01(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Amendments to and Termination of
    Plans.</U></I>&#160;&#160; Prior to the Effective Time, the
    Company shall use its reasonable best efforts to make any
    amendments to the terms of the Company Option Plans and to
    obtain any consents from holders of Company Options and
    Restricted Shares that, in each case, are necessary to give
    effect to the transactions contemplated by
    <U>Section&#160;3.03(a)</U> and <U>Section&#160;3.03(b).</U>
    Without limiting the foregoing the Company shall use its
    reasonable best efforts to ensure that the Company will not at
    the Effective Time be bound by any options, stock appreciation
    rights, warrants or other rights or agreements which would
    entitle any person, other than the holders of the capital stock
    (or equivalents thereof) of the Parents, Mergerco and their
    respective subsidiaries, to own any capital stock of the
    Surviving Corporation or to receive any payment in respect
    thereof. In furtherance of the foregoing, and subject to
    applicable Law and agreements existing between the Company and
    the applicable person, the Company shall explicitly condition
    any new awards or grants to any person under its Company Option
    Plans, annual bonus plans and other incentive plans upon such
    person&#146;s consent to the amendments described in this
    <U>Section&#160;3.03(c)</U> and, to the fullest extent permitted
    by applicable Law, shall withhold payment of the Merger
    Consideration to or require payment of the exercise price for
    all Company Options by any holder of a Company Option as to
    which the Merger Consideration exceeds the amount of the
    exercise price per share under such option unless such holder
    consents to all of the amendments described in this
    <U>Section&#160;3.03(c).</U>&#160;&#160; Prior to the Effective
    Time, the Company shall take all actions necessary to terminate
    all Company Stock Plans, such termination to be effective at or
    before the Effective Time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Employee Stock Purchase
    Plan.</U></I>&#160;&#160;The Board of Directors of the Company
    shall terminate all purchases of stock under the Company&#146;s
    2000 Employee Stock Purchase Plan (the <B><I>&#147;Company
    ESPP&#148;</I></B>) effective as of the day immediately after
    the end of the month next following the date hereof, and no
    additional offering periods shall commence under the Company
    ESPP after the date hereof. The Company shall terminate the
    Company ESPP in its entirety immediately prior to the Closing
    Date, and all shares held under such plan, other than Rollover
    Shares, shall be delivered to the participants and shall, as of
    the Effective Time, be cancelled and converted into the right to
    receive the Merger Consideration in accordance with
    <U>Section&#160;3.01(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.04&#160;&#160;<I>Lost
    Certificates.</I>&#160;&#160;If any Certificate shall have been
    lost, stolen or destroyed, upon the making of an affidavit of
    that fact by the person claiming such Certificate to be lost,
    stolen or destroyed and, if required by the Surviving
    Corporation, the posting by such person of a bond, in such
    reasonable amount as the Surviving
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Corporation may direct, as indemnity against any claim that may
    be made against it with respect to such Certificate, the Paying
    Agent will issue in exchange for such lost, stolen or destroyed
    Certificate the Merger Consideration to which the holder thereof
    is entitled pursuant to this <U>Article&#160;III.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.05&#160;&#160;<I>Dissenting
    Shares.</I>&#160;&#160;Notwithstanding
    <U>Section&#160;3.01(b)</U> hereof, to the extent that holders
    thereof are entitled to appraisal rights under Article&#160;5.12
    of the TBCA, shares of Company Common Stock issued and
    outstanding immediately prior to the Effective Time and held by
    a holder who has properly exercised and perfected his or her
    demand for appraisal rights under Article&#160;5.12 of the TBCA
    (the <B><I>&#147;Dissenting Shares&#148;</I></B>), shall not be
    converted into the right to receive the Merger Consideration,
    but the holders of such Dissenting Shares shall be entitled to
    receive such consideration as shall be determined pursuant to
    Article&#160;5.12 of the TBCA (and at the Effective Time, such
    Dissenting Shares shall no longer be outstanding and shall cease
    to have any rights with respect thereto, except the right to
    receive such consideration as shall be determined pursuant to
    Article&#160;5.12 of the TBCA); <U>provided</U>, <U>however</U>,
    that if any such holder shall have failed to perfect or shall
    have effectively withdrawn or lost his or her right to appraisal
    and payment under the TBCA, such holder&#146;s shares of Company
    Common Stock shall thereupon be deemed to have been converted as
    of the Effective Time into the right to receive the Merger
    Consideration, without any interest thereon, and such shares
    shall not be deemed to be Dissenting Shares. Any payments
    required to be made with respect to the Dissenting Shares shall
    be made by the Surviving Corporation (and not the Company,
    Mergerco or either Parent) and the Aggregate Merger
    Consideration shall be reduced, on a dollar for dollar basis, as
    if the holder of such Dissenting Shares had not been a
    shareholder on the Closing Date. The Company shall give the
    Parents notice of all demands for appraisal and the Parents
    shall have the right to participate in all negotiations and
    proceedings with respect to all holders of Dissenting Shares.
    The Company shall not, except with the prior written consent of
    the Parents, voluntarily make any payment with respect to, or
    settle or offer to settle, any demand for payment from any
    holder of Dissenting Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.06&#160;&#160;<I>Transfers;
    No Further Ownership Rights.</I>&#160;&#160;After the Effective
    Time, there shall be no registration of transfers on the stock
    transfer books of the Company of shares of Company Common Stock
    that were outstanding immediately prior to the Effective Time.
    If Certificates are presented to the Surviving Corporation for
    transfer following the Effective Time, they shall be cancelled
    against delivery of the Merger Consideration, as provided for in
    <U>Section&#160;3.01(b)</U> hereof, for each share of Company
    Common Stock formerly represented by such Certificates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.07&#160;&#160;<I>Withholding</I>.&#160;&#160;Each
    of the Paying Agent, the Company, Mergerco and the Surviving
    Corporation shall be entitled to deduct and withhold from
    payments otherwise payable pursuant to this Agreement any
    amounts as they are respectively required to deduct and withhold
    with respect to the making of such payment under the Code and
    the rules and regulations promulgated thereunder, or any
    provision of state, local or foreign Tax Law. To the extent that
    amounts are so withheld, such withheld amounts shall be treated
    for all purposes of this Agreement as having been paid to the
    person in respect of which such deduction and withholding was
    made.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.08&#160;&#160;<I>Rollover
    by Shareholders.</I>&#160;&#160;At the Effective Time, each
    Rollover Share issued and outstanding immediately before the
    Effective Time shall be cancelled and be converted into and
    become the number of validly issued shares of equity securities
    of the Surviving Corporation calculated in accordance with
    Section&#160;3.08 of the Mergerco Disclosure Schedule. As of the
    Effective Time, all such Rollover Shares when so cancelled,
    shall no longer be issued and outstanding and shall
    automatically cease to exist, and each holder of a certificate
    representing any such Rollover Shares shall cease to have any
    rights with respect thereto, except the right to receive the
    shares of equity securities of the Surviving Corporation as set
    forth in this <U>Section&#160;3.08.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;3.09&#160;&#160;<I>Additional
    Per Share Consideration.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;No later than ten (10)&#160;business days before the
    Closing Date, if the Closing Date shall occur after the
    Additional Consideration Date, the Company shall prepare and
    deliver to the Parents a good faith estimate of Additional Per
    Share Consideration, together with reasonably detailed
    supporting information (the <B><I>&#147;Estimated Additional Per
    Share Consideration&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Before and after the delivery of the Estimated
    Additional Per Share Consideration statement, the Company shall
    provide the Parents reasonable access to the records and
    employees of the Company and its subsidiaries, and the Company
    shall, and shall cause the employees of the Company and its
    subsidiaries to, (i)&#160;cooperate in all
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reasonable respects with the Parents in connection with the
    Parents&#146; review of the Estimated Additional Per Share
    Consideration statement and (ii)&#160;provide the Parents with
    access to accounting records, supporting schedules and relevant
    information relating to the Company&#146;s preparation of the
    Estimated Additional Per Share Consideration statement and
    calculation of Estimated Additional Per Share Consideration as
    the Parents shall reasonably request and that are available to
    the Company or its affiliates. Within five (5)&#160;business
    days after delivery of the Estimated Additional Per Share
    Consideration statement to the Parents, the Parents may notify
    the Company that they disagree with the Estimated Additional Per
    Share Consideration statement. Such notice shall set forth, to
    the extent practicable, in reasonable detail the particulars of
    such disagreement. If the Parents do not provide a notice of
    disagreement within such five (5)&#160;business day period, then
    the Parents shall be deemed to have accepted the calculations
    and the amounts set forth in the Estimated Additional Per Share
    Consideration statement delivered by the Company, which shall
    then be final, binding and conclusive for all purposes
    hereunder. If any notice of disagreement is timely provided in
    accordance with this <U>Section&#160;3.09(b)</U>, then the
    Company and the Parents shall each use commercially reasonable
    efforts for a period of one (1)&#160;business day thereafter
    (the <B><I>&#147;Estimated Additional Per Share Consideration
    Resolution Period&#148;</I></B>) to resolve any disagreements
    with respect to the calculations in the Estimated Additional Per
    Share Consideration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;If, at the end of the Estimated Additional Per Share
    Consideration Resolution Period, the Company and the Parents are
    unable to resolve any disagreements as to items in the Estimated
    Additional Per Share Consideration statement, then KPMG, LLP
    (New York Office) (or such other independent accounting firm of
    recognized national standing in the United States as may be
    mutually selected by the Company and the Parents) shall resolve
    any remaining disagreements. If neither KPMG, LLP (New York
    Office) nor any such mutually selected accounting firm is
    willing and able to serve in such capacity, then the Parents
    shall deliver to the Company a list of three other accounting
    firms of recognized national or international standing and the
    Company shall select one of such three accounting firms (such
    firm as is ultimately selected pursuant to the aforementioned
    procedures being the <B><I>&#147;Accountant&#148;</I></B>). The
    Accountant shall be charged with determining as promptly as
    practicable, whether the Estimated Additional Per Share
    Consideration as set forth in the Estimated Additional Per Share
    Consideration statement was prepared in accordance with this
    Agreement and (only with respect to the disagreements as to the
    items set forth in the notice of disagreement and submitted to
    the Accountant) whether and to what extent, if any, the
    Estimated Additional Per Share Consideration requires adjustment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Accountant shall allocate its costs and expenses
    between the Parents (on behalf of Mergerco) and the Company
    based upon the percentage of the contested amount submitted to
    the Accountant that is ultimately awarded to the Company, on the
    one hand, or the Parents, on the other hand, such that the
    Company bears a percentage of such costs and expenses equal to
    the percentage of the contested amount awarded to the Parents
    (such portion of such costs and expenses, the
    <B><I>&#147;Company Accountant Expense&#148;</I></B>) and the
    Parents (on behalf of Mergerco) bear a percentage of such costs
    and expenses equal to the percentage of the contested amount
    awarded to the Company. The determination of the Accountant
    shall be final, binding and conclusive for all purposes
    hereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;In order to permit the parties to prepare for an
    orderly Closing, the Company will deliver monthly reports
    calculating the previous month&#146;s Operating Cash Flow on or
    before the 20th&#160;day of each month starting January&#160;15,
    2007 (with respect to performance during December 2006)&#160;and
    will provide the Parents with access to accounting records,
    supporting schedules and relevant information relating to the
    Company&#146;s preparation thereof as the Parents shall
    reasonably request and that are available to the Company or its
    affiliates.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;IV.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">REPRESENTATIONS
    AND WARRANTIES OF THE COMPANY
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as disclosed in the documents filed by the Company with
    the SEC between December&#160;31, 2004 and the date hereof
    (together with all forms, documents, schedules, certifications,
    prospectuses, reports, and registration, proxy and other
    statements, required to be filed or furnished by it with or to
    the SEC between December&#160;31, 2004 and the date hereof,
    including such documents filed during such periods on a
    voluntary basis on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    and in each case including exhibits and schedules thereto and
    documents incorporated by reference therein, the
    <B><I>&#147;Company SEC Documents&#148;</I></B>) or in the
    Outdoor SEC Documents or as disclosed in the separate disclosure
    schedule which has been delivered by the Company to the Parents
    prior to the execution of this Agreement (the
    <B><I>&#147;Company Disclosure </I></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-7
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Schedule&#148;</I></B>) (provided that, any information
    set forth in one Section of the Company Disclosure Schedule will
    be deemed to apply to each other Section or subsection of this
    Agreement to the extent such disclosure is made in a way as to
    make its relevance to such other Section or subsection readily
    apparent) the Company hereby represents and warrants to Mergerco
    and the Parents as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.01&#160;&#160;<I>Organization
    and Qualification; Subsidiaries.</I>&#160;&#160;Each of the
    Company and the subsidiaries set forth in Section&#160;4.01 of
    the Company Disclosure Schedule (the <B><I>&#147;Material
    Subsidiaries&#148;</I></B>) is a corporation or legal entity
    duly organized, validly existing and, if applicable, in good
    standing under the laws of its jurisdiction of organization and
    has the requisite corporate, partnership or limited liability
    company power and authority to own, lease and operate its
    properties and to carry on its business as it is currently
    conducted. Each of the Company and its Material Subsidiaries is
    duly qualified or licensed as a foreign corporation to do
    business, and, if applicable, is in good standing, in each
    jurisdiction in which the character of the properties owned,
    leased or operated by it or the nature of its business makes
    such qualification or licensing necessary, except for such
    failures to be so qualified or licensed and in good standing as
    would not have, individually or in the aggregate, a Material
    Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.02&#160;&#160;<I>Articles
    of Incorporation and Bylaws.</I>&#160;&#160;The Company has made
    available to the Parents a complete and correct copy of the
    Articles of Incorporation and the Bylaws (or equivalent
    organizational documents), each as amended to date, of the
    Company and each of its Material Subsidiaries. The Articles of
    Incorporation and the Bylaws (or equivalent organizational
    documents) of the Company and each of its Material Subsidiaries
    are in full force and effect. None of the Company or any of its
    Material Subsidiaries is in material violation of any provision
    of their respective Articles of Incorporation or the Bylaws (or
    equivalent organizational documents).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.03&#160;&#160;<I>Capitalization.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The authorized capital stock of the Company consists of
    1,500,000,000&#160;shares of Company Common Stock, par value
    $.10&#160;per share, 2,000,000&#160;shares of the Company&#146;s
    class&#160;A preferred stock, par value $1.00&#160;per share
    (the <B><I>&#147;Class&#160;A Preferred Stock&#148;</I></B>) and
    8,000,000&#160;shares of the Company&#146;s class&#160;B
    preferred stock, par value $1.00&#160;per share (the
    <B><I>&#147;Class&#160;B Preferred Stock&#148;</I></B>). As of
    the close of business on November&#160;10, 2006,
    (i)&#160;493,794,750&#160;shares of Company Common Stock,
    including Restricted Shares, were issued and outstanding;
    (ii)&#160;no shares of the Class&#160;A Preferred Stock were
    issued and outstanding; (iii)&#160;no shares of the Class&#160;B
    Preferred Stock were issued and outstanding; and
    (iv)&#160;100,000&#160;shares of Company Common Stock were held
    in treasury. As of the close of business on November&#160;10,
    2006 there were 36,605,199&#160;shares of Company Common Stock
    authorized and reserved for future issuance under Company Option
    Plans, 356,962&#160;shares of Company Common Stock authorized
    and reserved for issuance upon exercise of warrants and
    outstanding Company Options to purchase 36,633,054&#160;shares
    of Company Common Stock (of which
    (i)&#160;12,044,341&#160;shares of Company Common Stock were
    subject to outstanding options with an exercise price less than
    $37.60 and such &#147;in the money&#148; options have a weighted
    average exercise price equal to $29.78&#160;per share and
    (ii)&#160;206,465&#160;shares of Company Common Stock were
    subject to outstanding warrants with an exercise price less than
    $37.60 and such &#147;in the money&#148; warrants have a
    weighted average exercise price equal to $34.61&#160;per share).
    As of November&#160;10, 2006, there were 2,304,843 Restricted
    Shares issued and outstanding. Since November&#160;10, 2006, no
    Equity Securities or Convertible Securities of the Company have
    been issued, reserved for issuance or are outstanding, other
    than or pursuant to the Company Options and warrants referred to
    above that are outstanding as of the date of this Agreement or
    Equity Securities
    <FONT style="white-space: nowrap">and/or</FONT>
    Convertible Securities hereafter issued in accordance with
    <U>Section&#160;6.01(k)</U> hereof. As of the Effective Time,
    the warrants referred to above thereafter shall not be
    exercisable for securities of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Except as set forth above and except as set forth in
    Section&#160;4.03(b) of the Company Disclosure Schedule and
    except as not specifically prohibited under
    <U>Section&#160;6.01</U> hereof, there are no shares of Company
    Common Stock, Class&#160;A Preferred Stock or Class&#160;B
    Preferred Stock issued or outstanding or otherwise reserved for
    issuance. Additionally, there are no outstanding subscriptions,
    options, conversion or exchange rights, warrants, rights
    (including without limitation, pursuant to a so-called
    &#147;poison pill&#148;), calls, repurchase or redemption
    agreements, convertible securities or other similar rights,
    agreements, commitments or contracts of any kind to which the
    Company or any of the Material Subsidiaries is a party or by
    which the Company or any of the Material Subsidiaries is bound
    obligating the Company or any of the Material Subsidiaries to
    issue, transfer, deliver or sell, or cause to be
</DIV>

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    <BR>
    A-8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    issued, transferred, delivered or sold, additional shares of
    capital stock of, or other equity or voting interests in, or
    securities convertible into, or exchangeable or exercisable for,
    shares of capital stock of, or other equity or voting interests
    in, the Company or any of the Material Subsidiaries or
    obligating the Company or any of the Material Subsidiaries to
    issue, grant, extend or enter into any such security, option,
    warrant, call, right or contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;There are no securities except as set forth above that
    can vote on any matters on which the holders of Company Common
    Stock may vote, either on the date hereof or upon conversion or
    exchange of such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;All outstanding shares of capital stock of the Company
    are, and all shares that may be issued pursuant to the Company
    Option Plans will be, when issued in accordance with the terms
    thereof, duly authorized, validly issued, fully paid and
    non-assessable and not subject to preemptive rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.04&#160;&#160;<I>Authority
    Relative to Agreement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Company has all necessary corporate power and
    authority to execute and deliver this Agreement, to perform its
    obligations hereunder and, subject to receipt of the Requisite
    Shareholder Approval, to consummate the Merger and the other
    transactions contemplated hereby. The execution and delivery of
    this Agreement by the Company and the consummation by the
    Company of the Merger and the other transactions contemplated
    hereby have been duly and validly authorized by all necessary
    corporate action, and no other corporate proceedings on the part
    of the Company are necessary to authorize the execution and
    delivery of this Agreement or to consummate the Merger and the
    other transactions contemplated hereby (other than, with respect
    to the Merger, the receipt of the Requisite Shareholder
    Approval, as well as the filing of the Articles of Merger with
    the Secretary of State). This Agreement has been duly and
    validly executed and delivered by the Company and, assuming the
    due authorization, execution and delivery by Mergerco and the
    Parents, this Agreement constitutes a legal, valid and binding
    obligation of the Company, enforceable against the Company in
    accordance with its terms (except as such enforceability may be
    limited by bankruptcy, insolvency, fraudulent transfer,
    reorganization, moratorium and other similar Laws of general
    applicability relating to or affecting creditors&#146; rights,
    and to general equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Board of Directors of the Company, at a meeting
    duly called and held, has (i)&#160;approved and adopted this
    Agreement and approved the Merger and the other transactions
    contemplated hereby; (ii)&#160;determined that the Merger is
    advisable and fair to and in the best interests of, the
    shareholders of the Company (other than affiliate shareholders
    as to which no determination was made); and (iii)&#160;resolved
    to submit this Agreement to the shareholders of the Company for
    approval, file the Proxy Statement with the SEC and, subject to
    <U>Section&#160;6.07</U> hereof, recommend that the shareholders
    of the Company approve this Agreement and the Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The Requisite Shareholder Approval at the
    Shareholders&#146; Meeting or any adjournment or postponement
    thereof in favor of the adoption of this Agreement and the
    Merger is the only vote or approval of the holders of any class
    or series of capital stock of the Company or any of its
    subsidiaries which is necessary to adopt this Agreement, approve
    the Merger and the transactions contemplated hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.05&#160;&#160;<I>No
    Conflict; Required Filings and Consents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Except as set forth in Section&#160;4.05 of the Company
    Disclosure Schedule, the execution and delivery of this
    Agreement by the Company does not, the performance of this
    Agreement by the Company will not and the consummation of the
    transactions contemplated hereby will not (i)&#160;conflict with
    or violate the Articles of Incorporation or Bylaws (or
    equivalent organizational documents) of (A)&#160;the Company or
    (B)&#160;any of the Material Subsidiaries; (ii)&#160;assuming
    the consents, approvals and authorizations specified in
    <U>Section&#160;4.05(b)</U> have been received and the waiting
    periods referred to therein have expired, and any condition to
    the effectiveness of such consent, approval, authorization, or
    waiver has been satisfied, conflict with or violate any Law
    applicable to the Company or any of its subsidiaries; or
    (iii)&#160;result in any breach of, or constitute a default
    (with or without notice or lapse of time or both) under, or give
    to others any right of termination, amendment, acceleration or
    cancellation of, or result in the creation of a Lien, other than
    any Permitted Lien, upon any of the properties or assets of the
    Company or any of its subsidiaries, pursuant to any note, bond,
    mortgage, indenture or credit agreement, or any other contract,
    agreement, lease, license, permit, franchise or other instrument
    or obligation to which the Company or any of its subsidiaries is
    a party or by which the Company or any of its subsidiaries or
    any property or asset of the Company or its subsidiaries is
    bound or affected, other than, in the case of clauses&#160;(ii)
    and (iii), any such violation, conflict,
</DIV>

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    <BR>
    A-9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    default, termination, cancellation, acceleration or Lien that
    would not have, individually or in the aggregate, a Material
    Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The execution and delivery of this Agreement by the
    Company does not, and the consummation by the Company of the
    transactions contemplated by this Agreement will not, require
    any consent, approval, authorization, waiver or permit of, or
    filing with or notification to, any Governmental Authority,
    except for applicable requirements of the Exchange Act, the
    Securities Act, Blue Sky Laws, the HSR Act, any applicable
    Foreign Antitrust Laws, any filings, waivers or approvals as may
    be required under the Communications Act and foreign
    communications Laws, any filings, waivers or approvals as may be
    required under foreign investment review laws, filing and
    recordation of appropriate merger documents as required by the
    Texas Acts, the DGCL and the rules of the NYSE, and except where
    failure to obtain such other consents, approvals, authorizations
    or permits, or to make such filings or notifications, would not
    have, individually or in the aggregate, a Material Adverse
    Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.06&#160;&#160;<I>Permits
    and Licenses; Compliance with Laws.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Each of the Company and its Material Subsidiaries is in
    possession of all franchises, grants, authorizations, licenses
    (other than Company FCC Licenses), permits, easements,
    variances, exceptions, consents, certificates, approvals and
    orders necessary for the Company or any of its Material
    Subsidiaries to own, lease and operate the properties of the
    Company and its Material Subsidiaries or to carry on its
    business as it is now being conducted and contemplated to be
    conducted by the Company and its Material Subsidiaries (the
    <B><I>&#147;Company Permits&#148;</I></B>), and no suspension or
    cancellation of any of the Company Permits is pending or, to the
    knowledge of the Company, threatened, except where the failure
    to have, or the suspension or cancellation of, any of the
    Company Permits would not have, individually or in the
    aggregate, a Material Adverse Effect on the Company. None of the
    Company or any of its Material Subsidiaries is in conflict with,
    or in default or violation of, (i)&#160;any Laws applicable to
    the Company or any of its Material Subsidiaries or by which any
    property or asset of the Company or any of its Material
    Subsidiaries is bound or affected; (ii)&#160;any of the Company
    Permits; or (iii)&#160;any note, bond, mortgage, indenture,
    contract, agreement, lease, license, permit, franchise or other
    instrument or obligation to which the Company or any of its
    Material Subsidiaries is a party or by which the Company or any
    of its Material Subsidiaries or any property or asset of the
    Company or any of its Material Subsidiaries is bound or
    affected, except for any such conflicts, defaults or violations
    that would not have, individually or in the aggregate, a
    Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Section&#160;4.06(b) of the Company Disclosure Schedule
    sets forth (i)&#160;all main radio and television stations and
    (ii)&#160;all radio or television stations for which the Company
    or any subsidiary of the Company provides programming,
    advertising or other services pursuant to a LMA. The Company FCC
    Licenses are in full force and effect and have not been revoked,
    suspended, canceled, rescinded or terminated and have not
    expired (other than FCC Licenses that are the subject of pending
    renewal applications), and are not subject to any material
    conditions except for conditions applicable to broadcast
    licenses generally or as otherwise disclosed on the face of the
    Company FCC Licenses. The Company and its subsidiaries are
    operating, and have operated the Company Stations, in compliance
    in all material respects with the terms of the Company FCC
    Licenses and the Communications Act, and the Company and its
    subsidiaries have timely filed or made all material
    applications, reports and other disclosures required by the FCC
    to be filed or made with respect to the Company Stations and
    have timely paid all FCC regulatory fees with respect thereto,
    except as would not have, individually or in the aggregate, a
    Material Adverse Effect on the Company. Except for
    administrative rulemakings, legislation or other proceedings
    affecting the broadcast industry generally, there is not,
    pending or, to the Company&#146;s knowledge, threatened by or
    before the FCC any proceeding, notice of violation, order of
    forfeiture or complaint or investigation against or relating to
    the Company or any of its subsidiaries, or any of the Company
    Stations, except for any such proceedings, notices, orders,
    complaints, or investigations that would not have, individually
    or in the aggregate, a Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.07&#160;&#160;<I>Company
    SEC Documents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Company and to its knowledge Outdoor Holdings have
    filed all Company SEC Documents and Outdoor SEC Documents, as
    the case may be, since December&#160;31, 2004 (and in the case
    of Outdoor Holdings since November&#160;2, 2005). None of the
    Company&#146;s subsidiaries (other than Outdoor Holdings) is
    required to file periodic reports with the SEC pursuant to the
    Exchange Act. As of their respective effective dates (in the
    case of Company SEC Documents and Outdoor SEC Documents, as the
    case may be, that are registration statements filed pursuant to
</DIV>

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    <BR>
    A-10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the requirements of the Securities Act), and as of their
    respective SEC filing dates (in the case of all other Company
    SEC Documents or the Outdoor SEC Documents, as the case may be),
    or in each case, if amended prior to the date hereof, as of the
    date of the last such amendment, the Company SEC Documents and,
    to the Company&#146;s knowledge, the Outdoor SEC Documents
    complied in all material respects, and all documents filed by
    the Company or Outdoor Holdings between the date of this
    Agreement and the date of Closing shall comply in all material
    respects, with the requirements of the Securities Act, the
    Exchange Act or the Sarbanes-Oxley Act, as the case may be, and
    the applicable rules and regulations promulgated thereunder, and
    none of the Company SEC Documents at the time they were filed
    or, if amended, as of the date of such amendment contained, or
    if filed after the date hereof will contain, any untrue
    statement of a material fact or omitted to state any material
    fact required to be stated therein or necessary to make the
    statements therein, in light of the circumstances under which
    they were made, or are to be made, not misleading. The Company
    has made available to the Parents a complete and correct copy of
    any material amendments or modifications which, to the
    Company&#146;s knowledge, are required to be filed with the SEC,
    but have not yet been filed with the SEC, with respect to
    (i)&#160;agreements which previously have been filed by the
    Company or any of its subsidiaries with the SEC pursuant to the
    Securities Act or the Exchange Act and (ii)&#160;the Company SEC
    Documents filed prior to the date hereof. As of the date of this
    Agreement, there are no outstanding or unresolved comments
    received from the SEC staff with respect to the Company SEC
    Documents and, to the Company&#146;s knowledge, the Outdoor SEC
    Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The consolidated financial statements (as restated
    prior to the date hereof, if applicable, and including all
    related notes and schedules) of the Company included in the
    Company SEC Documents fairly present in all material respects
    the consolidated financial position of the Company and its
    consolidated subsidiaries as at the respective dates thereof and
    their consolidated results of operations and consolidated cash
    flows for the respective periods then ended (subject, in the
    case of the unaudited statements, to normal year-end audit
    adjustments and to any other adjustments described therein
    including the notes thereto) in conformity with GAAP (except, in
    the case of the unaudited statements, as permitted by the rules
    related to Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    promulgated under the Exchange Act) applied on a consistent
    basis during the periods involved (except as may be indicated
    therein or in the notes thereto).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Except as has not had or would not reasonably be
    expected to have, individually or in the aggregate, a Material
    Adverse Effect on the Company, the Company (i)&#160;has
    established and maintained disclosure controls and procedures
    and internal control over financial reporting (as such terms are
    defined in paragraphs&#160;(e)&#160;and (f), respectively, of
    <FONT style="white-space: nowrap">Rule&#160;13a-15</FONT>
    under the Exchange Act) as required by
    <FONT style="white-space: nowrap">Rule&#160;13a-15</FONT>
    under the Exchange Act, and (ii)&#160;has disclosed, based on
    its most recent evaluations, to its outside auditors and the
    audit committee of the Board of Directors of the Company,
    (A)&#160;all significant deficiencies and material weaknesses in
    the design or operation of internal controls over financial
    reporting (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13a-15(f)</FONT>
    of the Exchange Act) which are reasonably likely to adversely
    affect the Company&#146;s ability to record, process, summarize
    and report financial data and (B)&#160;any fraud, whether or not
    material, that involves management or other employees who have a
    significant role in the Company&#146;s internal controls over
    financial reporting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.08&#160;&#160;<I>Absence
    of Certain Changes or Events.</I>&#160;&#160;Since
    December&#160;31, 2005, except as otherwise contemplated or
    permitted by this Agreement, the businesses of the Company and
    its subsidiaries taken as a whole have been conducted in all
    material respects in the ordinary course of business consistent
    with past practice and through the date of this Agreement. Since
    December&#160;31, 2005 and through the date of this Agreement,
    there has not been a Material Adverse Effect on the Company or
    any event, circumstance or occurrence that has had or would
    reasonably be expected to have a Material Adverse Effect on the
    Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.09&#160;&#160;<I>No
    Undisclosed Liabilities.</I>&#160;&#160;Except (a)&#160;as
    reflected or reserved against in the Company&#146;s consolidated
    balance sheets (as restated prior to the date hereof, or the
    notes thereto) included in the Company SEC Documents,
    (b)&#160;for liabilities or obligations incurred in the ordinary
    course of business since the date of such balance sheets, and
    (c)&#160;for liabilities or obligations arising under this
    Agreement, neither the Company nor any of its subsidiaries has
    any liabilities or obligations of any nature, whether or not
    accrued, contingent or otherwise, that would be required by GAAP
    to be reflected on a consolidated balance sheet (or the notes
    thereto) of the Company and its subsidiaries, other than those
    which would not have, individually or in the aggregate, a
    Material Adverse Effect on the Company.
</DIV>

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    <BR>
    A-11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.10&#160;&#160;<I>Absence
    of Litigation.</I>&#160;&#160;There is no claim, action,
    proceeding or investigation pending or, to the knowledge of the
    Company, threatened against the Company or any of its
    subsidiaries, or any of their respective properties or assets at
    law or in equity, and there are no Orders, before any arbitrator
    or Governmental Authority, in each case as would have,
    individually or in the aggregate, a Material Adverse Effect on
    the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.11&#160;&#160;<I>Taxes.</I>&#160;&#160;Except
    as has not been or would not be, individually or in the
    aggregate, material to the Company, or except as set forth in
    Section&#160;4.11 of the Company Disclosure Schedule,
    (i)&#160;the Company and each of its Material Subsidiaries have
    prepared (or caused to be prepared) and timely filed (taking
    into account any extension of time within which to file) all
    material Tax Returns required to be filed by any of them and all
    such filed Tax Returns (taking into account all amendments
    thereto) are complete and accurate in all material respects;
    (ii)&#160;the Company and each of its Material Subsidiaries have
    timely paid all material Taxes owed by it (whether or not shown
    on any Tax Returns), except for Taxes which are being diligently
    contested in good faith by appropriate proceedings and for which
    adequate reserves have been established in accordance with GAAP;
    (iii)&#160;as of the date of this Agreement, in respect of
    United States federal, state and local Taxes and in respect of
    federal income Taxes payable in France, the United Kingdom,
    Italy, Spain, Sweden, Belgium, the Netherlands, and Switzerland,
    there are not pending or, to the knowledge of the Company,
    threatened any material audits, examinations, investigations or
    other proceedings in respect of any Taxes of the Company or any
    of its subsidiaries; (iv)&#160;to the knowledge of the Company
    there are no material Liens for Taxes on any of the assets of
    the Company or any of its Material Subsidiaries other than
    Permitted Liens; (v)&#160;none of the Company or any of its
    Material Subsidiaries has been a &#147;controlled
    corporation&#148; or a &#147;distributing corporation&#148; in
    any distribution occurring during the two (2)&#160;year period
    ending on the date hereof that was purported or intended to be
    governed by Section&#160;355 of the Code (or any similar
    provision of state, local or foreign Law); (vi)&#160;to the
    actual knowledge of the Company all material amounts of United
    States federal, state and local Taxes and all material amounts
    of federal income Taxes payable in France, the United Kingdom,
    Italy, Spain, Sweden, Belgium, the Netherlands, and Switzerland,
    required to be withheld by the Company and each of its
    subsidiaries have been timely withheld and paid over to the
    appropriate Governmental Authority; (vii)&#160;no material
    deficiency for any Tax has been asserted or assessed by any
    Governmental Authority in respect of United States federal,
    state and local Taxes and in respect of federal income Taxes
    payable in France, the United Kingdom, Italy, Spain, Sweden,
    Belgium, the Netherlands, and Switzerland, in writing against
    the Company or any of its subsidiaries (or, to the knowledge of
    the Company, has been threatened or proposed), except for
    deficiencies which have been satisfied by payment, settled or
    been withdrawn or which are being diligently contested in good
    faith by appropriate proceedings and for which adequate reserves
    have been established in accordance with GAAP;
    (viii)&#160;neither the Company nor any of its subsidiaries has
    waived any statute of limitations in respect of Material Taxes
    payable to the United States or any state or locality thereof,
    or in respect of federal income Taxes payable in France, the
    United Kingdom, Italy, Spain, Sweden, Belgium, and Switzerland,
    or agreed to any extension of time with respect to an assessment
    or deficiency for Taxes in respect of such jurisdictions (other
    than pursuant to extensions of time to file Tax Returns obtained
    in the ordinary course); (ix)&#160;neither the Company nor any
    of its Material Subsidiaries (A)&#160;in the past three
    (3)&#160;years has been a member of an affiliated group filing a
    consolidated federal income Tax Return (other than a group the
    common parent of which was the Company) or (B)&#160;has any
    liability for the Taxes of any person (other than the Company or
    any of its subsidiaries) under Treasury
    <FONT style="white-space: nowrap">Regulation&#160;Section&#160;1.1502-6</FONT>
    (or any similar provision of state, local or foreign Law), as a
    transferee or successor, or pursuant to any indemnification,
    allocation or sharing agreement with respect to Taxes that could
    give rise to a payment or indemnification obligation (other than
    agreements among the Company and its subsidiaries and other than
    customary Tax indemnifications contained in credit or other
    commercial agreements the primary purpose of which does not
    relate to Taxes); (x)&#160;neither the Company nor any of its
    Material Subsidiaries has engaged in any &#147;listed
    transaction&#148; within the meaning of Treasury
    <FONT style="white-space: nowrap">Regulation&#160;Section&#160;1.6011-4(b)(2);</FONT>
    and (xi)&#160;the Company is not, and has not been at any time
    within the last five (5)&#160;years, a &#147;United States real
    property holding corporation&#148; within the meaning of
    Section&#160;897 of the Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.12&#160;&#160;<I>Information
    Supplied.</I>&#160;&#160;The Proxy Statement and any other
    document filed with the SEC by the Company in connection with
    the Merger (or any amendment thereof or supplement thereto)
    (collectively, the <B><I>&#147;SEC Filings&#148;</I></B>), at
    the date first mailed to the shareholders of the Company, at the
    time of the Company Shareholders&#146; Meeting and at the time
    filed with the SEC, as the case may be, will not contain any
    untrue statement of a material fact or omit to state any
    material fact required to be stated therein or necessary in
    order to make the statements therein, in light of the
    circumstances under which they are made, not misleading;
    <U>provided</U>, <U>however</U>,
</DIV>

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    <BR>
    A-12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    that no representation is made by the Company with respect to
    statements made therein based on information supplied in writing
    by the Parents specifically for inclusion in such documents. The
    SEC Filings made by the Company will comply in all material
    respects with the provisions of the Exchange Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.13&#160;&#160;<I>Material
    Contracts.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;As of the date hereof, neither the Company nor any of
    its subsidiaries is a party to or bound by any &#147;material
    contract&#148; (as such term is defined in item&#160;601(b)(10)
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    of the SEC) (all contracts of the type described in this
    <U>Section&#160;4.13(a)</U>, being referred to herein as a
    <B><I>&#147;Company Material Contract&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Neither the Company nor any subsidiary of the Company
    is in breach of or default under the terms of any Company
    Material Contract. To the knowledge of the Company, no other
    party to any Company Material Contract is in breach of or
    default under the terms of any Company Material Contract. Each
    Company Material Contract is a valid and binding obligation of
    the Company or its subsidiary which is a party thereto and, to
    the knowledge of the Company, is in full force and effect;
    <U>provided</U>, <U>however</U>, that (a)&#160;such enforcement
    may be subject to applicable bankruptcy, insolvency,
    reorganization, moratorium or other similar Laws, now or
    hereafter in effect, relating to creditors&#146; rights
    generally and (b)&#160;equitable remedies of specific
    performance and injunctive and other forms of equitable relief
    may be subject to equitable defenses and to the discretion of
    the court before which any proceeding therefor may be brought
    and (ii)&#160;the Company and its subsidiaries have performed
    and complied in all material respects with all obligations
    required to be performed or complied with by them under each
    Company Material Contract.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.14&#160;&#160;<I>Employee
    Benefits and Labor Matters.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Correct and complete copies of the following documents
    with respect to each Company Benefit Plan (other than such
    Company Benefit Plan that is maintained outside of the
    jurisdiction of the United States and covers fewer than 400
    employees) have been made available to the Parents by the
    Company to the extent applicable: (i)&#160;any plan documents
    and related trust documents, insurance contracts or other
    funding arrangements, and all amendments thereto; (ii)&#160;the
    most recent Forms&#160;5500 and all schedules thereto;
    (iii)&#160;the most recent actuarial report, if any;
    (iv)&#160;the most recent IRS determination letter; (v)&#160;the
    most recent summary plan descriptions; and (vi)&#160;written
    summaries of all non-written Company Benefit Plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company Benefit Plans have been maintained, in all
    material respects, in accordance with their terms and with all
    applicable provisions of ERISA, the Code and other Laws, except
    for non-compliance which has not had or could not reasonably be
    expected to have a Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Except as set forth on Section&#160;4.14(c) of the
    Company Disclosure Schedule, none of the Company Benefit Plans
    is subject to Title&#160;IV of ERISA or Sections&#160;4063 or
    4064 of ERISA. The Company Benefit Plans intended to qualify
    under Section&#160;401 of the Code or other tax-favored
    treatment under applicable laws do so qualify, and nothing has
    occurred with respect to the operation of the Company Benefit
    Plans that could cause the loss of such qualification or
    tax-favored treatment, or the imposition of any liability,
    penalty or tax under ERISA or the Code, except for
    non-compliance which has not had or could not reasonably be
    expected to have a Material Adverse Effect on the Company. No
    Company Benefit Plan provides post-termination health, medical
    or life insurance benefits for current, former or retirement
    employees of the Company or any of its subsidiaries, except as
    required to avoid an excise Tax under Section&#160;4980B of the
    Code or as otherwise required by any other applicable Law, or
    except as would not have or could not reasonably expect to have
    a Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;There are no pending or, to the knowledge of the
    Company, threatened actions, claims or lawsuits with respect to
    any Company Benefit Plan (other than routine benefit claims),
    nor does the Company have any knowledge of facts that could form
    the basis for any such claim or lawsuit, except for such
    actions, claims or lawsuits which, if adversely determined,
    could not reasonably be expected to have a Material Adverse
    Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Neither the execution and delivery of this Agreement
    nor the consummation of the transactions contemplated hereunder,
    either by themselves or in connection with any other event, will
    entitle any employee, officer or director of the Company or any
    of its subsidiaries to (i)&#160;accelerate the time of any
    payment, vesting of any payment or funding of compensation or
    benefits, except for the acceleration of vesting of outstanding
    stock options
</DIV>

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    <BR>
    A-13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and restricted stock awards pursuant to the Company Option Plans
    and the distribution of all account balances under the
    Company&#146;s Non-Qualified Deferred Compensation Plan,
    (ii)&#160;any increase in the amount payable under any Company
    Benefit Plan or any employment, severance, bonus or similar
    agreement, or (iii)&#160;any payment of any material amount that
    could individually or in combination with any other such payment
    constitute an &#147;excess parachute payment&#148; as defined in
    Section&#160;280G(b)(1) of the Code except as disclosed on
    Section&#160;4.14(e) of the Company Disclosure Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;There is no union organization activity involving any
    of the employees of the Company or its subsidiaries pending or,
    to the knowledge of the Company, threatened. There is no
    picketing pending or, to the knowledge of the Company,
    threatened, and there are no strikes, slowdowns, work stoppages,
    other material job actions, lockouts, arbitrations, material
    grievances or other material labor disputes involving any of the
    employees of the Company or its subsidiaries pending or, to the
    knowledge of the Company, threatened. With respect to all
    employees, the Company and each subsidiary is in material
    compliance with all laws, regulations and orders relating to the
    employment of labor, including all such Laws, regulations and
    orders relating to wages, hours, the WARN Act, collective
    bargaining, discrimination, civil rights, safety and health,
    workers&#146; compensation, and the collection and payment of
    withholding
    <FONT style="white-space: nowrap">and/or</FONT>
    social security taxes and any similar tax, except such
    non-compliance as would not have or reasonably be expected to
    have a Material Adverse Effect. All independent contractors
    presently retained by the Company or its subsidiaries to provide
    any and all services are appropriately classified as such in
    accordance with applicable law, except such failures as would
    not have, or would not reasonably be expected to have, a
    Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.15&#160;&#160;<I>State
    Takeover Statutes.</I>&#160;&#160;The Company has taken all
    action necessary to exempt the Merger, this Agreement, and
    transaction contemplated hereby from the provisions of
    Article&#160;13 of the TBCA and such action is effective. No
    other state takeover, &#147;moratorium&#148;, &#147;fair
    price&#148;, &#147;affiliate transaction&#148; or similar
    statute or regulation under any applicable Law is applicable to
    the Merger or any of the transactions contemplated by this
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.16&#160;&#160;<I>Opinion
    of Financial Advisors.</I>&#160;&#160;The Board of Directors of
    the Company has received an oral opinion of Goldman
    Sachs&#160;&#38; Co. and the special advisory committee of the
    Board of Directors of the Company has received the oral opinion
    of Lazard, to the effect that, as of the date of each such
    opinion and based upon and subject to the limitations,
    qualifications and assumptions set forth therein, the Merger
    Consideration as provided in <U>Section&#160;3.01(b)</U> payable
    to each holder of outstanding shares of Company Common Stock
    (other than shares cancelled pursuant to
    <U>Section&#160;3.01(b)</U> hereof, shares held by affiliates of
    the Company, Dissenting Shares and the Rollover Shares), in the
    aggregate, is fair to the holders of the Company Common Stock
    from a financial point of view. The Company shall deliver
    executed copies of the written opinions received from Goldman
    Sachs&#160;&#38; Co. and Lazard to the Parents promptly upon
    receipt thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.17&#160;&#160;<I>Brokers</I>.&#160;&#160;No
    broker, finder or investment banker is entitled to any
    brokerage, finder&#146;s or other fee or commission in
    connection with the Merger based upon arrangements made by or on
    behalf of the Company other than as provided in the letter of
    engagement by and between the Board of Directors of the Company
    and Goldman Sachs&#160;&#38; Co. and the special advisory
    committee of the Board of Directors of the Company and Lazard
    provided to the Parents prior to the date hereof, which such
    letters have not been amended or supplemented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;4.18&#160;&#160;<I>No
    Other Representations or Warranties.</I>&#160;&#160;Except for
    the representations and warranties contained in this
    <U>Article&#160;IV</U>, neither the Company nor any other person
    on behalf of the Company makes any express or implied
    representation or warranty with respect to the Company or with
    respect to any other information provided to the Parents in
    connection with the transactions contemplated hereby. Neither
    the Company nor any other person will have or be subject to any
    liability or indemnification obligation to Mergerco, either
    Parent or any other person resulting from the distribution to
    the Parents, or the Parents&#146; use of, any such information,
    including any information, documents, projections, forecasts of
    other material made available to the Parents in certain
    &#147;data rooms&#148; or management presentations in
    expectation of the transactions contemplated by this Agreement,
    unless any such information is expressly included in a
    representation or warranty contained in this
    <U>Article&#160;IV.</U>&#160;&#160;
</DIV>

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    <BR>
    A-14
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;V.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">REPRESENTATIONS
    AND WARRANTIES OF THE PARENTS AND MERGERCO
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as disclosed in the separate disclosure schedule which
    has been delivered by the Parents to the Company prior to the
    execution of this Agreement (the <B><I>&#147;Mergerco Disclosure
    Schedule&#148;</I></B>) (provided that any information set forth
    in one Section of the Mergerco Disclosure Schedule will be
    deemed to apply to each other Section or subsection of this
    Agreement to the extent such disclosure is made in a way as to
    make its relevance to such other Section or subsection readily
    apparent), the Parents and Mergerco hereby jointly and severally
    represent and warrant to the Company as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.01&#160;&#160;<I>Organization
    and Qualification; Subsidiaries.</I>&#160;&#160;Each Parent is a
    limited liability company duly organized, validly existing in
    good standing under the laws of its jurisdiction of organization
    and has the requisite limited liability company power and
    authority and all necessary governmental approvals to own, lease
    and operate its properties and to carry on its business as it is
    now being conducted. Each Parent is duly qualified or licensed
    as a foreign limited liability company to do business, and, if
    applicable, is in good standing, in each jurisdiction where the
    character of the properties owned, leased or operated by it or
    the nature of its business makes such qualification or licensing
    necessary. Mergerco is a corporation duly organized, validly
    existing in good standing under the laws of its jurisdiction of
    organization and has the requisite corporate power and authority
    and all necessary governmental approvals to own, lease and
    operate its properties and to carry on its business as it is now
    being conducted, except where the failure to have such
    governmental approvals would not have, individually or in the
    aggregate, a Mergerco Material Adverse Effect. Mergerco is duly
    qualified or licensed as a foreign corporation to do business,
    and, if applicable, is in good standing, in each jurisdiction
    where the character of the properties owned, leased or operated
    by it or the nature of its business makes such qualification or
    licensing necessary, except for such failures to be so qualified
    or licensed and in good standing that would not have,
    individually or in the aggregate, a Mergerco Material Adverse
    Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.02&#160;&#160;<I>Certificate
    of Incorporation, Bylaws, and Other Organizational
    Documents.</I>&#160;&#160;The Parents have made available to the
    Company a complete and correct copy of the certificate of
    incorporation, the bylaws (or equivalent organizational
    documents), and other operational documents, agreements or
    arrangements, each as amended to date, of Mergerco
    (collectively, the <B><I>&#147;Mergerco Organizational
    Documents&#148;</I></B>). The Mergerco Organizational Documents
    are in full force and effect. Neither Mergerco, nor to the
    knowledge of the Parents the other parties thereto, are in
    violation of any provision of the Mergerco Organizational
    Documents, as applicable, except as would not have, individually
    or in the aggregate, a Mergerco Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.03&#160;&#160;<I>Authority
    Relative to Agreement.</I>&#160;&#160;The Parents and Mergerco
    have all necessary power and authority to execute and deliver
    this Agreement, to perform their respective obligations
    hereunder and to consummate the Merger and the other
    transactions contemplated hereby, including the Financing by the
    Parents. The execution and delivery of this Agreement by the
    Parents and Mergerco and the consummation of the Merger by them
    and the other transactions contemplated hereby, including the
    Financing by the Parents, have been duly and validly authorized
    by all necessary limited liability company action on the part of
    the Parents and all corporate action of Mergerco, and no other
    corporate proceedings on the part of the Parents or Mergerco are
    necessary to authorize the execution and delivery of this
    Agreement or to consummate the Merger and the other transactions
    contemplated hereby, including the Financing by the Parents
    (other than, with respect to the Merger, the filing of the
    Articles of Merger with the Secretary of State). This Agreement
    has been duly and validly executed and delivered by the Parents
    and Mergerco and, assuming the due authorization, execution and
    delivery by the Company, this Agreement constitutes a legal,
    valid and binding obligation of the Parents and Mergerco,
    enforceable against the Parents and Mergerco in accordance with
    its terms (except as such enforceability may be limited by
    bankruptcy, insolvency, fraudulent transfer, reorganization,
    moratorium and other similar laws of general applicability
    relating to or affecting creditor&#146;s rights, and to general
    equitable principles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.04&#160;&#160;<I>No
    Conflict; Required Filings and Consents.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The execution and delivery of this Agreement by the
    Parents and Mergerco do not, and the performance of this
    Agreement by the Parents and Mergerco will not and the
    consummation of the transactions contemplated hereby will not,
    (i)&#160;conflict with or violate the certificates of formation
    or limited liability company agreements (or
</DIV>

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    <BR>
    A-15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    equivalent organizational documents) of the Parents or the
    certificate of incorporation or bylaws (or equivalent
    organizational documents) of Mergerco; (ii)&#160;assuming the
    consents, approvals and authorizations specified in
    <U>Section&#160;5.04(b)</U> have been received and the waiting
    periods referred to therein have expired, and any condition to
    the effectiveness of such consent, approval, authorization, or
    waiver has been satisfied, conflict with or violate any Law
    applicable to the Parents or Mergerco; or (iii)&#160;result in
    any breach of or constitute a default (with notice or lapse of
    time or both) under, or give to others any right of termination,
    amendment, acceleration or cancellation of, or result in the
    creation of a Lien on any property or asset of the Parents or
    Mergerco pursuant to, any note, bond, mortgage, indenture or
    credit agreement, or any other contract, agreement, lease,
    license, permit, franchise or other instrument or obligation to
    which a Parent or Mergerco is a party or by which a Parent or
    Mergerco or any property or asset of a Parent or Mergerco is
    bound or affected, other than, in the case of clauses&#160;(ii)
    and (iii), for any such conflicts, violations, breaches,
    defaults or other occurrences of the type referred to above
    which would not have, individually or in the aggregate, a
    Mergerco Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The execution and delivery of this Agreement by the
    Parents and Mergerco does not, and the consummation by the
    Parents and Mergerco of the transactions contemplated by this
    Agreement, including the Financing, will not, require any
    consent, approval, authorization, waiver or permit of, or filing
    with or notification to, any Governmental Authority, except for
    applicable requirements of the Exchange Act, the Securities Act,
    Blue Sky Laws, the HSR Act, any applicable
    <FONT style="white-space: nowrap">non-U.S.&#160;competition,</FONT>
    antitrust or investment Laws, any filings, approvals or waivers
    of the FCC as may be required under the Communications Act and
    foreign communications, filing and recordation of appropriate
    merger documents as required by the Texas Acts, the DGCL and the
    rules of the NYSE, and except where failure to obtain such
    consents, approvals, authorizations or permits, or to make such
    filings or notifications, would not have, individually or in the
    aggregate, a Mergerco Material Adverse Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.05&#160;&#160;<I>FCC
    Matters.</I>&#160;&#160;Section&#160;5.05 of the Mergerco
    Disclosure Schedule sets forth each Attributable Interest.
    Subject to compliance with the Parents&#146; obligations under
    Section&#160;6.05, (i)&#160;Mergerco is legally and financially
    qualified under the Communications Act to control the Company
    FCC Licenses; (ii)&#160;Mergerco is in compliance with
    Section&#160;3.10(b) of the Communications Act and the
    FCC&#146;s rules governing alien ownership; (iii)&#160;there are
    no facts or circumstances pertaining to Mergerco or any of its
    subsidiaries which, under the Communications Act would
    reasonably be expected to (x)&#160;result in the FCC&#146;s
    refusal to grant the FCC Consent or otherwise disqualify
    Mergerco, or (y)&#160;materially delay obtaining the FCC
    Consent, or cause the FCC to impose a condition or conditions
    that, individually or in the aggregate, would reasonably be
    expected to have a Material Adverse Effect on the Company; and
    (iv)&#160;no waiver of, or exemption from, any provision of the
    Communications Act or the rules, regulations and policies of the
    FCC is necessary to obtain the FCC Consent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.06&#160;&#160;<I>Absence
    of Litigation.</I>&#160;&#160;There is no claim, action,
    proceeding, or investigation pending or, to the knowledge of the
    Parents, threatened against any of the Parents or Mergerco or
    any of their respective properties or assets at law or in
    equity, and there are no Orders before any arbitrator or
    Governmental Authority, in each case, as would have,
    individually or in the aggregate, a Mergerco Material Adverse
    Effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.07&#160;&#160;<I>Available
    Funds</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Section&#160;5.07(a) of Mergerco Disclosure Schedule
    sets forth true, accurate and complete copies, as of the date
    hereof, of executed commitment letters from the parties listed
    in Section&#160;5.07(a) of the Mergerco Disclosure Schedule
    dated as of the date hereof (as the same may be amended,
    modified, supplemented, restated, superseded and replaced in
    accordance with <U>Section&#160;6.13(a)</U>, collectively, the
    <B><I>&#147;Debt Commitment Letters&#148;</I></B>), pursuant to
    which, and subject to the terms and conditions thereof, the
    lender parties thereto have committed to lend the amounts set
    forth therein for the purpose of funding the transactions
    contemplated by this Agreement (the <B><I>&#147;Debt
    Financing&#148;</I></B>). Section&#160;5.07(a) of Mergerco
    Disclosure Schedule sets forth true, accurate and complete
    copies, as of the date hereof, of executed commitment letters
    (collectively, the <B><I>&#147;Equity Commitment
    Letters&#148;</I></B> and together with the Debt Commitment
    Letters, the <B><I>&#147;Financing Commitments&#148;</I></B>)
    pursuant to which the investors listed in Section&#160;5.07(a)
    of the Mergerco Disclosure Schedule (the
    <B><I>&#147;Investors&#148;</I></B>) have committed to invest
    the cash amounts set forth therein subject to the terms therein
    (the <B><I>&#147;Equity Financing&#148;</I></B> and together
    with the Debt Financing, the
    <B><I>&#147;Financing&#148;</I></B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;As of the date hereof, the Financing Commitments are in
    full force and effect and have not been withdrawn or terminated
    or otherwise amended or modified in any respect. As of the date
    hereof, each of the Financing Commitments, in the form so
    delivered, is in full force and effect and is a legal, valid and
    binding obligation of the
</DIV>

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    <BR>
    A-16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Parents and to Parents&#146; knowledge, the other parties
    thereto. Except as set forth in the Financing Commitments, there
    are no (i)&#160;conditions precedent to the respective
    obligations of the Investors to fund the full amount of the
    Equity Financing; (ii)&#160;conditions precedent to the
    respective obligations of the lenders specified in the Debt
    Commitment Letter to fund the full amount of the Debt Financing;
    or (iii)&#160;contractual contingencies under any agreements,
    side letters or arrangements relating to the Financing
    Commitments to which either Parent or any of their respective
    affiliates is a party that would permit the lenders specified in
    the Debt Commitment Letters or the Investors providing the
    Equity Commitment Letters to reduce the total amount of the
    Financing (other than retranching or reallocating the Debt
    Financing in a manner that does not reduce the aggregate amount
    of the debt financing), or that would materially affect the
    availability of the Debt Financing or the Equity Financing. As
    of the date hereof, (A)&#160;no event has occurred which, with
    or without notice, lapse of time or both, would constitute a
    default or breach on the part of the Parents under any term or
    condition of the Financing Commitments, and (B)&#160;subject to
    the accuracy of the representations and warranties of the
    Company set forth in Article&#160;II hereof, and the
    satisfaction of the conditions set forth in
    <U>Section&#160;7.01</U> and <U>Section&#160;7.02</U> hereof,
    the Parents have no reason to believe that it will be unable to
    satisfy on a timely basis any term or condition of closing to be
    satisfied by it contained in the Financing Commitments. The
    Parents have fully paid any and all commitment fees or other
    fees required by the Financing Commitments to be paid on or
    before the date of this Agreement. Subject to the terms and
    conditions of this Agreement and as of the date hereof, assuming
    the funding of the Financing in accordance with the terms and
    conditions of the Financing Commitments, the aggregate proceeds
    from the Financing constitute all of the financing required to
    be provided by the Parents or Mergerco for the consummation of
    the transactions contemplated hereby, and are sufficient for the
    satisfaction of all of the Parents&#146; and Mergerco&#146;s
    obligations under this Agreement, including the payment of the
    Aggregate Merger Consideration and the payment of all associated
    costs and expenses (including any refinancing of indebtedness of
    Mergerco or the Company required in connection therewith).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;From and after the date hereof, Mergerco, the Parents,
    any Investor and their respective affiliates shall not enter
    into any discussions, negotiations, arrangements, understanding
    or agreements with respect to the Equity Financing with those
    persons identified on <U>Section&#160;5.07(c)</U> of the Company
    Disclosure Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.08&#160;&#160;<I>Limited
    Guarantee.</I>&#160;&#160;Concurrently with the execution of
    this Agreement, the Parents have delivered to the Company the
    Limited Guarantee of each of the Investors, dated as of the date
    hereof, with respect to certain matters on the terms specified
    therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.09&#160;&#160;<I>Capitalization
    of Mergerco.</I>&#160;&#160;As of the date of this Agreement,
    the authorized capital stock of Mergerco (the
    <B><I>&#147;Mergerco Shares&#148;</I></B>) will be held by the
    persons listed on Section&#160;5.09 of Mergerco Disclosure
    Schedule. On the Closing Date, the Mergerco Shares will be held
    by the persons listed on Section&#160;5.09 of the Mergerco
    Disclosure Schedule and any other Investor who has committed to
    invest in the Equity Financing pursuant to the provisions of
    <U>Section&#160;6.13</U> (each such Investor, a <B><I>&#147;New
    Equity Investor&#148; </I></B>and each such New Equity
    Investor&#146;s equity commitment letter, a <B><I>&#147;New
    Equity Commitment Letter&#148;</I></B>). Other than as set forth
    on Section&#160;5.09 of the Mergerco Disclosure Schedule, no
    person who holds shares of record or beneficially has an
    Attributable Interest in Mergerco. Except as provided in the
    Equity Commitment Letters or the New Equity Commitment Letters,
    if any, there are no outstanding options, warrants, rights,
    calls, subscriptions, claims of any character, agreements,
    obligations, convertible or exchangeable securities, or other
    commitments, contingent or otherwise, relating to the Mergerco
    Shares or any capital stock equivalent or other nominal interest
    in Mergerco (the <B><I>&#147;Mergerco Equity
    Interests&#148;</I></B>), pursuant to which Mergerco is or may
    become obligated to issue shares of its capital stock or other
    equity interests or any securities convertible into or
    exchangeable for, or evidencing the right to subscribe for any
    Mergerco Equity Interests. Except as provided in the Equity
    Commitment Letters or New Equity Commitment Letters, if any,
    there are no contracts or commitments to which Mergerco is a
    party relating to the issuance, sale or transfer of any equity
    securities or other securities of Mergerco. Mergerco was formed
    solely for the purpose of engaging in the transactions
    contemplated hereby, and it has not conducted any business prior
    to the date hereof and has no, and prior to the Effective Time
    will have no, assets, liabilities or obligations of any nature
    other than those incident to its formation and pursuant to this
    Agreement and the Merger and the other transactions contemplated
    by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.10&#160;&#160;<I>Brokers.</I>&#160;&#160;No
    broker, finder or investment banker is entitled to any
    brokerage, finder&#146;s or other fee or commission in
    connection with the Merger based upon arrangements made by or on
    behalf of Mergerco with
</DIV>

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    <BR>
    A-17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    respect to which the Company or any subsidiary is or could
    become liable for payment in full or in part, except in the
    event that the Company becomes obligated with respect to the
    payment of Mergerco&#146;s Expenses pursuant to the terms of
    <U>Section&#160;8.02(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.11&#160;&#160;<I>Information
    Supplied.</I>&#160;&#160;None of the information supplied or to
    be supplied by the Parents for inclusion or incorporation by
    reference in the Proxy Statement will, at the date it is first
    mailed to the shareholders of the Company and at the time of the
    Shareholders&#146; Meeting, contain any untrue statement of a
    material fact or omit to state any material fact required to be
    stated therein or necessary in order to make the statements
    therein, in light of the circumstances under which they are
    made, not misleading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.12&#160;&#160;<I>Solvency.</I>&#160;&#160;As
    of the Effective Time, assuming (a)&#160;satisfaction of the
    conditions to the Parents&#146; and Mergerco&#146;s obligation
    to consummate the Merger, (b)&#160;the accuracy of the
    representation and warranties of the Company set forth in
    <U>Article&#160;IV</U> hereof (for such purposes, such
    representations and warranties shall be true and correct in all
    material respects without giving effect to any knowledge,
    materiality or &#147;Material Adverse Effect&#148; qualification
    or exception), (c)&#160;any estimates, projections or forecasts
    have been prepared on good faith based upon reasonable
    assumptions, and (d)&#160;the Required Financial Information
    fairly presents the consolidated financial condition of the
    Company and its subsidiaries as at the end of the periods
    covered thereby and the consolidated results of operations of
    the Company and its subsidiaries for the periods covered
    thereby, then immediately after giving effect to all of the
    transactions contemplated by this Agreement, the Surviving
    Corporation will be solvent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;5.13&#160;&#160;<I>No
    Other Representations or Warranties.</I>&#160;&#160;Except for
    the representations and warranties contained in this
    <U>Article&#160;V</U>, none of Mergerco, the Parents, or any
    other person on behalf of Mergerco or the Parents makes any
    express or implied representation or warranty with respect to
    Mergerco or with respect to any other information provided to
    the Company in connection with the transactions contemplated
    hereby. None of Mergerco, the Parents and any other person will
    have or be subject to any liability or indemnification
    obligation to the Company or any other person resulting from the
    distribution to the Company, or the Company&#146;s use of, any
    such information unless any such information is expressly
    included in a representation or warranty contained in this
    <U>ARTICLE&#160;V.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;VI.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">COVENANTS
    AND AGREEMENTS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.01&#160;&#160;<I>Conduct
    of Business by the Company Pending the
    Merger.</I>&#160;&#160;The Company covenants and agrees that,
    between the date of this Agreement and the Effective Time or the
    date, if any, on which this Agreement is terminated pursuant to
    <U>Section&#160;8.01</U>, except (i)&#160;as may be required by
    Law; (ii)&#160;as may be agreed in writing by the Parents;
    (iii)&#160;as may be expressly permitted pursuant to, or
    required under, this Agreement; or (iv)&#160;as set forth in
    Section&#160;6.01 of the Company Disclosure Schedule, the
    business of the Company and its subsidiaries shall be conducted
    in the ordinary course of business and in a manner consistent
    with past practice in all material respects; and the Company and
    its subsidiaries shall use commercially reasonable efforts to
    preserve substantially intact the Company&#146;s business
    organization (except as otherwise contemplated by this
    <U>Section&#160;6.01</U>) and retain the employment of the
    Senior Executives; <U>provided</U>, <U>however</U>, that no
    action by the Company or its subsidiaries with respect to
    matters specifically addressed by any provision of this
    <U>Section&#160;6.01</U> shall be deemed a breach of this
    sentence unless such action would constitute a breach of such
    specific provision. Furthermore, the Company agrees with the
    Parents and Mergerco that, except as set forth in
    Section&#160;6.01 of the Company Disclosure Schedule or as may
    be consented to in writing by the Parents, the Company shall
    not, and shall not permit any subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;amend or otherwise change the Articles of Incorporation
    or Bylaws of the Company or such equivalent organizational
    documents of any of the subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;except for transactions between the Company and its
    subsidiaries, or among the Company&#146;s subsidiaries, or as
    otherwise permitted in <U>Section&#160;6.01</U> of this
    Agreement, issue, sell, pledge, dispose, encumber or grant any
    Equity Securities or Convertible Securities of the Company or
    its subsidiaries; <U>provided</U>, <U>however</U>, that
    (i)&#160;the Company may issue shares upon exercise of any
    Company Option or other Convertible Security outstanding as of
    the date hereof, other agreement existing as of the date hereof,
    or as may be granted after the date hereof in accordance with
    this <U>Section&#160;6.01</U>, (ii)&#160;the Company may issue
    shares of
</DIV>

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    <BR>
    A-18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Company Common Stock pursuant to the Company ESPP in accordance
    with this <U>Section&#160;6.01</U> and (iii)&#160;any other
    agreement existing as of the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;acquire, except in respect of any mergers,
    consolidations, business combinations among the Company and its
    subsidiaries or among the Company&#146;s subsidiaries (including
    by merger, consolidation, or acquisition of stock or assets),
    any corporation, partnership, limited liability company, other
    business organization or any division thereof, or any material
    amount of assets in connection with acquisitions or investments
    with a purchase price in excess of $150,000,000 in the
    aggregate; <U>provided</U>, that without the Parents&#146;
    consent, which such consent shall not be unreasonably withheld,
    the Company and its subsidiaries shall not acquire or make any
    investment (or agree to acquire or to make any investment) in
    any entity that holds, or has an attributable interest in, any
    license, authorization, permit or approval issued by the FCC;
    provided that it shall be deemed reasonable by the Parents to
    withhold consent for an acquisition or investment that would be
    reasonably likely to delay, impede or prevent receipt of the FCC
    Consent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;adjust, recapitalize, reclassify, combine, split,
    subdivide, redeem, purchase or otherwise acquire any Equity
    Securities or Convertible Securities (other than the acquisition
    of Equity Securities or Convertible Securities originally issued
    pursuant to the terms of the Company Benefit Plan in connection
    with a cashless exercise or as contemplated by
    <U>Section&#160;6.01</U> hereof) tendered by employees or former
    employees;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;other than with respect to the payment by the Company
    of a regular quarterly dividend, as and when normally paid, not
    to exceed $0.1875&#160;per share, declare, set aside for payment
    or pay any dividend payable in cash, property or stock on, or
    make any other distribution in respect of, any shares of its
    capital stock or otherwise make any payments to its shareholders
    in their capacity as such (other than dividends by a direct or
    indirect majority-owned subsidiary of the Company to its parent);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;create, incur or assume any indebtedness for borrowed
    money, issue any note, bond or other security or guarantee any
    indebtedness for any person (other than a subsidiary) except for
    indebtedness: (i)&#160;incurred under the Company&#146;s or a
    subsidiary&#146;s existing credit facilities or incurred to
    replace, renew, extend, refinance or refund any existing
    indebtedness in the ordinary course of business consistent with
    past practice, not in excess of the existing credit limits,
    provided that no syndication, placement or other marketing
    efforts in connection with the replacement, renewal, extension
    or refinancing of any existing indebtedness shall be conducted
    or be announced during the Marketing Period and during the
    period commencing twenty (20)&#160;business days immediately
    prior to the Marketing Period; (ii)&#160;for borrowed money
    incurred pursuant to agreements in effect prior to the execution
    of this Agreement; (iii)&#160;as otherwise required in the
    ordinary course of business consistent with past practice; or
    (iv)&#160;other than as permitted pursuant to this
    <U>Section&#160;6.01</U>, in an aggregate principal amount not
    to exceed $250,000,000; provided that, notwithstanding the
    foregoing, in no event shall: (x)&#160;the Company redeem,
    repurchase, prepay, defease, cancel or otherwise acquire any
    notes maturing on or after January&#160;1, 2009; (y)&#160;the
    Company or any subsidiary create, incur or assume any
    indebtedness that can not be prepaid at any time without penalty
    or premium (other than customary LIBOR &#147;breakage&#148;
    costs); or (z)&#160;create, incur or assume any indebtedness
    that would interfere with, hinder or prevent the Parents from
    being able to consummate the Financing Commitments in effect as
    of the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;make any material change to its methods of accounting
    in effect at December&#160;31, 2005, except (i)&#160;as required
    by GAAP,
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    of the Exchange Act or as required by a Governmental Authority
    or quasi-Governmental Authority (including the Financial
    Accounting Standards Board or any similar organization);
    (ii)&#160;as required by a change in applicable Law; or
    (iii)&#160;as disclosed in the Company SEC Documents filed prior
    to the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;without the consent of the Parents, adopt or enter into
    a plan of restructuring, recapitalization or other
    reorganization (other than the Merger and other than
    transactions exclusively between the Company and its
    subsidiaries or between the Company&#146;s subsidiaries, in
    which case, the Parents&#146; consent will not be unreasonably
    withheld or delayed);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;except for (i)&#160;transactions among the Company and
    its subsidiaries, (ii)&#160;as provided for in
    Section&#160;6.01(i) of the Company Disclosure Schedule, and
    (iii)&#160;pursuant to contracts in force on the date of this
    Agreement and listed in Section&#160;6.01(i) of the Company
    Disclosure Schedule, sell, lease, license, transfer,
</DIV>

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    <BR>
    A-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    exchange or swap, mortgage or otherwise encumber (including
    securitizations), or subject to any Lien (other than Permitted
    Liens) or otherwise dispose of any asset or any portion of its
    properties or assets with a sale price in excess of $50,000,000;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;except (a)&#160;as required by Law or the Treasury
    Regulations promulgated under the Code, or (b)&#160;as would not
    result in the incurrence of a material amount of additional
    taxes, or (c)&#160;as otherwise is in the ordinary course of
    business and in a manner consistent with past practice,
    (i)&#160;make any material change (or file any such change) in
    any method of Tax accounting or any annual Tax accounting
    period; (ii)&#160;make, change or rescind any material Tax
    election; (iii)&#160;participate in any settlement negotiations
    concerning United States federal income Taxes in respect of the
    2003 or subsequent tax year without giving one representative
    designated by the Parents the opportunity to monitor such audit
    and providing monthly updates to the Parents in respect of any
    significant developments regarding such 2003 or subsequent tax
    years; (iv) settle or compromise any material Tax liability,
    audit claim or assessment; (v)&#160;surrender any right to claim
    for a material Tax refund; (vi)&#160;file any amended Tax Return
    involving a material amount of additional Taxes;
    (vii)&#160;enter into any closing agreement relating to material
    Taxes; or (viii)&#160;waive or extend the statute of limitations
    in respect of material Taxes other than pursuant to extensions
    of time to file Tax Returns obtained in the ordinary course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;grant, confer or award Convertible Securities or other
    rights to acquire any of its or its subsidiaries&#146; capital
    stock or take any action to cause to be exercisable any
    otherwise unexercisable option under any Company Option Plan
    (except as otherwise provided by the terms of any unexercisable
    options outstanding on the date hereof), except (i)&#160;as may
    be required under any bonus or incentive plans existing prior to
    the date hereof or entered into after the date hereof in
    accordance with this <U>Section&#160;6.01</U> and employment
    agreements executed prior to the date hereof or entered into
    after the date hereof in accordance with this
    <U>Section&#160;6.01</U>; and (ii)&#160;for customary grants of
    Equity Securities and Convertible Securities made to employees
    at fair market value, as determined by the Board of Directors of
    the Company; provided that with respect to subsections
    (i)&#160;and (ii)&#160;hereof, the number of shares of Company
    Common Stock subject to such Equity Securities or Convertible
    Securities shall not exceed 0.25% of the outstanding shares of
    Company Common Stock as of the close of business on
    November&#160;10, 2006;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;except as required pursuant to existing written
    agreements or existing Company Benefit Plans in effect as of the
    date hereof, or as permitted by this <U>Section&#160;6.01</U> or
    as disclosed in Section&#160;6.01(l) of the Company Disclosure
    Schedule, or as otherwise required by Law, (i)&#160;increase the
    compensation or other benefits payable or to become payable to
    (x)&#160;current or former directors (including Lowry Mays, Mark
    Mays, and Randall Mays in their capacities as executive officers
    of the Company); (y)&#160;any other Senior Executives of the
    Company by an amount exceeding the amount set forth on
    Section&#160;6.01(l) of the Company Disclosure Schedule, or
    (z)&#160;other employees except in the ordinary course of
    business consistent with past practices (ii)&#160;grant any
    severance or termination pay to, or enter into any severance
    agreement with any current or former director, executive officer
    or employee of the Company or any of its subsidiaries, except as
    are required in accordance with any Company Benefit Plan and in
    the case of employees other than the Senior Executives, other
    than in the ordinary course of business consistent with past
    practice, (iii)&#160;enter into any employment agreement with
    any director, executive officer or employee of the Company or
    any of its subsidiaries, except (A)&#160;employment agreements
    to the extent necessary to replace a departing executive officer
    or employee upon substantially similar terms,
    (B)&#160;employment agreements with on-air talent, (C)&#160;new
    employment agreements entered into in the ordinary course of
    business providing for compensation not in excess of $250,000
    annually and with a term of no more than two (2)&#160;years, or
    (D)&#160;extension of employment agreements other than
    agreements with the Senior Executives in the ordinary course of
    business consistent with past practice (iv)&#160;adopt, approve,
    ratify, enter into or amend any collective bargaining agreement,
    side letter, memorandum of understanding or similar agreement
    with any labor union, except, in each case, as would not result
    in a material increase to the Company in the cost of maintaining
    such collective bargaining agreement, plan, trust, fund, policy
    or arrangement or (v)&#160;adopt, amend or terminate any Company
    Benefit Plan (except as otherwise specifically provided in this
    <U>Section&#160;6.01(l)</U> or as required by applicable law),
    retention, change in control, profit sharing, or severance plan
    or contract for the benefit of any of their current or former
    directors, officers, or employees or any of their beneficiaries,
    except for any amendment to comply with Section&#160;409(A) of
    the Code;
</DIV>

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    <BR>
    A-20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;make any capital expenditure or expenditures which is
    in excess of $50,000,000 individually or $100,000,000 in the
    aggregate, except for any such capital expenditures in aggregate
    amounts consistent with past practice or as required pursuant to
    new contracts entered into in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;make any investment (by contribution to capital,
    property transfers, purchase of securities or otherwise) in, or
    loan or advance (other than travel and similar advances to its
    employees in the ordinary course of business consistent with
    past practice) to, any person in excess of $25,000,000 in the
    aggregate for all such investments, loans or advances, other
    than an investment in, or loan or advance to a subsidiary;
    <U>provided</U>, <U>however</U>, that (other than travel and
    similar advances in the ordinary course of business) the Company
    shall not make any loans or advances to any Senior Executives;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (o)&#160;settle or compromise any material claim, suit, action,
    arbitration or other proceeding whether administrative, civil or
    criminal, in law or in equity, provided that the Company may
    settle or compromise any such claim that is not related to this
    Agreement or the transactions contemplated hereby that do not
    exceed $10,000,000 individually or $30,000,000, in the aggregate
    and do not impose any material restriction on the business or
    operations of the Company or its subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (p)&#160;except with respect to any Permitted Divestitures,
    without the Parents&#146; consent, which consent may not be
    unreasonably withheld, delayed or conditioned, enter into any
    LMA in respect of the programming of any radio or television
    broadcast station or contract for the acquisition or sale of any
    radio broadcast station, television broadcast station or daily
    newspaper (by merger, purchase or sale of stock or assets or
    otherwise) or of any equity or debt interest in any person that
    directly or indirectly has an attributable interest in any radio
    broadcast station, television broadcast station or daily
    newspaper; <U>provided</U>, that it shall be deemed reasonable
    for the Parents to withhold consent for any such LMA or
    acquisition that would be reasonably likely to delay, impede or
    prevent receipt of the FCC Consent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (q)&#160;make any amendment or modification to, or give any
    consent or grant any waiver under, that certain Master
    Agreement, dated as of November&#160;16, 2005, by and between
    the Company and Outdoor Holdings (the <B><I>&#147;Master
    Agreement&#148;</I></B>), to permit Outdoor Holdings to issue
    capital stock, option or other security, consolidate or merge
    with another person, declare or pay any dividend, sell or
    encumber any of its assets, amend, modify, cancel, forgive or
    assign any intercompany notes or amend, terminate or modify the
    Master Agreement or the Corporate Services Agreement between
    Clear Channel Management Services, L.P. and Outdoor Holdings,
    dated November&#160;16, 2005;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (r)&#160;enter into any transaction, agreement, arrangement or
    understanding between (i)&#160;the Company or any of its
    subsidiaries, on the one hand, and (ii)&#160;any affiliate of
    the Company (other than its subsidiaries) on the other hand, of
    the type that would be required to be disclosed under
    Item&#160;404 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    that involves more than $100,000, except for (a)&#160;in the
    ordinary course of business consistent with the practices
    disclosed in the SEC Documents; and (b)&#160;the grant of Equity
    Securities or Convertible Securities permitted by this Agreement
    under Company Option Plans and (c)&#160;compensatory payments as
    provided for in the Company&#146;s bonus or incentive plans
    adopted by the Compensation Committee of the Board of Directors
    of the Company or the Board of Directors of the Company prior to
    the date hereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (s)&#160;adopt any takeover defenses or take any action to
    render any state takeover statutes inapplicable to any
    transaction other than the transactions contemplated by this
    Agreement;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (t)&#160;authorize or enter into any written agreement or
    otherwise make any commitment to do any of the foregoing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.02&#160;&#160;<I>FCC
    Matters.</I>&#160;&#160;During the period from the date of this
    Agreement to the Effective Time or the date, if any, on which
    this Agreement is terminated pursuant to
    <U>Section&#160;8.01</U>, the Company shall, and shall cause
    each of its Material Subsidiaries to: (i)&#160;use reasonable
    best efforts to comply with all material requirements of the FCC
    applicable to the operation of the Company Stations;
    (ii)&#160;promptly deliver to the Parents copies of any material
    reports or applications filed with the FCC; (iii)&#160;promptly
    notify the Parents of any inquiry, investigation or proceeding
    initiated by the FCC relating to the Company Stations which, if
    determined adversely to the Company, would be reasonably likely
    to have, in the aggregate, a Material Adverse Effect on the
    Company; and (iv)&#160;not make
</DIV>

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    <BR>
    A-21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or revoke any election with the FCC if such election or
    revocation would have, in the aggregate, a Material Adverse
    Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.03&#160;&#160;<I>Proxy
    Statement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Covenants of the Company with Respect to the
    Proxy Statement.</U></I>&#160;&#160; Within thirty
    (30)&#160;days following the date of this Agreement, subject to
    <U>Section&#160;6.07</U> hereof, the Company shall prepare and
    shall cause to be filed with the SEC a proxy statement (together
    with any amendments thereof or supplements thereto, the
    <B><I>&#147;Proxy Statement&#148;</I></B>) relating to the
    meeting of the Company&#146;s shareholders to be held to
    consider the adoption and approval of this Agreement and the
    Merger. The Company shall include, except to the extent provided
    in <U>Section&#160;6.07</U>, the text of this Agreement and the
    recommendation of the Board of Directors of the Company that the
    Company&#146;s shareholders approve and adopt this Agreement.
    The Company shall use reasonable best efforts to respond as
    promptly as reasonably practicable to any comments of the SEC
    with respect to the Proxy Statement. The Company shall promptly
    notify the Parents upon the receipt of any comments from the SEC
    or its staff or any request from the SEC or its staff for
    amendments or supplements to the Proxy Statement, shall consult
    with the Parents prior to responding to any such comments or
    request or filing any amendment or supplement to the Proxy
    Statement and shall provide the Parents with copies of all
    correspondence between the Company and its Representatives on
    the one hand and the SEC and its staff on the other hand. None
    of the information with respect to the Company or its
    subsidiaries to be included in the Proxy Statement will, at the
    time of the mailing of the Proxy Statement or any amendments or
    supplements thereto, and at the time of the Shareholders&#146;
    Meeting, contain any untrue statement of a material fact or omit
    to state any material fact required to be stated therein or
    necessary in order to make the statements therein, in light of
    the circumstances under which they were made, not misleading.
    The Proxy Statement will comply in all material respects with
    the provisions of the Exchange Act and the rules and regulations
    promulgated thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I><U>Covenants of the Parents with Respect to the
    Proxy Statement.</U></I>&#160;&#160; None of the information
    with respect to the Parents, Mergerco or their respective
    subsidiaries specifically provided in writing by the Parents or
    any person authorized to act on their behalf for inclusion in
    the Proxy Statement will, at the time of the mailing of the
    Proxy Statement or any amendments or supplements thereto, and at
    the time of the Shareholders&#146; Meeting, contain any untrue
    statement of a material fact or omit to state any material fact
    required to be stated therein or necessary in order to make the
    statements therein, in light of the circumstances under which
    they were made, not misleading.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;<I><U>Cooperation.</U></I>&#160;&#160; The Company and
    the Parents shall cooperate and consult with each other in
    preparation of the Proxy Statement. Without limiting the
    generality of the foregoing, the Parents will furnish to the
    Company the information relating to it required by the Exchange
    Act and the rules and regulations promulgated thereunder to be
    set forth in the Proxy Statement. Notwithstanding anything to
    the contrary stated above, prior to filing and mailing the Proxy
    Statement (or any amendment or supplement thereto) or responding
    to any comments of the SEC with respect thereto, the party
    responsible for filing or mailing such document shall provide
    the other party an opportunity to review and comment on such
    document or response and shall discuss with the other party and
    include in such document or response, comments reasonably and
    promptly proposed by the other party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;<I><U>Mailing of Proxy Statement;
    Amendments.</U></I>&#160;&#160; Within five (5)&#160;days after
    the Proxy Statement has been cleared by the SEC, the Company
    shall mail the Proxy Statement to the holders of Company Common
    Stock as of the record date established for the
    Shareholders&#146; Meeting. If at any time prior to the
    Effective Time any event or circumstance relating to the
    Company, the Parents or Mergerco or any of the Company&#146;s
    subsidiaries or the Parents&#146; or Mergerco&#146;s
    subsidiaries, or their respective officers or directors, should
    be discovered by the Company or the Parents, respectively,
    which, pursuant to the Securities Act or Exchange Act, should be
    set forth in an amendment or a supplement to the Proxy Statement
    so that the Proxy Statement shall not contain any untrue
    statement of a material fact or omit to state any material fact
    required to be stated therein or necessary in order to make the
    statements therein, in light of the circumstances under which
    they are made, not misleading, such party shall promptly inform
    the other. Each of the Parents and the Company agree to correct
    any information provided by it for use in the Proxy Statement
    which shall have become false or misleading (determined in
    accordance with
    <FONT style="white-space: nowrap">Rule&#160;14a-9(a)</FONT>
    of the Exchange Act). All documents that each of the Company and
    the Parents is responsible for filing with the SEC in connection
    with the Merger will comply as to form and substance in all
    material respects with the applicable requirements of the
    Securities Act and the Exchange Act and the rules and
    regulations of the NYSE.
</DIV>

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    <BR>
    A-22
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.04&#160;&#160;<I>Shareholders&#146;
    Meeting</I> . Unless this Agreement has been terminated pursuant
    to <U>Section&#160;8.01</U>, the Company shall, promptly after
    the SEC indicates that it has no further comments on the Proxy
    Statement, establish a record date for, duly call, give notice
    of, convene and hold a meeting of its shareholders within
    forty-five (45)&#160;days of the mailing of such Proxy
    Statement, for the purpose of voting upon the adoption of this
    Agreement and approval of the Merger (the
    <B><I>&#147;Shareholders&#146; Meeting&#148;</I></B>), and the
    Company shall hold the Shareholders&#146; Meeting. The Company
    shall recommend to its shareholders the adoption of this
    Agreement and approval of the Merger in the Proxy Statement and
    at the Shareholders&#146; Meeting (the <B><I>&#147;Company
    Recommendation&#148;</I></B>); <U>provided</U>, <U>however</U>,
    that the Company shall not be obligated to recommend to its
    shareholders the adoption of this Agreement or approval of the
    Merger at its Shareholders&#146; Meeting to the extent that the
    Board of Directors of the Company makes a Change of
    Recommendation pursuant to the provisions of
    <U>Section&#160;6.07.</U>&#160;&#160; Unless the Company makes a
    Change of Recommendation, the Company will use commercially
    reasonable efforts to solicit from its shareholders proxies in
    favor of the adoption and approval of this Agreement and the
    Merger and will take all other action necessary or advisable to
    secure the vote or consent of its shareholders required by the
    rules of the NYSE or the applicable Law to obtain such
    approvals. The Company shall keep the Parents updated with
    respect to proxy solicitation results as reasonably requested by
    the Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.05&#160;&#160;<I>Appropriate
    Action; Consents; Filings.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Subject to the terms of this Agreement, the parties
    hereto will use their respective reasonable best efforts to
    consummate and make effective the transactions contemplated
    hereby and to cause the conditions to the Merger set forth in
    <U>Article&#160;VII</U> to be satisfied, including (i)&#160;in
    the case of the Parents, the obtaining of all necessary
    approvals under any applicable communication Laws required in
    connection with this Agreement, the Merger and the other
    transactions contemplated by this Agreement, including any
    obligations of the Parents in accordance with
    <U>Section&#160;6.05(b)</U>; (ii)&#160;the obtaining of all
    necessary actions or non-actions, consents and approvals from
    Governmental Authorities or other persons necessary in
    connection with the consummation of the transactions
    contemplated by this Agreement and the making of all necessary
    registrations and filings (including filings with Governmental
    Authorities if any) and the taking of all reasonable steps as
    may be necessary to obtain an approval from, or to avoid an
    action or proceeding by, any Governmental Authority or other
    persons necessary in connection with the consummation of the
    transactions contemplated by this Agreement; (iii)&#160;the
    defending of any lawsuits or other legal proceedings, whether
    judicial or administrative, challenging this Agreement or the
    consummation of the transactions performed or consummated by
    such party in accordance with the terms of this Agreement,
    including seeking to have any stay or temporary restraining
    order entered by any court or other Governmental Authority
    vacated or reversed; and (iv)&#160;the execution and delivery of
    any additional instruments necessary to consummate the Merger
    and other transactions to be performed or consummated by such
    party in accordance with the terms of this Agreement and to
    fully carry out the purposes of this Agreement. Each of the
    parties hereto shall promptly (in no event later than fifteen
    (15)&#160;business days following the date that this Agreement
    is executed) make its respective filings, and thereafter make
    any other required submissions under the HSR Act and any
    applicable
    <FONT style="white-space: nowrap">non-U.S.&#160;competition</FONT>
    or antitrust Laws with respect to the transactions contemplated
    hereby. The Parents and the Company shall cooperate to prepare
    such applications as may be necessary for submission to the FCC
    in order to obtain the FCC Consent (the <B><I>&#147;FCC
    Applications&#148;</I></B>) and shall promptly (in no event
    later than thirty (30)&#160;business days following the date
    that this Agreement is executed) file such FCC Applications with
    the FCC. Said FCC Applications shall specify that Mergerco, or
    any person having an attributable ownership interest in Mergerco
    as defined for purposes of applying the FCC Media Ownership
    Rules (<B><I>&#147;Attributable Investor&#148;</I></B>), shall
    render non-attributable all interests in any assets or
    businesses which would conflict with the FCC Media Ownership
    Rules (including, without limitation, the equity debt plus
    rules) if such interests were held by Mergerco or any
    Attributable Investor following the Effective Time, including,
    without limitation, any such interest that Mergerco or any
    Attributable Investor is or may become obligated to acquire (the
    <B><I>&#147;Attributable Interest&#148;</I></B>). The Parents
    shall, and the Parents shall cause each Attributable Investor
    to, (i)&#160;render non-attributable under the FCC Media
    Ownership Rules each Attributable Interest, and (ii)&#160;not
    acquire or enter into any agreement to acquire any Attributable
    Interest, and not permit to exist any interest that conflicts
    with the FCC&#146;s alien ownership rules. The action required
    by clause&#160;(i) above shall be completed not later than the
    Effective Time. The parties shall diligently take, or cooperate
    in the taking of, all necessary, desirable and proper actions,
    and provide any additional information, reasonably required or
    requested by the FCC. Each of the Parents and the Company will
    keep the other informed of any material communications
    (including any meeting, conference or telephonic call) and will
    provide the other copies of all
</DIV>

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    <BR>
    A-23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    correspondence between it (or its advisors) and the FCC and each
    of the Parents and the Company will permit the other to review
    any material communication relating to the FCC Applications to
    be given by it to the FCC. Each of the Parents and the Company
    shall notify the other in the event it becomes aware of any
    other facts, actions, communications or occurrences that might
    directly or indirectly affect the Parents&#146; or the
    Company&#146;s intent or ability to effect prompt FCC approval
    of the FCC Applications. The Parents and the Company shall
    oppose any petitions to deny or other objections filed with
    respect to the FCC Applications and any requests for
    reconsideration or judicial review of the FCC Consent. Each of
    the Parents and the Company agrees not to, and shall not permit
    any of their respective subsidiaries to, take any action that
    would reasonably be expected to materially delay, materially
    impede or prevent receipt of the FCC Consent. The fees required
    by the FCC for the filing of the FCC Applications shall be borne
    one-half by the Parents (on behalf of Mergerco) and one-half by
    the Company
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Parents agree to take promptly any and all steps
    necessary to avoid or eliminate each and every impediment and
    obtain all consents under any antitrust, competition or
    communications or broadcast Law (including the FCC Media
    Ownership Rules) that may be required by any U.S.&#160;federal,
    state or local or any applicable
    <FONT style="white-space: nowrap">non-U.S.&#160;antitrust</FONT>
    or competition Governmental Authority, or by the FCC or similar
    Governmental Authority, in each case with competent
    jurisdiction, so as to enable the parties to close the
    transactions contemplated by this Agreement as promptly as
    practicable, including committing to or effecting, by consent
    decree, hold separate orders, trust, or otherwise, the
    Divestiture of such assets or businesses as are required to be
    divested in order to obtain the FCC Consent, or to avoid the
    entry of, or to effect the dissolution of or vacate or lift, any
    Order, that would otherwise have the effect of preventing or
    materially delaying the consummation of the Merger and the other
    transactions contemplated by this Agreement. Notwithstanding
    anything to the contrary in this <U>Section&#160;6.05</U>, if
    the FTC or the Antitrust Division of the United States
    Department of Justice has not granted the necessary approvals
    under the HSR Act of the date that is nine (9)&#160;months
    following the date hereof, then, if the respective antitrust
    counsel to the Company and the Parents, in consultation with
    each other and in the exercise of their professional judgment,
    jointly determine that a Divestiture (as defined below) is
    required to obtain the necessary approvals under the HSR Act,
    they shall provide written notice of such determination to the
    Parents and the Company (the <B><I>&#147;Divestiture
    Notice&#148;</I></B>). Upon receipt of the Divestiture Notice,
    the Parents shall promptly, and in any event within twelve
    (12)&#160;months, implement or cause to be implemented a
    Divestiture. For purposes of this Agreement, a
    <B><I>&#147;Divestiture&#148;</I></B> of any asset or business
    shall mean (i)&#160;any sale, transfer, separate holding,
    divestiture or other disposition, or any prohibition of, or any
    limitation on, the acquisition, ownership, operation, effective
    control or exercise of full rights of ownership, of such asset;
    or (ii)&#160;the termination or amendment of any existing or
    contemplated Mergerco&#146;s or Company&#146;s governance
    structure or contemplated Mergerco&#146;s or Company&#146;s
    contractual or governance rights. Further, and for the avoidance
    of doubt, the Parents will take any and all actions necessary in
    order to ensure that (x)&#160;no requirement for any non-action,
    consent or approval of the FTC, the Antitrust Division of the
    United States Department of Justice, any authority enforcing
    applicable antitrust, competition, communications Laws, any
    State Attorney General or other governmental authority,
    (y)&#160;no decree, judgment, injunction, temporary restraining
    order or any other order in any suit or proceeding, and
    (z)&#160;no other matter relating to any antitrust or
    competition Law or any communications Law, would preclude
    consummation of the Merger by the Termination Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Each of the Parents and the Company shall give (or
    shall cause its respective subsidiaries to give) any notices to
    third parties, and the Parents and the Company shall use, and
    cause each of its subsidiaries to use, its reasonable best
    efforts to obtain any third party consents not covered by
    paragraphs&#160;(a)&#160;and (b)&#160;above, necessary, proper
    or advisable to consummate the Merger. Each of the parties
    hereto will furnish to the other such necessary information and
    reasonable assistance as the other may request in connection
    with the preparation of any required governmental filings or
    submissions and will cooperate in responding to any inquiry from
    a Governmental Authority, including immediately informing the
    other party of such inquiry, consulting in advance before making
    any presentations or submissions to a Governmental Authority,
    and supplying each other with copies of all material
    correspondence, filings or communications between either party
    and any Governmental Authority with respect to this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;In order to avoid disruption or delay in the processing
    of the FCC Applications, the Parents and the Company agree, as
    part of the FCC Applications, to request that the FCC apply its
    policy permitting license assignments and transfers in
    transactions involving multiple markets to proceed,
    notwithstanding the pendency of
</DIV>

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    <BR>
    A-24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    one or more license renewal applications. The Parents and the
    Company agree to make such representations and undertakings as
    necessary or appropriate to invoke such policy, including
    undertakings to assume the position of applicant with respect to
    any pending license renewal applications, and to assume the
    risks relating to such applications. The Parents and the Company
    acknowledge that license renewal applications (each, a
    <B><I>&#147;Renewal Application&#148;</I></B>) may be pending
    before the FCC with respect to the Company Stations (each, a
    <B><I>&#147;Renewal Station&#148;</I></B>). To the extent
    reasonably necessary to expedite grant of a Renewal Application,
    and thereby facilitate grant of the FCC Applications, the
    Parents and the Company shall enter into tolling agreements with
    the FCC with respect to the relevant Renewal Application as
    necessary or appropriate to extend the statute of limitations
    for the FCC to determine or impose a forfeiture penalty against
    such Renewal Station in connection with any pending complaints,
    investigations, letters of inquiry, or other proceedings,
    including, but not limited to, complaints that such Renewal
    Station aired programming that contained obscene, indecent or
    profane material (a <B><I>&#147;Tolling
    Agreement&#148;</I></B>). The Parents and the Company shall
    consult in good faith with each other prior to entering into any
    such Tolling Agreement. Section&#160;6.05(d) of the Company
    Disclosure Schedule sets forth all main radio and television
    stations owned by the Company with Renewal Applications pending
    as of the date of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.06&#160;&#160;<I>Access
    to Information; Confidentiality.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;From the date hereof to the Effective Time or the date,
    if any, on which this Agreement is terminated pursuant to
    <U>Section&#160;8.01</U>, except as otherwise prohibited by
    applicable Law or the terms of any contract entered into prior
    to the date hereof or as would reasonably be expected to violate
    or result in a loss or impairment of any attorney-client or work
    product privilege (it being understood that the parties shall
    use their reasonable best efforts to cause such information to
    be provided in a manner that does not result in such violation,
    loss or impairment), the Company shall and shall cause each of
    its subsidiaries to (i)&#160;provide to the Parents (and their
    respective officers, directors, employees, accountants,
    consultants, legal counsel, permitted financing sources, agents
    and other representatives (collectively, the
    <B><I>&#147;Representatives&#148;</I></B>)) reasonable access
    during normal business hours to the Company&#146;s and Material
    Subsidiaries&#146; officers, employees, offices and other
    facilities, properties, books, contracts and records and other
    information as the Parents may reasonably request regarding the
    business, assets, liabilities, employees and other aspects of
    the Company and its subsidiaries; (ii)&#160;permit the Parents
    to make copies and inspections thereof as the Parents may
    reasonably request; and (iii)&#160;furnish promptly to the
    Parents such information concerning the business, properties,
    contracts, assets, liabilities, personnel and other aspects of
    the Company and its subsidiaries as the Parents or their
    respective Representatives may reasonably request. In addition,
    during such period, the Company shall provide the Parents and
    their respective Representatives copies of the unaudited monthly
    consolidated balance sheet of the Company for the month then
    ended and related statements of earnings, and cash flows in the
    form and promptly following such time as they are provided or
    made available to the Senior Executives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The parties shall comply with, and shall cause their
    respective Representatives to comply with, all of their
    respective obligations under the Confidentiality Agreements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.07&#160;&#160;<I>No
    Solicitation of Competing Proposal.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Notwithstanding any other provision of this Agreement
    to the contrary, commencing on the date of this Agreement and
    continuing until 11:59&#160;p.m., Eastern Standard Time, on
    December&#160;7, 2006 (the <B><I>&#147;No-Shop Period Start
    Date&#148;</I></B>), the Company and its subsidiaries and their
    respective Representatives shall have the right to directly or
    indirectly (i)&#160;initiate, solicit and encourage Competing
    Proposals from third parties, including by way of providing
    access to non-public information to such third parties in
    connection therewith; <U>provided</U>, that the Company shall
    enter into confidentiality agreements with any such third
    parties and shall promptly provide to the Parents any material
    non-public information concerning the Company or its
    subsidiaries that is provided to any such third party which has
    not been previously provided to the Parents; and
    (ii)&#160;participate in discussions or negotiations regarding,
    and take any other action to facilitate any inquiries or the
    making of any proposal that constitutes, or may reasonably be
    expected to lead to, a Competing Proposal. On the No-Shop Period
    Start Date, the Company shall advise the Parents orally and in
    writing of the number and identities of the parties making a
    bona fide written Competing Proposal that the Board of Directors
    of the Company or any committee thereof believes in good faith
    after consultation with the Company&#146;s outside legal and
    financial advisor of nationally recognized reputation, that such
    Competing Proposal constitutes or could reasonably be expected
    to lead to a Superior Proposal (any such proposal, an
    <B><I>&#147;Excluded Competing Proposal&#148;</I></B>) and
    provide to the Parents (within two (2)&#160;calendar days)
    written notice which
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    notice shall specify the material terms and conditions of any
    such Excluded Competing Proposal (including the identity of the
    party making such Excluded Competing Proposal).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Except as may relate to any person from whom the
    Company has received, after the date hereof and prior to the
    No-Shop Period Start Date, an Excluded Competing Proposal,
    commencing on the No-Shop-Period Start Date (and with respect to
    any persons from whom the Company has received, after the date
    hereof and prior to the No-Shop Period Start Date, an Excluded
    Competing Proposal commencing on January&#160;5, 2007)&#160;the
    Company shall, and the Company shall cause its subsidiaries and
    Representatives (including financial advisors) to,
    (i)&#160;immediately cease and cause to be terminated any
    solicitation, encouragement, discussion or negotiation with any
    persons conducted heretofore by the Company, its subsidiaries or
    any Representatives with respect to any actual or potential
    Competing Proposal, and (ii)&#160;with respect to parties with
    whom discussions or negotiations have been terminated on, prior
    to or subsequent to the date hereof, the Company shall use its
    reasonable best efforts to obtain the return or the destruction
    of, in accordance with the terms of the applicable
    confidentiality agreement, and confidential information
    previously furnished by the Company, its subsidiaries or its
    Representatives. From and after the No-Shop Period Start Date
    until and with respect to any Excluded Competing Proposal from
    and after January&#160;5, 2007)&#160;the earlier of the
    Effective Time or the date, if any, on which this Agreement is
    terminated pursuant to <U>Section&#160;8.01</U>, and except as
    otherwise specifically provided for in this
    <U>Section&#160;6.07</U>, the Company agrees that neither it nor
    any subsidiary shall, and that it shall use its reasonable best
    efforts to cause its and their respective Representatives not
    to, directly or indirectly: (i)&#160;initiate, solicit, or
    knowingly facilitate or encourage the submission of any
    inquiries proposals or offers with respect to a Competing
    Proposal (including by way of furnishing information);
    (ii)&#160;participate in any negotiations regarding, or furnish
    to any person any information in connection with, any Competing
    Proposal; (iii)&#160;engage in discussions with any person with
    respect to any Competing Proposal; (iv)&#160;approve or
    recommend any Competing Proposal; (v)&#160;enter into any letter
    of intent or similar document or any agreement or commitment
    providing for any Competing Proposal; or (vi)&#160;otherwise
    cooperate with, or assist or participate in, or knowingly
    facilitate or encourage any effort or attempt by any person
    (other than the Parents or their representatives) with respect
    to, or which would reasonably be expected to result in, a
    Competing Proposal; or (vii)&#160;exempt any person from the
    restrictions contained in any state takeover or similar laws or
    otherwise cause such restrictions not to apply to any person or
    to any Competing Proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Notwithstanding the limitations set forth in
    <U>Section&#160;6.07(b)</U>, from the date hereof and prior to
    the receipt of Requisite Shareholder Approval, if the Company
    receives any written Competing Proposal which the Board of
    Directors of the Company believes in good faith to be bona fide
    and did not result from a breach of <U>Section&#160;6.07(b)</U>,
    (i)&#160;which the Board of Directors of the Company determines,
    after consultation with outside counsel and financial advisors,
    constitutes a Superior Proposal; or (ii)&#160;which the Board of
    Directors of the Company determines in good faith after
    consultation with the Company&#146;s outside legal and financial
    advisors could reasonably be expected to result, after the
    taking of any of the actions referred to in either of
    clause&#160;(x)&#160;or (y)&#160;below, in a Superior Proposal,
    the Company may, subject to compliance with
    <U>Section&#160;6.07(h),</U> take the following actions:
    (x)&#160;furnish information to the third party making such
    Competing Proposal, provided the Company receives from the third
    party an executed confidentiality agreement (the terms of which
    are substantially similar to, and no less favorable to the
    Company, in the aggregate, than those contained in the
    Confidentiality Agreements) and (y)&#160;engage in discussions
    or negotiations with the third party with respect to the
    Competing Proposal; <U>provided</U>, <U>however</U>, that the
    Company shall promptly provide the Parents any non-public
    information concerning the Company or any of its subsidiaries
    that is provided to the third party making such Competing
    Proposal or its Representatives which was not previously
    provided to the Parents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Neither the Board of Directors of the Company nor any
    committee thereof shall (i)&#160;change, qualify, withdraw or
    modify in any manner adverse to the Parents or Mergerco, or
    publicly propose to change, qualify, withdraw or modify in a
    manner adverse to the Parents or Mergerco, the Company
    Recommendation or the approval or declaration of advisability by
    such Board of Directors of the Company, or any Committee
    thereof, of this Agreement and the transactions contemplated
    hereby, including the Merger or (ii)&#160;take any other action
    or make any recommendation or public statement in connection
    with a tender offer or exchange offer other than a
    recommendation against such offer or otherwise take any action
    inconsistent with the Company Recommendation (a
    <B><I>&#147;Change of Recommendation&#148;</I></B>).
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Notwithstanding anything in this Agreement to the
    contrary, if, at any time prior to obtaining the Requisite
    Shareholder Approval, the Company receives a Competing Proposal
    which the Board of Directors of the Company concludes in good
    faith, after consulting with outside counsel and financial
    advisors, constitutes a Superior Proposal, the Board of
    Directors of the Company may (x)&#160;effect a Change of
    Recommendation
    <FONT style="white-space: nowrap">and/or</FONT>
    (y)&#160;terminate this Agreement to enter into a definitive
    agreement with respect to such Superior Proposal if the Board of
    Directors of the Company determines in good faith, after
    consultation with outside counsel and its financial advisor,
    that failure to take such action could reasonably be expected to
    violate its fiduciary duties under applicable Law; provided,
    however that the Company shall not terminate this Agreement
    pursuant to the foregoing clause&#160;(y), and any purported
    termination pursuant to the foregoing clause&#160;(y)&#160;shall
    be void and of no force or effect, unless concurrently with such
    termination the Company pays the Company Termination Fee payable
    pursuant to <U>Section&#160;8.02(a)</U>; and <U>provided</U>,
    <U>further</U>, that the Board of Directors of the Company may
    not effect a Change of Recommendation pursuant to the foregoing
    clause&#160;(x)&#160;or terminate this Agreement pursuant to the
    foregoing clause&#160;(y)&#160;in response to a Superior
    Proposal unless (i)&#160;the Company shall have provided prior
    written notice to the Parents, at least five (5)&#160;business
    days in advance (the <B><I>&#147;Notice Period&#148;</I></B>),
    of its intention to effect a Change of Recommendation in
    response to such Superior Proposal or terminate this Agreement
    to enter into a definitive agreement with respect to such
    Superior Proposal, which notice shall specify the material terms
    and conditions of any such Superior Proposal (including the
    identity of the party making such Superior Proposal) and shall
    have contemporaneously provided a copy of the relevant proposed
    transaction agreements with the party making such Superior
    Proposal and other material documents and (ii)&#160;the Board of
    Directors of the Company shall have determined in good faith,
    after consultation with outside counsel, that the failure to
    make a Change of Recommendation in connection with the Superior
    Proposal could be reasonably likely to violate the
    Company&#146;s Board of Directors&#146; fiduciary duties under
    applicable Law, and (iii)&#160;the Company shall have promptly
    notified the Parents in writing of the determinations described
    in clause&#160;(ii) above, and (iv)&#160;following the
    expiration of the Notice Period, and taking into account any
    revised proposal made by the Parents since commencement of the
    Notice Period, the Board of Directors of the Company has
    determined in good faith, after consultation with outside legal
    counsel, that such Superior Proposal remains a Superior
    Proposal; <U>provided</U>, <U>however</U>, that during such
    Notice Period the Company shall in good faith negotiate with the
    Parents, to the extent the Parents wish to negotiate, to enable
    the Parents to make such proposed changes to the terms of this
    Agreement, provided, further, that in the event of any material
    change to the material terms of such Superior Proposal, the
    Board of Directors of the Company shall, in each case deliver to
    the Parents an additional notice, and the Notice Period shall
    recommence; (v)&#160;the Company is in compliance, in all
    material respects, with <U>Section&#160;6.07</U>, and
    (vi)&#160;with respect to a termination of this Agreement
    pursuant to the foregoing clause&#160;(y), the Company
    concurrently pays the Company Termination Fee pursuant to
    <U>Section&#160;8.02(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;The Company promptly (and in any event within two
    (2)&#160;calendar days) shall advise the Parents orally and in
    writing of any Competing Proposal or any inquiry, proposal or
    offer, request for information or request for discussions or
    negotiations with respect to or that would reasonably be
    expected to lead to any Competing Proposal, the identity of the
    person making any such Competing Proposal, or inquiry, proposal,
    offer or request and shall provide the Parents with a copy (if
    in writing) and summary of the material terms of any such
    Competing Proposal or such inquiry, proposal or request. The
    Company shall keep the Parents informed of the status (including
    any change to the terms thereof) of any such Competing Proposal
    or inquiry, proposal or request. The Company agrees that it
    shall not and shall cause the Company&#146;s subsidiaries not to
    enter into any confidentiality agreement or other agreement with
    any person subsequent to the date of this Agreement which
    prohibits the Company from providing such information to the
    Parents. The Company agrees that neither it nor any of its
    subsidiaries shall terminate, waive, amend or modify any
    provision or any existing standstill or confidentiality
    agreement to which it or any of its subsidiaries is a party and
    that it and its subsidiaries shall enforce the provisions of any
    such agreement, unless failure by the Board of Directors of the
    Company to take such action could reasonably be expected to
    violate its fiduciary duties under applicable Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;Nothing contained in this Agreement shall prohibit the
    Company or the Board of Directors of the Company from
    (i)&#160;disclosing to the Company&#146;s shareholders a
    position contemplated by
    <FONT style="white-space: nowrap">Rules&#160;14d-9</FONT>
    and <FONT style="white-space: nowrap">14e-2(a)</FONT>
    promulgated under the Exchange Act; or (ii)&#160;making any
    disclosure to its shareholders if the Board of Directors of the
    Company has reasonably determined in good faith, after
    consultation with outside legal counsel, that the failure to do
    so would be inconsistent with any applicable state or federal
    securities Law; provided any such disclosure
</DIV>

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    <BR>
    A-27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (other than a &#147;stop, look and listen&#148; letter or
    similar communication of the type contemplated by
    <FONT style="white-space: nowrap">Rule&#160;14d-9(f)</FONT>
    under the Exchange Act) shall be deemed to be a Change of
    Recommendation unless the Board of Directors of the Company
    publicly reaffirms at least two (2)&#160;business days after a
    request by the Parents to do so its recommendation in favor of
    the adoption of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;As used in this Agreement, <B><I>&#147;Competing
    Proposal&#148;</I></B> shall mean any proposal or offer
    (including any proposal from or to the Company&#146;s
    shareholders from any person or &#147;group&#148; (as defined in
    Section&#160;13(d) of the Exchange Act) other than the Parents,
    Mergerco and their respective subsidiaries relating to:
    (i)&#160;any direct or indirect acquisition or purchase, in any
    single transaction or series of related transactions, by any
    such person or group acting in concert, of 15% or more of the
    fair market value of the assets, issued and outstanding Company
    Common Stock or other ownership interests of the Company and its
    consolidated subsidiaries, taken as a whole, or to which 15% or
    more of the Company&#146;s and its subsidiaries net revenues or
    earnings on a consolidated basis are attributable; (ii)&#160;any
    tender offer or exchange offer (including through the filing
    with the SEC of a Schedule&#160;TO), as defined pursuant to the
    Exchange Act, that if consummated, would result in any person or
    &#147;group&#148; (as defined in Section&#160;13(d) of the
    Exchange Act) beneficially owning 15% or more of the Company
    Common Stock; or (iii)&#160;any merger, consolidation, business
    combination, recapitalization, issuance of or amendment to the
    terms of outstanding stock or other securities, liquidation,
    dissolution or other similar transaction involving the Company
    as a result of which any person or group acting in concert would
    acquire assets, securities or businesses described in
    clause&#160;(i) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;As used in this agreement, <B><I>&#147;Superior
    Proposal&#148;</I></B> shall mean any bona fide written offer or
    proposal made by a third party (including any shareholder of the
    Company) to acquire (when combined with such party&#146;s
    ownership of securities of the Company held immediately prior to
    such offer or proposal) greater than 50% of the issued and
    outstanding Company Common Stock or all or substantially all of
    the assets of the Company and its subsidiaries, taken as a
    whole, pursuant to a tender or exchange offer, a merger, a
    consolidation, a liquidation or dissolution, a recapitalization,
    an issuance of securities by the Company, a sale of all or
    substantially all the Company&#146;s assets or otherwise, on
    terms which are not subject to a financing contingency and which
    the Board of Directors of the Company determines in good faith,
    after consultation with the Company&#146;s financial and legal
    advisors and consideration of all terms and conditions of such
    offer or proposal (including the conditionality and the timing
    and likelihood of consummation of such proposal), is on terms
    that are more favorable to the holders of the Company Common
    Stock from a financial point of view than the terms set forth in
    this Agreement or the terms of any other proposal made by the
    Parents after the Parents&#146; receipt of a notification of
    such Superior Proposal, taking into account at the time of
    determination, among any other factors, any changes to the terms
    of this Agreement that as of that time had been proposed by the
    Parents in writing and the conditionality and likelihood of
    consummation of the Superior Proposal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.08&#160;&#160;<I>Directors&#146;
    and Officers&#146; Indemnification and Insurance</I>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Mergerco agrees that all rights to exculpation and
    indemnification for acts or omissions occurring at or prior to
    the Effective Time, whether asserted or claimed prior to, at or
    after the Effective Time (including any matters arising in
    connection with the transactions contemplated by this
    Agreement), now existing in favor of the current or former
    directors or officers, as the case may be, of the Company or its
    subsidiaries as provided in their respective Articles of
    Incorporation or Bylaws (or comparable organization documents)
    or in any agreement shall survive the Merger and shall continue
    in full force and effect. From and after the Effective Time,
    Mergerco and the Surviving Corporation shall (and Mergerco shall
    cause the Surviving Corporation to) indemnify, defend and hold
    harmless, and advance expenses to Indemnitees with respect to
    all acts or omissions by them in their capacities as such at any
    time prior to the Effective Time, to the fullest extent required
    by: (i)&#160;the Articles of Incorporation or Bylaws (or
    equivalent organizational documents) of the Company or any of
    its subsidiaries or affiliates as in effect on the date of this
    Agreement; and (ii)&#160;any indemnification agreements of the
    Company or its subsidiaries or other applicable contract as in
    effect on the date of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Without limiting the provisions of
    <U>Section&#160;6.08(a)</U>, during the period ending on the
    sixth
    (6<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>)
    anniversary of the Effective Time, the Surviving Corporation
    will: (i)&#160;indemnify and hold harmless each Indemnitee
    against and from any costs or expenses (including
    attorneys&#146; fees), judgments, fines, losses, claims,
    damages, liabilities and amounts paid in settlement in
    connection with any claim, action, suit, proceeding or
    investigation, whether civil,
</DIV>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    criminal, administrative or investigative, to the extent such
    claim, action, suit, proceeding or investigation arises out of
    or pertains to: (A)&#160;any action or omission or alleged
    action or omission in such Indemnitee&#146;s capacity as a
    director or officer of the Company or of any other entity if
    such service was at the request or for the benefit of the
    Company or any of its subsidiaries; or (B)&#160;the Merger, the
    Merger Agreement and any transactions contemplated hereby; and
    (ii)&#160;pay in advance of the final disposition of any such
    claim, action, suit, proceeding or investigation the expenses
    (including attorneys&#146; fees) of any Indemnitee upon receipt
    of an undertaking by or on behalf of such Indemnitee to repay
    such amount if it shall ultimately be determined that such
    Indemnitee is not entitled to be indemnified. Notwithstanding
    anything to the contrary contained in this
    <U>Section&#160;6.08(b)</U> or elsewhere in this Agreement,
    neither Mergerco nor the Surviving Corporation shall (and
    Mergerco shall cause the Surviving Corporation not to) settle or
    compromise or consent to the entry of any judgment or otherwise
    seek termination with respect to any claim, action, suit,
    proceeding or investigation for which indemnification may be
    sought under this <U>Section&#160;6.08(b)</U> unless such
    settlement, compromise, consent or termination includes an
    unconditional release of all Indemnitees from all liability
    arising out of such claim, action, suit, proceeding or
    investigation. The Surviving Corporation shall be entitled, but
    not obligated to, participate in the defense and settlement of
    any such matter; <U>provided</U>, <U>however</U>, that the
    Surviving Corporation shall not be liable for any settlement
    agreed to or effected without the Surviving Corporation&#146;s
    written consent (which consent shall not be unreasonably
    withheld or delayed) upon reasonable prior notice and an
    opportunity to participate in the discussions concerning such
    settlement; and <U>provided</U>, <U>further</U>, that the
    Surviving Corporation shall not be obligated pursuant to this
    <U>Section&#160;6.08(b)</U> to pay the fees and expenses of more
    than one counsel (selected by a plurality of the applicable
    Indemnitees of the Surviving Corporation) for all Indemnitees of
    the Surviving Corporation in any jurisdiction with respect to
    any single action except to the extent that two or more of such
    Indemnitees of the Surviving Corporation shall have an actual
    material conflict of interest in such action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;At the Company&#146;s election in consultation with the
    Parents, (i)&#160;the Company shall obtain prior to the
    Effective Time &#147;tail&#148; insurance policies with a claims
    period of at least six (6)&#160;years from the Effective Time
    with respect to directors&#146; and officers&#146; liability
    insurance in amount and scope no less favorable than the
    existing policy of the Company for claims arising from facts or
    events that occurred on or prior to the Effective Time at a cost
    that does not exceed 300% of the annual premium currently paid
    by the Company for D&#38;O Insurance (as defined below); or
    (ii)&#160;if the Company shall not have obtained such tail
    policy, the Parents will provide, or cause the Surviving
    Corporation to provide, for a period of not less than six
    (6)&#160;years after the Effective Time, the Indemnitees who are
    insured under the Company&#146;s directors&#146; and
    officers&#146; insurance and indemnification policy with an
    insurance and indemnification policy that provides coverage for
    events occurring at or prior to the Effective Time (the
    <B><I>&#147;D&#38;O Insurance&#148;</I></B>) that is no less
    favorable, taken as a whole, than the existing policy of the
    Company or, if substantially equivalent insurance coverage is
    unavailable, the best available coverage, <U>provided</U>,
    <U>however</U>, that the Parents and the Surviving Corporation
    shall not be required to pay an annual premium for the D&#38;O
    Insurance in excess of 300% of the annual premium currently paid
    by the Company for such insurance; <U>provided</U>,
    <U>further</U>, that if the annual premiums of such insurance
    coverage exceed such amount, the Parents or the Surviving
    Corporation shall be obligated to obtain a policy with the
    greatest coverage available for a cost not exceeding such amount.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Indemnitees to whom this <U>Section&#160;6.08</U>
    applies shall be third party beneficiaries of this
    <U>Section&#160;6.08.</U>&#160;&#160; The provisions of this
    <U>Section&#160;6.08</U> are intended to be for the benefit of
    each Indemnitee, his or her successors, heirs or representatives.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Notwithstanding anything contained in
    <U>Section&#160;9.01</U> or <U>Section&#160;9.06</U> hereof to
    the contrary, this <U>Section&#160;6.08</U> shall survive the
    consummation of the Merger indefinitely and shall be binding,
    jointly and severally, on all successors and assigns of
    Mergerco, the Surviving Corporation and its subsidiaries, and
    shall be enforceable by the Indemnitees and their successors,
    heirs or representatives. In the event that the Surviving
    Corporation or any of its successors or assigns consolidates
    with or merges into any other person and shall not be the
    continuing or surviving corporation or entity of such
    consolidation or merger or transfers or conveys all or a
    majority of its properties and assets to any person, then, and
    in each such case, proper provision shall be made so that the
    successors and assigns of the Surviving Corporation shall
    succeed to the obligations set forth in this
    <U>Section&#160;6.08.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.09&#160;&#160;<I>Notification
    of Certain Matters.</I>&#160;&#160;The Company shall give prompt
    notice to the Parents, and the Parents shall give prompt notice
    to the Company, of (i)&#160;any notice or other communication
    received by such party from any Governmental Authority in
    connection with the this Agreement, the Merger or the
    transactions
</DIV>

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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contemplated hereby, or from any person alleging that the
    consent of such person is or may be required in connection with
    the Merger or the transactions contemplated hereby, if the
    subject matter of such communication or the failure of such
    party to obtain such consent could be material to the Company,
    the Surviving Corporation or Mergerco; and (ii)&#160;any
    actions, suits, claims, investigations or proceedings commenced
    or, to such party&#146;s knowledge, threatened against, relating
    to or involving or otherwise affecting such party or any of its
    subsidiaries which relate to this Agreement, the Merger or the
    transactions contemplated hereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.10&#160;&#160;<I>Public
    Announcements.</I>&#160;&#160;Except with respect to any action
    taken pursuant to, and in accordance with,
    <U>Section&#160;6.07</U> or <U>Article&#160;VIII</U>, so long as
    this Agreement is in effect, the Parents and the Company shall
    consult with each other before issuing any press release or
    otherwise making any public statements with respect to this
    Agreement or the transaction contemplated hereby, and shall not
    issue any such press release or make any such public statement
    without the prior consent of the other (which consent shall not
    be unreasonably withheld or delayed), except as may be required
    by Law or any listing agreement with the NYSE to which the
    Company is a party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.11&#160;&#160;<I>Employee
    Matters.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;During the one (1)&#160;year period commencing at the
    Effective Time, the Parents shall provide or shall cause the
    Surviving Corporation to provide to employees of the Company and
    any of its subsidiaries other than those Senior Executives who
    have existing employment agreements or other employees that
    enter into new employment arrangements with the Parents or the
    Surviving Corporation in connection with the consummation of the
    Merger (<B><I>&#147;Company Employees&#148;</I></B>) the same
    base salary or wages, as applicable, and bonus and employee
    benefits that are in the aggregate, no less favorable than the
    base salary or wages, as applicable, any bonus opportunities and
    employee benefits (excluding stock purchase plans and other
    equity based plans) being provided to Company Employees
    immediately prior to the Effective Time under the Company
    Benefit Plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Without limiting <U>Section&#160;6.11(a)</U> hereof,
    during the one (1)&#160;year period commencing at the Effective
    Time, the Parents shall provide or shall cause the Surviving
    Corporation to provide to each Company Employee who experiences
    a termination of employment, severance benefits that are no less
    than the severance benefits, if any, to which such Company
    Employee would be entitled under the severance policy set forth
    on Section&#160;6.11(b) of the Company Disclosure Schedule.
    During the period specified above, severance benefits to Company
    Employees shall be determined without taking into account any
    reduction after the Effective Time in the base salary or hourly
    wage rate paid to Company Employees and used to determine
    severance benefits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;For purposes of eligibility and vesting under the
    Employee Benefit Plans of the Parents, the Company, the Company
    subsidiaries and their respective affiliates providing benefits
    to any Company Employees after the Closing (the <B><I>&#147;New
    Plans&#148;</I></B>), and for purposes of accrual of vacation
    and other paid time off and severance benefits under New Plans,
    each Company Employee shall be credited with his or her years of
    service with the Company, the Company subsidiaries and their
    respective affiliates (and any additional service with any
    predecessor employer) before the Closing, to the same extent as
    such Company Employee was entitled, before the Closing, to
    credit for such service under any similar Company Benefit Plan,
    <U>provided</U>, <U>however</U>, that no such crediting shall
    result in the duplication of benefits under any Company Benefit
    Plan. In addition, and without limiting the generality of the
    foregoing: (i)&#160;each Company Employee shall be immediately
    eligible to participate, without any waiting time, in any and
    all New Plans to the extent coverage under such New Plan
    replaces coverage under a comparable Company Benefit Plan in
    which such Company Employee participated immediately before the
    replacement; and (ii)&#160;for purposes of each New Plan
    providing medical, dental, pharmaceutical
    <FONT style="white-space: nowrap">and/or</FONT>
    vision benefits to any Company Employee, the Parents shall use
    commercially reasonable efforts to cause all pre-existing
    condition exclusions and
    <FONT style="white-space: nowrap">actively-at-work</FONT>
    requirements of such New Plan to be waived for such employee and
    his or her covered dependents to the same extent as under the
    applicable Company Benefit Plan, and the Parents shall use
    commercially reasonable efforts to cause any eligible expenses
    incurred by such employee and his or her covered dependents
    under an Company Benefit Plan during the portion of the plan
    year of the New Plan ending on the date such employee&#146;s
    participation in the corresponding New Plan begins to be taken
    into account under such New Plan for purposes of satisfying all
    deductible, coinsurance and maximum
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    requirements applicable to such employee and his or her covered
    dependents for the applicable plan year as if such amounts had
    been paid in accordance with such New Plan.
</DIV>

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    <BR>
    A-30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Following the Effective Time, the Parents shall cause
    the Surviving Corporation and its subsidiaries to honor all
    collective bargaining agreements by which the Company or any of
    its subsidiaries is bound in accordance with their terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Nothing herein expressed or implied shall
    (i)&#160;confer upon any of the Company Employees any rights or
    remedies (including, without limitation, any right to employment
    or continued employment for any specified period) of any nature
    or kind whatsoever under or by reason of the Agreement or
    (ii)&#160;subject to the provisions of
    <U>Section&#160;6.11(a)</U> above, obligate the Parents, the
    Surviving Corporation or any of their respective subsidiaries to
    maintain any particular Company Benefit Plan or grant or issue
    any equity-based awards or limit the ability of the Parents to
    amend or terminate any of such Company Benefit Plans to the
    extent permitted thereunder in accordance with their terms. None
    of the provisions of this Agreement are intended to constitute
    an amendment to any Company Benefit Plan and no Company Employee
    shall have the right to enforce or compel the enforcement of any
    provisions of this <U>Section&#160;6.11</U> or this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.12&#160;&#160;<I>Conduct
    of Business by the Parents Pending the
    Merger.</I>&#160;&#160;The Parents covenant and agree with the
    Company that between the date hereof and the Effective Time or
    the date, if any, on which this Agreement is terminated pursuant
    to <U>Section&#160;8.01</U>, the Parents, except as may be
    consented to in writing by the Company (which consent shall not
    be unreasonably withheld, delayed or conditioned):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;shall not amend or otherwise change any of the Mergerco
    Organizational Documents that would be likely to prevent or
    materially delay the consummation of the transactions
    contemplated hereby;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;shall not acquire or make any investment in any
    corporation, partnership, limited liability company, other
    business organization or any division thereof that holds, or has
    an attributable interest in, any license, authorization, permit
    or approval issued by the FCC if such acquisition or investment
    would delay, impede or prevent receipt of the FCC
    Consent;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;take any action that would be reasonably likely to
    cause a material delay in the satisfaction of the conditions
    contained in <U>Section&#160;7.01</U> or
    <U>Section&#160;7.03</U> or the consummation of the Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.13&#160;&#160;<I>Financing.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Parents shall use their reasonable best efforts to
    (i)&#160;arrange and obtain the Financing on the terms and
    conditions described in the Financing Commitments, which
    agreements shall be in effect as promptly as practicable after
    the date hereof, but in no event later than the Closing,
    (ii)&#160;negotiate and finalize definitive agreements with
    respect thereto on the terms and conditions contained in the
    Financing Commitments, (iii)&#160;satisfy on a timely basis all
    conditions applicable to the Parents or Mergerco in such
    definitive agreements that are within their control,
    (iv)&#160;consummate the Financing no later than the Closing,
    and (v)&#160;enforce their rights under the Financing
    Commitments. In the event that any portion of the Financing
    becomes unavailable in the manner or from the sources
    contemplated in the Financing Commitments, (A)&#160;the Parents
    shall promptly notify the Company, and (B)&#160;the Parents
    shall use their reasonable best efforts to obtain alternative
    financing from alternative sources, on terms, taken as whole,
    that are no more adverse to the Company, as promptly as
    practicable following the occurrence of such event but in no
    event later than the last day of the Marketing Period, including
    entering into definitive agreements with respect thereto (such
    definitive agreements entered into pursuant to this
    <U>Section&#160;6.13(a)</U> being referred to as the
    <B><I>&#147;Financing Agreements&#148;</I></B>). For the
    avoidance of doubt, in the event that (x)&#160;all or any
    portion of the Debt Financing, structured as a high yield
    financing, has not been consummated; and (y)&#160;all conditions
    set forth in <U>Article&#160;VII</U> hereof have been satisfied
    or waived (other than conditions set forth in
    <U>Section&#160;7.02(c)</U> and <U>Section&#160;7.03(d)</U>) and
    (z)&#160;the bridge facilities contemplated by the Financing
    Commitments are available on terms and conditions described in
    the Financing Commitments, then the Parents shall agree to use
    the bridge facility contemplated by the Debt Commitment Letters,
    if necessary, to replace such high yield financing no later than
    the last date of the Marketing Period. In furtherance of the
    provisions of this <U>Section&#160;6.13(a)</U>, one or more Debt
    Commitment Letters may be amended, restated, supplemented or
    otherwise modified or superseded to add one or more lenders,
    lead arrangers, bookrunners, syndication agents or similar
    entities which had not executed the Debt Commitment Letters as
    of the date hereof, to increase the amount of indebtedness or
    otherwise replace one or more facilities with one or more new
    facilities or modify one or more facilities to replace or
    otherwise modify the Debt Commitment Letters, or otherwise in
    manner not less beneficial in the aggregate to Mergerco and the
    Parents (as
</DIV>

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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    determined in the reasonable judgment of the Parents) (the
    <B><I>&#147;New Debt Financing Commitments&#148;</I></B>),
    provided that the New Debt Financing Commitments shall not
    (i)&#160;adversely amend the conditions to the Debt Financing
    set forth in the Debt Commitment Letters, in any material
    respect, (ii)&#160;reasonably be expected to delay or prevent
    the Closing; or (iii)&#160;reduce the aggregate amount of
    available Debt Financing (unless, in the case of this
    clause&#160;(iii), replaced with an amount of new equity
    financing on terms no less favorable in any material respect to
    Mergerco than the terms set forth in the Equity Commitment
    Letters or one or more new debt facilities pursuant to the new
    debt facilities pursuant to the New Debt Financing Commitments.)
    Upon and from and after each such event, the term
    <B><I>&#147;Debt Financing&#148;</I></B> as used herein shall be
    deemed to mean the Debt Financing contemplated by the Debt
    Commitment Letters that are not so superseded at the time in
    question and the New Debt Financing Commitments to the extent
    then in effect. For purposes of this Agreement,
    <B><I>&#147;Marketing Period&#148;</I></B> shall mean the first
    period of
    <FONT style="white-space: nowrap">twenty-five</FONT>
    (25)&#160;consecutive business days throughout which
    (A)&#160;the Parents shall have the Required Financial
    Information that the Company is required to provide the Parents
    pursuant to <U>Section&#160;6.13(b)</U>, and (B)&#160;the
    conditions set forth in <U>Section&#160;7.01</U> or
    <U>Section&#160;7.02</U> (other than
    <U>Section&#160;7.02(c)</U>) shall be satisfied and nothing has
    occurred and no condition exists that would cause any of the
    conditions set forth in <U>Section&#160;7.02</U> (other than
    <U>Section&#160;7.02(c)</U>) to fail to be satisfied assuming
    the Closing were to be scheduled for any time during such
    twenty-five (25)&#160;consecutive business day period;
    <U>provided</U>, <U>however</U>, that if the Marketing Period
    has not ended on or prior to August&#160;17, 2007, the Marketing
    Period shall commence no earlier than September&#160;4, 2007 or
    if the Marketing Period has not ended on or prior to
    December&#160;14, 2007, the Marketing Period shall commence no
    earlier than January&#160;7, 2008. The Parents shall
    (x)&#160;furnish complete and correct and executed copies of the
    Financing Agreements promptly upon their execution,
    (y)&#160;give the Company prompt notice of any material breach
    by any party of any of the Financing Commitments, any New Debt
    Financing Commitment or the Financing Arrangements of which the
    Parents become aware or any termination thereof, and
    (z)&#160;otherwise keep the Company reasonably informed of the
    status of the Parents&#146; efforts to arrange the Financing (or
    any replacement thereof).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company shall, and shall cause its subsidiaries,
    and their respective officers, employees, consultants and
    advisors, including legal and accounting of the Company and its
    subsidiaries at the Parents&#146; sole expense, to cooperate in
    connection with the arrangement of the Financing as may be
    reasonably requested in advance written notice to the Company
    provided by the Parents (provided that such requested
    cooperation does not unreasonably interfere with the ongoing
    operations of the Company and its subsidiaries or otherwise
    impair, in any material respect, the ability of any officer or
    executive of the Company or Outdoor Holdings to carry out their
    duties to the Company and to Outdoor Holdings, respectively).
    Such cooperation by the Company shall include, at the reasonable
    request of the Parents, (i)&#160;agreeing to enter into such
    agreements, and to execute and deliver such officer&#146;s
    certificates (which in the good faith determination of the
    person executing the same shall be accurate), including
    certificates of the chief financial officer of the Company or
    any subsidiary with respect to solvency matters and as are
    customary in financings of such type, and agreeing to pledge,
    grant security interests in, and otherwise grant liens on, the
    Company&#146;s assets pursuant to such agreements, provided that
    no obligation of the Company under any such agreement, pledge or
    grant shall be effective until the Effective Time;
    (ii)&#160;(x)&#160;preparing business projections, financial
    statements, pro forma statements and other financial data and
    pertinent information of the type required by
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    under the Securities Act and of the type and form customarily
    included in private placements resold under Rule&#160;144A of
    the Securities Act to consummate the offerings of debt
    securities contemplated by the Financing Commitments, all as may
    be reasonably requested by the Parents and (y)&#160;delivery of
    audited consolidated financial statements of the Company and its
    consolidated subsidiaries for the fiscal year ended
    December&#160;31, 2006 and December&#160;31, 2007, as
    appropriate (together with the materials in clause (x), the
    <B><I>&#147;Required Financial Information&#148;</I></B>), which
    Required Financial Information shall be Compliant;
    (iii)&#160;making the Company&#146;s Representatives available
    to assist in the Financing, including participation in a
    reasonable number of meetings, presentations (including
    management presentations), road shows, drafting sessions, due
    diligence sessions and sessions with rating agencies, including
    one or more meetings with prospective lenders, and assistance
    with the preparation of materials for rating agency
    presentations, offering documents and similar documents required
    in connection with the Financing; (iv)&#160;reasonably
    cooperating with the marketing efforts of the Debt Financing;
    (v)&#160;ensuring that any syndication efforts benefit from the
    existing lending and investment banking relationships of the
    Company and its subsidiaries (vi)&#160;using reasonable best
    efforts to obtain customary accountants&#146; comfort letters,
    consents, legal opinions, survey and title insurance as
    requested by the Parents along with such assistance and
    cooperation from such independent accountants and other
    professional
</DIV>

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    <BR>
    A-32
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    advisors as reasonably requested by the Parents;
    (vii)&#160;taking all actions reasonably necessary to permit the
    prospective lenders involved in the Debt Financing to
    (A)&#160;evaluate the Company&#146;s current assets ,cash
    management and accounting systems, policies and procedures
    relating thereto for the purpose of establishing collateral
    arrangements and (B)&#160;establish bank and other accounts and
    blocked account agreements and lock box arrangements in
    connection with the foregoing; provided that no right of any
    lender, nor obligation of the Company or any of its
    subsidiaries, thereunder shall be effective until the Effective
    Time; and (viii)&#160;otherwise reasonably cooperating in
    connection with the consummation of the Financing and the
    syndication and marketing thereof, including obtaining any
    rating agencies&#146; confirmations or approvals for the
    Financing. The Company hereby consents to the use of its and its
    subsidiaries&#146; logos in connection with the Financing.
    Notwithstanding anything in this Agreement to the contrary,
    neither the Company nor any of its subsidiaries shall be
    required to pay any commitment or other similar fee or incur any
    other liability or obligation in connection with the Financing
    (or any replacements thereof) prior to the Effective Time. The
    Parents shall, promptly upon request by the Company following
    the valid termination of this Agreement (other than in
    accordance with <U>Section&#160;8.01(i</U>), reimburse the
    Company for all reasonable and documented
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    costs incurred by the Company or any of its subsidiaries in
    connection with such cooperation. The Parents shall indemnify
    and hold harmless the Company and its subsidiaries for and
    against any and all losses suffered or incurred by them in
    connection with the arrangement of the Financing and any
    information utilized in connection therewith (other than
    information provided by the Company or its subsidiaries). As
    used in this <U>Section&#160;6.13(b)</U>,
    <B><I>&#147;Compliant&#148;</I></B> means, with respect to any
    Required Financial Information, that such Required Financial
    Information does not contain any untrue statement of a material
    fact or omit to state any material fact regarding the Company
    and it subsidiaries necessary in order to make such Required
    Financial Information not misleading and is, and remains
    throughout the Marketing Period, compliant in all material
    respects with all applicable requirements of
    <FONT style="white-space: nowrap">Regulation&#160;S-K</FONT>
    and
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    and a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    (or any applicable successor form) under the Securities Act, in
    each case assuming such Required Financial Information is
    intended to be the information to be used in connection with the
    Debt Financing contemplated by the Debt Commitment Letters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.14&#160;&#160;<I>Actions
    with Respect to Existing Debt.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;As soon as reasonably practicable after the receipt of
    any written request by the Parents to do so, the Company shall
    commence, and shall cause the issuer under the Subsidiary
    Indenture (the <B><I>&#147;Subsidiary Issuer&#148;</I></B>) to
    commence, offers to purchase with respect to all of the
    outstanding aggregate principal amount of those series of the
    debt securities issued under the applicable indenture listed on
    Section&#160;6.14 of the Mergerco Disclosure Schedule (the
    <B><I>&#147;Short-Dated Notes&#148;</I></B> ), on such terms and
    conditions, including pricing terms, that are proposed, from
    time to time, by the Parents (each a <B><I>&#147;Debt Tender
    Offer&#148;</I></B> and collectively, the <B><I>&#147;Debt
    Tender Offers&#148;</I></B> ) and the Parents shall assist the
    Company in connection therewith. As part of any Debt Tender
    Offer, the Company shall, and shall cause the Subsidiary Issuer
    to, solicit the consent of the holders of each series of the
    Short-Dated Notes to amend, eliminate or waive certain sections
    (as specified by the Parents) of the applicable Indenture. The
    Debt Tender Offer shall be made pursuant to an Offer to Purchase
    and Consent Solicitation Statement prepared by the Company in
    connection with the Debt Tender Offer in form and substance
    reasonably satisfactory to the Parents and the Company.
    Notwithstanding the foregoing, the closing of the Debt Tender
    Offers (and to make any payments for the Note&#160;Consents)
    shall be conditioned on the occurrence of the Closing, and the
    parties shall use their reasonable best efforts to cause the
    Debt Tender Offers to close on the Closing Date. The Company
    shall provide, and shall cause its subsidiaries to, and shall
    cause the Subsidiary Issuer and its subsidiaries to provide, and
    shall use its reasonable best efforts to cause their respective
    Representatives to, provide all cooperation requested by the
    Parents in connection with the Debt Tender Offers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Upon the request of the Parents pursuant to this
    <U>Section&#160;6.14</U>, the Company shall prepare, as promptly
    as practicable, the offer to purchase, together with any
    required related letters of transmittal and similar ancillary
    agreements (such documents, together with all supplements and
    amendments thereto, being referred to herein collectively as the
    <B><I>&#147;Debt Tender Offer Documents&#148;</I></B>), relating
    to the Debt Tender Offer and shall use its reasonable best
    efforts to cause to be disseminated to the record holders of the
    Short-Dated Notes, and to the extent known by the Company, the
    beneficial owners of the Short-Dated Notes, the Debt Tender
    Offer Documents; provided, however, that prior to the
    dissemination thereof, the Company shall provide copies thereof
    to the Parents not less than ten (10)&#160;business days in
    advance of any such dissemination (or such shorter period of
    time as is reasonably
</DIV>

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    <BR>
    A-33
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    practicable in light of when the Parents request that the
    Company commence the Debt Tender Offer) and shall consult with
    the Parents with respect to the Debt Tender Offer Documents and
    shall include in such Debt Tender Offer Documents all comments
    reasonably proposed by the Parents and reasonably acceptable to
    the Company. If at any time prior to the acceptance of
    Short-Dated Notes pursuant to the Debt Tender Offer any event
    should occur that is required by applicable Law to be set forth
    in an amendment of, or a supplement to, the Debt Tender Offer
    Documents, the Company shall use reasonable best efforts to
    prepare and disseminate such amendment or supplement; provided,
    however, that prior to such dissemination, the Company shall
    provide copies thereof to the Parents not less than two
    (2)&#160;business days (or such shorter period of time as is
    reasonably necessary in light of the circumstances) in advance
    of any such dissemination and shall consult with the Parents
    with respect to such amendment or supplement and shall include
    in such amendment or supplement all comments reasonably proposed
    by the Parents. The Company shall comply with the requirements
    of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    promulgated under the Exchange Act, the Trust&#160;Indenture Act
    of 1939, as amended (the <B><I>&#147;TIA&#148;</I></B>), and any
    other applicable Law in connection with the Debt Tender Offer.
    Promptly following the expiration of the consent solicitation,
    assuming the requisite consent from the holders of the
    Short-Dated Notes (including from persons holding proxies from
    such holders) have been received, the Company shall and shall
    cause the Subsidiary Issuer to, cause appropriate supplemental
    indentures (the <B><I>&#147;Supplemental
    Indentures&#148;</I></B>) to become effective providing for the
    amendments of the applicable Indenture contemplated in the Debt
    Tender Offer Documents; provided, however, that notwithstanding
    the fact that the Supplemental Indenture may become effective
    earlier, the proposed amendments set forth therein shall not
    become operative unless and until all conditions to the Debt
    Tender Offer have been satisfied or (subject to approval by the
    Parents) waived by the Company in accordance with the terms
    hereof. The form and substance of the Supplemental Indentures
    shall be reasonably satisfactory to the Parents and the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The Company shall waive any of the conditions to the
    Debt Tender Offer as may be reasonably requested by the Parents
    (other than the conditions that the Debt Tender Offer is
    conditioned on the Merger as provided in clause&#160;(i) above),
    so long as such waivers would not cause the Notes&#160;Tender
    Offer to violate the Exchange Act, the TIA, or any other
    applicable Law, and shall not, without the prior written consent
    of the Parents, waive any condition to the Debt Tender Offer or
    make any change, amendment or modification to the terms and
    conditions of the Debt Tender Offer (including any extension
    thereof) other than as agreed between the Parents and the
    Company or as required in the reasonable judgment of the Company
    to comply with applicable Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;With respect to any series of Short-Dated Notes, if
    requested by the Parents in writing, in lieu of commencing a
    Debt Tender Offer for such series (or in addition thereto), the
    Company shall, to the extent permitted by the Indenture and the
    Debt Securities (as defined in the Indenture) for such
    Short-Dated Notes, (A)&#160;issue not less than thirty
    (30)&#160;days and not more than sixty (60)&#160;days prior to
    the Effective Time a notice of optional redemption for all of
    the outstanding aggregate principal amount of Short-Dated Notes
    of such series, as applicable, pursuant to Article&#160;Eleven
    of the Company Indenture and Article&#160;3 of the Subsidiary
    Indenture and the other provisions of such Indentures applicable
    thereto or (B)&#160;take any actions reasonably requested by the
    Parents to facilitate the satisfaction
    <FONT style="white-space: nowrap">and/or</FONT>
    discharge of such series pursuant to Article&#160;Four of the
    Company Indenture and Article&#160;8 of the Subsidiary Indenture
    and the other provisions of such Indentures applicable thereto
    and shall redeem or satisfy
    <FONT style="white-space: nowrap">and/or</FONT>
    discharge, as applicable, such series in accordance with the
    terms of the Indenture at the Effective Time; provided that
    prior to the Company being required to take any of the actions
    described in clause&#160;(A)&#160;or (B)&#160;above that cannot
    be conditioned upon the occurrence of the Closing, the Parents
    shall have, or shall have caused to be, deposited with the
    trustee under the Indenture sufficient funds to effect such
    redemption or satisfaction and discharge, which funds shall be
    returned to the Parents if the Agreement is terminated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;If this Agreement is terminated pursuant to
    <U>Section&#160;8.01(e)</U> prior to the consummation of the
    Merger, the Parents shall reimburse the Company for its
    reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    fees and expenses incurred pursuant to, and in accordance with,
    this <U>Section&#160;6.14.</U> If the Effective Time does not
    occur, the Parents shall indemnify and hold harmless the
    Company, its subsidiaries and their respective officers and
    directors and each person, if any, who controls the Company
    within the meaning of Section&#160;20 of the Exchange Act from
    and against any and all damages suffered or incurred by them in
    connection with any actions taken pursuant to this
    <U>Section&#160;6.14</U>; <U>provided</U>, <U>however</U>, that
    the Parents shall not have any obligation to indemnify and hold
    harmless any such party or person to the extent any such damages
    suffered or incurred arose from disclosure regarding the Company
    that is determined to have contained a material misstatement or
    omission or due to the gross or negligent misconduct of the
    Company.
</DIV>

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    <BR>
    A-34
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.15&#160;&#160;<I>Section&#160;16(b).</I>&#160;&#160;The
    Company shall take all steps reasonably necessary to cause the
    transactions contemplated by this Agreement and any other
    dispositions of equity securities of the Company (including
    derivative securities) in connection with the transactions
    contemplated by this Agreement by each individual who is a
    director or executive officer of the Company to be exempt under
    <FONT style="white-space: nowrap">Rule&#160;16b-3</FONT>
    of the Exchange Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.16&#160;&#160;<I>Resignations.</I>&#160;&#160;The
    Company shall prepare and deliver to the Parents at or prior to
    the Closing (i)&#160;evidence reasonably satisfactory to the
    Parents, as specified by the Parents reasonably in advance of
    the Closing, the resignation of any directors of the
    Company&#146;s wholly owned subsidiaries effective at the
    Effective Time and (ii)&#160;all documents and filings,
    completed and executed by the appropriate directors of the
    Company and its wholly owned subsidiaries, that are necessary to
    record the resignations contemplated by the preceding
    clause&#160;(i).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;6.17&#160;&#160;<I>Certain
    Actions and Proceedings.</I>&#160;&#160;Except as otherwise
    provided in <U>Section&#160;6.05</U>, until this Agreement is
    terminated in accordance with <U>Section&#160;8.01</U> or
    otherwise, the Company shall consult with the Parents with
    respect to and the Parents shall be entitled to participate in,
    the defense of any action, suit or proceeding instituted against
    the Company (or any of its directors or officers) before any
    court of a Governmental Authority or threatened by any
    Governmental Authority or any third party, including a Company
    stockholder, to restrain, modify or prevent the consummation of
    the transactions contemplated by this Agreement, or to seek
    damages or a discovery order in connection with such
    transactions. The Company shall not enter into any agreement
    arrangement or understanding that limits, modifies or in any way
    contradicts the provisions of this
    <U>Section&#160;6.17.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;VII.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">CONDITIONS
    TO THE MERGER
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;7.01&#160;&#160;<I>Conditions
    to the Obligations of Each Party.</I>&#160;&#160;The respective
    obligations of the parties hereto to consummate the Merger are
    subject to the satisfaction or (waiver in writing if permissible
    under applicable Law) on or prior to the Closing Date of the
    following conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Requisite Shareholder Approval shall have been
    obtained in accordance with the Texas Acts, the rules and
    regulations of the NYSE;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;any applicable waiting period under the HSR Act and any
    applicable Foreign Antitrust Laws relating to the consummation
    of the Merger shall have expired or been terminated;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;no Governmental Authority shall have enacted, issued,
    promulgated, enforced or entered any Law or Order which is then
    in effect and has the effect of making the Merger illegal or
    otherwise prohibiting the consummation of the Merger;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the FCC Consent shall have been obtained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;7.02&#160;&#160;<I>Conditions
    to the Obligations of the Parents and
    Mergerco.</I>&#160;&#160;The obligations of the Parents and
    Mergerco to consummate the Merger are subject to the
    satisfaction (or waiver in writing if permissible under
    applicable Law) on or prior to the Closing Date by the Parents
    of the following further conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the representations and warranties of the Company
    contained in this Agreement shall be true and correct in all
    respects (without giving effect to any limitation on any
    representation and warranty indicated by a materiality
    qualification, including the words &#147;Material Adverse Effect
    on the Company,&#148; &#147;material,&#148; &#147;in all
    material respects&#148; or like words, except in the case of
    <U>Section&#160;4.08</U>) as of the date of this Agreement and
    as of the Effective Time with the same effect as though made on
    and as of the Effective Time (except for representations and
    warranties made as of an earlier date, in which case as of such
    earlier date), except where the failure of such representations
    and warranties to be so true and correct (without giving effect
    to any limitation on any representation and warranty indicated
    by a materiality qualification, including the words
    &#147;Material Adverse Effect on the Company,&#148;
    &#147;material,&#148; &#147;in all material respects&#148; or
    like words, except in the case of <U>Section&#160;4.08</U>)
    would not, individually or in the aggregate, have a Material
    Adverse Effect on the Company. In addition, the representations
    and warranties set forth in <U>Section&#160;4.03(a)</U> and
    <U>Section&#160;4.03(b)</U> shall be true and correct in all
    respects (except for such inaccuracies as are de minimis in the
    aggregate) and the representations and warranties set forth in
    <U>Section&#160;4.04(a)</U> and <U>Section&#160;4.04(b)</U>
    shall be true and correct in all
</DIV>

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    <BR>
    A-35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    material respects as of the Effective Time with the same effect
    as though made as of the Effective Time (except to the extent
    expressly made as of an earlier date in which case such
    representations and warranties will be true and correct as of
    such earlier date);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Company shall have performed or complied in all
    material respects with all agreements and covenants required by
    this Agreement to be performed or complied with by it on or
    prior to the Effective Time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the Company shall have delivered to the Parents a
    certificate, dated the Effective Time and signed by its chief
    executive officer or another senior officer on behalf of the
    Company, certifying to the effect that the conditions set forth
    in <U>Section&#160;7.02(a)</U> and <U>Section&#160;7.02(b)</U>
    have been satisfied;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;since the date of this Agreement, there shall not have
    been any Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;7.03&#160;&#160;<I>Conditions
    to the Obligations of the Company.</I>&#160;&#160;The
    obligations of the Company to consummate the Merger are subject
    to the satisfaction or waiver (or waiver in writing if
    permissible under applicable Law) by the Company of the
    following further conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;each of the representations and warranties of the
    Parents and Mergerco contained in this Agreement shall be true
    and correct in all respects (without giving effect to any
    limitation on any representation and warranty indicated by a
    materiality qualification, including the words &#147;Mergerco
    Material Adverse Effect,&#148; &#147;material,&#148; &#147;in
    all material respects&#148; or like words) as of the date of
    this Agreement and as of the Effective Time with the same effect
    as though made on and as of the Effective Time (except for
    representations and warranties made as of an earlier date, in
    which case as of such earlier date), except where the failure of
    such representations and warranties to be so true and correct
    (without giving effect to any limitation on any representation
    and warranty indicated by a materiality qualification, including
    the words &#147;Mergerco Material Adverse Effect,&#148;
    &#147;material,&#148; &#147;in all material respects&#148; or
    like words) would not, individually or in the aggregate, have a
    Mergerco Material Adverse Effect;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Parents and Mergerco shall have performed or
    complied in all material respects with all agreements and
    covenants required by this Agreement to be performed or complied
    with by them on or prior to the Effective Time;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;The Parents shall have delivered to the Company a
    solvency certificate substantially similar in form and substance
    as the solvency certificate to be delivered to the lenders
    pursuant to the Debt Commitment Letters or any agreements
    entered into in connection with the Debt Financing;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;The Parents shall have delivered to the Company a
    certificate, dated the Effective Time and signed by their
    respective chief executive officers or another senior officer on
    their behalf, certifying to the effect that the conditions set
    forth in <U>Section&#160;7.03(a)</U> and
    <U>Section&#160;7.03(b)</U> have been satisfied.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;VIII.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">TERMINATION,
    AMENDMENT AND WAIVER
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.01&#160;&#160;<I>Termination.</I>&#160;&#160;Notwithstanding
    anything contained in this Agreement to the contrary, this
    Agreement may be terminated and abandoned at any time prior to
    the Effective Time, whether before or after any approval of the
    matters presented in connection with the Merger by the
    shareholders of the Company, as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;by mutual written consent of each of the Parents and
    the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;by either the Parents or the Company, if (i)&#160;the
    Effective Time shall not have occurred on or before
    5:00&#160;p.m., New York City Time, on the date that is twelve
    (12)&#160;months from the FCC Filing Date (such date, as may be
    extended in accordance with this <U>Section&#160;8.01(b)</U>,
    being the <B><I>&#147;Termination Date&#148;</I></B>); and
    (ii)&#160;the party seeking to terminate this Agreement pursuant
    to this <U>Section&#160;8.01(b)</U> shall not have breached in
    any material respect its obligations under this Agreement in any
    manner that shall have proximately caused the failure to
    consummate the Merger on or before such date; <U>provided</U>,
    that, if, as of the Termination Date, all conditions to this
    Agreement shall have been satisfied or waived (other than those
    that are satisfied by action taken at the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-36
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Closing) other than the condition set forth in
    <U>Section&#160;7.01(b)</U> or <U>Section&#160;7.01(d)</U>, the
    Parents or the Company may, by written notice to the other
    party, extend the Termination Date to 5:00 pm, New York City
    Time, on the date that is eighteen (18)&#160;months from the FCC
    Filing Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;by either the Parents or the Company, if any
    Governmental Authority of competent jurisdiction shall have
    issued an Order or taken any other action permanently
    restraining, enjoining or otherwise prohibiting the Merger and
    the other transactions contemplated hereby, and such Order or
    other action shall have become final and non-appealable,
    provided that the party seeking to terminate this Agreement
    pursuant to this <U>Section&#160;8.01(c)</U> shall have used its
    reasonable best efforts to contest, appeal and remove such Order
    or other action; and <U>provided</U>, <U>further</U>, that the
    right to terminate this Agreement under this
    <U>Section&#160;8.01(c)</U> shall not be available to a party if
    the issuance of such final, non-appealable Order was primarily
    due to the failure of such party to perform any of its
    obligations under this Agreement, including the obligations of
    the Parents under <U>Section&#160;6.05(b)</U> of this Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;by the Parents or the Company if the Requisite
    Shareholder Approval shall not have been obtained by reason of
    the failure to obtain such Requisite Shareholder Approval at a
    duly held Shareholders&#146; Meeting or at any adjournment or
    postponement thereof; <U>provided</U>, <U>however</U>, that the
    Company shall not have the right to terminate this Agreement
    under this <U>Section&#160;8.01(d)</U> if the Company or any of
    its Representatives has failed to comply in any material respect
    with its obligations under <U>Section&#160;6.03</U>,
    <U>Section&#160;6.04</U> or <U>Section&#160;6.07</U>;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;by the Company if it is not in material breach of its
    obligations under this Agreement and if Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents shall have breached or failed to perform in any material
    respect any of their representations, warranties, covenants or
    other agreements set forth in this Agreement, which breach or
    failure to perform by Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents (1)&#160;would result in a failure of a condition set
    forth in <U>Section&#160;7.01</U>, <U>Section&#160;7.03(a)</U>
    or <U>Section&#160;7.03(b)</U>, and (2)&#160;cannot be cured on
    or before the Termination Date, provided that the Company shall
    have given the Parents written notice, delivered at least thirty
    (30)&#160;days prior to such termination, stating the
    Company&#146;s intention to terminate this Agreement pursuant to
    this <U>Section&#160;8.01(e)</U> and the basis for such
    termination and Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents shall have failed to cure such breach or failure within
    such thirty (30)&#160;day period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;by the Company if (i)&#160;all of the conditions set
    forth in <U>Section&#160;7.01</U> and <U>Section&#160;7.02</U>
    have been satisfied (other than those conditions that by their
    terms are to be satisfied at the Closing) and (ii)&#160;on or
    prior to the last day of the Marketing Period, none of Mergerco
    nor the Surviving Corporation shall have received the proceeds
    of the Financings sufficient to consummate the Merger and the
    transactions contemplated hereby;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;by the Parents if they and Mergerco are not in material
    breach of their obligations under this Agreement and if the
    Company shall have breached or failed to perform in any material
    respect any of its representations, warranties, covenants or
    other agreements set forth in this Agreement, which breach or
    failure to perform by the Company (1)&#160;would result in a
    failure of a condition set forth in <U>Section&#160;7.01</U>,
    <U>Section&#160;7.02(a)</U> or <U>Section&#160;7.02(b)</U>, and
    (2)&#160;cannot be cured on or before the Termination Date,
    provided that the Parents shall have given the Company written
    notice, delivered at least thirty (30)&#160;days prior to such
    termination, stating Parents&#146; intention to terminate this
    Agreement pursuant to this <U>Section&#160;8.01(g)</U> and the
    basis for such termination and the Company shall have failed to
    cure such breach or failure within such thirty (30)&#160;day
    period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;by the Company, prior to receipt of the Requisite
    Shareholder Approval with respect to a Superior Proposal and in
    accordance with, and subject to the terms and conditions of,
    <U>Section&#160;6.07(d)</U>; provided, however, that the Company
    shall not be entitled to terminate this Agreement pursuant to
    this <U>Section&#160;8.01(h)</U> unless concurrent with such
    termination, the Company pays the Company Termination Fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;by the Parents if the Board of Directors of the Company
    or any committee thereof shall have (i)&#160;effected a Change
    of Recommendation; (ii)&#160;unless the Board of Directors of
    the Company has previously effected a Change of Recommendation,
    prior to the receipt of the Requisite Shareholder Approval,
    failed to reconfirm the Company Recommendation within five
    (5)&#160;business days of receipt of a written request from the
    Parents; <U>provided</U>, that the Parents shall only be
    entitled to one (1)&#160;such request; or (iii)&#160;unless the
    Board of Directors of the Company has previously effected a
    Change of Recommendation, failed to include in the Proxy
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-37
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Statement distributed to the Company&#146;s shareholders its
    recommendation that the Company&#146;s shareholders approve and
    adopt this Agreement and the Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of termination of this Agreement pursuant to this
    <U>Section&#160;8.01</U>, this Agreement shall terminate and
    there shall be no other liability on the part of any party (or
    Investor as the case may be) hereto (except for the
    Confidentiality Agreements referred to in
    <U>Section&#160;6.06(b)</U>, the Limited Guarantee and the
    provisions of <U>Section&#160;8.02</U>,
    <U>Section&#160;8.05(a)</U>, <U>Section&#160;9.07</U>,
    <U>Section&#160;9.08</U> and <U>Section&#160;9.10</U>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.02&#160;&#160;<I>Termination
    Fees.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;If
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;this Agreement is terminated by the Company pursuant to
    <U>Section&#160;8.01(h)</U> or by the Parents pursuant to
    <U>Section&#160;8.01(i)</U>;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;this Agreement is terminated by the Parents or the
    Company pursuant to <U>Section&#160;8.01(d)</U> or by the
    Parents pursuant to <U>Section&#160;8.01(g)</U> (due to a
    willful and material breach by the Company); <U>provided</U>,
    <U>however</U>, that (x)&#160;prior to, in the case of
    <U>Section&#160;8.01(d)</U>, the Shareholders&#146; Meeting and,
    in the case of <U>Section&#160;8.01(g)</U>, the date of
    termination of this Agreement, a Competing Proposal has been
    publicly announced or made known to the Company and, in the case
    of termination pursuant to <U>Section&#160;8.01(d)</U>, not
    withdrawn at least two (2)&#160;business days prior to the
    Shareholders Meeting, and (y)&#160;if within twelve
    (12)&#160;months after such termination of this Agreement the
    Company or any of its subsidiaries enters into a definitive
    agreement with respect to, or consummates, any Competing
    Proposal;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    then in any such event the Company shall pay to the Parents a
    Company Termination Fee and the Company shall have no further
    liability with respect to this Agreement or the transactions
    contemplated hereby to Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents; <U>provided</U>, <U>however</U>, that if this Agreement
    is terminated by the Company or the Parents pursuant to
    <U>Section&#160;8.01(d)</U> or by the Parents pursuant to
    <U>Section&#160;8.01(g)</U> (due to a willful and material
    breach by the Company) and, in each case, no Company Termination
    Fee is then payable in respect thereof, then in each such case,
    the Company shall pay to the Parents the Expenses of Mergerco
    and the Parents, which amount shall not be greater than
    $45,000,000, and thereafter the Company shall be obligated to
    pay to the Parents the Company Termination Fee (less the amount
    of Expenses previously actually paid to the Parents pursuant to
    this sentence) in the event such Company Termination Fee becomes
    payable pursuant to this <U>Section&#160;8.02(a)</U>, such
    payment to be made, by wire transfer of immediately available
    funds to an account designated by the Parents; (A)&#160;in the
    case of termination pursuant to <U>Section&#160;8.02(a)(i),</U>
    prior to the termination of this Agreement by the Company
    pursuant to <U>Section&#160;8.01(h)</U> or promptly following
    the termination of this Agreement by the Parents pursuant to
    <U>Section&#160;8.01(i)</U> (and in any event no later than two
    (2)&#160;business days after the delivery to the Company of
    notice of demand for payment), and (B)&#160;in the case of
    termination pursuant to <U>Section&#160;8.02(a)(ii)</U>,
    promptly following the earlier of the execution of a definitive
    agreement or consummation of the transaction contemplated by any
    Competing Proposal (and in any event no later than two
    (2)&#160;business days after the delivery to the Company of
    notice of demand for payment); and in circumstances in which
    Expenses are payable, such payment shall be made to the Parents
    not later than two business days after delivery to the Company
    of an itemization setting forth in reasonable detail all
    Expenses of Mergerco and the Parents (which itemization may be
    supplemented and updated from time to time by such party until
    the 60th&#160;day after such party delivers such itemization);
    it being understood that in no event shall the Company be
    required to pay the fee referred to in this
    <U>Section&#160;8.02(a)</U> on more than one occasion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;If this Agreement is terminated pursuant to
    <U>Section&#160;8.01(b)</U>, <U>Section&#160;8.01(e)</U>, or
    <U>Section&#160;8.01(f)</U>, then
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;in the case of a termination pursuant to
    <U>Section&#160;8.01(b)</U> or <U>Section&#160;8.01(e)</U> (due
    to a willful and material breach by Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents), if at such time, the Company is not in material breach
    of its obligations hereunder and all conditions to
    Mergerco&#146;s and the Parents&#146; obligations to consummate
    the Merger shall have been satisfied, other than any of the
    conditions set forth in <U>Section&#160;7.01(b)</U> or
    Section&#160;7.01(d), then Mergerco shall pay to the Company a
    fee of $600,000,000 in cash; <U>provided</U>, <U>however</U>,
    that if at the time of such termination, (A)&#160;all conditions
    to Mergerco&#146;s and the Parents&#146; obligations to
    consummate the Merger shall have been satisfied other than the
    condition set forth in <U>Section&#160;7.01(d)</U>, and
    (B)&#160;Mergerco, the Parents
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and each Attributable Investor has complied in all material
    respects with their obligations under
    <U>Section&#160;6.05(a)</U> hereof, then Mergerco shall instead
    pay to the Company a fee of $300,000,000;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;in the case of a termination pursuant to
    <U>Section&#160;8.01(e)</U> due to a willful and material breach
    by Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents or <U>Section&#160;8.01(f)</U> where clause&#160;(i)
    above is not applicable, then Mergerco shall pay to the Company
    a fee of $500,000,000 in cash,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (such payment, as applicable, the <B><I>&#147;Mergerco
    Termination Fee&#148;</I></B>), such payment to be made within
    two (2)&#160;business days after the termination of this
    Agreement, and in either such case, neither Mergerco nor the
    Parents shall have no further liability with respect to this
    Agreement or the transactions contemplated hereby to the
    Company; it being understood that in no event shall Mergerco or
    the Parents be required to pay fees or damages payable pursuant
    to this <U>Section&#160;8.02(b)</U> on more than one occasion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Each of the Company, Mergerco and the Parents
    acknowledges that the agreements contained in this
    <U>Section&#160;8.02</U> are an integral part of the
    transactions contemplated by this Agreement, that without these
    agreements the Company, Mergerco and the Parents would not have
    entered into this Agreement, and that any amounts payable
    pursuant to this <U>Section&#160;8.02</U> do not constitute a
    penalty. If the Company fails to pay as directed in writing by
    the Parents any amounts due to the Parents pursuant to this
    <U>Section&#160;8.02</U> within the time periods specified in
    this <U>Section&#160;8.02</U> or Mergerco fails to pay the
    Company any amounts due to the Company pursuant to this
    <U>Section&#160;8.02</U> within the time periods specified in
    this <U>Section&#160;8.02</U>, the Company or Mergerco, as
    applicable, shall pay the costs and expenses (including
    reasonable legal fees and expenses) incurred by Mergerco and the
    Parents, on one hand, or the Company, on the other hand, as
    applicable, in connection with any action, including the
    lawsuit, taken to collect payment of such amounts, together with
    interest on such unpaid amounts at the prime lending rate
    prevailing during such period as published in The Wall Street
    Journal, calculated on a daily basis from the date such amounts
    were required to be paid until the date of actual payment.
    Notwithstanding anything to the contrary in this Agreement, the
    Company&#146;s right to receive payment of the Mergerco
    Termination Fee pursuant to this <U>Section&#160;8.02</U> or the
    guarantee thereof pursuant to the Limited Guarantees shall be
    the sole and exclusive remedy of the Company and its
    subsidiaries against Mergerco, the Parents, the Investors and
    any of their respective former, current, or future general or
    limited partners, stockholders, managers, members, directors,
    officers, affiliates or agents for the loss suffered as a result
    of this Agreement or the transaction contemplated hereby, and
    upon payment of such amount, none of Mergerco, the Parents, the
    Investors or any of their respective former, current, or future
    general or limited partners, stockholders, managers, members,
    directors, officers, affiliates or agents shall have any further
    liability or obligation relating to or arising out of this
    Agreement or the transactions contemplated hereby, including the
    Merger.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.03&#160;&#160;<I>Amendment.</I>&#160;&#160;This
    Agreement may be amended by mutual agreement of the parties
    hereto by action taken by or on behalf of their respective
    Boards of Directors at any time prior to the Effective Time;
    <U>provided</U>, <U>however</U>, that, after the adoption and
    approval of this Agreement and the Merger by shareholders of the
    Company, there shall not be any amendment that by Law or in
    accordance with the rules of any stock exchange requires further
    approval by the shareholders of the Company without such further
    approval of such shareholders nor any amendment or change not
    permitted under applicable Law. This Agreement may not be
    amended except by an instrument in writing signed by the parties
    hereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.04&#160;&#160;<I>Waiver.</I>&#160;&#160;At
    any time prior to the Effective Time, subject to applicable Law,
    any party hereto may (a)&#160;extend the time for the
    performance of any obligation or other act of any other party
    hereto, (b)&#160;waive any inaccuracy in the representations and
    warranties of the other party contained herein or in any
    document delivered pursuant hereto, and (c)&#160;subject to the
    proviso of <U>Section&#160;8.03</U>, waive compliance with any
    agreement or condition contained herein. Any such extension or
    waiver shall only be valid if set forth in an instrument in
    writing signed by the party or parties to be bound thereby.
    Notwithstanding the foregoing, no failure or delay by the
    Company, Mergerco and the Parents in exercising any right
    hereunder shall operate as a waiver thereof nor shall any single
    or partial exercise thereof preclude any other or further
    exercise of any other right hereunder. Any agreement on the part
    of a party hereto to any such extension or waiver shall be valid
    only if set forth in an instrument in writing signed on behalf
    of such party.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-39
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;8.05&#160;&#160;<I>Expenses;
    Transfer Taxes.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;Except as otherwise provided in
    <U>Section&#160;6.05(a)</U>, all Expenses incurred in connection
    with this Agreement and the transactions contemplated by this
    Agreement shall be paid by the party incurring such expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Notwithstanding anything to the contrary contained
    herein, the Surviving Corporation shall pay all documentary,
    sales, use, real property transfer, real property gains,
    registration, value added, transfer, stamp, recording and
    similar Taxes, fees, and costs together with any interest
    thereon, penalties, fines, costs, fees, additions to tax or
    additional amounts with respect thereto incurred in connection
    with this Agreement and the transactions contemplated hereby
    regardless of who may be liable therefor under applicable Law,
    other than transfer taxes of any shareholder in connection with
    a transfer of his, her or its shares.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">Article&#160;IX.<BR>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">GENERAL
    PROVISIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.01&#160;&#160;<I>Non-Survival
    of Representations, Warranties and
    Agreements.</I>&#160;&#160;The representations, warranties and
    agreements in this Agreement and any certificate delivered
    pursuant hereto by any person shall terminate at the Effective
    Time or upon the termination of this Agreement pursuant to
    <U>Section&#160;8.01</U>, as the case may be, except that this
    <U>Section&#160;9.01</U> shall not limit any covenant or
    agreement of the parties which by its terms contemplates
    performance after the Effective Time or after termination of
    this Agreement, including, without limitation, those contained
    in <U>Section&#160;6.08,</U> <U>Section&#160;6.11</U>,
    <U>Section&#160;8.02</U>, <U>Section&#160;8.05</U> and this
    <U>Article&#160;IX.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.02&#160;&#160;<I>Notices.</I>&#160;&#160;Any
    notice required to be given hereunder shall be sufficient if in
    writing, and sent by facsimile transmission (provided that any
    notice received by facsimile transmission or otherwise at the
    addressee&#146;s location on any business day after
    5:00&#160;p.m. (addressee&#146;s local time) shall be deemed to
    have been received at 9:00&#160;a.m. (addressee&#146;s local
    time) on the next business day), by reliable overnight delivery
    service (with proof of service), hand delivery or certified or
    registered mail (return receipt requested and first-class
    postage prepaid), addressed as follows (or at such other address
    for a party as shall be specified in a notice given in
    accordance with this <U>Section&#160;9.02</U>):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    if to the Parents or Mergerco:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bain Capital Partners, LLC
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    111 Huntington Avenue
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02199
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">617-516-2000</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">617-516-2010</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: John Connaughton
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thomas H. Lee Partners, L.P.
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    100 Federal Street
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02110
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">617-227-1050</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">617-227-3514</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: Scott Sperling
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with copies (which shall not constitute notice) to:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ropes&#160;&#38; Gray LLP
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One International Place
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Boston, MA 02110
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">617-951-7000</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">617-951-7050</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: David C. Chapin,&#160;Esq.
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: Alfred O. Rose,&#160;Esq.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-40
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    if to the Company:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel Communications, Inc.
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    200 East Basse
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    San&#160;Antonio, TX 78209
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">210-822-2828</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">210-832-3433</FONT>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Attn:
</TD>
    <TD align="left">
    Andy Levin, Executive Vice President and
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 9%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Chief Legal Officer
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with copies (which shall not constitute notice) to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Akin Gump Strauss Hauer&#160;&#38; Feld LLP
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2029 Century Park East, Suite&#160;2400
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Los Angeles, CA 90067
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Phone:
    <FONT style="white-space: nowrap">310-229-1000</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fax:
    <FONT style="white-space: nowrap">310-229-1001</FONT>
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attn: C.N. Franklin Reddick&#160;III
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.03&#160;&#160;<I>Interpretation;
    Certain Definitions.</I>&#160;&#160;When a reference is made in
    this Agreement to an Article, Section or Exhibit, such reference
    shall be to an Article or Section of, or an Exhibit to, this
    Agreement, unless otherwise indicated. The table of contents and
    headings for this Agreement are for reference purposes only and
    shall not affect in any way the meaning or interpretation of
    this Agreement. Whenever the words &#147;include&#148;,
    &#147;includes&#148; or &#147;including&#148; are used in this
    Agreement, they shall be deemed to be followed by the words
    &#147;without limitation.&#148; The words &#147;hereof,&#148;
    &#147;herein&#148; and &#147;hereunder&#148; and words of
    similar import when used in this Agreement shall refer to this
    Agreement as a whole and not to any particular provision of this
    Agreement. All terms defined in this Agreement shall have the
    defined meanings when used in any certificate or other document
    made or delivered pursuant hereto unless otherwise defined
    therein. The definitions contained in this Agreement are
    applicable to the singular as well as the plural forms of such
    terms and to the masculine as well as to the feminine and neuter
    genders of such term. Any statute defined or referred to herein
    or in any agreement or instrument that is referred to herein
    means such statute as from time to time amended, modified or
    supplemented, including (in the case of statutes) by succession
    of comparable successor statutes. References to a person are
    also to its permitted successors and assigns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.04&#160;&#160;<I>Severability.</I>&#160;&#160;If
    any term or other provision of this Agreement is invalid,
    illegal or incapable of being enforced by any rule of Law, or
    public policy, all other conditions and provisions of this
    Agreement shall nevertheless remain in full force and effect so
    long as the economic or legal substance of the Merger is not
    affected in any manner materially adverse to any party. Upon
    such determination that any term or other provision is invalid,
    illegal or incapable of being enforced, the parties hereto shall
    negotiate in good faith to modify this Agreement so as to effect
    the original intent of the parties as closely as possible in a
    mutually acceptable manner in order that the Merger be
    consummated as originally contemplated to the fullest extent
    possible.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.05&#160;&#160;<I>Assignment.</I>&#160;&#160;Neither
    this Agreement nor any rights, interests or obligations
    hereunder shall be assigned by any of the parties hereto
    (whether by operation of Law or otherwise) without the prior
    written consent of the other parties hereto; provided, that
    Mergerco may assign any of its rights and obligations to any
    direct or indirect wholly owned subsidiary of Mergerco, but no
    such assignment shall relieve Mergerco of its obligations
    hereunder. Further, the Company acknowledges and agrees that
    Mergerco may (i)&#160;elect to transfer its equity interests to
    any affiliate or direct or indirect wholly owned subsidiary of
    Mergerco, (ii)&#160;reincorporate in Texas or (iii)&#160;merge
    with or convert into a Texas corporation created solely for the
    purpose of the Merger, and any such transfer, reincorporation,
    merger or conversion shall not result in a breach of any
    representation, warranty or covenant of Mergerco
    <FONT style="white-space: nowrap">and/or</FONT> the
    Parents herein. Subject to the preceding sentence, this
    Agreement shall be binding upon, inure to the benefit of, and be
    enforceable by, the parties hereto and their respective
    successors and permitted assigns. Any purported assignment not
    permitted under this Section shall be null and void.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.06&#160;&#160;<I>Entire
    Agreement; No Third-Party Beneficiaries.</I>&#160;&#160;This
    Agreement (including the exhibits and schedules hereto), the
    Confidentiality Agreements and the Limited Guarantees constitute
    the entire agreement, and supersede all other prior agreements
    and understandings, both written and oral, between the parties,
    or any of them,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-41
</DIV><!-- END LOGICAL PAGE -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with respect to the subject matter hereof and thereof and except
    for (a)&#160;the rights of the Company&#146;s shareholders to
    receive the Merger Consideration at the Effective Time in
    accordance with, and subject to, the terms and conditions of
    this Agreement, (b)&#160;the right of the holders of Company
    Options to receive the Option Cash Payment at the Effective
    Time, in accordance with, and subject to, the terms and
    conditions of this Agreement, (c)&#160;the provisions of
    <U>Section&#160;6.08</U> hereof, and (d)&#160;the last sentence
    of <U>Sections&#160;8.02(c)</U> and (e)&#160;and
    <U>Section&#160;9.08(a)</U> is not intended to and shall not
    confer upon any person other than the parties hereto any rights
    or remedies hereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.07&#160;&#160;<I>Governing
    Law.</I>&#160;&#160;This Agreement, and all claims or causes of
    action (whether in contract or tort) that may be based upon,
    arise out or relate to this Agreement or the negotiation,
    execution or performance of this Agreement (including any claim
    or cause of action based upon, arising out of or related to any
    representation or warranty made in or in connection with this
    Agreement or as an inducement to enter into this Agreement),
    shall be governed by the internal laws of the State of New York
    (other than with respect to matters governed by the Texas Acts
    with respect to which the Texas Acts shall apply and the DGCL
    with respect to matters with respect to which the DGCL shall
    apply), without giving effect to any choice or conflict of laws
    provision or rule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.08&#160;&#160;<I>Consent
    to Jurisdiction; Enforcement.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;(i)&#160;The Company agrees that to the extent it has
    incurred losses or damages in connection with this Agreement,
    (i)&#160;the maximum aggregate liability of Mergerco for such
    losses or damages shall be limited to those amounts specified in
    <U>Section&#160;8.02(b)</U>, (ii)&#160;the maximum aggregate
    liability of each Parent for such losses or damages shall be
    zero, (iii)&#160;the maximum liability of each Guarantor,
    directly or indirectly, shall be limited to the express
    obligations of such Guarantor under its Limited Guarantee, and
    (iv)&#160;in no event shall the Company seek to recover any
    money damages in excess of such amount from Mergerco, the
    Parents, or the Guarantors or their respective Representatives
    and affiliates in connection therewith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;The Company agrees that irreparable damage to Mergerco
    and the Parents would occur in the event that any of the
    provisions of this Agreement were not performed in accordance
    with their specific terms or were otherwise breached. It is
    accordingly agreed that Mergerco and the Parents shall be
    entitled to an injunction or injunctions to prevent breaches of
    this Agreement and to enforce specifically the terms and
    provisions of this Agreement exclusively in a state or federal
    court located in the United States or any state having
    jurisdiction, such remedy being in addition to any other remedy
    to which Mergerco or either Parent is entitled at law or in
    equity. The parties acknowledge that the Company shall not be
    entitled to an injunction or injunctions to prevent breaches of
    this Agreement by Mergerco or either Parent or to enforce
    specifically the terms and provisions of this Agreement and that
    the Company&#146;s sole and exclusive remedy with respect to any
    such breach shall be the remedy set forth in
    <U>Section&#160;8.02(b)</U>, as applicable, and under the
    Limited Guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;In addition, each of Mergerco, each Parent and the
    Company hereby irrevocably submits to the exclusive jurisdiction
    of the United States District Court for the Western District of
    Texas and, if the United States District Court for the Western
    District of Texas does not accept such jurisdiction, the courts
    of the State of Texas, for the purpose of any action or
    proceeding arising out of or relating to this Agreement and each
    of the parties hereto hereby irrevocably agrees that all claims
    in respect to such action or proceeding may be heard and
    determined exclusively in any Texas state or federal court. Each
    of Mergerco, each Parent and the Company agrees that a final
    judgment in any action or proceeding shall be conclusive and may
    be enforced in other jurisdictions by suit on the judgment or in
    any other manner provided by Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Each of Mergerco, each Parent and the Company
    irrevocably consents to the service of the summons and complaint
    and any other process in any other action or proceeding relating
    to the transactions contemplated by this Agreement, on behalf of
    itself or its property, by personal delivery of copies of such
    process to such party. Nothing in this <U>Section&#160;9.08</U>
    shall affect the right of any party to serve legal process in
    any other manner permitted by Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.09&#160;&#160;<I>Counterparts.</I>&#160;&#160;This
    Agreement may be executed and delivered (including by facsimile
    transmission) in two (2)&#160;or more counterparts, and by the
    different parties hereto in separate counterparts, each of which
    when executed and delivered shall be deemed to be an original
    but all of which taken together shall constitute one and the
    same agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Section</FONT>&#160;9.10&#160;&#160;<I>Waiver
    of Jury Trial.</I>&#160;&#160;EACH PARTY HERETO ACKNOWLEDGES AND
    AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT
    IS LIKELY TO INVOLVE
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-42
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY
    HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
    PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION,
    PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
    OTHERWISE) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
    THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS
    AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT
    (I)&#160;NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
    HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
    WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
    FOREGOING WAIVER, (II)&#160;EACH PARTY UNDERSTANDS AND HAS
    CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III)&#160;EACH
    PARTY MAKES THIS WAIVER VOLUNTARILY AND (IV)&#160;EACH PARTY HAS
    BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
    THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
    <U>SECTION&#160;9.10.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>[Remainder of This Page&#160;Intentionally Left Blank]</I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-43
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IN WITNESS WHEREOF</B>, Mergerco, the Parents and the Company
    have caused this Agreement to be executed as of the date first
    written above by their respective officers thereunto duly
    authorized.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MERGERCO: <BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BT TRIPLE CROWN MERGER CO., INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD colspan="2">By:&#160;/s/ Scott Sperling</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott Sperling<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARENTS: <BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>B TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD colspan="2">By:&#160;John Connaughton</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;John Connaughton<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Managing Director<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    T TRIPLE CROWN FINCO, LLC
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD colspan="2">By:&#160;/s/ Scott Sperling</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Scott Sperling<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Co-President<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>COMPANY: <BR>
    CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD colspan="2">By:&#160;/s/ Mark P. Mays</TD>
</TR>
</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;Mark P. Mays<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Title:&#160;Chief Executive Officer<!-- callerid=128 iwidth=211 length=0 -->
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Signature Page to</I>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Agreement and Plan of Merger</I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-44
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;A</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used in the Agreement, the following terms shall have the
    following meanings:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Accountant&#148;</I> shall have the meaning set forth
    in <U>Section&#160;3.09(c).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Additional Consideration Date&#148;</I> shall mean
    January&#160;1, 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Additional Per Share Consideration&#148;</I> shall
    mean, if the Effective Time shall occur after the Additional
    Consideration Date, an amount, rounded to the nearest penny,
    equal to the lesser of (A)&#160;the pro rata portion, based upon
    the number of days elapsed since the Additional Consideration
    Date, of $37.60 multiplied by 8%&#160;per annum, per share or
    (B)&#160;an amount equal to (i)&#160;Operating Cash Flow for the
    period from and including the Additional Consideration Date
    through and including the last day of the last month preceding
    the Closing Date for which financial statements are available at
    least ten (10)&#160;calendar days prior to the Closing Date (the
    <I>&#147;Adjustment Period&#148;</I>) minus dividends paid or
    declared with respect to the period from and after the end of
    the Adjustment Period through and including the Closing Date and
    amounts committed or paid to purchase equity interests in the
    Company or derivatives thereof with respect to such period (but
    only to the extent that such dividends or amounts are not
    deducted from Operating Cash Flow for any prior period) divided
    by (ii)&#160;the sum of the number of outstanding shares of
    Company Common Stock (including outstanding Restricted Shares)
    plus the number of shares of Company Common Stock issuable
    pursuant to Convertible Securities outstanding at the Closing
    Date with exercise prices less than the Merger Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Adjustment Period&#148;</I> shall have the meaning set
    forth in the definition of Additional Per Share Consideration.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;affiliate&#148;</I> of a specified person, shall mean a
    person who, directly or indirectly, through one or more
    intermediaries controls, is controlled by, or is under common
    control with, such specified person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Aggregate Merger Consideration&#148;</I> shall have the
    meaning set forth in <U>Section&#160;3.02(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Agreement&#148;</I> shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Articles of Merger&#148;</I> shall have the meaning set
    forth in <U>Section&#160;2.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Attributable Interest&#148;</I> shall have the meaning
    set forth in <U>Section&#160;6.05(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Attributable Investor&#148;</I> shall have the meaning
    set forth in <U>Section&#160;6.05(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Blue Sky Laws&#148;</I> shall mean state securities or
    &#147;blue sky&#148; laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Book-Entry Shares&#148;</I> shall have the meaning set
    forth in <U>Section&#160;3.01(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;business day&#148;</I> shall mean any day on which the
    principal offices of the SEC in Washington,&#160;D.C. or the
    Secretary of State are open to accept filings, or, in the case
    of determining a date when any payment is due, any day on which
    banks are not required or authorized to close in the City of New
    York.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Certificate of Merger&#148;</I> shall have the meaning
    set forth in <U>Section&#160;2.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Certificates&#148;</I> shall have the meaning set forth
    in <U>Section&#160;3.01(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Change of Recommendation&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.07(d).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Class&#160;A Preferred Stock&#148;</I> shall have the
    meaning set forth in <U>Section&#160;4.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Class&#160;B Preferred Stock&#148;</I> shall have the
    meaning set forth in <U>Section&#160;4.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Closing&#148;</I> shall have the meaning set forth in
    <U>Section&#160;2.02.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Closing Date&#148;</I> shall have the meaning set forth
    in <U>Section&#160;2.02.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Code&#148;</I> shall mean the Internal Revenue Code of
    1986, as amended.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-45
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Communications Act&#148;</I> shall mean the
    Communications Act of 1934, as amended, and the rules,
    regulations and published policies and orders of the FCC
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company&#148;</I> shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Accountant Expense&#148;</I> shall have the
    meaning set forth in <U>Section&#160;3.09(d).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Benefit Plan&#148;</I> shall mean (i)&#160;each
    &#147;employee pension benefit plan&#148; (as defined in
    Section&#160;3(2) of ERISA), whether or not subject to ERISA,
    each &#147;employee welfare benefit plan&#148; (as defined in
    Section&#160;3(1) of ERISA), whether or not subject to ERISA,
    (ii)&#160;each other plan, arrangement or policy (written or
    oral) relating to equity and equity-based awards, stock
    purchases, deferred compensation, bonus or other incentive
    compensation, severance, retention, salary continuation,
    educational assistance, material fringe benefits, leave of
    absence, vacation, change in control benefit, disability
    pension, welfare benefit, life insurance, or other material
    employee benefits, and (iii)&#160;each severance, consulting,
    change in control, employment, individual compensation or
    similar arrangement, in each case as to which the Company or its
    subsidiaries has any obligation or liability, contingent or
    otherwise, other than any (A)&#160;Multiemployer Plan;
    (B)&#160;governmental plan or any plan, arrangement or policy
    mandated by applicable Law and not otherwise insured, covered or
    set forth in any insurance contract, trust, escrow or other
    funding agreement; or (C)&#160;any employment contract
    applicable to employees performing services in jurisdictions
    outside of the United States that provides for severance only in
    accordance with applicable Laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Common Stock&#148;</I> shall have the meaning
    set forth in <U>Section&#160;3.01(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Disclosure Schedule&#148;</I> shall have the
    meaning set forth in <U>Article&#160;IV.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Employees&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.11(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company ESPP&#148;</I> shall have the meaning set forth
    in <U>Section&#160;3.03(d).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company FCC Licenses&#148;</I> shall mean all main
    radio and television stations licenses, permits, authorizations,
    and approvals issued by the FCC to the Company and its
    subsidiaries for the operation of the Company Stations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Indenture&#148;</I> shall mean the Senior
    Indenture, dated as of October&#160;1, 1997, as amended,
    modified and supplemented by supplemental indentures from time
    to time through and including the Twenty-First Supplemental
    Indenture dated as of October&#160;1, 1997, between Clear
    Channel Communications, Inc. and The Bank of New York Trust
    Company, N.A., as trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Material Contract&#148;</I> shall have the
    meaning set forth in <U>Section&#160;4.13(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Option&#148;</I> shall mean each outstanding
    option to purchase shares of Company Common Stock under any of
    the Company Option Plans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Option Plans&#148;</I> shall mean (i)&#160;the
    Company&#146;s 1994 Incentive Stock Option Plan, 1994
    Nonqualified Stock Option Plan, 1998 Stock Incentive Plan and
    2001 Stock Incentive Plan and Sharesave Scheme and (ii)&#160;The
    Ackerly Group, Inc. Fifth Amended and Restated Employees Stock
    Option Plan, The 1998&#160;AMFM Inc. Stock Option Plan, The
    1999&#160;AMFM Inc. Stock Option Plan, Capstar Broadcasting
    Corporation 1998 Stock Option Plan, Jacor Communication, Inc.
    1997 Long-Term Incentive Stock Plan, The Marquee Group, Inc.
    1996 Stock Option Plan, SFX Entertainment, Inc. 1998 Stock
    Option and Restricted Stock Plan, and SFX Entertainment, Inc.
    1999 Stock Option and Restricted Stock Plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Permits&#148;</I> shall have the meaning set
    forth in <U>Section&#160;4.06(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Recommendation&#148;</I> shall have the meaning
    set forth in <U>Section&#160;6.04.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company SEC Documents&#148;</I> shall have the meaning
    set forth in <U>Article&#160;IV.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Stations&#148;</I> shall mean all of the radio
    broadcast and television stations currently owned and operated
    by the Company and its subsidiaries, including full power
    television and radio broadcast stations and low power television
    stations, television translator stations, FM broadcast
    translator stations and FM broadcast booster stations.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-46
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Company Termination Fee&#148;</I> means $500,000,000,
    except (i)&#160;in the event that this Agreement is terminated
    by the Company prior to January&#160;5, 2007 pursuant to
    <U>Section&#160;8.01(h)</U> or (ii)&#160;in the event that this
    Agreement is terminated by the Parents prior to January&#160;5,
    2007 pursuant to <U>Section&#160;8.01(i)</U>, and, in each case,
    such right of termination is based on the submission of an
    Excluded Competing Proposal, the Company Termination Fee shall
    be $300,000,000
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Competing Proposal&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.07(h).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Compliant&#148;</I> shall have the meaning set forth in
    <U>Section&#160;6.13(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Confidentiality Agreements&#148;</I> shall mean
    (i)&#160;the confidentiality agreement, dated as of
    October&#160;20, 2006, by and between Thomas H. Lee Partners,
    L.P. and the Company, as amended, and (ii)&#160;the
    confidentiality agreement, dated as of October&#160;25, 2006, by
    and between Bain Capital Partners, LLC and the Company, as
    amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;control&#148;</I> (including the terms &#147;controlled
    by&#148; and &#147;under common control with&#148;) means the
    possession, directly or indirectly, or as trustee or executor,
    of the power to direct or cause the direction of the management
    and policies of a person, whether through the ownership of
    voting securities, as trustee or executor, by contract or credit
    arrangement or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Convertible Securities&#148;</I> shall mean any
    subscriptions, options, warrants, debt securities or other
    securities convertible into or exchangeable or exercisable for
    any shares of Equity Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;D&#38;O Insurance&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.08(c).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Commitment Letters&#148;</I> shall have the
    meaning set forth in <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Financing&#148;</I> shall have the meaning set
    forth in <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Securities&#148;</I> shall mean the
    &#147;Securities&#148; as defined in each of the Indentures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Tender Offer&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.14(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Debt Tender Offer Documents&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.14(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;DGCL&#148;</I> shall have the meaning set forth in the
    Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Dissenting Shares&#148;</I> shall have the meaning set
    forth in <U>Section&#160;3.05.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Divestiture&#148;</I> shall have the meaning set forth
    in <U>Section&#160;6.05(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Divestiture Notice&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.05(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Effect&#148;</I> shall have the meaning set forth in
    the definition of Material Adverse Effect on the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Effective Time&#148;</I> shall have the meaning set
    forth in <U>Section&#160;2.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Employee Benefit Plan&#148;</I> shall mean
    &#147;employee benefit plans&#148; as defined in
    Section&#160;3(3) of ERISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Commitment Letters&#148;</I> shall have the
    meaning set forth in <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Financing&#148;</I> shall have the meaning set
    forth in <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Securities&#148;</I> shall mean any shares of
    capital stock of, or other equity interests or voting securities
    in, the Company or any of its subsidiaries, as applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;ERISA&#148;</I> shall mean the Employee Retirement
    Income Security Act of 1974, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Estimated Additional Per Share Consideration&#148;</I>
    shall have the meaning set forth in
    <U>Section&#160;3.09(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Estimated Additional Per Share Consideration Resolution
    Period&#148;</I> shall have the meaning set forth in
    <U>Section&#160;3.09(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Exchange Act&#148;</I> shall mean the Securities
    Exchange Act of 1934, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Exchange Fund&#148;</I> shall have the meaning set
    forth in <U>Section&#160;3.02(a).</U>&#160;&#160;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-47
</DIV><!-- END LOGICAL PAGE -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Excluded Competing Proposal&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Expenses&#148;</I> shall mean all reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses (including all fees and expenses of counsel,
    accountants, investment bankers, financing sources, experts and
    consultants to a party hereto and its affiliates and equity
    holders) incurred by a party or on its behalf in connection with
    or related to the authorization, preparation, negotiation,
    execution and performance of this Agreement, the preparation,
    printing, filing and mailing of the Proxy Statement, the
    solicitation of shareholder and shareholder approvals, the
    filing of any required notices under the HSR Act or other
    similar regulations, any filings with the SEC or the FCC and all
    other matters related to the closing of the Merger and the other
    transactions contemplated by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC&#148;</I> shall mean the Federal Communications
    Commission or any successor entity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Applications&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.05(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Consent&#148;</I> shall mean any action by the FCC
    (including action duly taken by the FCC&#146;s staff pursuant to
    delegated authority) granting its consent to the transfer of
    control or assignment to Mergerco or the Parents (or an
    affiliate of Mergerco or the Parents) of those authorizations,
    licenses, permits, and other approvals, issued by the FCC, and
    used in the operation of the Company Stations, pursuant to
    appropriate applications filed by the parties with the FCC, as
    contemplated by this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Filing Date&#148;</I> shall mean the last date upon
    which all FCC Applications are filed with the FCC, but in no
    event later than the 30th&#160;business day from the date hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FCC Media Ownership Rules&#148;</I> shall mean the
    FCC&#146;s media ownership rules set forth at 47&#160;C.F.R.
    Section&#160;73.3555, and the notes thereto, as in effect on the
    date of this Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing&#148;</I> shall have the meaning set forth in
    <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing Agreements&#148;</I> shall have the meaning
    set forth in <U>Section&#160;6.13(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Financing Commitments&#148;</I> shall have the meaning
    set forth in <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Foreign Antitrust Laws&#148;</I> shall mean any
    <FONT style="white-space: nowrap">non-U.S.&#160;Laws</FONT>
    intended to prohibit, restrict or regulate actions or
    transactions having the purpose or effect of monopolization,
    restraint of trade, harm to competition or effectuating foreign
    investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;FTC&#148;</I> shall mean the Federal Trade Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;GAAP&#148;</I> shall mean the United States generally
    accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Governmental Authority&#148;</I> shall mean any United
    States (federal, state or local) or foreign government, or
    governmental, regulatory, judicial or administrative authority,
    agency, commission or court.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;HSR Act&#148;</I> shall mean the
    <FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT>
    Antitrust&#160;Improvements Act of 1976, as amended, and the
    rules and regulations thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Indemnitee&#148;</I> shall mean any individual who, on
    or prior to the Effective Time, was an officer or director of
    the Company or served on behalf of the Company as an officer or
    director of any of the Company&#146;s subsidiaries or any of
    their predecessors in all of their capacities (including as
    shareholder, controlling or otherwise) and the heirs, executors,
    trustees, fiduciaries and administrators of such officer or
    director.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Indenture&#148;</I> shall mean each of, as the context
    may require, the Company Indenture and the Subsidiary Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Investors&#148;</I> shall have the meaning set forth in
    <U>Section&#160;5.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;IRS&#148;</I> shall mean the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;knowledge&#148;</I> shall mean the actual knowledge of
    the officers and employees of the Company and the Parents set
    forth on Section&#160;A of the Company Disclosure Schedule and
    Section&#160;A of the Mergerco Disclosure Schedule,
    respectively, without benefit of an independent investigation of
    any matter.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-48
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Law&#148;</I> shall mean any and all domestic (federal,
    state or local) or foreign laws, rules, regulations, orders,
    judgments or decrees promulgated by any Governmental Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Lien&#148;</I> shall mean liens, claims, mortgages,
    encumbrances, pledges, security interests, equities or charges
    of any kind.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Limited Guarantee&#148;</I> shall have the meaning set
    forth in the Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;LMA&#148;</I> shall mean any local marketing agreement,
    time brokerage agreement, joint sales agreement, shared services
    agreement or other similar contract in which the Company or any
    subsidiary has an Attributable Interest in respect of providing
    programming, advertising or other services to any radio or
    television broadcast station.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Marketing Period&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.13(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Master Agreement&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.01(q).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Adverse Effect on the Company&#148;</I> shall
    mean any event, state of facts, circumstance, development,
    change, effect or occurrence (an
    <B><I>&#147;Effect&#148;</I></B>) that has had or would
    reasonably be expected to have a material adverse effect on the
    business condition (financial or otherwise, operations or
    results of operations of the Company and its subsidiaries, taken
    as a whole, other than (i)&#160;any Effect resulting from
    (A)&#160;changes in general economic or political conditions or
    the securities, credit or financial markets in general, in each
    case, generally affecting the general television or radio
    broadcasting, music, internet, outdoor advertising or event
    industries, (B)&#160;general changes or developments in the
    general television or radio broadcasting, music, internet or
    event industries, including general changes in law or regulation
    across such industries, (C)&#160;the announcement of the merger
    agreement or the pendency or consummation of the merger,
    (D)&#160;the identity of Mergerco, the Investors or any of their
    affiliates as the acquiror of the Company, (E)&#160;compliance
    with the terms of, or the taking of any action required by, the
    merger agreement or consented to by the Parents, (F)&#160;any
    acts of terrorism or war (other than any of the foregoing that
    causes any damage or destruction to or renders unusable any
    facility or property of the Company or any of its subsidiaries),
    (G)&#160;changes in GAAP or the interpretation thereof, or
    (H)&#160;any weather related event, except, in the case of the
    foregoing clauses&#160;(A)&#160;and (B), to the extent such
    changes or developments referred to therein would reasonably be
    expected to have a materially disproportionate impact on the
    Company and its subsidiaries, taken as a whole, relative to
    other for profit participants in the industries and in the
    geographic markets in which the Company conducts its businesses
    after taking into account the size of the Company relative to
    such other for profit participants; or (ii)&#160;any failure to
    meet internal or published projections, forecasts or revenue or
    earning predictions for any period (provided that the underlying
    causes of such failure shall be considered in determining
    whether there is a Material Adverse Effect on the Company).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Subsidiaries&#148;</I> shall have the meaning
    set forth in <U>Section&#160;4.01.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Merger&#148;</I> shall have the meaning set forth in
    the Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Merger Consideration&#148;</I> shall have the meaning
    set forth in <U>Section&#160;3.01(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco&#148;</I> shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Common Stock&#148;</I> shall have the meaning
    set forth in <U>Section&#160;3.01(c).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Disclosure Schedule&#148;</I> shall have the
    meaning set forth in <U>Article&#160;V.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Equity Interests&#148;</I> shall have the
    meaning set forth in <U>Section&#160;5.09.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Material Adverse Effect&#148;</I> shall mean
    any event, state of facts, circumstance, development, change,
    effect or occurrence that is materially adverse to the business,
    financial condition or results of operations of Mergerco and
    Mergerco&#146;s subsidiaries taken as a whole or may reasonably
    be expected to prevent or materially delay or materially impair
    the ability of Mergerco or any of its subsidiaries to consummate
    the Merger and the other transactions contemplated by this
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Organizational Documents&#148;</I> shall have
    the meaning set forth in <U>Section&#160;5.02.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Shares&#148;</I> shall have the meaning set
    forth in <U>Section&#160;5.09.</U>&#160;&#160;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-49
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Mergerco Termination Fee&#148;</I> shall have the
    meaning set forth in <U>Section&#160;8.02(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Multiemployer Plan&#148;</I> shall mean any
    &#147;multiemployer plans&#148; within the meaning of
    Section&#160;3(37) of ERISA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Debt Financing Commitments&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.13(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;New Plans&#148;</I> shall have the meaning set forth in
    <U>Section&#160;6.11(c).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;No-Shop Period Start Date&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.07(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Notice Period&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.07(e).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;NYSE&#148;</I> shall mean the New York Stock Exchange.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Operating Cash Flow&#148;</I> shall mean, for any
    period, an amount determined on a consolidated basis for the
    Company and its subsidiaries as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;an amount determined in accordance with GAAP (as in
    effect on the date hereof), consistently applied, equal to the
    sum of net income, excluding therefrom any amount described in
    one or more of the following clauses&#160;(but only to the
    extent included in net income):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the aggregate after-tax amount, if positive, of any net
    extraordinary, nonrecurring or unusual gains,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any items of gain or loss from Permitted Divestitures,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any items of gain or loss from the change in value or
    disposition of investments, including with respect to marketable
    securities and forward exchange contracts,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any non-cash income, gain or credits included in the
    calculation of net income,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;any net income or loss attributable to non-wholly owned
    subsidiaries or investments, except to the extent the Company
    has received a cash dividend or distribution or an intercompany
    cash payment with respect thereto during such period,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;any net income attributable to foreign subsidiaries,
    except to the extent the Company has received a cash dividend or
    distribution or an intercompany cash payment with respect
    thereto during such period,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the cumulative effect of a change in accounting
    principle, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;to the extent net income has been reduced thereby and
    without duplication, amortization of deferred financing fees
    included in interest expense, depreciation and amortization
    (including amortization of film contracts) and other non-cash
    charges that in the case of items described in this
    clause&#160;(B)&#160;are (i)&#160;not attributable to
    subsidiaries whose net income is subject to clause&#160;(A)(v)
    or (A)(vi) above and (ii)&#160;not in the nature of provisions
    for future cash payments, minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;the amount of cash taxes paid or accrued with respect
    to such period (including provision for taxes payable in future
    periods) to the extent exceeding the amount of tax expense
    deducted in determining net income, minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (D)&#160;dividends paid or declared with respect to such period
    and amounts committed or paid to purchase equity interests in
    the Company or derivatives thereof with respect to such period,
    minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (E)&#160;capital expenditures made in cash or accrued with
    respect to such period, minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (F)&#160;with respect to any income realized outside of the
    United States, any amount of taxes that would be required to be
    paid in order to repatriate such income to the United States,
    minus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (G)&#160;cash payments made or scheduled to be made with respect
    to film contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Option Cash Payment&#148;</I> shall have the meaning
    set forth in <U>Section&#160;3.03(a).</U>&#160;&#160;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-50
</DIV><!-- END LOGICAL PAGE -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Order&#148;</I> shall mean any decree, order, judgment,
    injunction, temporary restraining order or other order in any
    suit or proceeding by or with any Governmental Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Outdoor Holdings&#148;</I> shall mean Clear Channel
    Outdoor Holdings, Inc., a Delaware corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Outdoor SEC Documents&#148;</I> shall mean all
    documents filed with the SEC by Outdoor Holdings between
    November&#160;2, 2005 and the date hereof (together with all
    forms, documents, schedules, certifications, prospectuses,
    reports, and registration, proxy and other statements, required
    to be filed or furnished by it with or to the SEC between
    November&#160;2, 2005 and the date hereof including any such
    documents filed during such periods on a voluntary basis on
    <FONT style="white-space: nowrap">Form&#160;8-K)</FONT>
    in each case including all exhibits and schedules thereto and
    documents incorporated by reference therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Parents&#148;</I> shall have the meaning set forth in
    the Preamble.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Paying Agent&#148;</I> shall have the meaning set forth
    in <U>Section&#160;3.02(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Lien&#148;</I> shall mean (i)&#160;any Lien
    for Taxes not yet due or being contested in good faith by
    appropriate proceedings and for which adequate accruals or
    reserves have been established on the financial statements in
    accordance with GAAP; (ii)&#160;Liens securing indebtedness or
    liabilities that are reflected in the Company SEC Documents;
    (iii)&#160;such non-monetary Liens or other imperfections of
    title, if any, that, do not have, individually or in the
    aggregate, a Material Adverse Effect on the Company, including,
    without limitation, (A)&#160;easements or claims of easements
    whether shown or not shown by the public records, boundary line
    disputes, overlaps, encroachments and any matters not of record
    which would be disclosed by an accurate survey or a personal
    inspection of the property, (B)&#160;rights of parties in
    possession, (C)&#160;any supplemental Taxes or assessments not
    shown by the public records and (D)&#160;title to any portion of
    the premises lying within the right of way or boundary of any
    public road or private road; (iv)&#160;Liens imposed or
    promulgated by Laws with respect to real property and
    improvements, including zoning regulations, (v)&#160;Liens
    disclosed on existing title reports or existing surveys (in
    either case copies of which title reports and surveys have been
    delivered or made available to the Parents); and
    (vi)&#160;mechanics&#146;, carriers&#146;, workmen&#146;s,
    repairmen&#146;s and similar Liens, incurred in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Divestitures&#148;</I> shall have the meaning
    set forth on Section&#160;6.01(i) of the Company Disclosure
    Schedule.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;person&#148;</I> shall mean an individual, a
    corporation, limited liability company, a partnership, an
    association, a trust or any other entity or organization,
    including, without limitation, a Governmental Authority.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Proxy Statement&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Renewal Application&#148;</I> shall have the meaning
    set forth in <U>Section&#160;6.05(d).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Renewal Station&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.05(d).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Representatives&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.06(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Required Financial Information&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.13(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Requisite Shareholder Approval&#148;</I> shall mean the
    affirmative vote of the holders of two-thirds of the outstanding
    Shares of Company Common Stock to approve this Agreement and the
    transactions contemplated thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Share&#148;</I> shall have the meaning set
    forth in <U>Section&#160;3.03(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Rollover Share&#148;</I> shall mean each Equity
    Security or Convertible Security owned by an employee of the
    Company that is expressly designated as a Rollover Share in an
    agreement of such employee and the Parents to be entered into
    between the date hereof and the Closing Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC&#148;</I> shall mean the Securities and Exchange
    Commission.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC Filings&#148;</I> shall have the meaning set forth
    in <U>Section&#160;4.12.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Secretary of State&#148;</I> shall have the meaning set
    forth in <U>Section&#160;2.03(a).</U>&#160;&#160;
</DIV>

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    <BR>
    A-51
</DIV><!-- END LOGICAL PAGE -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Securities Act&#148;</I> shall mean the Securities Act
    of 1933, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Senior Executives&#148;</I> shall mean the &#147;named
    executive officers&#148; identified in the Company&#146;s Proxy
    Statement filed with the SEC on March&#160;14, 2006
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Shareholders&#146; Meeting&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.04.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Short-Dated Notes&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.14(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;subsidiary&#148;</I> of any person, shall mean any
    corporation, limited liability company, partnership,
    association, trust, joint venture or other legal entity (other
    than any dormant or inactive corporation, limited liability
    company, partnership, association, trust, joint venture or other
    legal entity) the accounts of which would be consolidated with
    those of such party in such party&#146;s consolidated financial
    statements if such financial statements were prepared in
    accordance with GAAP, as well as any other corporation, limited
    liability company, partnership, association, trust, joint
    venture or other legal entity of which securities or other
    ownership interests representing more than 50% of the equity or
    more than 50% of the ordinary voting power (or, in the case of a
    partnership, more than 50% of the general partnership interests)
    are, as of such date, owned by such party or one or more
    subsidiaries of such party or by such party and one or more
    subsidiaries of such party; <U>provided</U>, <U>however</U>,
    that the following rules of interpretation shall be applied with
    respect to the use of the term &#147;subsidiary&#148; or
    &#147;subsidiaries,&#148; as they are applied to Outdoor
    Holdings and any other subsidiary of the Company which is not
    wholly owned: (i)&#160;when used in the representations and
    warranties of the Company contained in this Agreement, with
    respect to Outdoor Holdings and any other subsidiary of the
    Company that is not wholly owned, the representation or warranty
    shall be made solely to the Company&#146;s knowledge and
    (ii)&#160;whenever this Agreement obligates any subsidiary to
    take or not to take, or requires that the Company cause any
    subsidiary to take, or not to take, any action, such covenant
    shall be satisfied with respect to Outdoor Holdings and any
    other subsidiary of the Company that is not wholly owned, upon
    the Company&#146;s request of such subsidiary to (i)&#160;take,
    or not to take, as the case may be, such action, and
    (ii)&#160;with respect to Outdoor Holdings, if such action is
    contemplated by the Master Agreement, upon the Company&#146;s
    exercise of its rights under the Master Agreement with respect
    to such action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Indenture&#148;</I> shall mean the
    Indenture, dated as of November&#160;17, 1998, as amended,
    modified and supplemented by that certain First Supplemental
    Indenture dated as of August&#160;23, 1999, that certain Second
    Supplemental Indenture dated as of November&#160;19, 1999 and
    that certain Third Supplemental Indenture dated as of
    January&#160;18, 2000, among AMFM Operating Inc., each
    subsidiary guarantor party thereto and The Bank of New York, as
    trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Issuer&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.14(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Surviving Corporation&#148;</I> shall have the meaning
    set forth in <U>Section&#160;2.01.</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Surviving Corporation Common Stock&#148;</I> shall have
    the meaning set forth in <U>Section&#160;3.01(c).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Superior Proposal&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.07(i).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Supplemental Indentures&#148;</I> shall have the
    meaning set forth in <U>Section&#160;6.14(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Tax&#148;</I> or <I>&#147;Taxes&#148;</I> shall mean
    any and all taxes, fees, levies, duties, tariffs, imposts, and
    other similar charges (together with any and all interest,
    penalties and additions to tax) imposed by any governmental or
    taxing authority including, without limitation: taxes or other
    charges on or with respect to income, franchises, windfall or
    other profits, gross receipts, property, sales, use, capital
    stock, payroll, employment, social security, workers&#146;
    compensation, unemployment compensation, or net worth; taxes or
    other charges in the nature of excise, withholding, ad valorem,
    stamp, transfer, value added, or gains taxes; license,
    registration and documentation fees; and customs&#146; duties,
    tariffs, and similar charges; and liability for the payment of
    any of the foregoing as a result of (w)&#160;being a transferee
    or successor, (x)&#160;being a member of an affiliated,
    consolidated, combined or unitary group, (y)&#160;being party to
    any tax sharing agreement and (z)&#160;any express or implied
    obligation to indemnify any other person with respect to the
    payment of any of the foregoing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Tax Returns&#148;</I> shall mean returns, reports,
    claims for refund, declarations of estimated Taxes and
    information statements, including any schedule or attachment
    thereto or any amendment thereof, with respect to Taxes required
</DIV>

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    <BR>
    A-52
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    to be filed with the IRS or any other governmental or taxing
    authority, domestic or foreign, including consolidated, combined
    and unitary tax returns.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;TBCA&#148;</I> shall have the meaning set forth in the
    Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;TBOC&#148;</I> shall have the meaning set forth in the
    Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;TIA&#148;</I> shall have the meaning set forth in
    <U>Section&#160;6.14(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Termination Date&#148;</I> shall have the meaning set
    forth in <U>Section&#160;8.01(b).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Texas Acts&#148;</I> shall have the meaning set forth
    in the Recitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Tolling Agreement&#148;</I> shall have the meaning set
    forth in <U>Section&#160;6.05(d).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Total Option Cash Payments&#148;</I> shall have the
    meaning set forth in <U>Section&#160;3.03(a).</U>&#160;&#160;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;WARN Act&#148; </I>shall mean the Worker Adjustment and
    Restraining Notification (WARN) Act of 1988.
</DIV>

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    <BR>
    A-53
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX B
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT NO. 1<BR>
TO<BR>
AGREEMENT AND PLAN OF MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;1 (the &#147;<B><I>Amendment</I></B>&#148;), dated as of April&nbsp;18, 2007, to the Agreement and Plan
of Merger, dated as of November&nbsp;16, 2006, by and among BT Triple Crown Merger Co., Inc., a Delaware
corporation (&#147;<B><I>Mergerco</I></B>&#148;), B Triple Crown Finco, LLC, a Delaware limited liability company, T Triple
Crown Finco, LLC, a Delaware limited liability company (together with B Triple Crown Finco, LLC,
the &#147;<B><I>Parents</I></B>&#148;), and Clear Channel Communications, Inc., a Texas corporation (the &#147;<B><I>Company</I></B>&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Section&nbsp;8.03 of the Agreement permits the parties, by action by or on behalf of their
respective board of directors, to amend the Agreement by an instrument in writing signed on behalf
of each of parties; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the parties hereto desire to amend the Agreement as provided herein.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STATEMENT OF AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, in consideration of the foregoing and the mutual representations, warranties
and covenants and subject to the conditions herein contained and intending to be legally bound
hereby, the parties hereto hereby agree as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1<BR>
DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.01. </B>Definitions; References. Unless otherwise specifically defined herein, each
capitalized term used but not defined herein shall have the meaning assigned to such term in the
Agreement. Each reference to &#147;hereof,&#148; &#147;hereunder,&#148; &#147;hereby,&#148; and &#147;this Agreement&#148; shall, from and
after the date of this Amendment, refer to the Agreement, as amended by this Amendment. Each
reference herein to &#147;the date of this Amendment&#148; shall refer to the date set forth above and each
reference to the &#147;date of this Agreement&#148; or similar references shall refer to November&nbsp;16, 2006.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2<BR>
AMENDMENT TO AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.01. Amendment to Section&nbsp;3.01(b) of the Agreement. </B>Section&nbsp;3.01(b) of the Agreement is
amended by deleting &#147;$37.60&#148; and replacing such amount with &#147;$39.00.&#148; All references in the
Agreement to the &#147;Merger Consideration&#148; shall refer to &#147;$39.00 plus the Additional Per Share
Consideration, if any, in cash, without interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.02. Additional Representations and Warranties of the Company. </B>The Company hereby
represents and warrants to Mergerco and the Parents as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B>Authority Relative to Amendment. </B>The Company has all
necessary corporate power and
authority to execute and deliver this Amendment, to perform its obligations hereunder. The
execution and delivery of this Amendment by the Company have been duly and validly authorized by
all necessary corporate action, and no other corporate proceedings on the part of the Company are
necessary to authorize the execution and delivery of this Amendment. This Amendment has been duly
and validly executed and delivered by the Company
and, assuming the due authorization, execution and delivery by Mergerco and the Parents, this
Amendment constitutes a legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reorganization, moratorium and other similar Laws of general
applicability relating to or affecting creditors&#146; rights, and to general equitable principles).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B>Additional Representations</B>. Each of the
representations and warranties contained in
Sections&nbsp;4.04(b)(ii) and (iii)&nbsp;is true and accurate as if made anew as of the date of this
Amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B>Opinion of Financial Advisors. </B>The Board of Directors
of the Company has received an
oral opinion of Goldman Sachs &#038; Co. to the effect that, after giving effect to this Amendment, as
of the date of such opinion and based upon and subject to the limitations, qualifications and
assumptions set forth therein, the Merger Consideration as provided in <U>Section&nbsp;3.01(b)</U> of
the Agreement payable to each holder of outstanding shares of Company Common Stock (other than
shares cancelled pursuant to<U> Section&nbsp;3.01(b)</U> of the Agreement, shares held by affiliates of
the Company, Dissenting Shares and the Rollover Shares), in the aggregate, is fair to the holders
of the Company Common Stock from a financial point of view. The Company shall deliver an executed
copy of the written opinion received from Goldman Sachs &#038; Co. to the Parents promptly upon receipt
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.03. Additional Representations and Warranties of Parents and Mergerco. </B>The Parents
and Mergerco hereby jointly and severally represent and warrant to the Company as follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B>Authority Relative to Amendment.</B> The Parents and Mergerco have all
necessary power
and authority to execute and deliver this Amendment, to perform their respective obligations
hereunder. The execution and delivery of this Amendment by the Parents and Mergerco have been
duly and validly authorized by all necessary limited liability company action on the part of the
Parents and all corporate action of Mergerco, and no other corporate proceedings on the part of
the Parents or Mergerco are necessary to authorize the execution and delivery of this Amendment.
This Amendment has been duly and validly executed and delivered by the Parents and Mergerco
and, assuming the due authorization, execution and delivery by the Company, this Amendment
constitutes a legal, valid and binding obligation of the Parents and Mergerco, enforceable
against the Parents and Mergerco in accordance with its terms (except as such enforceability may
be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other
similar laws of general applicability relating to or affecting creditor&#146;s rights, and to general
equitable principles).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.04. Amendment to Section&nbsp;5.07 of the Agreement. </B>Section&nbsp;5.07 (a)&nbsp;is amended and
restated in its entirety to read as follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(a) Parents have provided to the Company true, complete and correct copies, as
of the date of this Amendment, of the executed commitment letters from the parties
identified in a separate letter (the &#147;<B><I>Amendment Disclosure Letter</I></B>&#148;) delivered to the
Company, which commitment letters are dated as of the date of this Amendment (as the
same may be amended, modified, supplemented, restated, superseded and replaced in
accordance with Section&nbsp;6.13(a), collectively, the <B>&#147;</B><B><I>Debt Commitment Letters&#148;</I></B>),
pursuant to which, and subject to the terms and conditions thereof, the lender
parties thereto have committed to lend the amounts set forth therein for the purpose
of funding the transactions contemplated by this Agreement (the <B>&#147;</B><B><I>Debt Financing&#148;</I></B><I>).</I>
Parents have provided to the Company true, complete and correct copies, as of the
date of this Amendment, of executed commitment letters (collectively, the &#147;<B><I>Equity
Commitment Letters</I></B>&#148; and together with the Debt Commitment Letters, the &#147;<B><I>Financing
Commitments</I></B>&#148;) pursuant to which the investors listed in the Amendment Disclosure
Letter (the &#147;<B><I>Investors</I></B>&#148;) have committed to invest the cash amounts set forth therein
subject to the terms therein (the &#147;<B><I>Equity Financing</I></B>&#148; and together with the Debt
Financing, the &#147;<B><I>Financing</I></B>&#148;).&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the representations and warranties contained in Section&nbsp;5.07(b) is true and accurate as if
made anew as of the date of this Amendment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.05. Amendment to Section&nbsp;6.01 of the Agreement. </B>Section&nbsp;6.01(f) (iv) (z)&nbsp;is amended
by deleting the words, &#147;date hereof&#148; and replacing them with the words, &#147;date of the Amendment.&#148;
</DIV>



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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.06. Amendment to Section&nbsp;6.03 of the Agreement. </B>The following paragraph shall be
added to the Agreement as Section&nbsp;6.03(e):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(e) Within five (5)&nbsp;business days following the date of this Amendment the
Company shall prepare and shall cause to be filed with the SEC a proxy supplement in
accordance with the provisions of <U>Section&nbsp;6.03(a)</U> relating to the meeting of
the Company&#146;s shareholders to be held to consider the adoption and approval of this
Agreement and the Merger. The Company shall include the text of this Agreement and
the recommendation of the Board of Directors of the Company that the Company&#146;s
shareholders approve and adopt this Agreement. If required, the Company shall use
its reasonable best efforts to have the Proxy Statement cleared by the SEC, if
required after the date of this Amendment, as soon as reasonably practicable after
it is filed with the SEC. If the SEC requires the Company to re-mail the Proxy
Statement to the holders of Company Common Stock as of the record date established
for the Shareholders&#146; Meeting, then within five (5)&nbsp;days after the Proxy supplement
prepared in accordance with <U>Section&nbsp;6.03(b)</U> has been cleared by the SEC, the
Company shall mail the Proxy Statement to the holders of Company Common Stock as of
the record date established for the Shareholders&#146; Meeting.<U> </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.07. Amendments to Section&nbsp;6.04 of the Agreement. </B>Subject to any actions taken by
the SEC, as contemplated by Section&nbsp;2.05 above, the Shareholders Meeting referred to in Section
6.04 of the Agreement shall be postponed, convened and held on May&nbsp;8, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.08. Amendment to Section&nbsp;8.02 of the Agreement.</B>&nbsp;Section&nbsp;8.02(c) of the Agreement
shall be renumbered as Section&nbsp;8.02(d) and all cross references to such Section shall be renumbered
accordingly. The following paragraph shall be added to the Agreement as Section&nbsp;8.02(c):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(c) If this Agreement is terminated pursuant to <U>Section&nbsp;8.01(c)</U>,
<U>Section&nbsp;8.01(d)</U> or <U>Section&nbsp;8.01(g)</U> and within twelve (12)&nbsp;months
after such termination of this Agreement (i)&nbsp;the Company or any of its subsidiaries
consummates, (ii)&nbsp;the Company or any of its subsidiaries enters into a definitive
agreement with respect to, or (iii)&nbsp;one or more Contacted Parties or a Qualified
Group commences a tender offer with respect to, and, in the case of each of clause
(ii)&nbsp;and (iii)&nbsp;above, subsequently consummates (whether during or after such twelve
(12)&nbsp;month period), any Contacted Party Proposal then the Company shall pay to the
Parents a fee of $200,000,000 in cash; <U>provided</U>, <U>however</U>, if this
Agreement is terminated pursuant to <U>Section&nbsp;8.01(d)</U> or <U>Section
8.01(g)</U>, no such fee shall be payable under this Section&nbsp;8.02(c) if a Company
Termination Fee is payable pursuant to <U>Section&nbsp;8.02(a)</U> hereof. In the event
the fee provided for in this <U>Section&nbsp;8.02(c)</U> is required to be paid, such
payment will be made by wire transfer of immediately available funds to an account
designated by Parents promptly following the closing of the transactions
contemplated by such Contacted Party Proposal. For purposes of clarification, the
fee payable pursuant to this <U>Section&nbsp;8.02(c)</U> is in addition to any
reimbursement of expenses provided for in
<FONT style="white-space: nowrap"><U>Section&nbsp;8.02(a)</U> </font>above.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.09.
Amendment to Appendix&nbsp;A.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The definition of &#147;<B><I>Additional Per Share Merger
Consideration</I></B>&#148; is amended by deleting
&#147;$37.60&#148; and replacing such amount with &#147;$39.00.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The following definition of &#147;<B><I>Contacted
Parties</I></B>&#148; is added to Appendix&nbsp;A immediately
following the definition of &#147;<B><I>Confidentiality Agreement</I></B>&#148;:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Contacted Parties</I></B>&#148; shall mean and include (i)&nbsp;each Person that is referred to
in the Proxy Statement as having been contacted during the auction process or that
were contacted in accordance with Section&nbsp;6.07(a) of the Agreement during the period
commencing on November&nbsp;16, 2006 and ending on December&nbsp;7, 2006 and (ii)&nbsp;any
Affiliate of the parties referred to in clause (i). Within two business days of the
date of this Amendment, the Company will provide to Parents a true and accurate list
of the Contacted Parties referred to in clause (i).&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The following definition of &#147;<B><I>Contacted Parties
Proposal</I></B>&#148; is added to Appendix&nbsp;A
immediately following the definition of &#147;<B><I>Contacted Parties</I></B>&#148;:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Contacted Parties Proposal</I></B>&#148; shall mean: (i)&nbsp;any transaction in which one or
more of the Contacted Parties, either acting alone or as a &#147;group&#148; (as defined in
Section 13(d) of the Exchange Act) acting in concert, which &#147;group&#148; does not include
any of the Parents, Mergerco or their respective Affiliates (a &#147;Qualified Group&#148;),
directly or indirectly acquires or purchases, in any single transaction or series of
related transactions, more than 50% of the fair market value of the assets, issued
and outstanding Company Common Stock or other ownership interests of the Company and
its consolidated subsidiaries, taken as a whole, or to which 50% or more of the
Company&#146;s and its subsidiaries net revenues or earnings on a consolidated basis are
attributable (ii)&nbsp;any tender offer or exchange offer (including through the filing
with the SEC of a Schedule&nbsp;TO), as defined pursuant to the Exchange Act, that if
consumated would result in one or more of the Contacted Parties or a Qualified Group
acting in concert acquiring assets, securities or businesses in the minimum
percentage described in clause (i)&nbsp;above or (iii)&nbsp;any merger, consolidation,
business combination, recapitalization, issuance of or amendment to the terms of
outstanding stock or other securities, liquidation, dissolution or other similar
transaction involving the Company as a result of which any Contacted Party or
Qualified Group acting in concert would acquire assets, securities or businesses in
the minimum percentage described in clause (i)&nbsp;above. For clarification purposes, a
spin-off, recapitalization, stock repurchase program or other transaction effected
by the Company or any of its subsidiaries will not constitute a Contacted Parties
Proposal unless, as a result of such transaction, a Contacted Party or Qualified
Group acting in concert acquires the assets, securities or business described in
clause (i)&nbsp;above.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.01. No Further Amendment. </B>Except as expressly amended hereby, the Agreement is in all
respects ratified and confirmed and all of the terms and conditions and provisions thereof shall
remain in full force and effect. This Amendment is limited precisely as written and shall not be
deemed to be an amendment to any other term or condition of the Agreement or any of the documents
referred to therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.02. Effect of Amendment. </B>This Amendment shall form a part of the Agreement for all
purposes, and each party thereto and hereto shall be bound hereby. From and after the execution of
this Amendment by the parties hereto, any reference to &#147;this Agreement&#148;, &#147;hereof&#148;, &#147;herein&#148;,
&#147;hereunder&#148; and words or expressions of similar import shall be deemed a reference to the Agreement
as amended hereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.03. Governing Law. </B>This Amendment, and all claims or cause of action (whether in
contract or tort) that may be based upon, arise out of or relate to this Amendment shall be
governed by the internal laws of the State of New York, without giving effect to any choice or
conflict of laws provision or rule.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.04. Counterparts. </B>This Amendment may be executed and delivered (including by facsimile
transmission) in two (2)&nbsp;or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed and delivered shall be deemed to be an original but all
of which taken together shall constitute one and same agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of This Page Intentionally Left Blank&#093;
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>IN WITNESS WHEREOF</B>, Mergerco, the Parents, and the Company have caused this Amendment to be
executed as of the date first written above by their respective officers thereunto duly authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MERGERCO:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BT TRIPLE CROWN MERGER CO., INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PARENTS:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>B TRIPLE CROWN FINCO, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Connaughton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Connaughton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>T TRIPLE CROWN FINCO, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>COMPANY:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CLEAR CHANNEL COMMUNICATIONS, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark P. Mays</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark P. Mays</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX C
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDMENT NO. 2<BR>
TO<BR>
AGREEMENT AND PLAN OF MERGER</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No.&nbsp;2 (the <B>&#147;</B><B><I>Second Amendment</I></B><B>&#148;</B>), dated as of May&nbsp;17, 2007, to the Agreement and
Plan of Merger, dated as of November&nbsp;16, 2006, as amended on April&nbsp;18, 2007 (as amended, the
<B>&#147;</B><B><I>Agreement</I></B><B>&#148;</B>), by and among BT Triple Crown Merger Co., Inc., a Delaware corporation (<B>&#147;</B><B><I>Mergerco</I></B><B>&#148;</B>), B
Triple Crown Finco, LLC, a Delaware limited liability company, T Triple Crown Finco, LLC, a
Delaware limited liability company (together with B Triple Crown Finco, LLC, the <B>&#147;</B><B><I>Parents</I></B><B>&#148;</B>), BT
Triple Crown Capital Holdings III, Inc. a Delaware corporation (<B>&#147;</B><B><I>New Holdco</I></B><B>&#148;</B>) and Clear Channel
Communications, Inc., a Texas corporation (the <B>&#147;</B><B><I>Company</I></B><B>&#148;</B>).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, <U>Section&nbsp;8.03</U> of the Agreement permits the parties, by action by or on behalf
of their respective board of directors, to amend the Agreement by an instrument in writing signed
on behalf of each of parties; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, in furtherance of the recapitalization of the Company by Mergerco, the parties have
agreed to certain revised terms and conditions, including a provision which allows each holder of a
Public Share (as defined below) to elect to receive cash or stock (subject to certain restrictions
set forth below) as consideration for the Merger;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS, </B>the Affiliated Holders (as defined below) have entered into agreements with the
Parents pursuant to which they have agreed to elect the Cash Consideration (as defined below),
except in the case of Rollover Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the parties hereto desire to amend the Agreement as provided herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>STATEMENT OF AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, in consideration of the foregoing and the mutual representations, warranties
and covenants and subject to the conditions herein contained and intending to be legally bound
hereby, the parties hereto hereby agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I.<BR>
DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 1.01. Definitions; References. </B>Unless otherwise specifically defined herein, each
capitalized term used but not defined herein shall have the meaning assigned to such term in the
Agreement. Each reference to &#147;hereof,&#148; &#147;hereunder,&#148; &#147;hereby,&#148; and &#147;this Agreement&#148; shall, from and
after the date of this Second Amendment, refer to the Agreement, as amended by this Second
Amendment. Each reference herein to &#147;the date of this Second
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amendment&#148; shall refer to the date set forth above, each reference to the &#147;the date of the
First Amendment&#148; shall mean April&nbsp;18, 2007, and each reference to the &#147;date of this Agreement&#148; or
similar references shall refer to November&nbsp;16, 2006.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.<BR>
AMENDMENT TO AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.01. Addition of a New Party</B>. New Holdco shall be added as a party to the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.02. Amendment to Third Whereas Clause. </B>The third whereas clause shall be amended by
adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Parents&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.03. Amendment to Section&nbsp;2.02. </B><U>Section&nbsp;2.02</U> shall be amended by replacing
the phrase &#147;neither the Parents nor Mergerco&#148; with &#147;none of the Parents, New Holdco or Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.04. Amendment to Article&nbsp;III of the Agreement. </B>Article&nbsp;III of the Agreement shall
be deleted and replaced in its entirety with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Section&nbsp;3.01 Effect on Securities. </B>At the Effective Time, by virtue of the Merger and
without any action on the part of the Company, Mergerco or the holders of any securities of the
Company:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Cancellation of Company Securities</U>. Each share of the Company&#146;s common stock, par
value $0.10 per share (the &#147;<B><I>Company Common Stock</I></B>&#148;), held by the Company as treasury stock or held
by Mergerco or New Holdco immediately prior to the Effective Time shall automatically be cancelled,
retired and shall cease to exist, and no consideration or payment shall be delivered in exchange
therefor or in respect thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Conversion of Company Securities</U>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise provided in this Agreement, each Public Share issued and
outstanding
immediately prior to the Effective Time shall, subject to <U>Section&nbsp;3.01(c)</U> and <U>Section
3.01(g)</U>, be cancelled and converted into the right to receive either (A)&nbsp;an amount equal to
$39.20 in cash without interest, plus the Additional Per Share Consideration, if any (the <B>&#147;</B><B><I>Cash
Consideration</I></B><B>&#148;</B>) or (B)&nbsp;one validly issued, fully paid and non assessable share of the New Holdco
Common Stock valued at $39.20 per share based on the cash purchase price to be paid by investors
that buy New Holdco Common Stock for cash in connection with the Closing, plus the Additional Per
Share Consideration, if any, payable in cash (the <B>&#147;</B><B><I>Stock Consideration</I></B><B>&#148;</B>). The Cash Consideration
or Stock Consideration, as applicable shall be referred to herein as the <B>&#147;</B><B><I>Merger Consideration</I></B><B>&#148;</B>,
which when used herein shall be deemed to include cash in lieu of the fractional shares of New
Holdco Common Stock pursuant to <U>Section&nbsp;3.01(j)</U>; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pursuant to separate agreements entered into between the Parents and each
Affiliated
Holder as of the date hereof, each of the Affiliated Holders has agreed, as part of the Merger, to
convert each Public Share held by it, or issuable upon exercise of
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Company Options and each Restricted Share held by it, immediately prior to the Effective Time
(other than Rollover Shares) into the Cash Consideration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Election Procedures</U>. (i)&nbsp;Each Person who is a record holder of
Public Share(s) on
the Election Form&nbsp;Record Date (as defined below) (including each Person other than an Affiliated
Holder who is a record owner of Restricted Shares) and each Person who has made an Irrevocable
Option Election (as defined below) shall be entitled to make an election (the <B>&#147;</B><B><I>Elections</I></B><B>&#148;</B>), with
respect to each Public Share held by it as of such time, to receive the Cash Consideration (a <B>&#147;</B><B><I>Cash
Election</I></B><B>&#148;</B>) or with respect to each Public Share or Net Electing Option Share held by it as of such
time, to receive the Stock Consideration (a <B>&#147;</B><B><I>Stock Election</I></B><B>&#148;</B>) (each Public Share or Net Electing
Option Share for which a valid Stock Election has been made is hereinafter referred to as a <B>&#147;</B><B><I>Stock
Election Share</I></B><B>&#148;</B>). All such Elections shall be made on a form (a <B>&#147;</B><B><I>Form of Election</I></B><B>&#148;</B>) in compliance
with the terms of this <U>Section&nbsp;3.01(c)</U> and <U>Section&nbsp;3.01(d)</U>. Each holder of record
and, if not otherwise a holder of record, each holder of Net Electing Option Shares, shall submit
only one Form of Election except that holders of record of Public Share(s) who hold such Public
Share(s) as nominees, trustees or in other representative capacities (each, a <B>&#147;</B><B><I>Shares
Representative</I></B><B>&#148;</B>) may submit a separate Form of Election on or before the Election Deadline with
respect to each beneficial owner for whom such Shares Representative holds Public Share(s);
<U>provided</U> <U>that</U> such Shares Representative certifies that such Form of Election
covers all of the Public Share(s) held by such Shares Representative for such beneficial owner
whose Public Share(s) are covered by such Form of Election. For purposes hereof, a holder of
Public Shares or Net Electing Option Shares who does not make a valid Election prior to the
Election Deadline, including but not limited to any failure to return the Form of Election to the
Paying Agent prior to the Election Deadline, any revocation of a Form of Election, or any failure
to properly complete the Form of Election, each in accordance with the procedures set forth in this
<U>Section&nbsp;3.01</U> shall be deemed (i)&nbsp;to have elected to receive the Cash Consideration for each
such Public Share and (ii)&nbsp;not to have made a Stock Election with respect to each such Net Electing
Option Share (such that the Company Option(s) related to each such Net Electing Option Share will
be treated in accordance with <U>Section&nbsp;3.03(a)(i)</U>). New Holdco may, in its sole discretion
reject all or any part of a Stock Election made by (i)&nbsp;a Non-U.S. Person if New Holdco determines
that such rejection would be reasonable in light of the requirements of Article&nbsp;VIII, Section&nbsp;6 of
the Company&#146;s by-laws or Article&nbsp;X of New Holdco&#146;s certificate of incorporation, or that such
rejection is otherwise advisable to facilitate compliance with FCC restrictions on foreign
ownership, or (ii)&nbsp;made in contravention of an agreement entered
into pursuant to <U>Section 3.01(b)(ii)</U>. In the event that a Stock Election or portion of a Stock
Election is rejected pursuant to the preceding sentence, then such a Stock Election or portion of a
Stock Election shall be deemed of no force and effect and the record holder making such Stock
Election shall for purposes hereof be (i)&nbsp;deemed to have made a Cash Election for each Public Share
that is subject to such a rejected Stock Election or portion of a Stock Election and (ii)&nbsp;shall be
deemed not to have made a Stock Election for each Net Electing Option Share that is subject to such
a rejected Stock Election (such that the Company Option(s) related to each such share will be
treated in accordance with <U>Section&nbsp;3.03(a)(i)</U>).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Each Person (other than an Affiliated Holder) who is a holder of a Company Option on the
Election Form&nbsp;Record Date shall be entitled to submit a Form of Election specifying the number of
Company Options held by such holder, if any, that such Person irrevocably commits to exercise
(subject to any requirements with respect to method of exercise imposed by the Company in order to
facilitate the implementation of this <U>Section&nbsp;3.01</U> and <U>Section&nbsp;3.03</U>) immediately
prior to the Effective Time (an <B><I>&#147;Irrevocable Option Election&#148;</I></B>). All such Irrevocable Option
Elections shall be made on a Form of Election. Any such holder who fails properly to submit a Form
of Election with respect to Company Options on or before the Election Deadline in accordance with
the procedures set forth in this <U>Section&nbsp;3.01(c)</U> shall be deemed to have failed to make an
Irrevocable Option Election and all of such holder&#146;s Company Stock Options that are not covered by
a valid Irrevocable Option Election shall be treated in accordance with <U>Section&nbsp;3.03(a)(i)</U>.
The aggregate number of shares of Company Common Stock subject to an Irrevocable Option Election
made pursuant to this <U>Section&nbsp;3.01(c)(ii)</U> is referred to as the <B><I>&#147;Gross Electing Option
Shares&#148;</I></B>, and the &#147;<B><I>Net Electing Option Shares&#148; </I></B>shall mean the aggregate number of shares of Company
Common Stock that would be issued in the event the Company Options covering the Gross Electing
Option Shares were exercised on a net share basis (<I>i.e</I>., paying the exercise price of the Company
Options using the value of the shares of Company Common Stock underlying such Company Options) at a
price equal to the Cash Consideration taking into account the exercise price and any required tax
withholding. For the avoidance of doubt, all holders of Net Electing Option Shares must make a
Stock Election pursuant to <U>Section&nbsp;3.01(c)</U> in order to be eligible to receive the Stock
Consideration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Mailing of Form of Election; Election Deadline, Shareholder Notification</U>.
Mergerco and New Holdco shall prepare and direct the Paying Agent to mail a Form of Election, which
form shall (i)&nbsp;include a Letter of Transmittal and (ii)&nbsp;be subject to the reasonable approval of
the Company, with the Proxy Statement/Prospectus to the record holders of Public Share(s) and
Company Options as of the record date for the Shareholders&#146; Meeting (the <B>&#147;</B><B><I>Election Form&nbsp;Record
Date</I></B><B>&#148;</B>) (by posting the Form of Election and related materials on the Company&#146;s website or
otherwise). To be effective, a Form of Election must be properly completed and signed by a record
owner of Public Shares or Company Options, as the case may be and received by the Paying Agent at
its designated office, by 5:00 p.m. New York City time on the business day immediately preceding
the Shareholders&#146; Meeting (the <B>&#147;</B><B><I>Election Deadline</I></B><B>&#148;</B>). If the shareholders approve the Merger, the
Paying Agent will coordinate with Mergerco, New Holdco and the Company to perform the proration and
cutback calculations set forth in <U>Section&nbsp;3.01(g)</U> and related acceptance and rejection of
Elections as provided in <U>Section&nbsp;3.01(c)</U> promptly after the Shareholders&#146; Meeting and
notify each Public Holder and holder of a Net Electing Option Share whose Form of Election included
a Stock Election of the number of Final Stock Election Shares (as defined below) covered by such
Form of Election that have been accepted (the <B><I>&#147;Final Stock Election Notice&#148;</I></B>). Within 30&nbsp;days of
receipt of the Final Stock Election Notice accompanied by a Letter of Transmittal, such holder
shall deliver a Letter of Transmittal with respect to the Final Stock Election Shares and the
Company Options together with the Final Stock Election Shares and/or Company Options to which such
Final Stock Election Notice relates in accordance with the instructions and subject to the terms
and conditions of the Letter of Transmittal accompanying such notice, including but not limited to
(i)&nbsp;for Public Shares held as physical certificates and for Company Options, the certificates for
such Public Shares or Company Options, as applicable, a Letter of Transmittal properly completed
and duly executed, any required signature guarantees and any other required documents; and (ii)&nbsp;for
Book Entry
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shares either a Letter of Transmittal, properly completed and duly executed, and any required
signature guarantees, or a message, transmitted by the official book-entry transfer facility to,
and received by, the depositary, which states that the book-entry transfer facility has received an
express acknowledgment from the holder tendering the Public Share that such participant has
received and agrees to be bound by the terms of the Letter of Transmittal and that the Parents may
enforce such agreement against the holder; or (iii)&nbsp;for Certificates or Book Entry Shares, such
form of &#147;guaranteed delivery&#148; that is acceptable to the Paying Agent as described in the
instructions to the Letter of Transmittal. The Company will hold the Final Stock Election Shares
(as defined below), the Company Options delivered in accordance with this <U>Section&nbsp;3.01(d)</U>
and the Letters of Transmittals relating thereto until the earlier of termination of this Agreement
or the Effective Time. Any Public Holder or holder of Company Options that does not deliver a
Letter of Transmittal and Final Stock Election Shares or Company Options within 30&nbsp;days of receipt
of the Final Stock Election Notice
 shall be deemed to have elected to (i)&nbsp;receive the Cash
Consideration for each Final Stock Election Share that is not so delivered and/or (ii)&nbsp;have each
Company Option that is not so delivered treated in accordance with <U>Section&nbsp;3.03(a)(i)</U> and
(iii)&nbsp;the Stock Election or portion of the Stock Election relating to such Final Stock Election
Shares shall be rejected. In the event that a Stock Election or portion of a Stock Election is
rejected pursuant to the preceding sentence, then such a Stock Election or portion of a Stock
Election shall be deemed of no force and effect and the record holder making such Stock Election
shall for purposes hereof be (i)&nbsp;deemed to have made a Cash Election for each Public Share that is
subject to such a rejected Stock Election or such rejected portion of a rejected Stock Election and
(ii)&nbsp;shall be deemed not to have made a Stock Election for such Net Electing Option Share that is
subject to such a rejected Stock Election or such rejected portion of a rejected Stock Election
(such that the Company Option(s) related to each such share will be treated in accordance with
<U>Section&nbsp;3.03(a)(i)</U>).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Ability to Revoke Stock Elections</U>. All Stock Elections and Irrevocable Option
Elections may be revoked by the holder at any time prior to the Election Deadline. From and after
the Election Deadline, all Stock Elections and Irrevocable Option Elections shall be irrevocable.
All Stock Elections and Irrevocable Option Elections shall automatically be revoked if the Paying
Agent is notified in writing by Parents and the Company that the Merger has been abandoned and this
Agreement has been terminated. If an Election or Irrevocable Option Election is revoked due to
termination of this Agreement, the certificate or certificates (or guarantees of delivery, as
appropriate), if any, for the Final Stock Election Shares or Company Options, as applicable, to
which such Form of Election relates shall be promptly returned without charge to the stockholders
and option holders submitting the same to the Paying Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Determination of Paying Agent Binding</U>. The determination of the Paying Agent
shall be binding as to whether Forms of Election have been properly made pursuant to <U>Section
3.01(c)</U> and <U>Section&nbsp;3.01(d)</U> with respect to Public Share(s) of Company Common Stock and
Company Options and when Elections and Irrevocable Option Elections were received by it. If the
Paying Agent determines that any Form of Election was not properly made with respect to any Public
Share(s) or Company Options, such shares shall be treated by the Paying Agent as shares of Company
Common Stock or Company Options, as the case may be, for which a Cash Election was made and such
shares of Company Common Stock shall be exchanged in the Merger for the Cash Consideration pursuant
to <U>Section&nbsp;3.01(b)</U> and such Company Options for which an Irrevocable Option Election was
made will be treated in accordance with <U>Section </U>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>3.03(a)(i)</U>. None of the Company, Parents nor the Paying Agent shall be under any
obligation to notify any person of any defect in a Form of Election submitted to the Paying Agent.
The Paying Agent shall also make all computations as to the allocation and the proration
contemplated by <U>Section&nbsp;3.01(g)</U>, and any such computation shall be conclusive and binding
on the holders of Public Share(s) and Company Options absent manifest error. The Paying Agent may,
with the mutual agreement of Parents and the Company, make such rules as are consistent with this
<U>Section&nbsp;3.01</U> for the implementation of the Elections and Irrevocable Option Elections
provided for herein as shall be necessary or desirable fully to effect such elections.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Proration and Individual Cutbacks</U>. Notwithstanding anything in this Agreement to
the contrary, (x)&nbsp;the maximum aggregate number of Public Shares and Net Electing Option Shares to
be converted into the right to receive New Holdco Common Stock at the Effective Time pursuant to
Stock Elections shall not exceed 30,612,245 (the <B>&#147;</B><B><I>Maximum Stock Election Number</I></B><B>&#148;</B>) and (y)&nbsp;the
parties will use reasonable efforts to ensure that, upon consummation of the Merger, no holder of
Public Shares and/or Net Electing Option Shares will receive shares of New Holdco Common Stock
pursuant to a single Form of Election which represent more than 9.9% of the New Holdco Common Stock
outstanding as of the Effective Time (the <B>&#147;</B><B><I>Individual Cap</I></B><B>&#148;</B>). The Stock Election Shares shall be
converted into the right to receive New Holdco Common Stock or to receive Cash Consideration, each
in accordance with the terms of <U>Section&nbsp;3.01(b)</U>, in the following manner:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>No Proration</U>. If the total number of Stock Election Shares is equal to or less
than the Maximum Stock Election Number then, subject to <U>Section&nbsp;3.01(g)(iii)</U>, all such
Stock Election Shares, shall be converted into the right to receive the Stock Consideration from
New Holdco in accordance with the terms of <U>Section&nbsp;3.01(b)</U> and <U>Section&nbsp;3.01(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;<U>Proration</U>. If the total number of Stock Election Shares exceeds the Maximum
Stock Election Number then, the Stock Election Shares shall be converted into the right to receive
the Stock Consideration from New Holdco or the Cash Consideration from the Surviving Corporation,
each in accordance with the terms of <U>Section&nbsp;3.01(b)</U>, in the following manner:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;A proration factor (the <B>&#147;</B><B><I>Proration
Factor</I></B><B>&#148;</B>) shall be determined by dividing the Maximum
Stock Election Number by the total number of Stock Election Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;Subject to <U>Section&nbsp;3.01(g)(iii)</U>, with respect to
each Form of Election validly
submitted and signed by a record holder of Public Shares and/or holder of Company Options, the
number of Stock Election Shares reflected on such Form of Election shall be converted into the
right to receive a number of shares of New Holdco Common Stock (plus the Additional Per Share
Consideration, if any, which shall be paid in cash) as is equal to the product of (w)&nbsp;the Proration
Factor times (y)&nbsp;the total number of Stock Election Shares reflected on such Form of Election (the
result of such calculation the <B>&#147;</B><B><I>First Allocation Distributable Shares</I></B><B>&#148;</B>). The difference between
the Stock Election Shares and the First Allocation Distributable Shares relating to each Form of
Election submitted shall be the <B>&#147;</B><B><I>First Prorated Returned Shares</I></B><B>&#148;</B>; and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;All First Allocation
Distributable Shares shall be subject to cutback pursuant to
<U>Section&nbsp;3.01(g)(iii)</U>. Subject to <U>Section&nbsp;3.01(g)(iv)</U> and <U>Section
3.01(g)(vi),</U> all First Prorated Returned Shares shall be converted into the right to receive
the Cash Consideration in accordance with the terms of <U>Section&nbsp;3.01(b)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <U>Individual Cutback</U>. In the event that the number of First Allocation
Distributable Shares (or Stock Election Shares if no proration is required pursuant to <U>Section
3.01(g)(ii)</U>) reflected on any individual Form of Election represent more than the Individual
Cap (the holder relating to such individual Form of Election, a &#147;<B><I>Capped Holder</I></B>&#148;), the number of
First Allocation Distributable Shares or Stock Election Shares, as applicable, will be cutback to
the number of shares representing the Individual Cap (for each Capped Holder, the shares required
for such cutback, the &#147;<B><I>First Individual Cutback Shares</I></B>&#148;). If there has been a cutback in
accordance with this <U>Section&nbsp;3.01(g)(iii)</U>, a number of shares of New Holdco Common Stock
equal to the aggregate number of First Individual Cutback Shares (the &#147;<B><I>Second Allocation Shares</I></B>&#148;)
shall be reallocated pro rata to holders of First Prorated Returned Shares reflected on Forms of
Election which do not constitute Capped Holders (a &#147;<B><I>Second Allocation Participant</I></B>&#148;) in a second
allocation in accordance with <U>Section&nbsp;3.01(g)(iv)</U> (the &#147;<B><I>Second Allocation</I></B>&#148;). The number of
&#147;<B><I>First Allocation Stock Election Shares</I></B>&#148; relating to a holder&#146;s Form of Election shall equal (1)
the Stock Election Shares reflected on such Form of Election, minus (2)&nbsp;the First Prorated Return
Shares (if any) determined pursuant to <U>Section&nbsp;3.01(g)(ii)(B)</U>, minus (3)&nbsp;the First
Individual Cutback Shares (if any) determined pursuant to <U>Section&nbsp;3.01(g)(iii)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <U>Second Allocation</U>. A Second Allocation proration factor (the
<B>&#147;</B><B><I>Second Allocation
Proration Factor</I></B><B>&#148;</B>) shall be determined by dividing the total number of Second Allocation Shares by
the total number of First Prorated Return Shares. For the avoidance of doubt, if the total number
of Second Allocation Shares is equal to or greater than the number of First Prorated Return Shares
then, subject to <U>Section&nbsp;3.01(g)(v)</U>, a number of shares of New Holdco Common Stock equal to
the number of First Prorated Return Shares shall be converted into the right to receive the Stock
Consideration from New Holdco in accordance with the terms of <U>Section&nbsp;3.01(b)</U> and
<U>Section&nbsp;3.01(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Subject to
<U>Section&nbsp;3.01(g)(v)</U>, the number of Second Allocation Shares covered by
each Second Allocation Participant&#146;s Form of Election to be converted into Stock Consideration,
shall be equal to the product of (w)&nbsp;the Second Allocation Proration Factor times (x)&nbsp;the total
number of Second Allocation Shares covered by such participant&#146;s Form of Election,<U> provided</U>
<U>that</U> if such calculation results in a number higher than the First Prorated Return Shares
for any Second Allocation Participant, the excess shares shall be reallocated to the remaining
participant(s) pursuant to the above calculation as if they were &#147;Second Allocation Shares&#148; (the
result of such calculation the <B>&#147;</B><B><I>Second Allocation Distributable Shares</I></B><B>&#148;</B>). The total of the First
Allocation Stock Election Shares and the Second Allocation Distributable Shares for each Second
Allocation Participant shall be the <B>&#147;</B><B><I>Second Prorated Stock Election Shares</I></B><B>&#148;</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;All Second Allocation
Distributable Shares shall be subject to cutback pursuant to
<U>Section&nbsp;3.01(g)(v)</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;<U>Second Cutback</U>. In the event that the number of Second Prorated Stock Election
Shares reflected on an individual Form of Election submitted by any Second Allocation Participant
represents more than the Individual Cap, the number of Second Prorated Stock Election Shares for
such participant&#146;s Form of Election will be cutback to the number of Shares representing the
Individual Cap (for each such Form of Election, the shares required for such cutback, the <B>&#147;</B><B><I>Second
Individual Cutback Shares</I></B><B>&#148;</B>). The <B>&#147;</B><B><I>Second Allocation Stock Election Shares</I></B><B>&#148; </B>for any Second
Allocation Participant shall be: (1)&nbsp;the difference between the Second Prorated Stock Election
Shares and the Second Individual Cutback Shares if such participant&#146;s Second Allocation is subject
to proration and cutback and (2)&nbsp;the number of Second Prorated Stock Election Shares if such
participant&#146;s Second Allocation is subject to proration, but not cutback.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;If, after the Second Allocation, there are still holder(s) who have not been allocated
Stock Consideration for all of their Stock Election Shares reflected on an individual Form of
Election which is not yet subject to the Individual Cap, a number of shares of New Holdco Common
Stock equal to the aggregate number of the Second Individual Cutback Shares shall be reallocated
pro rata to such holder(s) in a third allocation pursuant to the procedures set out in <U>Section
3.01(g)(iv)</U> and <U>Section&nbsp;3.01(g)(v)</U> (subject to this <U>Section&nbsp;3.01(g)(vi))</U> (with
references to &#147;First&#148; replaced with &#147;second&#148; and references to &#147;second&#148; replaced with &#147;third&#148;) and
the allocation process will continue in this manner until (x)&nbsp;the Maximum Stock Election Number is
reached or (y)&nbsp;the Stock Election Shares reflected on each Form of Election submitted has reached
its Individual Cap.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The number of <B>&#147;</B><B><I>Final Stock Election Shares</I></B><B>&#148; </B>for each holder shall be: (x)&nbsp;if there is no Second
Allocation, the First Allocation Stock Election Shares; (y)&nbsp;if there is a Second Allocation, but no
additional allocations pursuant to <U>Section&nbsp;3.01(g)(vi</U>), the Second Allocation Stock
Election Shares, and (z)&nbsp;if there is a Second Allocation and additional allocations pursuant to
<U>Section&nbsp;3.01(g)(vi)</U>, the sum of (1)&nbsp;the Second Allocation Stock Election Shares and (2)&nbsp;any
additional shares allocated pursuant to <U>Section&nbsp;3.01(g)(vi)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The number of <B>&#147;</B><B><I>Final Return Shares</I></B><B>&#148; </B>for each holder shall be the difference between (1)&nbsp;such
holder&#146;s Stock Election Shares and (2)&nbsp;such Holder&#146;s Final Stock Election Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;All Final Stock Election Shares shall be converted into the right to receive the Stock
Consideration in accordance with the terms of <U>Section&nbsp;3.01(b)</U>. All Final Return Shares
shall be converted into the right to receive the Cash Consideration in accordance with the terms of
<U>Section&nbsp;3.01(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;Any Stock Election subject to proration or cutback pursuant to
<U>Section&nbsp;3.01(g)</U>
shall automatically be deemed to be revised such that the number of Stock Election Shares in such
Stock Election reflects the Final Stock Election Shares (a <B>&#147;</B><B><I>Final Stock Election</I></B><B>&#148;</B>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Each share of Company Common Stock (including each Net Electing Option Share) to be
converted into the right to receive the Merger Consideration as provided in this <U>Section
3.01</U> shall be automatically cancelled at the Effective Time and shall cease to exist and the
holders of Certificates or Book-Entry Shares which immediately prior to the Effective
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Time represented such Company Common Stock shall cease to have any rights with respect to such
Company Common Stock other than the right to receive, upon surrender of each such Certificate or
Book-Entry Share in accordance with <U>Section&nbsp;3.01(b)</U> of this Agreement, the Merger
Consideration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Conversion of Mergerco Capital Stock</U>. At the Effective Time, by virtue of the
Merger and without any action on the part of the holder thereof, each share of common stock, par
value $0.001 per share, of Mergerco (the <B>&#147;</B><B><I>Mergerco Common Stock</I></B><B>&#148;</B>) issued and outstanding
immediately prior to the Effective Time shall be converted into and become validly issued, fully
paid and nonassessable shares of the Surviving Corporation (with the relative rights and
preferences described in an amendment to the Articles of Incorporation adopted as of the Effective
Time as provided in <U>Section&nbsp;2.4</U>, the <B>&#147;</B><B><I>Surviving Corporation Common Stock</I></B><B>&#148;</B>). As of the
Effective Time, all such shares of Mergerco Common Stock cancelled in accordance with this
<U>Section&nbsp;3.01(i)</U>, when so cancelled, shall no longer be issued and outstanding and shall
automatically cease to exist, and each holder of a certificate representing any such shares of
Mergerco Common Stock shall cease to have any rights with respect thereto, except the right to
receive the shares of Surviving Corporation Common Stock as set forth in this <U>Section&nbsp;3.01</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>No Fractional Shares</U>. Notwithstanding any other provision in this Agreement, no
fractional shares of New Holdco Common Stock shall be issued in the Merger to any holder of Public
Shares, Company Options or Rollover Shares as Stock Consideration or to any holder of Public
Shares, Company Options or Rollover Shares pursuant to any exchange involving Rollover Shares.
Each holder of Public Shares, Company Options or Rollover Shares, as applicable, who otherwise
would have been entitled to a fraction of a share of New Holdco Common Stock shall receive in lieu
thereof cash (without interest) in an amount determined by multiplying the fractional share
interest to which such holder would otherwise be entitled by the Cash Consideration. No such
holder shall be entitled to dividends, voting rights or any other rights in respect of any
fractional share of New Holdco Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <U>Adjustments</U>. Without limiting the other provisions of this Agreement, if at any
time during the period between the Original Agreement Date and the Effective Time, any change in
the number of outstanding shares of Company Common Stock shall occur as a result of a
reclassification, recapitalization, stock split (including a reverse stock split), or combination,
exchange or readjustment of shares, or any stock dividend or stock distribution with a record date
during such period, the Merger Consideration as provided in <U>Section&nbsp;3.01(b)</U> shall be
equitably adjusted to reflect such change (including, without limitation, to provide holders of
shares of Company Common Stock the same economic effect as contemplated by this Agreement prior to
such transaction); provided that in no event shall the Stock Consideration be adjusted in a manner
that increases the Maximum Stock Election Number.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.02 Exchange of Certificates.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Designation of Paying Agent; Deposit of Exchange Fund</U>. Prior to the Effective
Time, New Holdco and Mergerco shall designate a paying agent and exchange agent (the <B>&#147;</B><B><I>Paying
Agent</I></B><B>&#148;</B>) reasonably acceptable to the Company for the payment of the Merger Consideration as
provided in <U>Section&nbsp;3.01(b)</U> and <U>Section&nbsp;3.01(g)</U>. On the Closing Date, promptly
following the Effective Time, the Surviving Corporation and New Holdco shall (i)
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deposit, or cause to be deposited with the Paying Agent for the benefit of holders of Cash
Consideration Shares, cash amounts in immediately available funds constituting an amount equal to
the aggregate amount of the Cash Consideration, (ii)&nbsp;deposit or cause to be deposited with the
Paying Agent for the benefit of holders of Stock Consideration Shares certificates representing New
Holdco Common Stock in an amount equal to the aggregate amount of Stock Consideration (including
the cash portion of the Stock Consideration, if any), (iii)&nbsp;deposit or cause to be deposited with
the Paying Agent for the benefit of those entitled thereto cash in an amount sufficient to fund
cash payments in lieu of any fractional shares pursuant to <U>Section&nbsp;3.01(j)</U>, and (iv)
deposit, or cause to be deposited with the Paying Agent the Total Option Cash Payments (together,
the <B>&#147;</B><B><I>Aggregate Merger Consideration</I></B><B>&#148;</B>) (exclusive of any amounts in respect of Dissenting Shares,
the Rollover Shares and Company Common Stock to be cancelled pursuant to <U>Section&nbsp;3.01(a)</U>
(such amount as deposited with the Paying Agent, the <B>&#147;</B><B><I>Exchange Fund</I></B><B>&#148;</B>). In the event the Exchange
Fund shall be insufficient to make the payments contemplated by <U>Section&nbsp;3.01(b)</U>,
<U>Section&nbsp;3.01(g)</U>, <U>Section&nbsp;3.01(j)</U>, and <U>Section&nbsp;3.03</U>, the Surviving
Corporation and New Holdco shall promptly deposit, or cause to be deposited, additional funds with
the Paying Agent in an amount which is equal to the deficiency in the amount required to make such
payment; provided that in no event shall the Surviving Corporation or New Holdco be required to
contribute shares of New Holdco Common Stock to the Exchange Fund in an amount in excess of the
Maximum Stock Election Number. The Paying Agent shall cause the Exchange Fund to be (A)&nbsp;held for
the benefit of the holders of Company Common Stock and Company Options, and (B)&nbsp;applied promptly to
making the payments pursuant to <U>Section&nbsp;3.02(b)</U>, <U>Section&nbsp;3.01(g)</U>, <U>Section
3.01(j)</U>, and <U>Section&nbsp;3.03</U> hereof. The Exchange Fund shall not be used for any purpose
that is not expressly provided for in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Letter of Transmittal</U>. As promptly as practicable following the Effective Time
and in any event not later than the second business day after the Effective Time, the Surviving
Corporation and New Holdco shall cause the Paying Agent to mail (and to make available for
collection by hand) (i)&nbsp;to each holder of record of a Certificate or Book-Entry Share not
previously submitted to the Paying Agent accompanied by a valid Letter of Transmittal, a Letter of
Transmittal and accompanying instructions for use in effecting the surrender of the Certificates or
Book-Entry Shares and (ii)&nbsp;to each holder of a Company Option, other than Net Electing Option
Shares, a check in an amount due and payable to such holder pursuant to <U>Section&nbsp;3.03</U> hereof
in respect of such Company Option. If any Letter of Transmittal submitted to the Paying Agent
provides that payment of the Merger Consideration is made to a person other than the person in
whose name the surrendered Certificate is registered or Company Option is held of record, it shall
be a condition of payment that (i)&nbsp;the Certificate so surrendered shall be properly endorsed or
shall otherwise be in proper form for transfer and (ii)&nbsp;the person requesting such payment shall
have paid any transfer and other Taxes required by reason of the payment of the applicable portion
of the Merger Consideration to a person other than the registered holder of such Certificate
surrendered or shall have established to the reasonable satisfaction of the Surviving Corporation
that such Tax either has been paid or is not applicable. Until surrendered as contemplated by
<U>Section&nbsp;3.01(d)</U> or this <U>Section&nbsp;3.02</U>, each Certificate, Book-Entry Share or option
certificate, as applicable, shall be deemed at any time after the Effective Time to represent only
the right to receive the applicable portion of the Aggregate Merger Consideration or Option Cash
Payment, as applicable, in cash as contemplated by this <U>Section&nbsp;3.02</U> or <U>Section
3.03</U> without interest thereon.
</DIV>


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</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Surrender of Shares</U>. Upon surrender of a Certificate (or affidavit of loss in
lieu thereof) or Book-Entry Share for cancellation to the Paying Agent, together with a Letter of
Transmittal duly completed and validly executed in accordance with the instructions thereto, and
such other documents as may be required pursuant to such instructions, the holder of such
Certificate or Book-Entry Share shall be entitled to receive in exchange therefor the Merger
Consideration for each share of Company Common Stock formerly represented by such Certificate or
Book-Entry Share, to be mailed (or made available for collection by hand if so elected by the
surrendering holder) within twenty (20)&nbsp;business days following the later to occur of (i)&nbsp;the
Effective Time; or (ii)&nbsp;the Paying Agent&#146;s receipt of such Certificate (or affidavit of loss in
lieu thereof) or Book-Entry Share, and the Certificate (or affidavit of loss in lieu thereof) or
Book-Entry Share so surrendered shall be forthwith cancelled. The Paying Agent shall accept such
Certificates (or affidavits of loss in lieu thereof) or Book-Entry Shares upon compliance with such
reasonable terms and conditions as the Paying Agent may impose to effect an orderly exchange
thereof in accordance with normal exchange practices. No interest shall be paid or accrued for the
benefit of holders of the Certificates or Book-Entry Shares on the Merger Consideration (or the
cash pursuant to <U>Section&nbsp;3.02(b)</U>) payable upon the surrender of the Certificates or
Book-Entry Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Termination of Exchange Fund</U>. Any portion of the Exchange Fund which remains
undistributed to the holders of the Certificates, Book-Entry Shares or Company Options for twelve
(12)&nbsp;months after the Effective Time shall be delivered to (i)&nbsp;if cash, the Surviving Corporation
or (ii)&nbsp;if shares of New Holdco Common Stock, New Holdco, in each case, upon demand, and any such
holders prior to the Merger who have not theretofore complied with this <U>Section&nbsp;3.02(d)</U>
shall thereafter look only to the Surviving Corporation, as general creditors thereof for payment
of their claim for cash, without interest, to which such holders may be entitled. If any
Certificates or Book-Entry Shares shall not have been surrendered prior to one (1)&nbsp;year after the
Effective Time (or immediately prior to such earlier date on which any cash in respect of such
Certificate or Book-Entry Share would otherwise escheat to or become the property of any
Governmental Authority), any such cash in respect of such Certificate or Book-Entry Share shall, to
the extent permitted by applicable Law, become the property of the Surviving Corporation, subject
to any and all claims or interest of any person previously entitled thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>No Liability</U>. None of the Parents, Mergerco, New Holdco, the Company, the
Surviving Corporation or the Paying Agent shall be liable to any person in respect of any cash held
in the Exchange Fund delivered to a public official pursuant to any applicable abandoned property,
escheat or similar Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Investment of Exchange Fund</U>. The Paying Agent shall invest any cash included in
the Exchange Fund as directed by the Parents or, after the Effective Time, the Surviving
Corporation; provided that (i)&nbsp;no such investment shall relieve the Surviving Corporation or the
Paying Agent from making the payments required by this <U>Section&nbsp;3.02(f)</U>, and following any
losses the Surviving Corporation shall promptly provide additional funds to the Paying Agent for
the benefit of the holders of Company Common Stock and Company Options in the amount of such
losses; and (ii)&nbsp;such investments shall be in short-term obligations of the United States of
America with maturities of no more than thirty (30)&nbsp;days or guaranteed by the United States of
America and backed by the full faith and credit of the United States of America
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or in commercial paper obligations rated A-1 or P-1 or better by Moody&#146;s Investors Service,
Inc. or Standard &#038; Poor&#146;s Corporation, respectively. Any interest or income produced by such
investments will be payable to the Surviving Corporation or Mergerco, as directed by Mergerco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.03 Stock Options and Other Awards</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Company Options</U>. As of the Effective Time, except as otherwise agreed by the
Parents, New Holdco and a holder of Company Options with respect to such holder&#146;s Company Options:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;each Company Option (other than Company Options subject to a valid Irrevocable Option
Election), whether vested or unvested, shall, by virtue of the Merger and without any action on the
part of any holder of any such Company Option, become fully vested and converted into the right at
the Effective Time to receive, as promptly as practicable following the Effective Time, a cash
payment (less applicable withholding taxes and without interest) with respect thereto calculated as
follows: the product of (a)&nbsp;the excess, if any, of the Cash Consideration over the exercise price
per share of such Company Option multiplied by (b)&nbsp;the number of shares of Company Common Stock
issuable upon exercise of such Option (the <B>&#147;</B><B><I>Option Cash Payment</I></B><B>&#148; </B>and the sum of all such payments,
the <B>&#147;</B><B><I>Total Option Cash Payment</I></B><B>&#148;</B>). ; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;each Company Option which is subject to a valid Irrevocable Option Election, subject to
<U>Section&nbsp;3.01(c)</U> and <U>Section&nbsp;3.01(g)</U>, shall be converted into Merger Consideration
in accordance with <U>Section&nbsp;3.01(b)</U>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event that the exercise price of any Company Option is equal to or greater than the Cash
Consideration such Company Option shall be cancelled without payment therefor and have no further
force or effect. Except for the Company Options set forth in <U>Section&nbsp;3.03(a)</U> of the
Company Disclosure Schedule, as of the Effective Time, all Company Options shall no longer be
outstanding and shall automatically cease to exist, and each holder of a Company Option shall cease
to have any rights with respect thereto, except the right to receive the Option Cash Payment.
Prior to the Effective Time, the Company shall take any and all actions reasonably necessary to
effectuate this <U>Section&nbsp;3.03(a)</U>, including, without limitation, providing holders of
Company Options with notice of their rights with respect to any such Company Options as provided
herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Other Awards</U>. As of the Effective Time, except as otherwise agreed by the Parents
and a holder of Restricted Shares with respect to such holder&#146;s Restricted Shares, each share
outstanding immediately prior to the Effective Time subject to vesting or other lapse restrictions
pursuant to any Company Option Plan or an applicable restricted stock agreement (each, a
<B>&#147;</B><B><I>Restricted Share</I></B><B>&#148;</B>) which is outstanding immediately prior to the Effective Time shall vest and
become free of restriction as of the Effective Time and shall, as of the Effective Time, be
cancelled and converted into the right to receive the Cash Consideration or the Stock
Consideration, in accordance with <U>Section&nbsp;3.01(b)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Amendments to and Termination of Plans</U>. Prior to the Effective Time, the Company
shall use its reasonable best efforts to make any amendments to the terms of the

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Company Option Plans and to obtain any consents from holders of Company Options and Restricted
Shares that, in each case, are necessary to give effect to the transactions contemplated by
<U>Section&nbsp;3.03(a)</U> and <U>Section&nbsp;3.03(b)</U>. Without limiting the foregoing the Company
shall use its reasonable best efforts to ensure that the Company will not at the Effective Time be
bound by any options, stock appreciation rights, warrants or other rights or agreements which would
entitle any person, other than the holders of the capital stock (or equivalents thereof) of the
Parents, Mergerco, New Holdco and their respective subsidiaries, to own any capital stock of the
Surviving Corporation or New Holdco or to receive any payment in respect thereof. In furtherance
of the foregoing, and subject to applicable Law and agreements existing between the Company and the
applicable person, the Company shall explicitly condition any new awards or grants to any person
under its Company Option Plans, annual bonus plans and other incentive plans upon such person&#146;s
consent to the amendments described in this <U>Section&nbsp;3.03(c) </U>and, to the fullest extent
permitted by applicable Law, shall withhold payment of the Cash Consideration to or require payment
of the exercise price for all Company Options by any holder of a Company Option as to which the
Cash Consideration exceeds the amount of the exercise price per share under such option unless such
holder consents to all of the amendments described in this <U>Section&nbsp;3.03(c)</U>. Prior to the
Effective Time, the Company shall take all actions necessary to terminate all Company Stock Plans,
such termination to be effective at or before the Effective Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Employee Stock Purchase Plan</U>. The Board of Directors of the Company shall
terminate all purchases of stock under the Company&#146;s 2000 Employee Stock Purchase Plan (the
<B>&#147;</B><B><I>Company ESPP</I></B><B>&#148;</B>) effective as of the day immediately after the end of the month next following the
Original Agreement Date, and no additional offering periods shall commence under the Company ESPP
after the Original Agreement Date. The Company shall terminate the Company ESPP in its entirety
immediately prior to the Closing Date, and all shares held under such plan, other than Rollover
Shares, shall be delivered to the participants and shall, as of the Effective Time, be cancelled
and converted into the right to receive the Cash Consideration or the Stock Consideration, in
accordance with <U>Section&nbsp;3.01(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.04 Lost Certificates</B>. If any Certificate shall have been lost, stolen or destroyed,
upon the making of an affidavit of that fact by the person claiming such Certificate to be lost,
stolen or destroyed and, if required by the Surviving Corporation, the posting by such person of a
bond, in such reasonable amount as the Surviving Corporation may direct, as indemnity against any
claim that may be made against it with respect to such Certificate, the Paying Agent will issue in
exchange for such lost, stolen or destroyed Certificate the Merger Consideration to which the
holder thereof is entitled pursuant to this <U>Article&nbsp;III</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.05 Dissenting Shares</B>. Notwithstanding <U>Section&nbsp;3.01(b)</U> hereof, to the extent
that holders thereof are entitled to appraisal rights under Article&nbsp;5.12 of the TBCA, shares of
Company Common Stock issued and outstanding immediately prior to the Effective Time and held by a
holder who has properly exercised and perfected his or her demand for appraisal rights under
Article&nbsp;5.12 of the TBCA (the <B>&#147;</B><B><I>Dissenting Shares</I></B><B>&#148;</B>), shall not be converted into the right to
receive the Merger Consideration, but the holders of such Dissenting Shares shall be entitled to
receive such consideration as shall be determined pursuant to Article&nbsp;5.12 of the TBCA (and at the
Effective Time, such Dissenting Shares shall no longer be outstanding and shall cease to have any
rights with respect thereto, except the right to receive such consideration as shall be determined
pursuant to Article&nbsp;5.12 of the TBCA); <U>provided</U>,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>however</U>, that if any such holder shall have failed to perfect or shall have effectively
withdrawn or lost his or her right to appraisal and payment under the TBCA, such holder&#146;s shares of
Company Common Stock shall thereupon be deemed to have been converted as of the Effective Time into
the right to receive the Cash Consideration without any interest thereon and such shares shall not
be deemed to be Stock Election Shares or Dissenting Shares. Any payments required to be made with
respect to the Dissenting Shares shall be made by the Surviving Corporation (and not the Company,
Mergerco, New Holdco or either Parent) and the Aggregate Merger Consideration shall be reduced, on
a dollar for dollar basis, as if the holder of such Dissenting Shares had not been a shareholder on
the Closing Date. The Company shall give the Parents notice of all demands for appraisal and the
Parents shall have the right to participate in all negotiations and proceedings with respect to all
holders of Dissenting Shares. The Company shall not, except with the prior written consent of the
Parents, voluntarily make any payment with respect to, or settle or offer to settle, any demand for
payment from any holder of Dissenting Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.06 Transfers; No Further Ownership Rights</B>. After the Effective Time, there shall be
no registration of transfers on the stock transfer books of the Company of shares of Company Common
Stock that were outstanding immediately prior to the Effective Time. If Certificates are presented
to the Surviving Corporation for transfer following the Effective Time, they shall be cancelled
against delivery of the Merger Consideration, as provided for in <U>Section&nbsp;3.01(b)</U> hereof,
for each share of Company Common Stock formerly represented by such Certificates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.07 Withholding</B>. Each of the Paying Agent, the Company, Mergerco, New Holdco and the
Surviving Corporation shall be entitled to deduct and withhold from payments otherwise payable
pursuant to this Agreement any amounts as they are respectively required to deduct and withhold
with respect to the making of such payment under the Code and the rules and regulations promulgated
thereunder, or any provision of state, local or foreign Tax Law. To the extent that amounts are so
withheld, such withheld amounts shall be treated for all purposes of this Agreement as having been
paid to the person in respect of which such deduction and withholding was made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.08 Rollover by Shareholders</B>. At the Effective Time, each Rollover Share issued and
outstanding immediately before the Effective Time shall be cancelled and be converted into and
become the number of validly issued shares of equity securities of New Holdco calculated in
accordance with Section&nbsp;3.08 of the Second Amended Disclosure Letter (which shall be identical to
Section&nbsp;3.08 of the Mergerco Disclosure Schedule except that the Rollover Shares shall be converted
into shares of New Holdco). As of the Effective Time, all such Rollover Shares when so cancelled,
shall no longer be issued and outstanding and shall automatically cease to exist, and each holder
of a certificate representing any such Rollover Shares shall cease to have any rights with respect
thereto, except the right to receive the shares of equity securities of New Holdco as set forth in
this <U>Section&nbsp;3.08</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.09 Additional Per Share Consideration</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No later than ten (10)&nbsp;business days before the Closing Date, if the Closing Date shall
occur after the Additional Consideration Date, the Company shall prepare and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deliver to the Parents a good faith estimate of Additional Per Share Consideration, together
with reasonably detailed supporting information (the <B>&#147;</B><B><I>Estimated Additional Per Share
Consideration</I></B><B>&#148;</B>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Before and after the delivery of the Estimated Additional Per Share Consideration
statement, the Company shall provide the Parents reasonable access to the records and employees of
the Company and its subsidiaries, and the Company shall, and shall cause the employees of the
Company and its subsidiaries to, (i)&nbsp;cooperate in all reasonable respects with the Parents in
connection with the Parents&#146; review of the Estimated Additional Per Share Consideration statement
and (ii)&nbsp;provide the Parents with access to accounting records, supporting schedules and relevant
information relating to the Company&#146;s preparation of the Estimated Additional Per Share
Consideration statement and calculation of Estimated Additional Per Share Consideration as the
Parents shall reasonably request and that are available to the Company or its affiliates. Within
five (5)&nbsp;business days after delivery of the Estimated Additional Per Share Consideration statement
to the Parents, the Parents may notify the Company that they disagree with the Estimated Additional
Per Share Consideration statement. Such notice shall set forth, to the extent practicable, in
reasonable detail the particulars of such disagreement. If the Parents do not provide a notice of
disagreement within such five (5)&nbsp;business day period, then the Parents shall be deemed to have
accepted the calculations and the amounts set forth in the Estimated Additional Per Share
Consideration statement delivered by the Company, which shall then be final, binding and conclusive
for all purposes hereunder. If any notice of disagreement is timely provided in accordance with
this <U>Section&nbsp;3.09(b)</U>, then the Company and the Parents shall each use commercially
reasonable efforts for a period of one (1)&nbsp;business day thereafter (the <B>&#147;</B><B><I>Estimated Additional Per
Share Consideration Resolution Period</I></B><B>&#148;</B>) to resolve any disagreements with respect to the
calculations in the Estimated Additional Per Share Consideration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If, at the end of the Estimated Additional Per Share Consideration Resolution Period, the
Company and the Parents are unable to resolve any disagreements as to items in the Estimated
Additional Per Share Consideration statement, then KPMG, LLP (New York Office) (or such other
independent accounting firm of recognized national standing in the United States as may be mutually
selected by the Company and the Parents) shall resolve any remaining disagreements. If neither
KPMG, LLP (New York Office) nor any such mutually selected accounting firm is willing and able to
serve in such capacity, then the Parents shall deliver to the Company a list of three other
accounting firms of recognized national or international standing and the Company shall select one
of such three accounting firms (such firm as is ultimately selected pursuant to the aforementioned
procedures being the <B>&#147;</B><B><I>Accountant</I></B><B>&#148;</B>). The Accountant shall be charged with determining as promptly
as practicable, whether the Estimated Additional Per Share Consideration as set forth in the
Estimated Additional Per Share Consideration statement was prepared in accordance with this
Agreement and (only with respect to the disagreements as to the items set forth in the notice of
disagreement and submitted to the Accountant) whether and to what extent, if any, the Estimated
Additional Per Share Consideration requires adjustment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Accountant shall allocate its costs and expenses between the Parents (on behalf of
Mergerco) and the Company based upon the percentage of the contested amount submitted to the
Accountant that is ultimately awarded to the Company, on the one hand, or the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Parents, on the other hand, such that the Company bears a percentage of such costs and
expenses equal to the percentage of the contested amount awarded to the Parents (such portion of
such costs and expenses, the <B>&#147;</B><B><I>Company Accountant Expense</I></B><B>&#148;</B>) and the Parents (on behalf of Mergerco)
bear a percentage of such costs and expenses equal to the percentage of the contested amount
awarded to the Company. The determination of the Accountant shall be final, binding and conclusive
for all purposes hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In order to permit the parties to prepare for an orderly Closing, the Company will deliver
monthly reports calculating the previous month&#146;s Operating Cash Flow on or before the 20th day of
each month starting January&nbsp;20, 2007 (with respect to performance during December&nbsp;2006) and will
provide the Parents with access to accounting records, supporting schedules and relevant
information relating to the Company&#146;s preparation thereof as the Parents shall reasonably request
and that are available to the Company or its affiliates.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.05. Amendment to Introductory Paragraph of Article&nbsp;IV</B>. The introductory paragraph
of Article&nbsp;IV shall be amended by adding a reference to &#147;, New Holdco&#148; after the reference to
&#147;Mergerco&#148; in the final line.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.06. Amendment to Section&nbsp;4.04(a)</B>. <U>Section&nbsp;4.04(a)</U> shall be amended by
adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Mergerco&#148; in the third sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.07. Amendment to Section&nbsp;4.</B><B>04(b)</B><B>. </B><U>Section&nbsp;4.04(b)</U> shall be amended by
adding a reference to &#147;and Form S-4&#148; after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.08. Amendment to Section&nbsp;4.12</B>. Section&nbsp;4.12 shall be deleted and replaced in its
entirety with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Section&nbsp;4.12 Information Supplied</B>. None of the information supplied by the Company for
inclusion in or incorporation by reference in (i)&nbsp;the registration statement on Form S-4 to be
filed with the SEC by New Holdco in connection with the issuance of the New Holdco Common Stock as
part of the Merger Consideration (such registration statement on Form S-4, as amended or
supplemented, the <B>&#147;</B><B><I>Form&nbsp;S-4</I></B><B>&#148;</B>) will, at the time the Form S-4 is filed with the SEC and at any time
it is amended or supplemented or at the time it becomes effective under the Securities Act contain
any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein in light of the circumstances under
which they were made, not misleading and (ii)&nbsp;the Proxy Statement and any other document filed with
the SEC by the Company in connection with the Merger (and any amendment thereof or supplement
thereto) (collectively, the Form S-4, the Proxy Statement and such filings, the <B>&#147;</B><B><I>SEC Filings</I></B><B>&#148;</B>), at
the date first mailed to the shareholders of the Company, at the time of the Shareholders&#146; Meeting,
at the time filed with the SEC (or at the time amended or supplemented), as the case may be, will
not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they are made, not misleading; <U>provided</U>, <U>however</U>, that no
representation is made by the Company with respect to statements made therein based on information
supplied in writing by the Parents specifically for inclusion in such documents. The SEC Filings
made by the Company will comply in all material respects with the provisions of the Exchange Act.&#148;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.09. Amendment to Section&nbsp;4.18</B>. Section&nbsp;4.18 shall be amended by adding a reference
to &#147;, New Holdco&#148; after the reference to &#147;Mergerco&#148; in the second sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.10. Additional Representations and Warranties of the Company</B>. The Company hereby
represents and warrants to Mergerco, New Holdco and the Parents as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Authority Relative to Second Amendment</U>. The Company has all necessary corporate
power and authority to execute and deliver this Second Amendment, to perform its obligations
hereunder. The execution and delivery of this Second Amendment by the Company have been duly and
validly authorized by all necessary corporate action, and no other corporate proceedings on the
part of the Company are necessary to authorize the execution and delivery of this Second Amendment.
This Second Amendment has been duly and validly executed and delivered by the Company and,
assuming the due authorization, execution and delivery by Mergerco, New Holdco and the Parents,
this Second Amendment constitutes a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms (except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of
general applicability relating to or affecting creditors&#146; rights, and to general equitable
principles).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Additional Representations</U>. Each of the representations and warranties contained
in <U>Section&nbsp;4.04(b)(ii)</U> and <U>Section&nbsp;4.04(b)(iii)</U> is true and accurate as if made
anew as of the date of this Second Amendment (except that it is acknowledged and agreed that the
Board of Directors does not, and will not, make any recommendation to the Company&#146;s stockholders
with respect to the Stock Election or the Stock Consideration).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Opinion of Financial Advisors</U>. The Board of Directors of the Company has
received an opinion of Goldman, Sachs &#038; Co. to the effect that, as of the date of such opinion and
based upon and subject to the limitations, qualifications and assumptions set forth therein, the
Cash Consideration as provided in <U>Section&nbsp;3.01(b)</U> of the Agreement, after giving effect to
this Second Amendment, payable to holders of Public Shares (other than Public Shares held by
affiliates of the Company), is fair from a financial point of view to such holders. The Company
shall deliver an executed copy of the written opinion received from Goldman, Sachs &#038; Co. to the
Parents promptly upon receipt thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.11. Amendments to introductory paragraph of Article&nbsp;V</B>. The introductory paragraph
of Article&nbsp;V shall be deleted and replaced in its entirety with the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;Except as disclosed in the separate disclosure schedule which has been delivered by
the Parents to the Company prior to the execution of this Agreement (the <B>&#147;</B><B><I>Mergerco
Disclosure Schedule</I></B><B>&#148; </B>or, with respect to New Holdco the <B>&#147;</B><B><I>Second Amendment Disclosure
Letter</I></B>&#148;) (provided that any information set forth in one Section of the Mergerco
Disclosure Schedule or Second Amendment Disclosure Letter will be deemed to apply to
each other Section or subsection of this Agreement to the extent such disclosure is
made in a way as to make its relevance to such other Section or subsection readily
apparent), the Parents, New Holdco
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">and Mergerco hereby jointly and severally represent and warrant to the Company as
follows:&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.12. Amendment to Section&nbsp;5.01</B>. The following provisions shall be added to the end
of Section&nbsp;5.01.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;New Holdco is a corporation duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization and it has the requisite
corporate power and authority and all necessary governmental approvals to own, lease
and operate its business as it is now being conducted, except where the failure to
have such governmental approvals would not have, individually or in the aggregate, a
New Holdco Material Adverse Effect. New Holdco is qualified or licensed as a
foreign corporation to do business, and, if applicable, is in good standing, in each
jurisdiction where the character of the properties owned, leased or operated by it
or the nature of its business makes such qualification or licensing necessary,
except for such failures to be so qualified or licensed and in good standing that
would not have, individually or in the aggregate, a New Holdco Material Adverse
Effect.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.13. Amendment to Section&nbsp;5.02</B>. The current Section&nbsp;5.02 shall be numbered
subsection (a)&nbsp;and the following provisions shall be added as a new subsection (b):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;Included as Section&nbsp;5.02 of the Second Amendment Disclosure Letter is a complete
and correct copy of the certificate of incorporation and the bylaws (or equivalent
organizational documents) each as amended to date, of New Holdco (collectively, the
<B>&#147;</B><B><I>New Holdco Organizational Documents</I></B><B>&#148;</B>). The New Holdco Organizational Documents
shall be in full force and effect at or prior to the Effective Time. Neither New
Holdco, nor to the knowledge of the Parents the other parties thereto, shall be in
violation of any provision of the New Holdco Organizational Documents, as
applicable, at any time after the New Holdco Organizational Documents become
effective, and prior to the Effective Time, except as would not have, individually
or in the aggregate, a New Holdco Material Adverse Effect.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.14. Amendment of Section&nbsp;5.04</B>. Section&nbsp;5.04 shall be amended by adding a reference
to &#147;, New Holdco&#148; after each reference to &#147;Parents&#148; other than the third reference, a reference to
&#147;or New Holdco&#148; shall be added after the third reference to &#147;Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.15. Amendment of Section&nbsp;5.06</B>. Section&nbsp;5.06 shall be amended by adding a reference
to &#147;, New Holdco&#148; after the second reference to &#147;Parents&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.16. Amendment of Section&nbsp;5.07</B>. Section&nbsp;5.07 of the Agreement is amended and
restated in its entirety to read as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Section&nbsp;5.07 Available Funds.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Section&nbsp;5.07(a)</U> of Second Amendment Disclosure Letter sets forth true, accurate
and complete copies, as of the date of this Second Amendment, of executed

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">commitment letters from the parties listed in <U>Section&nbsp;5.07(a)</U> of the Second Amendment
Disclosure Letter dated as of the date this Second Amendment (as the same may be amended, modified,
supplemented, restated, superseded and replaced in accordance with <U>Section&nbsp;6.13(a)</U>,
collectively, the <B>&#147;</B><B><I>Debt Commitment Letters</I></B><B>&#148;</B>), pursuant to which, and subject to the terms and
conditions thereof, the lender parties thereto have committed to lend the amounts set forth therein
for the purpose of funding the transactions contemplated by this Agreement (the <B><I>&#147;Debt Financing&#148;</I></B>).
<U>Section&nbsp;5.07(a)</U> of the Second Amendment Disclosure Letter sets forth true, accurate and
complete copies, as of the date of this Second Amendment, of executed commitment letters
(collectively, the <B>&#147;</B><B><I>Equity Commitment Letters</I></B><B>&#148; </B>and together with the Debt Commitment Letters, the
<B>&#147;</B><B><I>Financing Commitments</I></B><B>&#148;</B>) pursuant to which the investors listed in <U>Section&nbsp;5.07(a)</U> of the
Second Amendment Disclosure Letter (the <B>&#147;</B><B><I>Investors</I></B><B>&#148;</B>) have committed to invest the cash amounts set
forth therein subject to the terms therein (the <B>&#147;</B><B><I>Equity Financing</I></B><B>&#148; </B>and together with the Debt
Financing, the <B>&#147;</B><B><I>Financing</I></B><B>&#148;</B>).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;As of the date of this Second Amendment, the Financing Commitments are in full force and
effect and have not been withdrawn or terminated or otherwise amended or modified in any respect.
As of the date of this Second Amendment, each of the Financing Commitments, in the form so
delivered, is in full force and effect and is a legal, valid and binding obligation of the Parents,
Mergerco and New Holdco, as applicable, and to the Parents&#146; and Mergerco&#146;s knowledge, the other
parties thereto. Except as set forth in the Financing Commitments, there are no (i)&nbsp;conditions
precedent to the respective obligations of the Investors to fund the full amount of the Equity
Financing; (ii)&nbsp;conditions precedent to the respective obligations of the lenders specified in the
Debt Commitment Letter to fund the full amount of the Debt Financing; or (iii)&nbsp;contractual
contingencies under any agreements, side letters or arrangements relating to the Financing
Commitments to which either Parent, New Holdco, Mergerco or any of their respective affiliates is a
party that would permit the lenders specified in the Debt Commitment Letters or the Investors
providing the Equity Commitment Letters to reduce the total amount of the Financing (other than
retranching, reallocating or replacing the Debt Financing in a manner that does not reduce the
aggregate amount of the Debt Financing), or that would materially affect the availability of the
Debt Financing or the Equity Financing. As of the date of this Second Amendment, (A)&nbsp;no event has
occurred which, with or without notice, lapse of time or both, would constitute a default or breach
on the part of the Parents, New Holdco or Mergerco under any term or condition of the Financing
Commitments, and (B)&nbsp;subject to the accuracy of the representations and warranties of the Company
set forth in Article&nbsp;II hereof, and the satisfaction of the conditions set forth in <U>Section
7.01</U> and <U>Section&nbsp;7.02</U> hereof, the Parents, New Holdco and Mergerco have no reason to
believe that Mergerco or New Holdco will be unable to satisfy on a timely basis any term or
condition of closing to be satisfied by it contained in the Financing Commitments. Each of the
Parents, New Holdco and Mergerco have fully paid any and all commitment fees or other fees required
by the Financing Commitments to be paid by it on or before the date of this Second Amendment.
Subject to the terms and conditions of this Agreement and as of the date of this Second Amendment,
assuming the funding of the Financing in accordance with the terms and conditions of the Financing
Commitments, the aggregate proceeds from the Financing constitute all of the financing required to
be provided by Mergerco and New Holdco for the consummation of the transactions contemplated
hereby, and are sufficient for the satisfaction of all of the Parents&#146;, New Holdco&#146;s and Mergerco&#146;s
obligations under this Agreement, including the payment of the Aggregate Merger Consideration and
the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payment of all associated costs and expenses (including any refinancing of indebtedness of
Mergerco or the Company required in connection therewith).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;From and after the date hereof, Mergerco, New Holdco, the Parents, any Investor and their
respective affiliates shall not enter into any discussions, negotiations, arrangements,
understanding or agreements with respect to the Equity Financing with those persons identified on
<U>Section&nbsp;5.07(c)</U> of the Company Disclosure Schedule.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.17. Amendment to Section&nbsp;5.09</B>. Section&nbsp;5.09 shall be deleted and replaced in its
entirety with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Section&nbsp;5.09 Capitalization of Mergerco and New Holdco</B>. As of the Closing Date and
immediately prior to Effective Time and the exchange of Rollover Shares contemplated by <U>Section
3.08</U>, (i)&nbsp;the capital stock of Mergerco (the <B>&#147;</B><B><I>Mergerco Shares</I></B><B>&#148;</B>) then outstanding will be wholly
owned, directly or indirectly, by New Holdco, (ii)&nbsp;the capital stock of each New Holdco subsidiary,
other than Mergerco (the &#147;<B><I>New Holdco Subsidiaries</I></B>&#148; and the &#147;<B><I>New Holdco Subsidiaries Shares</I></B>&#148;) then
outstanding will be wholly owned, directly or indirectly, by New Holdco and (iii)&nbsp;the capital stock
of New Holdco (the <B>&#147;</B><B><I>New Holdco Shares</I></B><B>&#148;</B>) then outstanding (which would exclude shares to be issued
as Stock Consideration and Rollover Shares) will be held by the persons listed on <U>Section
5.09</U> of the Second Amendment Disclosure Letter (or persons to whom such persons have assigned
some or all of their right to purchase New Holdco Shares in compliance with the provisions of this
Agreement) (each such Investor, a <B>&#147;</B><B><I>New Equity Investor</I></B><B>&#148; </B>and each such New Equity Investor&#146;s equity
commitment letter, a <B>&#147;</B><B><I>New Equity Commitment Letter</I></B><B>&#148;</B>). All New Holdco Shares issued at or in
connection with the Closing will have rights, preferences and privileges identical to, and <I>pari
passu </I>with, the New Holdco Common Stock issued as Stock Consideration except that shares issued as
Stock Consideration will be entitled to one vote per share and shares not issued as Stock
Consideration may differ with respect to voting rights per share so long as the aggregate voting
rights of all such shares do not exceed the aggregate number of such shares. Each share of New
Holdco Common Stock to be issued as part of the Stock Consideration will be duly authorized,
validly issued, fully paid and non assessable and not subject to preemptive rights. Other than as
set forth on Section&nbsp;5.09 of the Second Amendment Disclosure Letter, as of the date hereof, no
person who holds shares of record or beneficially has an Attributable Interest in Mergerco, New
Holdco Subsidiaries or New Holdco. Except for this Agreement and as provided in this Agreement,
the Equity Commitment Letters or the New Equity Commitment Letters, if any: (i)&nbsp;there are no
outstanding options, warrants, rights, calls, subscriptions, claims of any character, agreements,
obligations, convertible or exchangeable securities, or other commitments, contingent or otherwise,
relating to the Mergerco Shares or any capital stock equivalent or other nominal interest in
Mergerco (the <B>&#147;</B><B><I>Mergerco Equity Interests</I></B><B>&#148;</B>), or the New Holdco Subsidiaries Shares or any capital
stock equivalent or other nominal interest in New Holdco Subsidiaries (the <B>&#147;</B><B><I>New Holdco Subsidiaries
Equity Interests</I></B><B>&#148;</B>) or the New Holdco Shares or any capital stock equivalent or other nominal
interest in New Holdco (the <B>&#147;</B><B><I>New Holdco Equity Interests</I></B><B>&#148;</B>), pursuant to which Mergerco, any New
Holdco Subsidiary or New Holdco, as applicable, is or may become obligated to issue shares of its
capital stock or other equity interests or any securities convertible into or exchangeable for, or
evidencing the right to subscribe for any Mergerco Equity Interests, New Holdco Subsidiaries Equity
Interests or New Holdco Equity Interests, as applicable; and (ii)&nbsp;there are no contracts or
commitments to which Mergerco, any

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New Holdco Subsidiary or New Holdco is a party relating to the sale or transfer of any equity
securities or other securities of Mergerco, New Holdco Subsidiaries or New Holdco. Mergerco, New
Holdco Subsidiaries and New Holdco were formed solely for the purpose of engaging in the
transactions contemplated hereby, and Mergerco, New Holdco Subsidiaries and New Holdco have not
conducted any business prior to the date hereof and have no, and prior to the Effective Time will
have no, assets, liabilities or obligations of any nature other than those incident to its
formation and pursuant to this Agreement and the Merger and the other transactions contemplated by
this Agreement. Assuming for purposes of this representation that a number of shares equal to the
Maximum Stock Election Number is issued as Stock Consideration pursuant to Section&nbsp;3.01(b),
immediately after the Effective Time the Maximum Stock Election Number will represent approximately
30% of the issued and outstanding common stock of New Holdco. Immediately after the Effective Time,
zero shares of New Holdco preferred stock will be outstanding.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.18. Amendment to Section&nbsp;5.10</B>. The current Section&nbsp;5.10 shall be amended by adding
&#147;or New Holdco&#146;s Expenses&#148; after the reference to &#147;Mergerco&#146;s Expenses&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.19. Amendment to Section&nbsp;5.11</B>. Section&nbsp;5.11 shall be deleted and replaced in its
entirety with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;SECTION 5.11 Information Supplied</B>. None of the information supplied or to be supplied by the
Parents, Mergerco or New Holdco for inclusion or incorporation by reference in the Proxy Statement
will, at the date it is first mailed to the shareholders of the Company and at the time of the
Shareholders&#146; Meeting, contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they are made, not misleading. None of the information
supplied or to be supplied by Parents, Mergerco or New Holdco for inclusion or incorporation by
reference in the Form S-4 will, at the time it is filed with the SEC, and at any time it is amended
or supplemented, or at the date it becomes effective under the Securities Act contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they
are made, not misleading; <U>provided</U>, <U>however</U>, that no representation is made by
Parents with respect to statements made therein based on information supplied in writing by the
Company specifically for inclusion in such documents. The SEC Filings made by Parents will comply
in all material respects with the provisions of the Exchange Act.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.20. Amendment to Section&nbsp;5.12</B>. Section&nbsp;5.12 shall be amended by adding a reference
to &#147;, New Holdco&#146;s&#148; after the first reference to
&#147;Parents&#146;&#148; and a reference to &#147;and New Holdco&#148; after the reference to &#147;the Surviving
Corporation&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.21. Amendment to Section&nbsp;5.13</B>. Section&nbsp;5.13 shall be amended by adding a reference
to &#147;, New Holdco&#148; after the first, third and fourth references to &#147;Mergerco&#148; and &#147;or New Holdco&#148;
after the second reference to Mergerco.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.22. Additional Representations and Warranties of Parents, Mergerco and New Holdco</B>.
The Parents, Mergerco and New Holdco hereby jointly and severally represent and warrant to the
Company as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Authority Relative to Second Amendment</U>. The Parents, Mergerco and New Holdco have
all necessary power and authority to execute and deliver this Second Amendment, to perform their
respective obligations hereunder. The execution and delivery of this Second Amendment by the
Parents, Mergerco and New Holdco have been duly and validly authorized by all necessary limited
liability company action on the part of the Parents and all corporate action of Mergerco and New
Holdco, and no other corporate proceedings on the part of the Parents, Mergerco or New Holdco are
necessary to authorize the execution and delivery of this Second Amendment. This Second Amendment
has been duly and validly executed and delivered by the Parents, Mergerco and New Holdco and,
assuming the due authorization, execution and delivery by the Company, this Second Amendment
constitutes a legal, valid and binding obligation of the Parents, Mergerco and New Holdco,
enforceable against the Parents, Mergerco and New Holdco in accordance with its terms (except as
such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other similar laws of general applicability relating to or affecting creditor&#146;s
rights, and to general equitable principles).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.23. Amendment to Section&nbsp;6.01 of the Agreement</B>. The introductory paragraph of
<U>Section&nbsp;6.01</U> is amended by adding a reference to &#147;, New Holdco&#148; after the first reference
to &#147;Parents&#148; in the final clause.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.24. Amendment to Section&nbsp;6.</B><B>01(f)</B><B> of the Agreement</B>. <U>Section&nbsp;6.01(f)(iv)(z)</U>
is amended by deleting the words, &#147;date hereof&#148; and replacing them with the words, &#147;date of the
Amendment&#148; and adding a reference to &#147;, Mergerco or New Holdco&#148; after the reference to Parents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.25. Amendment to Section&nbsp;6.03(a)</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The following sentence shall be added as the second sentence to <U>Section&nbsp;6.03(a)</U>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;As soon as reasonably practicable following the date of this Second Amendment, the
Parents and the Company shall prepare and shall cause to be filed with the SEC the
Form S-4, including the Proxy Statement.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The following sentence shall be added as the penultimate sentence of <U>Section
6.03(a)</U>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;None of the information with respect to the Company or its subsidiaries to be
included in the Form S-4 or any amendments or supplements thereto, will at the time
of the mailing of the Proxy Statement or any amendments or supplements thereto, at
the time the Form S-4 or Proxy Statement or any amendment or supplement thereto is
filed with the SEC, at the time of the Shareholders&#146; Meeting, at the time the Form
S-4 (and any amendments or supplements thereto) is filed, or at the time the Form
S-4 becomes effective under the Securities Act
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.26. Amendment to Section&nbsp;6.03(b)</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Section&nbsp;6.03(b)</U> is amended by adding a reference to &#147;New Holdco,&#148; after the
reference to &#147;Parents&#148; in the first sentence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The following clause shall be added as the final sentence of Section&nbsp;6.03(b):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;None of the information with respect to the Parents, Mergerco, New Holdco or their
respective subsidiaries specifically provided in writing by the Parents or any
person authorized to act on their behalf for inclusion in the Form S-4 will, at the
time of the mailing of the Proxy Statement or any amendments or supplements thereto,
at the time of the Shareholders&#146; Meeting, at the time the Form S-4 (and any
amendments or supplements thereto) is filed, and at the time such Form S-4 becomes
effective under the Securities Act contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they
were made, not misleading.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.27. Amendment to Section&nbsp;6.03(c)</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The clause &#147;and the Form S-4&#148; shall be added after the first and second references to
&#147;Proxy Statement&#148; and the clause &#147;, Form S-4&#148; shall be added after the third reference to &#147;Proxy
Statement&#148; Section&nbsp;6.03(c).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The following sentence shall be added as the final sentence to such Section:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;The Company and Parents shall use reasonable best efforts to have the Form S-4
declared effective by the SEC under the Securities Act as promptly as reasonably
practicable after the date of the Second Amendment.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.28. Amendment to Section&nbsp;6.03(d)</B>. Section&nbsp;6.03(d) is hereby amended by adding a
reference to &#147;or New Holdco&#148; after the first reference to &#147;Mergerco&#148;, a reference to &#147;or New
Holdco&#146;s&#148; after the second reference to &#147;Mergerco&#146;s&#148;, a reference to &#147;and the Form S-4&#148; after the
third reference to &#147;Proxy Statement&#148; and a reference to &#147;or the Form S-4&#148; after the fourth and
fifth references to &#147;Proxy Statement&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.29. Amendment to Section&nbsp;6.03(e)</B>. Section&nbsp;6.03(e) is hereby deleted and replaced in
its entirety with the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(e) As soon as reasonably practicable after the date of this Second Amendment,
the Company and New Holdco shall prepare and shall cause to be filed with the SEC a
Form S-4 and proxy supplement in accordance with the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">provisions of <U>Section&nbsp;6.03(a)</U> relating to the meeting of the Company&#146;s
shareholders to be held to consider the adoption and approval of this Agreement and
the Merger. The Company and New Holdco shall include the text of this Agreement and
the Company shall include the recommendation of the Board of Directors of the
Company that the Company&#146;s shareholders approve and adopt this Agreement (it being
expressly acknowledged and agreed that the Board of Directors has not, and will not,
make any recommendation with respect to the Stock Consideration or the New Holdco
Common Stock). The Company and New Holdco shall use their reasonable best efforts
to have the Proxy Statement cleared and the Form S-4 declared effective by the SEC
as soon as reasonably practicable after it is filed with the SEC. In connection
with the Proxy Statement and Form S-4, contemplated by this <U>Section&nbsp;6.03(e)</U>,
the Company, Parents and New Holdco shall (i)&nbsp;respond as promptly as reasonably
practicable to any comments of the SEC; (ii)&nbsp;promptly notify the other parties upon
receipt of any comments of the SEC or its staff or any request for amendments or
supplements to the Proxy Statement of Form S-4 or of the issuance of any stop order,
of the suspension of the qualification of the New Holdco Common Stock issuable in
connection with the Merger for offering or sale in any jurisdiction; (iii)&nbsp;consult
with one another prior to responding to any such comments or filing any such
amendment or supplement; (iv)&nbsp;provide each other with copies of all correspondence
between any of such parties or their Representatives and the SEC; and (v)&nbsp;within
five (5)&nbsp;days after the Proxy Statement and Form S-4 prepared in accordance with
<U>Section&nbsp;6.03(b)</U> and this <U>Section&nbsp;6.03(e)</U> has been cleared by the SEC
and the Form S-4 declared effective, the Company shall mail the Proxy Statement to
the holders of Company Common Stock as of the record date established for the
Shareholders&#146; Meeting. Prior to the effective date of the Form&nbsp;S-4, New Holdco and
the Company shall use commercially reasonable efforts to comply with all applicable
requirements of Law in connection with the registration and qualification of the
Stock Consideration to be issued in connection with the Merger.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.30. Amendments to Section&nbsp;6.04 of the Agreement</B>. Subject to any actions taken by
the SEC, as contemplated by <U>Section&nbsp;2.05 </U>above, the Shareholders&#146; Meeting referred to in
<U>Section&nbsp;6.04</U> of the Agreement shall be postponed, convened and held as set forth in
<U>Section&nbsp;6.03(e)</U> above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.31. Amendment to Section&nbsp;6.</B><B>05(b)</B><B> of the Agreement</B>. <U>Section&nbsp;6.05(b) </U>of the
Agreement is amended by adding a reference to &#147;New Holdco&#146;s,&#148; before each reference to &#147;Mergerco&#146;s&#148;
in clause (ii).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.32. Amendment to Section&nbsp;6.</B><B>07(d)</B><B> of the Agreement</B>. <U>Section&nbsp;6.07(d) </U>of the
Agreement is amended by adding a reference to &#147;, New Holdco&#148; after each reference to &#147;Parents&#148; in
clause (i).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.33. Amendment to Section&nbsp;6.</B><B>07(h)</B><B> of the Agreement</B>. <U>Section&nbsp;6.07(h)</U> of the
Agreement is amended by adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Parents&#148; in
the first sentence.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.34. Amendment to Section&nbsp;6.09 of the Agreement</B>. <U>Section&nbsp;6.09</U> of the
Agreement is amended by adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Surviving
Corporation&#148; in clause (i)&nbsp;of the first sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.35. Amendment to Section&nbsp;6.</B><B>12(a)</B><B> of the Agreement</B>. <U>Section&nbsp;6.12(a)</U> of the
Agreement is deleted and hereby replaced in its entirety with the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;(a) shall not amend or otherwise change any of the Mergerco Organizational
Documents or the New Holdco Organizational Documents if such amendment or change (i)
would be likely to prevent or materially delay the consummation of the transactions
contemplated hereby or (ii)&nbsp;would change the rights, preferences or privileges of
any share of New Holdco Common Stock in any material respect that would render the
representations and warranties contained in Section&nbsp;5.09 of this Agreement to be
untrue or inaccurate at the Effective Time&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.36. Amendment to Section&nbsp;6.13 of the Agreement</B>. <U>Section&nbsp;6.13</U> of the
Agreement is deleted and hereby replaced in its entirety with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ARTICLE 1 </B>&#147;<B>SECTION 6.13 FINANCING.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Mergerco and the Parents shall use their reasonable best efforts to (i)&nbsp;arrange and obtain
the Financing on the terms and conditions described in the Financing Commitments, which agreements
shall be in effect as promptly as practicable after the date hereof, but in no event later than the
Closing, (ii)&nbsp;negotiate and finalize definitive agreements with respect thereto on the terms and
conditions contained in the Financing Commitments, (iii)&nbsp;satisfy on a timely basis all conditions
applicable to the Parents or Mergerco in such definitive agreements that are within their control,
(iv)&nbsp;consummate the Financing no later than the Closing, and (v)&nbsp;enforce their rights under the
Financing Commitments. In the event that any portion of the Financing becomes unavailable in the
manner or from the sources contemplated in the Financing Commitments, (A)&nbsp;the Parents shall
promptly notify the Company, and (B)&nbsp;Mergerco and the Parents shall use their reasonable best
efforts to obtain alternative financing from alternative sources, on terms, taken as whole, that
are no more adverse to the Company, as promptly as practicable following the occurrence of such
event but in no event later than the last day of the Marketing Period, including entering into
definitive agreements with respect thereto (such definitive agreements entered into pursuant to
this <U>Section&nbsp;6.13(a)</U> being referred to as the <B>&#147;</B><B><I>Financing Agreements</I></B><B>&#148;</B>). For the avoidance
of doubt, in the event that (x)&nbsp;all or any portion of any offering or issuance of any high yield
debt securities contemplated by the Financing Commitments or any alternative debt securities
therefor (collectively, the <B>&#147;</B><B><I>High Yield Financing</I></B><B>&#148;</B>), has not been consummated; and (y)&nbsp;all
conditions set forth in <U>Article&nbsp;VII</U> hereof have been satisfied or waived (other than
conditions set forth in <U>Section&nbsp;7.02(c)</U> and <U>Section&nbsp;7.03(d)</U>) and (z)&nbsp;the bridge
facilities contemplated by the Financing Commitments are available on terms and conditions
described in the Financing Commitments, then Mergerco shall agree to use the bridge facility
contemplated by the Debt Commitment Letters, if necessary, to replace such High Yield Financing no
later than the last date of the Marketing Period. In furtherance of the provisions of this
<U>Section&nbsp;6.13(a)</U>, one or more Debt Commitment Letters may be amended, restated, supplemented
or otherwise modified, superseded or replaced to add one or more lenders, lead arrangers,
bookrunners, syndication agents or similar entities which had not

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">executed the Debt Commitment Letters as of the date hereof, to increase the amount of
indebtedness or otherwise replace one or more facilities with one or more new facilities or
financings or modify one or more facilities to replace or otherwise modify the Debt Commitment
Letters, or otherwise in a manner not less beneficial in the aggregate to Mergerco, New Holdco and
the Parents (as determined in the reasonable judgment of the Parents) (the &#147;<B><I>New Debt Financing
Commitments</I></B>&#148;), provided that the New Debt Financing Commitments shall not (i)&nbsp;adversely amend the
conditions to the Debt Financing set forth in the Debt Commitment Letters, in any material respect,
(ii)&nbsp;reasonably be expected to delay or prevent the Closing; or (iii)&nbsp;reduce the aggregate amount
of available Debt Financing (unless, in the case of this clause (iii), replaced with an amount of
new equity financing on terms no less favorable in any material respect to Mergerco and New Holdco
than the terms set forth in the Equity Commitment Letters or one or more new debt facilities
pursuant to the new debt facilities pursuant to the New Debt Financing Commitments.) Upon and from
and after each such event, the term &#147;<B><I>Debt Financing</I></B>&#148; as used herein shall be deemed to mean the
Debt Financing contemplated by the Debt Commitment Letters that are not so superseded or replaced
at the time in question and the New Debt Financing Commitments to the extent then in effect. For
purposes of this Agreement, &#147;<B><I>Marketing Period</I></B>&#148; shall mean the first period of twenty-five (25)
consecutive business days throughout which (A)&nbsp;Mergerco and the Parents shall have the Required
Financial Information that the Company is required to provide Mergerco and the Parents pursuant to
<U>Section&nbsp;6.13(b)</U>, and (B)&nbsp;the conditions set forth in <U>Section&nbsp;7.01</U> or <U>Section
7.02</U> (other than <U>Section&nbsp;7.02(c)</U>) shall be satisfied and nothing has occurred and no
condition exists that would cause any of the conditions set forth in <U>Section&nbsp;7.02</U> (other
than <U>Section&nbsp;7.02(c)</U>) to fail to be satisfied assuming the Closing were to be scheduled for
any time during such twenty-five (25)&nbsp;consecutive business day period; <U>provided</U>,
<U>however</U>, that if the Marketing Period has not ended on or prior to August&nbsp;17, 2007, the
Marketing Period shall commence no earlier than September&nbsp;4, 2007 or if the Marketing Period has
not ended on or prior to December&nbsp;14, 2007, the Marketing Period shall commence no earlier than
January&nbsp;7, 2008. The Parents shall (x)&nbsp;furnish complete and correct and executed copies of the
Financing Agreements promptly upon their execution, (y)&nbsp;give the Company prompt notice of any
material breach by any party of any of the Financing Commitments, any New Debt Financing Commitment
or the Financing Arrangements of which the Parents become aware or any termination thereof, and (z)
otherwise keep the Company reasonably informed of the status of the Parents&#146; efforts to arrange the
Financing (or any replacement thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company shall, and shall cause its subsidiaries, and their respective officers,
employees, consultants and advisors, including legal and accounting of the Company and its
subsidiaries at the Parents&#146; sole expense, to cooperate in connection with the arrangement of the
Debt Financing (which shall include for the avoidance of doubt and purposes hereof, the High Yield
Financings) as may be reasonably requested in advance written notice to the Company provided by
Mergerco or the Parents (provided that such requested cooperation does not unreasonably interfere
with the ongoing operations of the Company and its subsidiaries or otherwise impair, in any
material respect, the ability of any officer or executive of the Company or Outdoor Holdings to
carry out their duties to the Company and to Outdoor Holdings, respectively). Such cooperation by
the Company shall include, at the reasonable request of Mergerco or the Parents, (i)&nbsp;agreeing to
enter into such agreements, and to execute and deliver such officer&#146;s certificates (which in the
good faith determination of the person executing the same shall be accurate), including
certificates of the chief financial officer of the Company or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any subsidiary with respect to solvency matters and as are customary in financings of such
type, and agreeing to pledge, grant security interests in, and otherwise grant liens on, the
Company&#146;s assets pursuant to such agreements, provided that no obligation of the Company under any
such agreement, pledge or grant shall be effective until the Effective Time; (ii) (x)&nbsp;preparing
business projections, financial statements, pro forma statements and other financial data and
pertinent information of the type required by Regulation&nbsp;S-X and Regulation&nbsp;S-K under the
Securities Act and of the type and form customarily included in private placements resold under
Rule&nbsp;144A of the Securities Act to consummate any High Yield Financing, all as may be reasonably
requested by Mergerco or the Parents and (y)&nbsp;delivery of audited consolidated financial statements
of the Company and its consolidated subsidiaries for the fiscal year ended December&nbsp;31, 2007
(together with the materials in clause (x), the &#147;<B><I>Required Financial Information</I></B>&#148;), which Required
Financial Information shall be Compliant; (iii)&nbsp;making the Company&#146;s Representatives available to
assist in the Financing, including participation in a reasonable number of meetings, presentations
(including management presentations), road shows, drafting sessions, due diligence sessions and
sessions with rating agencies, including one or more meetings with prospective lenders, and
assistance with the preparation of materials for rating agency presentations, offering documents
and similar documents required in connection with the Financing; (iv)&nbsp;reasonably cooperating with
the marketing efforts of the Financing; (v)&nbsp;ensuring that any syndication efforts benefit from the
existing lending and investment banking relationships of the Company and its subsidiaries (vi)
using reasonable best efforts to obtain customary accountants&#146; comfort letters, consents, legal
opinions, survey and title insurance as requested by Mergerco or the Parents along with such
assistance and cooperation from such independent accountants and other professional advisors as
reasonably requested by Mergerco or the Parents; (vii)&nbsp;taking all actions reasonably necessary to
permit the prospective lenders involved in the Financing to (A)&nbsp;evaluate the Company&#146;s current
assets, cash management and accounting systems, policies and procedures relating thereto for the
purpose of establishing collateral arrangements and (B)&nbsp;establish bank and other accounts and
blocked account agreements and lock box arrangements in connection with the foregoing; provided
that no right of any lender, nor obligation of the Company or any of its subsidiaries, thereunder
shall be effective until the Effective Time; and (viii)&nbsp;otherwise reasonably cooperating in
connection with the consummation of the Financing and the syndication and marketing thereof,
including obtaining any rating agencies&#146; confirmations or approvals for the Financing. The Company
hereby consents to the use of its and its subsidiaries&#146; logos in connection with the Financing.
Notwithstanding anything in this Agreement to the contrary, neither the Company nor any of its
subsidiaries shall be required to pay any commitment or other similar fee or incur any other
liability or obligation in connection with the Financing (or any replacements thereof) prior to the
Effective Time. The Parents shall, promptly upon request by the Company following the valid
termination of this Agreement (other than in accordance with <U>Section&nbsp;8.01(i</U>), reimburse the
Company for all reasonable and documented out-of-pocket costs incurred by the Company or any of its
subsidiaries in connection with such cooperation. The Parents shall indemnify and hold harmless
the Company and its subsidiaries for and against any and all losses suffered or incurred by them in
connection with the arrangement of the Financing and any information utilized in connection
therewith (other than information provided by the Company or its subsidiaries). As used in this
<U>Section&nbsp;6.13(b)</U>, &#147;<B><I>Compliant</I></B>&#148; means, with respect to any Required Financial Information,
that such Required Financial Information does not contain any untrue statement of a material fact
or omit to state any material fact regarding the Company and it subsidiaries necessary in order to
make such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Required Financial Information not misleading and is, and remains throughout the Marketing
Period, compliant in all material respects with all applicable requirements of Regulation&nbsp;S-K and
Regulation&nbsp;S-X and a registration statement on Form S-1 (or any applicable successor form) under
the Securities Act, in each case assuming such Required Financial Information is intended to be the
information to be used in connection with the Debt Financing (including the High Yield Financing)
contemplated by the Debt Commitment Letters.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.37. Addition of Section&nbsp;6.18. </B>The following shall be added as Section&nbsp;6.18 of the
Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Section&nbsp;6.18 </B><U><B>Tax Free Qualification for Stock Election</B></U><B>. </B>Parents and Company shall
not, and shall not permit any of their Subsidiaries to, take or cause to be taken any action, other
than any actions expressly contemplated by this Agreement or the Equity Commitment Letters, or
knowingly fail to take any action, which action or failure to act would reasonably be expected to
prevent the exchange of shares of Company Common Stock for New Holdco Common Stock pursuant to the
Merger and a Stock Election (other than Net Electing Option Shares), taken together with the
exchange of the Rollover Shares and the Equity Financing, from qualifying as an exchange described
in Section&nbsp;351 of the Code.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.38. Addition of Section&nbsp;6.19. </B>The following shall be added as Section&nbsp;6.19 of the
Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Section&nbsp;6.19 </B><U><B>Fees</B></U><B>. </B>The transaction fees payable to Parents or their Affiliates at or
prior to the Closing will not exceed $87.5&nbsp;million. Following the Closing, unless otherwise
unanimously approved by the Independent Directors, the Company will not pay management,
transaction, monitoring or any other fees to the Parents or their Affiliates except pursuant to an
arrangement or structure whereby public shareholders of New Holdco are made whole for the portion
of such fees paid by the Company that would otherwise be proportionate to their share holdings.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.39. Addition of Section&nbsp;6.20. </B>The following shall be added as Section&nbsp;6.20 of the
Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Section&nbsp;6.20 </B><U><B>Board of Directors</B></U><B>. </B>Immediately following the Closing, the board of
directors of the Company will include at least two (2)&nbsp;Independent Director<B>s.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.40. Addition of Section&nbsp;6.21. </B>The following shall be added as Section&nbsp;6.21 of the
Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Section&nbsp;6.21 </B><U><B>Registration</B></U><B>. </B>New Holdco agrees that it will use reasonable efforts to
maintain the registration of the New Holdco Common Stock under Section&nbsp;12 of the Exchange Act for
two years after the Effective Time except for any deregistration in connection with any sale,
recapitalization or similar extraordinary corporate transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.41. Amendment to Section&nbsp;7.02 of the Agreement</B>. The introductory sentence of
<U>Section&nbsp;7.02</U> of the Agreement is amended by adding a reference to &#147;, New Holdco&#148; after the
reference to &#147;Parents&#148;.
</DIV>


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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.42. Amendment to Section&nbsp;7.</B><B>03(a)</B><B> of the Agreement</B>. <U>Section&nbsp;7.03(a)</U> of
the Agreement is amended by adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Parents&#148;
in the first sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.43. Amendment to Section&nbsp;7.</B><B>03(b)</B><B> of the Agreement</B>. <U>Section&nbsp;7.03(b)</U> of the
Agreement is amended by adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Parents&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.44. Amendment to Section&nbsp;8.</B><B>01(e)</B><B> of the Agreement</B>. <U>Section&nbsp;8.01(e) </U>of the
Agreement is amended by adding a reference to &#147;, New Holdco&#148; after each reference to &#147;Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.45. Amendment to Section&nbsp;8.</B><B>01(f)</B><B> of the Agreement</B>. <U>Section&nbsp;8.01(f) </U>of the
Agreement is amended by adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Mergerco&#148; in
clause (ii).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.46. Amendment to Section&nbsp;8.</B><B>01(g)</B><B> of the Agreement</B>. The clause &#147;by the Parents if
they and Mergerco&#148; in <U>Section&nbsp;8.01(g)</U> of the Agreement is hereby deleted and replaced with
the following: &#147;by the Parents if they, New Holdco and Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.47. Amendment to Section&nbsp;8.</B><B>01(i)</B><B>. </B><U>Section&nbsp;8.01(i)</U> shall be amended by
adding a reference to &#147;and Form S-4&#148; after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.48. Amendment to Section&nbsp;8.</B><B>02(a)</B><B> of the Agreement</B>. <U>Section&nbsp;8.02(a)</U> is
hereby amended by adding a reference to &#147;, New Holdco&#148; after each reference to &#147;Mergerco&#148; in the
final paragraph of <U>Section&nbsp;8.02(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.49. Amendment to Section&nbsp;8.</B><B>02(b)(i)</B><B> of the Agreement</B>. <U>Section&nbsp;8.02(b)(i)</U> is
hereby amended by adding a reference to &#147;, New Holdco&#148; after the first and fifth reference to
&#147;Mergerco&#148; and a reference to &#147;, New Holdco&#146;s&#148; after the second and fourth reference to &#147;Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.50. Amendment to Section&nbsp;8.</B><B>02(b)(ii)</B><B> of the Agreement</B>. <U>Section&nbsp;8.02(b)(ii)</U>
is hereby amended by adding a reference to &#147;, New Holdco&#148; after the first reference to &#147;Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.51. Amendment to Section&nbsp;8.</B><B>02(b)</B><B> of the Agreement</B>. The final paragraph of
<U>Section&nbsp;8.02(b)</U> is hereby amended by adding a reference to &#147;, New Holdco&#148; after each
reference to &#147;Mergerco&#148; other than references to &#147;Mergerco&#148; in the defined term &#147;Mergerco
Termination Fee&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.52. Amendment to Section&nbsp;8.</B><B>02(d)</B><B> of the Agreement</B>. <U>Section&nbsp;8.02(d)</U> is
hereby amended by adding a reference to &#147;, New Holdco&#148; after the first, second, fifth, seventh and
eighth reference to &#147;Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.53. Amendment to Section&nbsp;8.04 of the Agreement</B>. <U>Section&nbsp;8.04</U> is hereby
amended by adding a reference to &#147;, New Holdco&#148; after the reference to &#147;Mergerco&#148; in the third
sentence.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-29<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.54. Amendment to Section&nbsp;9.02 of the Agreement</B>. <U>Section&nbsp;9.02</U> is hereby
amended by replacing &#147;if to the Parents or Mergerco:&#148; with the following: &#147;if to the Parents,
Mergerco or New Holdco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.55. Amendment to Section&nbsp;9.05 of the Agreement</B>. <U>Section&nbsp;9.05</U> is hereby
deleted and replaced in its entirety with the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Section&nbsp;9.05 Assignment</B>. Neither this Agreement nor any rights, interests or obligations
hereunder shall be assigned by any of the parties hereto (whether by operation of Law or otherwise)
without the prior written consent of the other parties hereto; <U>provided</U>, <U>that</U> (i)
Mergerco may assign any of its rights and obligations to any direct or indirect wholly owned
subsidiary of New Holdco, but no such assignment shall relieve Mergerco of its obligations
hereunder and (ii)&nbsp;New Holdco may assign any of its rights and obligations to any direct or
indirect wholly owned subsidiary of New Holdco, but no such assignment shall relieve New Holdco of
its obligations hereunder. Further, the Company acknowledges and agrees that Mergerco may (i)
elect to transfer its equity interests to any of its respective affiliates or direct or indirect
wholly owned subsidiaries; <U>provided</U> <U>that</U> each of such direct or indirect
subsidiaries will be wholly owned by New Holdco or subsidiaries of New Holdco, (ii)&nbsp;reincorporate
in Texas or (iii)&nbsp;merge with or convert into a Texas corporation created solely for the purpose of
the Merger, and any such transfer, reincorporation, merger or conversion shall not result in a
breach of any representation, warranty or covenant of Mergerco, New Holdco and/or the Parents
herein. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the
benefit of, and be enforceable by, the parties hereto and their respective successors and permitted
assigns. Any purported assignment not permitted under this Section shall be null and void.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.56. Amendment to Section&nbsp;9.</B><B>08(a)(i)</B><B> of the Agreement</B>. <U>Section&nbsp;9.08(a)(i)</U> is
hereby amended by replacing the clause &#147;the maximum aggregate liability of Mergerco&#148; with the
following: &#147;the maximum aggregate liability of Mergerco and New Holdco&#148;. Amendment to <U>Section
9.08(a)(iv)</U> of the Agreement. <U>Section&nbsp;9.08(a)(iv)</U> is hereby amended by adding a
reference to &#147;, New Holdco&#148; after &#147;Mergerco&#148; in clause (iv).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.57. Amendment to Section&nbsp;9.</B><B>08(b)</B><B>, (c)&nbsp;and (d)&nbsp;of the Agreement</B>. <U>Section
9.08(b)</U>, <U>Section&nbsp;9.08(c)</U> and <U>Section&nbsp;9.08(d)</U> are hereby amended by adding a
reference to &#147;, New Holdco&#148; after each reference to &#147;Mergerco&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 2.58. Amendment to Appendix&nbsp;A</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The definition of &#147;<B><I>Additional Per Share Consideration</I></B>&#148; is amended by deleting
&#147;$39.00&#148; and replacing such amount with &#147;$39.20.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The following definition of <B>&#147;</B><B><I>Affiliated Holder</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>affiliate</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Affiliated Holder</I></B><B>&#148; </B>shall mean each Person listed on Schedule&nbsp;1 hereto, each of such
Person&#146;s heirs and successors, and any person to whom such Person assigns shares
where such transferee agrees to bound by the letter agreement entered into by such
holder pursuant to <U>Section&nbsp;3.01(b)(ii)</U> hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-30<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The following definition of <B>&#147;</B><B><I>Alien Entity</I></B><B>&#148; </B>shall be added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Agreement</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Alien Entity</I></B><B>&#148; </B>shall have the meaning set forth in the definition of Non-U.S.
Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The following definition of <B>&#147;</B><B><I>Book Entry Share</I></B><B>&#148; </B>shall replace the definition of Book
Entry
Share in Appendix&nbsp;A:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Book Entry Share</I></B><B>&#148; </B>means a book-entry share which immediately prior to the Effective
Time represented a share of Company Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The following definition of <B>&#147;</B><B><I>Capped Holder</I></B><B>&#148; </B>is added to Appendix&nbsp;A immediately
following
the definition of <B>&#147;</B><B><I>business day</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Capped Holder</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(g)(iii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The following definition of <B>&#147;</B><B><I>Cash Consideration</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Capped Holder</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Cash Consideration</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(b)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The following definition of <B>&#147;</B><B><I>Cash Consideration Share</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Cash Consideration</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Cash Consideration Share</I></B><B>&#148; </B>shall mean each share of Company Common Stock for which
Parents pay Cash Consideration pursuant to <U>Section&nbsp;3.01(b)</U> and <U>Section
3.01(g)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The following definition of <B>&#147;</B><B><I>Cash Election</I></B><B>&#148; </B>is added to Appendix&nbsp;A immediately
following
the definition of <B>&#147;</B><B><I>Cash Consideration Share</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Cash Election</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(c)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The following definition of <B>&#147;</B><B><I>Certificate</I></B><B>&#148; </B>shall replace the definition of
Certificate in
Appendix&nbsp;A:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Certificate</I></B><B>&#148; </B>means a certificate which immediately prior to the Effective Time
represented a share of Company Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The definition of &#147;<B><I>Competing Proposal</I></B>&#148; is amended by adding a reference to &#147;, New
Holdco&#148;
after the reference to Parents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The definition of &#147;<B><I>Contacted Parties Proposal</I></B>&#148; is amended by adding a reference to &#147;, New
Holdco&#148; after the reference to Parents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The following definition of <B>&#147;</B><B><I>Election Deadline</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Effective Time</I></B><B>&#148;</B>:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-31<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Election Deadline</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(d)</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;The following definition of <B>&#147;</B><B><I>Election Form&nbsp;Record Date</I></B><B>&#148; </B>is added to
Appendix&nbsp;A immediately
following the definition of &#147;<B><I>Election Deadline</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Election Form&nbsp;Record Date</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;The following definition of <B>&#147;</B><B><I>Elections&#148; </I></B>is added to Appendix&nbsp;A immediately following
the
definition of <B>&#147;</B><B><I>Election Form&nbsp;Record Date</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Elections</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(c)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;The definition of <B><I>&#147;Expenses&#148; </I></B>in Appendix&nbsp;A shall be amended by adding a reference to
&#147;and
Form S-4&#148; after the reference to &#147;Proxy Statement&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;The following definition of <B>&#147;</B><B><I>Final Return Shares</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Financing Commitments</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Final Return Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(vi)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;The following definition of <B>&#147;</B><B><I>Final Stock Election</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Final Return Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Final Stock Election</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(viii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;The following definition of <B>&#147;</B><B><I>Final Stock Election Notice</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Final Stock Election&#148;</I></B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Final Stock Election Notice</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;The following definition of <B>&#147;</B><B><I>Final Stock Election Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Final Stock Election Notice&#148;</I></B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Final Stock Election Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(vi)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;The following definition of <B>&#147;</B><B><I>First Allocation Distributable Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Final Stock Election Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>First Allocation Distributable Shares</I></B><B>&#148; </B>shall have the meaning set forth in
<U>Section&nbsp;3.01(g)(ii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;The following definition of <B>&#147;</B><B><I>First Allocation Stock Election Shares</I></B><B>&#148; </B>is added to
Appendix
A immediately following the definition of <B>&#147;</B><B><I>First Allocation Distributable Shares</I></B><B>&#148;</B>:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-32<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>First Allocation Stock Election Shares</I></B><B>&#148; </B>shall have the meaning set forth in
<U>Section&nbsp;3.01(g)(iii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The following definition of <B>&#147;</B><B><I>First Individual Cutback Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>First Allocation Stock Election Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>First Individual Cutback Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(iii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;The following definition of <B>&#147;</B><B><I>First Prorated Returned Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>First Individual Cutback Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>First Allocation Returned Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(ii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;The following definition of <B>&#147;</B><B><I>Form of Election</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Foreign Antitrust Laws</I></B><B>&#148;</B>:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Form of Election</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(c)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;The following definition of <B>&#147;</B><B><I>Form&nbsp;S-4</I></B><B>&#148; </B>is added to Appendix&nbsp;A immediately
following the
definition of <B>&#147;</B><B><I>Form of Election</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Form&nbsp;S-4</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;4.12</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;The following definition of <B>&#147;</B><B><I>Gross Electing Option Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Governmental Authority</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Gross Electing Option Shares&#148; </I></B>shall have the meaning set forth in <U>Section
3.01(c)(ii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;The following definition of <B>&#147;</B><B><I>Independent Directors</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Indenture</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Independent Directors&#148; </I></B>shall mean members of the board of directors of the Company
who are not representatives of the Parents or their Affiliates or employees
(including former employees) of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;The following definition of <B>&#147;</B><B><I>Individual Cap</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately following
the definition of <B>&#147;</B><B><I>Independent Director</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Individual Cap</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(g)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;The following definition of <B>&#147;</B><B><I>Irrevocable Option Election</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Individual Cap</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Irrevocable Option Election</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(c)(ii)</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-33<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;The following definition of <B>&#147;</B><B><I>Letter of Transmittal</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Law</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Letter of Transmittal</I></B><B>&#148; </B>means a letter prepared by the Paying Agent, with reasonable
approval of New Holdco and the Company, which shall, among other things, (x)&nbsp;specify
that delivery of Certificates and Book Entry Shares be effected, and risk of loss
and title to the Certificates or Book-Entry Shares, as applicable, shall pass, only
upon proper delivery of the Certificates (or affidavits of loss in lieu thereof
pursuant to <U>Section&nbsp;3.04</U> hereof) or Book-Entry Shares to the Paying Agent
and which shall be in the form and have such other provisions as New Holdco and the
Company may reasonably specify and (y)&nbsp;include instructions for use in effecting the
surrender of the Certificates or Book-Entry Shares in exchange for the Merger
Consideration into which the number of shares of Company Common Stock previously
represented by such Certificate or Book-Entry Shares shall be converted pursuant to
this Agreement (which instructions shall provide that at the election of the
surrendering holder, Certificates or Book-Entry Shares may be surrendered, and the
Merger Consideration in exchange therefor collected, by hand delivery).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;The following definition of <B>&#147;</B><B><I>Maximum Stock Election Number</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>LMA</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Maximum Stock Election Number</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;The following definition of <B>&#147;</B><B><I>Merger Consideration</I></B><B>&#148; </B>shall replace the definition of
<B>&#147;</B><B><I>Merger Consideration</I></B><B>&#148; </B>in Appendix&nbsp;A:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Merger Consideration</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(b)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;The following definition of <B>&#147;</B><B><I>Net Electing Option Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Multiemployer Plan</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Net Electing Option Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(c)(ii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Common Stock</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>New Debt Financing Commitments</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Common Stock</I></B><B>&#148; </B>shall mean the Class&nbsp;A Common Stock, par value $0.001 per
share, of New Holdco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Equity Interests</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>New Debt Financing Commitments</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Equity Interests</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
5.09</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-34<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Material Adverse Effect</I></B><B>&#148; </B>shall replace the
definition of <B>&#147;</B><B><I>Mergerco Material Adverse Effect</I></B><B>&#148; </B>in Appendix&nbsp;A and all references to &#147;<B><I>Mergerco
Material Adverse Effect</I></B>&#148; shall be replaced with reference to &#147;<B><I>New Holdco Material Adverse Effect</I></B>&#148;:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Material Adverse Effect</I></B><B>&#148; </B>shall mean any event, state of facts,
circumstance, development, change, effect or occurrence that is materially adverse
to the business, financial condition or results of operations of New Holdco and New
Holdco&#146;s subsidiaries taken as a whole or may reasonably be expected to prevent or
materially delay or materially impair the ability of New Holdco or any of its
subsidiaries to consummate the Merger and the other transactions contemplated by
this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Organizational Documents</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>New Holdco Common Stock</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Organizational Documents</I></B><B>&#148; </B>shall have the meaning set forth in
<U>Section&nbsp;5.02(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Shares</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>New Holdco Organizational Documents</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;5.09</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Subsidiaries</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>New Holdco Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Subsidiaries</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;5.09</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Subsidiaries Equity Interests</I></B><B>&#148; </B>is added to
Appendix&nbsp;A immediately following the definition of <B>&#147;</B><B><I>New Holdco Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Subsidiaries Equity Interests</I></B><B>&#148; </B>shall have the meaning set forth in
<U>Section&nbsp;5.09</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;The following definition of <B>&#147;</B><B><I>New Holdco Subsidiaries Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>New Holdco Subsidiaries Equity Interests</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>New Holdco Subsidiaries Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
5.09</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;The following definition of &#147;<B><I>Non-U.S. Person</I></B>&#148; is added to Appendix&nbsp;A immediately
following the definition of &#147;<B><I>No-Shop Period Start Date</I></B>&#148; in Appendix&nbsp;A:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Non-U.S. Person</I></B><B>&#148; </B>means any Person who:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-35<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a natural person who either is not a citizen of the United States or is
acting at the direction and behest of a foreign government, foreign entity or
foreign individual as its agent for purposes of this transaction; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not a natural person and is:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(a)&nbsp;a partnership, limited liability company, corporation,
joint-stock company or association controlled by persons not citizens
of the United States or entities organized under the laws of a
foreign country;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(b)&nbsp;a foreign government;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(c)&nbsp;a partnership, limited liability company, corporation,
joint-stock company or association controlled directly or indirectly
by one or more of the above,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(Any person or entity described in paragraphs 1 or 2 (a)-(c) above is
referred to hereafter as an &#147;Alien Entity.&#148;)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(d)&nbsp;has direct or indirect ownership by Alien Entities that, in the
aggregate, exceeds 25%, <U>or</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 12%">(e)&nbsp;has voting or other control rights exercised directly or
indirectly by Alien Entities that, in the aggregate, exceed 25%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;The following definition of <B>&#147;</B><B><I>Option Cash Payment</I></B><B>&#148; </B>shall replace the definition of
<B>&#147;</B><B><I>Option
Cash Payment</I></B><B>&#148; </B>in Appendix&nbsp;A:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Option Cash Payment</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.03(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;The following definition of <B>&#147;</B><B><I>Proration Factor</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>person</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Proration Factor</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section&nbsp;3.01(g)(ii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;The following definition of <B>&#147;</B><B><I>Public Share</I></B><B>&#148; </B>is added to Appendix&nbsp;A immediately
following
the definition of <B>&#147;</B><B><I>Proxy Statement</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Public Share</I></B><B>&#148; </B>shall mean each share of Company Common Stock outstanding immediately
prior to the Effective Time other than a Dissenting Share, Rollover Share or share
that is cancelled pursuant to <U>Section&nbsp;3.01(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;The following definition of <B>&#147;</B><B><I>Second Allocation</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>SEC Filings</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Allocation</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(iii)</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-36<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;The following definition of <B>&#147;</B><B><I>Second Allocation Distributable Shares</I></B><B>&#148; </B>is added to
Appendix
A immediately following the definition of <B>&#147;</B><B><I>Second Allocation</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Allocation Distributable Shares</I></B><B>&#148; </B>shall have the meaning set forth in
<U>Section&nbsp;3.01(g)(iv)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;The following definition of <B>&#147;</B><B><I>Second Allocation Participant</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Second Allocation Distributable Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Allocation Participant</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(iii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;The following definition of <B>&#147;</B><B><I>Second Allocation Shares</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Second Allocation Participant</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Allocation Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(iii)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;The following definition of <B>&#147;</B><B><I>Second Allocation Stock Election Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A immediately following the definition of &#147;<B><I>Second Allocation Shares</I></B>&#148;:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B><I>&#147;Second Allocation Stock Election Shares&#148; </I></B>shall have the meaning set forth in
<U>Section&nbsp;3.01(g)(v)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;The following definition of <B>&#147;</B><B><I>Second Amendment Disclosure Letter</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Second Allocation Stock Election Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Amendment Disclosure Letter</I></B><B>&#148; </B>shall have the meaning set forth in the
introductory paragraph of Article&nbsp;V.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;The following definition of <B>&#147;</B><B><I>Second Individual Cutback Shares</I></B><B>&#148; </B>is added to
Appendix&nbsp;A
immediately following the definition of <B>&#147;</B><B><I>Second Amendment Disclosure Letter</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Individual Cutback Shares</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(g)(v)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;The following definition of <B>&#147;</B><B><I>Second Prorated Stock Election Shares</I></B><B>&#148; </B>is added to
Appendix
A immediately following the definition of <B>&#147;</B><B><I>Second Individual Cutback Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Second Prorated Stock Election Shares</I></B><B>&#148; </B>shall have the meaning set forth in
<U>Section&nbsp;3.01(g)(iv)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;The following definition of <B>&#147;</B><B><I>Shares</I></B><B>&#148; </B>is added to Appendix&nbsp;A immediately
following the
definition of <B>&#147;</B><B><I>Senior Executive</I></B><B>&#148;</B>:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;The following definition of <B>&#147;</B><B><I>Shares Representative</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Shares</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Shares Representative</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(c)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;The following definition of <B>&#147;</B><B><I>Stock Consideration</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Short-Dated Notes</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Stock Consideration</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(b)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;The following definition of <B><I>&#147;Stock Election&#148; </I></B>is added to Appendix&nbsp;A immediately
following the definition of <B>&#147;</B><B><I>Stock Consideration</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B><I>&#147;Stock Election&#148; </I></B>shall have the meaning set forth in <U>Section&nbsp;3.01(c)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;The following definition of <B>&#147;</B><B><I>Stock Election Share</I></B><B>&#148; </B>is added to Appendix&nbsp;A
immediately
following the definition of <B>&#147;</B><B><I>Stock Election</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Stock Election Share</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.01(c)(i)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;The following definition of <B>&#147;</B><B><I>Total Option Cash Payment</I></B><B>&#148; </B>shall replace the
definition of
<B>&#147;</B><B><I>Total Option Cash Payment</I></B><B>&#148; </B>in Appendix&nbsp;A:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>Total Option Cash Payment</I></B><B>&#148; </B>shall have the meaning set forth in <U>Section
3.03(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;The following definition of <B>&#147;</B><B><I>U.S. Person</I></B><B>&#148; </B>is added to Appendix&nbsp;A immediately
following
the definition of <B>&#147;</B><B><I>Total Option Cash Payment</I></B><B>&#148;</B>:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>&#147;</B><B><I>U.S. Person</I></B><B>&#148; </B>means any Person that is not an Non-U.S. Person.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.01. No Further Amendment</B>. Except as expressly amended hereby, the Agreement is in
all respects ratified and confirmed and all of the terms and conditions and provisions thereof
shall remain in full force and effect. This Second Amendment is limited precisely as written and
shall not be deemed to be an amendment to any other term or condition of the Agreement or any of
the documents referred to therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.02. Effect of Amendment</B>. This Second Amendment shall form a part of the Agreement
for all purposes, and each party thereto and hereto shall be bound hereby. From and after the
execution of this Second Amendment by the parties hereto, any reference to &#147;this Agreement&#148;,
&#147;hereof&#148;, &#147;herein&#148;, &#147;hereunder&#148; and words or expressions of similar import shall be deemed a
reference to the Agreement as amended hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.03. Governing Law</B>. This Second Amendment, and all claims or cause of action
(whether in contract or tort) that may be based upon, arise out of or relate to this
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Second Amendment shall be governed by the internal laws of the State of New York, without
giving effect to any choice or conflict of laws provision or rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECTION 3.04. Counterparts</B>. This Second Amendment may be executed and delivered (including by
facsimile transmission) in two (2)&nbsp;or more counterparts, and by the different parties hereto in
separate counterparts, each of which when executed and delivered shall be deemed to be an original
but all of which taken together shall constitute one and same agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Remainder of This Page Intentionally Left Blank&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-39<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, Mergerco, New Holdco the Parents, and the Company have caused this Second
Amendment to be executed as of the date first written above by their respective officers thereunto
duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MERGERCO:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BT TRIPLE CROWN MERGER CO., INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>NEW HOLDCO:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BT TRIPLE CROWN CAPITAL HOLDINGS, III, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PARENTS:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>B TRIPLE CROWN FINCO, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ John Connaughton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John Connaughton</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>T TRIPLE CROWN FINCO, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>COMPANY:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CLEAR CHANNEL COMMUNICATIONS, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark P. Mays</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark P. Mays</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->C-40<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>ANNEX D</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>CONFORMED COPY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>VOTING AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>VOTING AGREEMENT </B>(&#147;<U>Agreement</U>&#148;), dated as of May&nbsp;26, 2007, by and among BT Triple
Crown Merger Co., Inc., a Delaware corporation (&#147;<U>Mergerco</U>&#148;), B Triple Crown Finco, LLC, a
Delaware limited liability company, T Triple Crown Finco, LLC, a Delaware limited liability
company (together with B Triple Crown Finco, LLC, the &#147;<U>Parents</U>&#148;), BT Triple Crown Capital
Holdings III, Inc. a Delaware corporation (<B>&#147;</B><U>New Holdco</U><B>&#148;</B>); and Highfields Capital I LP, a
Delaware limited partnership (&#147;<U>Highfields I</U>&#148;), Highfields Capital II LP, a Delaware
limited partnership (&#147;<U>Highfields II</U>&#148;), Highfields Capital III LP, an exempted limited
partnership organized under the laws of the Cayman Islands, B.W.I. (&#147;<U>Highfields III</U>&#148;), and
Highfields Capital Management LP, a Delaware limited partnership (&#147;<U>Highfields Management</U>&#148;
and, together with Highfields I, Highfields II and Highfields III, &#147;<U>Stockholders</U>&#148;) of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Mergerco, Parents, New Holdco, and Clear Channel Communications, Inc., a Texas
corporation (the &#147;<U>Company</U>&#148;) have entered into an amendment to Agreement and Plan of
Merger, dated of even date herewith (such agreement as amended as of the date hereof, the
&#147;<U>Agreement and Plan of Merger</U>&#148;), which (i)&nbsp;provides that, subject to certain
exceptions with respect to Affiliated Holders, regulatory requirements and number of shares
issued, each shareholder of the Company will be offered the right to elect to receive in the
Merger, for each share of common stock, par value $0.10 per share, of the Company (each, a
&#147;<U>Common Share</U>&#148;), either cash in the amount of $39.20, or one share of voting common
stock of New Holdco and (ii)&nbsp;sets forth certain other rights of the public holders of New
Holdco&#146;s common stock (the &#147;Public Holders&#148;) and certain terms and conditions under which
New Holdco will operate;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Stockholders in the aggregate beneficially own and have sole or shared
(together with one or more of the other Stockholders or their affiliates) voting power with
respect to 24,000,000 Common Shares (such Common Shares, together with any securities issued or
exchanged with respect to such shares of common stock upon any recapitalization,
reclassification, merger, consolidation, spin-off, partial or complete liquidation, stock
dividend, split-up or combination of the securities of the Company or any other change in the
Company&#146;s capital structure, the &#147;<U>Covered Shares</U>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, in connection with the execution of the Agreement and Plan of Merger, the Parents
have requested that the Stockholders execute and deliver this Agreement on a date even
herewith; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, all capitalized terms used in this Agreement without definition herein shall have
the meanings ascribed to them in the Agreement and Plan of Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, in consideration of the premises, the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt of which
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">are hereby acknowledged the Stockholders, New Holdco, Mergerco and the Parents agree as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Agreement to Vote</U>. Each Stockholder agrees that, prior to the Expiration Date
(as defined below), at any meeting of the stockholders of the Company, or in connection with
any written consent of the stockholders of the Company, with respect to the Merger, the
Agreement and Plan of Merger or any Competing Proposal or any adjournment or postponement
thereof, Stockholder shall:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appear at such meeting or otherwise cause the Covered
Shares and any other Common Shares which it acquires beneficial
ownership of after the date hereof (&#147;<U>After Acquired Shares</U>&#148;)
to be counted as present thereat for purposes of calculating a quorum;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>from and after the date hereof until the Expiration Date,
vote (or cause to be voted) in person or by proxy, or deliver a written
consent (or cause a consent to be delivered) covering all of the Covered
Shares and any After Acquired Shares that such Stockholder shall be
entitled to so vote, whether such Common Shares are beneficially owned by
such Stockholder on the date of this Agreement or are subsequently
acquired, (i)&nbsp;in favor of adoption and approval of the Agreement and Plan
of Merger and the transactions contemplated thereby, including the Merger;
(ii)&nbsp;against any extraordinary corporate transaction (other than the
Merger or pursuant to the Merger) or any Competing Proposal, or any letter
of intent, memorandum of understanding, agreement in principle,
acquisition agreement, merger agreement or similar agreement providing for
the consummation of a transaction contemplated by any Competing Proposal,
and (iii)&nbsp;in favor of any proposal to adjourn a Shareholders&#146; Meeting
which New Holdco and the Parents support.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Expiration Date</U>. As used in this Agreement, the term &#147;<U>Expiration Date</U>&#148;
shall mean the earliest to occur of (i)&nbsp;the Effective Time; (ii)&nbsp;such date as the Agreement and
Plan of Merger is terminated pursuant to Article&nbsp;VIII thereof; or (iii)&nbsp;upon mutual written
agreement of the parties to terminate this Agreement. Upon termination or expiration of this
Agreement, no party shall have any further obligations or liabilities under this Agreement;
<I>provided however, </I>(i)&nbsp;Sections&nbsp;6, and 9 through 19 shall survive any such expiration if the Effective Time shall have occurred, and (ii)&nbsp;such termination or expiration
shall not relieve any party from liability for any willful breach of this Agreement prior to
termination hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Agreement to Retain Covered Shares</U>. From and after the date hereof until, (A)&nbsp;in
the case of clause (i)&nbsp;below, the Expiration Date, and (B)&nbsp;in the case of clause (ii)&nbsp;below,
immediately after the vote is taken at a Special Meeting of shareholders of the Company (taking
into account any postponements or adjournments thereof) for the purpose of approving the adoption
and approval of the Agreement and Plan of Merger and the transactions contemplated thereby,
including the Merger, each of the Stockholders shall not, except as contemplated by this Agreement
or the Agreement and Plan of Merger, directly or indirectly, (i)&nbsp;grant any proxies or enter into
any voting trust or other agreement or arrangement with respect to the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">voting of any Covered Shares and any After Acquired Shares or (ii)&nbsp;sell, transfer, assign,
dispose of, or enter into any contract, option, commitment or other arrangement or understanding
with respect to the sale, transfer, assignment or other disposition of, the beneficial ownership of
any Covered Shares. Notwithstanding the foregoing, each Stockholder may make a transfer (a)&nbsp;to
other persons who are affiliated with the Stockholders subject to the transferee agreeing in
writing to be bound by the terms of, and perform the obligations of a Stockholder under, this
Agreement, or (b)&nbsp;as the Parents may otherwise agree in writing in their sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U> Representations and Warranties of the Stockholders</U>. Each of the Stockholders
hereby represents and warrants to New Holdco, Parents and Mergerco as follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Stockholder has the power and the right to enter
into, deliver and perform the terms of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement has been duly and validly executed and
delivered by such Stockholder and (assuming this Agreement constitutes a
valid and binding agreement of the Parents) is a legal, valid and binding
agreement with respect to the Stockholder, enforceable against the
Stockholder in accordance with its terms (except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar laws of general applicability relating to or
affecting creditors&#146; rights or by general equity principles);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Stockholders beneficially own in the aggregate at least
24,000,000 Common Shares and have sole or shared, and otherwise unrestricted,
voting power (together with one or more Stockholders or their affiliates) with
respect to such Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no proceedings are pending which, if adversely determined,
will have a material adverse effect on any ability to vote or dispose of any
of the Covered Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the execution and delivery of this Agreement by such
Stockholder do not, and the performance by the Stockholder of its
obligations hereunder and the consummation by the Stockholder of the
transactions contemplated hereby will not, violate or conflict with, or
constitute a breach or default under, any agreement, instrument, contract
or other obligation or any order, arbitration award, judgment or decree to
which the Stockholder is a party or by which the Stockholder is bound, or
any statute, rule or regulation to which the Stockholder is subject or, in
the event that the Stockholder is a corporation, partnership, trust or
other entity, any bylaw or other organizational document of the
Stockholder. Except as expressly contemplated hereby, the Stockholder is
not a party to any voting agreement or voting trust relating to the
Covered Shares or After Acquired Shares;</TD>
</TR>


</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Stockholder acknowledges and confirms that (a)&nbsp;New
Holdco, Parents and Mergerco may possess or hereafter come into possession of
certain non-public information concerning the Covered Shares, After Acquired
Shares and the Company which is not known to the Stockholder and which may be
material to the Stockholder&#146;s decision to vote in favor of the Merger (the
&#147;Excluded Information&#148;), (b)&nbsp;the Stockholder has requested not to receive the
Excluded Information and has determined to vote in favor of the Merger and
sell the Covered Shares notwithstanding its lack of knowledge of the Excluded
Information, and (c)&nbsp;New Holdco, the Parents and Mergerco shall have no
liability or obligation to the Stockholder in connection with, and the
Stockholder hereby waives and releases New Holdco, the Parents and Mergerco
from, any claims which Stockholder or its successors and assigns may have
against New Holdco, the Parents, Mergerco or their respective Affiliates
(whether pursuant to applicable securities, laws or otherwise) with respect to
the non-disclosure of the Excluded Information; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Stockholder acknowledges and confirms that it has
reviewed the Agreement and Plan of Merger, including without limitation, the
first and second amendments thereto executed prior to the date hereof, and has
had the opportunity to review such agreement with counsel and its other
advisors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Representations and Warranties of the Parents, Mergerco and New Holdco</U>. Each of
the Parents, Mergerco and New Holdco hereby represents and warrants to the Stockholders as
follows:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each of the Parents, Mergerco and New Holdco has the power and the
right to enter into, deliver and perform the terms of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>this Agreement has been duly and validly executed and delivered by
the Parents, Mergerco and New Holdco and (assuming this Agreement constitutes a
valid and binding agreement of the Stockholders) is a legal, valid and binding
agreement with respect to the Parents, Mergerco and New Holdco, enforceable
against each of the Parents, Mergerco and New Holdco in accordance with its
terms (except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer and similar laws of
general applicability relating to or affecting creditors&#146; rights or by general
equity principles);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Parents have heretofore cancelled, and will not accept or enter
into, any subscription agreements or understandings to acquire equity
securities of New Holdco from (a)&nbsp;any private investment funds that were
stockholders of the Company and were not limited partners or shareholders of an
investment fund managed by one of the Sponsors and (b)&nbsp;any other investment
funds that (i)&nbsp;were, as of the date of execution of such agreement,
stockholders of the Company, (ii)&nbsp;were not limited</TD>
</TR>


</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>partners or shareholders in an investment fund managed by one of the
Sponsors, and (iii)&nbsp;executed such agreements after January&nbsp;31, 2007;
<U>provided</U>, <U>however</U>, that the foregoing shall not apply to
either (x)&nbsp;the public employee benefit plan investor that has previously
been specifically identified to one or more of the Stockholders, or (y)
subscription agreements executed by financing sources prior to January&nbsp;31,
2007. Such investment funds with such cancelled subscription agreements, to
the extent that they continue to be stockholders of the Company, will be
treated ratably with other public stockholders of the Company. The Parents,
represent that they have not, and after the date of this Agreement, Parents
will not, enter into any other arrangements or agreement with any such
affected investment funds to acquire equity securities in New Holdco other
than as provided for in the Agreement and Plan of Merger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immediately following the effective time, the Articles of
Incorporation and Bylaws of New Holdco will be in the form attached hereto as
<U>Exhibit&nbsp;A</U>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New Holdco, Mergerco, Bain Capital Fund IX, L.P. and Thomas H. Lee
Equity Fund VI, L.P. have entered into or will enter into an agreement in the
form attached hereto as <U>Exhibit&nbsp;B</U>, which will become effective as of
the Effective Time and continue to be in full force and effect until the
termination in accordance with terms thereof (the &#147;<U>Letter Termination
Date</U>&#148;). The Parents agree that they will not terminate (other than
pursuant to its terms), amend, supplement or otherwise modify such agreement
without the prior written approval of the Stockholders.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Directors</U>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Immediately following the Effective Time, the Board of Directors of New Holdco shall establish the
size of the Board of Directors at twelve (12)&nbsp;members, one member of which shall be a United States
citizen and be named by Highfields Management (which member shall be named to New Holdco&#146;s
nominating committee) and one member of which shall be a United States citizen and shall be
selected by New Holdco&#146;s nominating committee after consultation with Highfields Management and any
holder whose election to receive common stock of New Holdco pursuant to Section&nbsp;3.01 of the
Agreement and Plan of Merger is reasonably expected to result in such holder owning three percent
(3%) or more of the total outstanding equity securities of New Holdco (these two directors shall
hereinafter be referred to as the &#147;<U>Public Directors</U>&#148;). Until the date (the
&#147;<U>Termination Date</U>&#148;) on which the Stockholders beneficially own (as defined under the
Securities Exchange Act of 1934, as amended) less than 5% of the outstanding shares of voting
securities of New Holdco issued as Stock Consideration to stockholders in connection with the
Merger (&#147;<U>Required Percentage</U>&#148;), in connection with each election of Public Directors, New
Holdco shall: (i)&nbsp;nominate as Public Directors one candidate who shall be a United States citizen
and shall be selected by Highfields Management and one candidate who shall be a United States
citizen and shall be selected by New Holdco&#146;s nominating committee after consultation with
Highfields Management and any Public Holder owning three percent (3%) or more of the total
outstanding equity securities of New Holdco, (ii)&nbsp;recommend the election of such candidates, (iii)&nbsp;solicit
proxies for the</TD>
</TR>


</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>election of such candidates, and (iv)&nbsp;to the extent authorized by
stockholders granting proxies, vote the voting securities represented by
all proxies granted by stockholders in connection with the solicitation of
proxies by the Board for such meeting, in favor of such candidates. The
Parents and their affiliates agree to vote all shares of voting securities
which they own and which are eligible to vote for the election of the
Public Directors in favor of such candidates&#146; election of the Public
Directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a Public Director dies or is disabled such that he or
she is rendered unable to serve on the Board prior to the Termination Date,
a replacement shall be named in accordance with the provisions set forth in
paragraph (a)&nbsp;above.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Until the Termination Date, (i)&nbsp;New Holdco shall, subject
to the New Holdco Board&#146;s fiduciary duties, cause at least one Public
Director to be appointed to each of the committees of the Board of New
Holdco, and (ii)&nbsp;if the Public Director serving on any such committee shall
cease to serve as a director of New Holdco for any reason or otherwise is
unable to fulfill his or her duties on any such committee, New Holdco,
subject to the fiduciary duties of the New Holdco Board, shall cause the
director to be succeeded by another Public Director.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing provisions, at no time may
any of the foregoing actions be taken if, as a result of actions taken or of
investments of the Stockholders, New Holdco or its affiliates would not be
qualified under the Communications Act to control the Company FCC Licenses
(as in effect on the date of such action) or such actions or investments
would cause any other violations by New Holdco or its affiliates of the
Communications Act or the FCC&#146;s rules. Highfields Management is owned and
controlled solely by U.S. persons.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;Highfields Management acknowledges that, as a result of
the rights granted under this Section&nbsp;6, Highfields Management may be deemed
to hold an attributable interest in New Holdco, the Company or their
affiliates under the regulations of the Federal Communications Commission
(&#147;<U>FCC</U>&#148;) pertaining to the ownership and operation of radio and
television stations and daily newspapers of general circulation. In the event
that it is determined that Highfields Management or any affiliate of
Highfields Management holds an attributable interest in New Holdco, the
Company or any of their affiliates as a result of the rights granted under
Sections 6(a) and (b), then, unless Highfields Management and any such
affiliate of Highfields Management promptly relinquish in writing the rights
of Highfields Management under Sections 6(a) and (b)&nbsp;to the extent necessary
to render non-attributable any interest of such party in New Holdco, the
Company, or their affiliates or promptly take other measures to render any
such interest non-attributable, Highfields Management and</TD>
</TR>

</TABLE>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">any such affiliate of Highfields Management shall furnish and certify
promptly to New Holdco such information, or such additional information, as
New Holdco may reasonably request and make, in cooperation with New Holdco,
such filings with or disclosures to the FCC as are applicable to persons
holding attributable interests in New Holdco, the Company or any of their
affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Highfields Management represents (a)&nbsp;that, to the extent it may
be deemed to hold an attributable interest in New Holdco, the Company or
any of their affiliates, it is legally qualified to hold such an
attributable interest in a broadcast licensee under FCC regulations and (b)
that none of (i)&nbsp;Highfields Management, (ii)&nbsp;any person holding an
attributable interest in or through Highfields Management, or (iii)&nbsp;any
person nominated or designated by Highfields Management to serve on the
Board of New Holdco holds or will hold either (A)&nbsp;any attributable interest
in any radio or television station or daily newspaper of general
circulation (other than in the radio and television stations owned by the
Company) in any market in which New Holdco, the Company or any of their
affiliates has any attributable media interest, or (B)&nbsp;any other media
interest that New Holdco determines in good faith after good faith
consultation with its FCC counsel and FCC counsel for Highfields
Management, reasonably could be expected to impede or delay the ability of
the New Holdco, the Company or their affiliates to hold or acquire
interests in radio or television stations or daily newspapers of general
circulation or to obtain any regulatory approval necessary or appropriate
for the consummation of the transactions described in the Agreement and
Plan of Merger (the interests described in (A)&nbsp;and (B)&nbsp;immediately above
being referred to hereafter as &#147;Conflicting Interests.&#148;) The terms
&#147;attributable,&#148; &#147;attributable interest,&#148; &#147;radio and television station,&#148;
&#147;market&#148; and &#147;daily newspaper of general circulation&#148; as used in this
Agreement shall be construed consistent with 47 C.F.R. &#167; 73.3555 (or any
successor provision) of the regulations of the FCC and the notes thereto,
as in effect from time to time. With respect to Highfields Management, the
term &#147;affiliate&#148; shall include any person or entity controlling, controlled
by or under common control with Highfields Management and shall also be
deemed to include any Stockholder. In the event that Highfields
Management, any person holding an attributable interest in or through
Highfields Management, or any nominee or designee of Highfields Management
to the Board of New Holdco holds or is anticipated to hold a Conflicting
Interest, Highfields Management and its affiliates shall take Curative
Action, as defined below. &#147;Curative Action&#148; means action promptly taken
(but in any event within twenty (20)&nbsp;calendar days or such lesser period as
may be necessary to avoid delay in obtaining necessary regulatory
approvals) by which a party shall (A)&nbsp;divest or cause the divestiture of
any Conflicting Interest, (B)&nbsp;render the Conflicting Interest
non-attributable; (C)&nbsp;render any interest of such party in New Holdco, the
Company, and their affiliates non-attributable,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">or (D)&nbsp;relinquish any rights under Section 6(a) and (b)&nbsp;to the extent
necessary to render non-attributable any interest of such party in New
Holdco, the Company, or their affiliates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)&nbsp;If any affiliate of Highfields Management other than Highfields
Management should be deemed to hold or anticipated to hold an attributable
interest in New Holdco, the Company or any of their affiliates, Highfields
Management and any such affiliate of Highfields Management shall
immediately notify New Holdco and shall either
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="17%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify to New Holdco in
writing (a)&nbsp;that such Highfields Management affiliate is
legally qualified to hold such an attributable interest in a
broadcast licensee under FCC regulations and (b)&nbsp;that none
of (i)&nbsp;such Highfields Management affiliate or (ii)&nbsp;any
person holding an attributable interest in or through such
Highfields Management affiliate holds or will hold a
Conflicting Interest; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="17%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if Highfields Management
and such Highfields Management affiliate are not able or do
not elect so to certify, Highfields Management and its
affiliate shall take Curative Action.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 10%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)&nbsp;New Holdco shall cooperate with Highfields Management and any
affiliate of Highfields Management, subject to their compliance with this
Section&nbsp;6(e), to minimize any request for information pursuant to Section
10.2 of the Amended and Restated Certificate of Incorporation of Holdco and
shall consult in good faith with Highfields Management and any affiliate of
Highfields Management from which any information may be sought to avoid any
unnecessary burden in the obtaining of information necessary to fulfill
responsibilities of Holdco, the Company and their affiliates to monitor
compliance and complete reports and other submissions as may be required
from time to time by the FCC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>No Solicitation</U>. From and after the date hereof until the Expiration Date, each
Stockholder and each of its affiliates will not solicit proxies or become a &#147;participant&#148; in any
solicitation (as such terms are defined in Regulation&nbsp;14A under the Securities Exchange Act of
1934) in opposition to the solicitation of proxies by the Company and the Parents for the Agreement
and Plan of Merger. From and after the date hereof until the Expiration Date, in all public
statements and public filings made with respect to the voting of the Covered Shares, each
Stockholder and its affiliates will indicate that they are voting in favor of the Agreement and
Plan of Merger and otherwise in accordance with Section&nbsp;1 above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Survival of Representations and Warranties</U>. The representations and warranties
contained herein shall not be deemed waived or otherwise affected by any investigation made by the
other parties hereto. Other than the representations and warranties set forth in Section&nbsp;5(e)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which shall expire on the Letter Termination Date, the representations and warranties
contained herein shall expire with, and be terminated and extinguished upon, consummation of the
Merger or termination of this Agreement in accordance with the terms hereof, but no party shall be
relieved for prior breach thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Specific Enforcement</U>. Each Stockholder has signed this Agreement intending to
be legally bound thereby. Each Stockholder expressly agrees that this Agreement shall be
specifically enforceable in any court of competent jurisdiction in accordance with its terms
against such Stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Counterparts</U>. This Agreement may be executed in one or more counterparts,
each of which will be deemed an original but all of which together shall constitute one and the
same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>No waivers</U>. No waivers of any breach of this Agreement extended by New
Holdco, Parents or Mergerco to the Stockholders shall be construed as a waiver of any rights or
remedies of New Holdco, the Parents or Mergerco with respect to any other stockholder of the
Company who has executed an agreement substantially in the form of this Agreement with respect
to shares of the Company held or subsequently held by such stockholder or with respect to any
subsequent breach of the Stockholder or any other such stockholder of the Company. No waiver
of any provisions hereof by either party shall be deemed a waiver of any other provisions
hereof by any such party, nor shall any such waiver be deemed a continuing waiver of any
provision hereof by such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Entire Agreement</U>. This Agreement supersedes all prior agreements, written or
oral, among the parties hereto with respect to the subject matter hereof and contains the
entire agreement among the parties with respect to the subject matter hereof. This Agreement
may not be amended, supplemented or modified, and no provisions hereof may be modified or
waived, except by an instrument in writing signed by each party hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Notices</U>. All notices and other communications hereunder shall be in writing
and shall be sufficient if sent by facsimile transmission (provided that any notice received by
facsimile transmission or otherwise at the addressee&#146;s location on any business day after 5:00
p.m. (addressee&#146;s local time) shall be deemed to have been received at 9:00 a.m. (addressee&#146;s
local time) on the next business day), by reliable overnight delivery service (with proof of
service), hand delivery or certified or registered mail (return receipt requested and
first-class postage prepaid), addressed as follows (or at such other address for a party as
shall be specified in a notice given in accordance with this Section):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to the Stockholders:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Highfields Capital Management</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">200 Clarendon Street</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02117</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Joseph F. Mazzella</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (617)&nbsp;850-7500</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (617)&nbsp;850-7620</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-9<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Goodwin Procter LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exchange Place</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, Massachusetts</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02109 Attn: Joseph L.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Johnson III</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (617)&nbsp;570-1633</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (617)&nbsp;523-1231</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">if to the Parents, New Holdco or Mergerco to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bain Capital Partners, LLC</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111 Huntington Avenue</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02199</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (617)&nbsp;516-2000</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: (617)&nbsp;516-2010</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: John Connaughton</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas H. Lee Partners, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100 Federal Street</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02110</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (617)&nbsp;227-1050</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: (617)&nbsp;227-3514</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Scott Sperling</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">with a copy to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ropes &#038; Gray LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One International Place</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Boston, MA 02110</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (617)&nbsp;951-7000</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: (617)&nbsp;951-7050</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: David C. Chapin</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any party to this Agreement may give any notice or other communication hereunder using any
other means (including personal delivery, messenger service, telex, ordinary mail or electronic
mail), but no such notice of other communication shall be deemed to have been duly given unless
and until it actually is received by the party for whom it is intended. Any party to this
Agreement may change the address to which notices and other communications hereunder are to be
delivered by giving the other parties to this Agreement notice in the manner herein set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>No Third Party Beneficiaries</U>. This Agreement is not intended, and shall not
be deemed, to confer any rights or remedies upon any person other than the parties hereto
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-10<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and their. respective successors and permitted assigns or to otherwise create any
third-party beneficiary hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Assignment</U>. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement may be assigned or delegated, in whole or in part, by
operation of law or otherwise by any of the parties hereto without the prior written consent of
the other parties, and any such assignment without such prior written consent shall be null and
void, except that New Holdco and Mergerco may assign this Agreement to any direct or indirect
wholly owned subsidiary of New Holdco or Mergerco, as the case may be, without the consent of
the Stockholders (provided that New Holdco or Mergerco, as the case may be, shall remain liable
for all of its obligations under this Agreement) and the Stockholders may assign this Agreement
(other than the rights of Highfields Management under Section&nbsp;6 hereof) in connection with any
permitted transfer of shares hereunder (provided that the transferee agrees in writing to be
bound by the terms of this Agreement). Subject to the preceding sentence, this Agreement shall
be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their
respective successors and permitted assigns, heirs, executors, administrators and other legal
representatives, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>Severability</U>. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of law, or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<U>Interpretation</U>. When reference is made in this Agreement to a Section, such
reference shall be to a Section of this Agreement, unless otherwise indicated. The headings
contained in this Agreement are for convenience of reference only and shall not affect in any
way the meaning or interpretation of this Agreement. The language used in this Agreement shall
be deemed to be the language chosen by the parties hereto to express their mutual intent, and
no rule of strict construction shall be applied against any party. Whenever the context may
require, any pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural,
and vice versa. Any reference to any federal, state, local or foreign statute or law shall be
deemed also to refer to all rules and regulations promulgated thereunder, unless the context
requires otherwise. Whenever the words &#147;include,&#148; &#147;includes&#148; or &#147;including&#148; are used in this
Agreement, they shall be deemed to be followed by the words &#147;without limitation.&#148; No summary
of this Agreement prepared by the parties shall affect in any way the meaning or interpretation
of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;<U>Governing Law</U>. This Agreement, and all claims or causes of action (whether in
contract or tort) that may be based upon, arise out or relate to this Agreement or the
negotiation, execution or performance of this Agreement (including any claim or cause of action
based upon, arising out of or related to any representation or warranty made in or in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->D-11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">connection with this Agreement or as an inducement to enter into this Agreement), shall be
governed by the internal laws of the State of New York without giving effect to any choice or
conflict of laws provision or rule.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;<U>Waiver of Jury Trial</U>. Each of the parties hereto hereby waives to the fullest
extent permitted by applicable Law any right it may have to a trial by jury with respect to any
litigation directly or indirectly arising out of, under or in connection with this Agreement.
Each of the parties hereto (a)&nbsp;certifies that no representative, agent or attorney of any other
party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce that foregoing waiver and (b)&nbsp;acknowledges that it and the other
parties hereto have been induced to enter into this Agreement by, among other things, the
mutual waivers and certifications in this Section&nbsp;19.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;<U>Headings</U>. The descriptive headings contained in this Agreement are included
for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;SIGNATURE PAGE FOLLOWS&#093;</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be signed
individually or by its respective duly authorized officer as of the date first written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>STOCKHOLDERS:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>HIGHFIELDS CAPITAL I LP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">By: Highfields Associates LLC, its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joseph F. Mazzella
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joseph F. Mazzella
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>HIGHFIELDS CAPITAL II LP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">By: Highfields Associates LLC, its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joseph F.Mazzella
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joseph F. Mazzella
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>HIGHFIELDS CAPITAL III LP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">By: Highfields Associates LLC, its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Joseph F. Mazzella
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joseph F. Mazzella
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>HIGHFIELDS CAPITAL MANAGEMENT LP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Joseph F. Mazzella
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joseph F. Mazzella
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MERGERCO:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BT TRIPLE CROWN MERGER CO., INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>By:</B><BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Scott Sperling
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Scott Sperling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PARENTS:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>B TRIPLE CROWN FINCO, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>By:</B><BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ John Connaughton
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John Connaughton
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>T TRIPLE CROWN FINCO, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>By:</B><BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Scott Sperling
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Scott Sperling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>NEW HOLDCO:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>By:</B><BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Scott Sperling
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Scott Sperling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned parties are executing this Agreement solely to evidence their agreement, as
follows: (a)&nbsp;to use their reasonable best efforts to cause Mergerco, the Parents and New Holdco
to perform, in all material respects, their obligations set forth herein to be performed by them
for so long as such obligations are in effect, and (b)&nbsp;to use their reasonable best efforts to
prevent Mergerco, the Parents and New Holdco from taking any actions that would be inconsistent,
in any material respect, with their performance of such obligations for so long as such
obligations are in effect.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-variant: SMALL-CAPS"><B>Bain Capital Fund IX, L.P.</B></FONT><br>
<FONT style="font-variant: SMALL-CAPS">By: Bain Capital Partners, IX, L.P., its General Partner</FONT><br>
<FONT style="font-variant: SMALL-CAPS">By: Bain Capital Investors, LLC, its General Partner</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ John P. Connaughton
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John P. Connaughton
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>THOMAS H. LEE EQUITY FUND VI, L.P.</B><br>
<FONT style="font-variant: SMALL-CAPS">By: THL Equity Advisors VI, LLC, its general partner</FONT><br>
<FONT style="font-variant: SMALL-CAPS">By: Thomas H. Lee Partners, L.P., its sole member</FONT><br>
<FONT style="font-variant: SMALL-CAPS">By: Thomas H. Lee Advisors, LLC, its general partner</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:<BR>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Scott M. Sperling
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Scott M. Sperling
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Co-President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->D-15<!-- /Folio -->
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="273"></A>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>ANNEX
E</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPINION OF GOLDMAN, SACHS &#038; CO.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>PERSONAL AND CONFIDENTIAL</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;17, 2007

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors<BR>
Clear Channel Communications, Inc.<BR>
200 East Basse Road<BR>
San Antonio, TX 78209

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Madame and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You have requested our opinion as to the fairness from a financial point of view to the holders of
Public Shares (as defined in the Agreement (as defined below)) of the $39.20 in cash per Public
Share (the &#147;Cash Consideration&#148;) that holders of Public Shares can elect to receive pursuant to the
Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by and among BT Triple Crown Merger
Co., Inc., an affiliate of Bain Capital Partners, LLC (&#147;Bain&#148;) and Thomas H. Lee Partners, L.P.
(&#147;THLee&#148; and, together with Bain, the &#147;Investors&#148;), B Triple Crown Finco, LLC, an affiliate of
Bain, T Triple Crown Finco, LLC, an affiliate of THLee, BT Triple Crown Capital Holdings III, Inc.
(&#147;New Holdco&#148;) and Clear Channel Communications, Inc. (the &#147;Company&#148;), as amended by Amendment No.
1 thereto, dated as of April&nbsp;18, 2007, and Amendment No.&nbsp;2 thereto, dated as of May&nbsp;17, 2007 (the
&#147;Agreement&#148;). We understand that holders of Public Shares may elect to receive one share of Class
A common stock, par value $0.001 per share (the &#147;New Holdco Class&nbsp;A Common Stock&#148;), of New Holdco
in lieu of the Cash Consideration, subject to proration as set forth in the Agreement such that the
maximum aggregate number of Public Shares to be converted into the right to receive New Holdco
Class&nbsp;A Common Stock shall not exceed 30,612,245. We also understand that under the Agreement, if
the Effective Time (as defined in the Agreement) occurs after January&nbsp;1, 2008, the holders of
Public Shares will also receive the Additional Per Share Consideration (as defined in the
Agreement) in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Goldman, Sachs &#038; Co. and its affiliates, as part of their investment banking business, are
continually engaged in performing financial analyses with respect to businesses and their
securities in connection with mergers and acquisitions, negotiated underwritings, competitive
biddings, secondary distributions of listed and unlisted securities, private placements and other
transactions as well as for estate, corporate and other purposes. We have acted as financial
advisor to the Company in connection with, and have participated in certain of the negotiations
leading to, the transaction contemplated by the Agreement (the &#147;Transaction&#148;). We expect to
receive fees for our services in connection with the Transaction, the principal portion of which is
contingent upon consummation of the Transaction, and the Company has agreed to reimburse our
expenses and indemnify us against certain liabilities arising out of our engagement. We also have
provided and are currently providing certain investment banking services to the Company, including
having acted as global coordinator and senior bookrunning manager in connection with the initial
public offering of 35,000,000 shares of Class&nbsp;A common stock, par value $0.01 per share (the
&#147;Outdoor Class&nbsp;A Common Stock&#148;), of Clear Channel Outdoor Holdings, Inc., a subsidiary of the
Company (&#147;Outdoor&#148;), in November&nbsp;2005, as financial advisor to the Company in connection with the
spin-off of Live Nation, Inc., a former subsidiary of the Company, in December&nbsp;2005 and as
financial advisor to the Company in connection with the announced sale of the Company&#146;s television
assets to Providence Equity Partners Inc. In addition, at the request of the Board of Directors of
the Company, Goldman Sachs Credit Partners L.P., an affiliate of Goldman, Sachs &#038; Co., made
available a financing package to the Investors in connection with a potential transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have provided and are currently providing certain investment banking services to THLee and its
affiliates and portfolio companies, including having acted as financial advisor to Houghton Mifflin
Holding Company, Inc., a former portfolio company of THLee, in connection with its sale in December
2006, as joint lead arranger and joint
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">E-1
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bookrunner in connection with senior secured credit facilities (aggregate principal amount
$5,000,000,000) in connection with the acquisition of Aramark Corporation by THLee acting together
with a consortium of private equity companies and management in January&nbsp;2007 and as joint lead
arranger and joint bookrunner in connection with senior secured credit facilities (aggregate
principal amount $1,600,000,000) of Spectrum Brands, Inc., a portfolio company of THLee, in April
2007. We have provided and are currently providing certain investment banking services to Bain and
its affiliates and portfolio companies, including having acted as lead arranger in connection with
the leveraged recapitalization of Brenntag AG, a former portfolio company of Bain (&#147;Brenntag&#148;), in
January&nbsp;2006, as co-financial advisor to Brenntag in connection with its sale in September&nbsp;2006 and
as financial advisor to Houghton Mifflin Holding Company, Inc., a former portfolio company of Bain,
in connection with its sale in December&nbsp;2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also may provide investment banking services to the Company and its affiliates and each of the
Investors and their respective affiliates and portfolio companies in the future. In connection
with the above-described investment banking services we have received, and may receive,
compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Goldman, Sachs &#038; Co. is a full service securities firm engaged, either directly or through its
affiliates, in securities trading, investment management, financial planning and benefits
counseling, risk management, hedging, financing and brokerage activities for both companies and
individuals. In the ordinary course of these activities, Goldman, Sachs &#038; Co. and its affiliates
may provide such services to the Company and its affiliates and each of the Investors and their
respective affiliates and portfolio companies, actively trade the debt and equity securities (or
related derivative securities) of the Company and the respective affiliates and portfolio companies
of each of the Investors for their own account and for the accounts of their customers and at any
time hold long and short positions of such securities. Affiliates of Goldman, Sachs &#038; Co. have
co-invested with each of the Investors and their respective affiliates from time to time and such
affiliates of Goldman, Sachs &#038; Co. have invested and may invest in the future in limited
partnership units of affiliates of each of the Investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with this opinion, we have reviewed, among other things, the Agreement; annual
reports to shareholders and Annual Reports on Form 10-K of the Company for the five years ended
December&nbsp;31, 2006 and for Outdoor for the two years ended December&nbsp;31, 2006; Outdoor&#146;s Registration
Statement on Form S-1, including the prospectus contained therein, dated November&nbsp;10, 2005,
relating to the Outdoor Class&nbsp;A Common Stock; certain interim reports to shareholders and Quarterly
Reports on Form 10-Q of the Company and Outdoor; certain other communications from the Company and
Outdoor to their respective shareholders; and certain internal financial analyses and forecasts for
the Company prepared by the management of the Company, which included certain assessments with
respect to the likelihood of achieving such forecasts for the Company and financial analyses and
forecasts for Outdoor. We also have held discussions with members of the senior managements of the
Company and Outdoor regarding their assessment of the past and current business operations,
financial condition and future prospects of the Company and Outdoor. In addition, we have reviewed
the reported price and trading activity for the common stock, par value $0.10 per share (the
&#147;Company Common Stock&#148;), of the Company and the Outdoor Class&nbsp;A Common Stock, compared certain
financial and stock market information for the Company and Outdoor with similar information for
certain other companies the securities of which are publicly traded, reviewed the financial terms
of certain recent business combinations in the broadcasting and outdoor advertising industries
specifically and in other industries generally and performed such other studies and analyses, and
considered such other factors, as we considered appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have relied upon the accuracy and completeness of all of the financial, accounting, legal, tax
and other information discussed with or reviewed by us and have assumed such accuracy and
completeness for purposes of rendering this opinion. In addition, we have not made an independent
evaluation or appraisal of the assets and liabilities (including any contingent, derivative or
off-balance-sheet assets and liabilities) of the Company, Outdoor or any of their respective
subsidiaries and we have not been furnished with any such evaluation or appraisal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our opinion does not address the underlying business decision of the Company to engage in the
Transaction or the relative merits of the Transaction as compared to any alternative transaction
that might be available to the Company. We express no opinion as to the impact of the Transaction
on the solvency or viability of New Holdco or the ability of New Holdco to pay its obligations when
they become due. Our opinion is necessarily based on economic, monetary, market and other
conditions as in effect on, and the information made available to us as of, the date hereof. Our
advisory services and the opinion expressed herein are provided for the information and assistance
of the Board
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">E-2
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Directors of the Company in connection with its consideration of the Transaction and such
opinion does not constitute a recommendation as to how any holder of Company Common Stock should
vote or make any election with respect to such Transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are not expressing any opinion herein as to the value of the New Holdco Class&nbsp;A Common Stock or
the prices at which the New Holdco Class&nbsp;A Common Stock may trade if and when they are issued or
whether any market would develop for the New Holdco Class&nbsp;A Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon and subject to the foregoing, it is our opinion that, as of the date hereof, the Cash
Consideration to be received by the holders of Public Shares pursuant to the Agreement is fair from
a financial point of view to such holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">/s/ Goldman, Sachs &#038; Co.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(GOLDMAN, SACHS &#038; CO.)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">E-3
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="274"></A>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>ANNEX
F</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5.12 OF THE TEXAS BUSINESS CORPORATIONS ACT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5.12. Procedure for Dissent by Shareholders as to Said Corporate Actions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Any shareholder of any domestic corporation who has the right to dissent from any of the
corporate actions referred to in Article&nbsp;5.11 of this Act may exercise that right to dissent only
by complying with the following procedures:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a)&nbsp;With respect to proposed corporate action that is submitted to a vote of
shareholders at a meeting, the shareholder shall file with the corporation, prior to the
meeting, a written objection to the action, setting out that the shareholder&#146;s right to
dissent will be exercised if the action is effective and giving the shareholder&#146;s address,
to which notice thereof shall be delivered or mailed in that event. If the action is
effected and the shareholder shall not have voted in favor of the action, the corporation,
in the case of action other than a merger, or the surviving or new corporation (foreign or
domestic) or other entity that is liable to discharge the shareholder&#146;s right of dissent, in
the case of a merger, shall, within ten (10)&nbsp;days after the action is effected, deliver or
mail to the shareholder written notice that the action has been effected, and the
shareholder may, within ten (10)&nbsp;days from the delivery or mailing of the notice, make
written demand on the existing, surviving, or new corporation (foreign or domestic) or other
entity, as the case may be, for payment of the fair value of the shareholder&#146;s shares. The
fair value of the shares shall be the value thereof as of the day immediately preceding the
meeting, excluding any appreciation or depreciation in anticipation of the proposed action.
The demand shall state the number and class of the shares owned by the shareholder and the
fair value of the shares as estimated by the shareholder. Any shareholder failing to make
demand within the ten (10)&nbsp;day period shall be bound by the action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to proposed corporate action that is approved pursuant to Section&nbsp;A of
Article&nbsp;9.10 of this Act, the corporation, in the case of action other than a merger, and
the surviving or new corporation (foreign or domestic) or other entity that is liable to
discharge the shareholder&#146;s right of dissent, in the case of a merger, shall, within ten
(10)&nbsp;days after the date the action is effected, mail to each shareholder of record as of
the effective date of the action notice of the fact and date of the action and that the
shareholder may exercise the shareholder&#146;s right to dissent from the action. The notice
shall be accompanied by a copy of this Article and any articles or documents filed by the
corporation with the Secretary of State to effect the action. If the shareholder shall not
have consented to the taking of the action, the shareholder may, within 20&nbsp;days after the
mailing of the notice, make written demand on the existing, surviving, or new corporation
(foreign or domestic) or other entity, as the case may be, for payment of the fair value of
the shareholder&#146;s shares. The fair value of the shares shall be the value thereof as of the
date the written consent authorizing the action was delivered to the corporation pursuant to
Section&nbsp;A of Article&nbsp;9.10 of this Act, excluding any appreciation or depreciation in
anticipation of the action. The demand shall state the number and class of shares owned by
the dissenting shareholder and the fair value of the shares as estimated by the shareholder.
Any shareholder failing to make demand within the 20&nbsp;day period shall be bound by the
action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Within 20&nbsp;days after receipt by the existing, surviving, or new corporation
(foreign or domestic) or other entity, as the case may be, of a demand for payment made by a
dissenting shareholder in accordance with Subsection (1)&nbsp;of this Section, the corporation
(foreign or domestic) or other entity shall deliver or mail to the shareholder a written
notice that shall either set out that the corporation (foreign or domestic) or other entity
accepts the amount claimed in the demand and agrees to pay that amount within 90&nbsp;days after
the date on which the action was effected, and, in the case of shares represented by
certificates, upon the surrender of the certificates duly endorsed, or shall contain an
estimate by the corporation (foreign or domestic) or other entity of the fair value of the
shares, together with an offer to pay the amount of that estimate within 90&nbsp;days after the
date on which the action was effected, upon receipt of notice within 60&nbsp;days after that date
from the shareholder that the shareholder agrees to accept that amount and, in the case of
shares represented by certificates, upon the surrender of the certificates duly endorsed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">F-1
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If, within 60&nbsp;days after the date on which the corporate action was effected, the
value of the shares is agreed upon between the shareholder and the existing, surviving, or
new corporation (foreign or domestic) or other entity, as the case may be, payment for the
shares shall be made within 90&nbsp;days after the date on which the action was effected and, in
the case of shares represented by certificates, upon surrender of the certificates duly
endorsed. Upon payment of the agreed value, the shareholder shall cease to have any
interest in the shares or in the corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If, within the period of 60&nbsp;days after the date on which the corporate action was
effected, the shareholder and the existing, surviving, or new corporation (foreign or
domestic) or other entity, as the case may be, do not so agree, then the shareholder or the
corporation (foreign or domestic) or other entity may, within 60&nbsp;days after the expiration
of the 60&nbsp;day period, file a petition in any court of competent jurisdiction in the county
in which the principal office of the domestic corporation is located, asking for a finding
and determination of the fair value of the shareholder&#146;s shares. Upon the filing of any
such petition by the shareholder, service of a copy thereof shall be made upon the
corporation (foreign or domestic) or other entity, which shall, within ten (10)&nbsp;days after
service, file in the office of the clerk of the court in which the petition was filed a list
containing the names and addresses of all shareholders of the domestic corporation who have
demanded payment for their shares and with whom agreements as to the value of their shares
have not been reached by the corporation (foreign or domestic) or other entity. If the
petition shall be filed by the corporation (foreign or domestic) or other entity, the
petition shall be accompanied by such a list. The clerk of the court shall give notice of
the time and place fixed for the hearing of the petition by registered mail to the
corporation (foreign or domestic) or other entity and to the shareholders named on the list
at the addresses therein stated. The forms of the notices by mail shall be approved by the
court. All shareholders thus notified and the corporation (foreign or domestic) or other
entity shall thereafter be bound by the final judgment of the court.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. After the hearing of the petition, the court shall determine the shareholders who
have complied with the provisions of this Article and have become entitled to the valuation
of and payment for their shares, and shall appoint one or more qualified appraisers to
determine that value. The appraisers shall have power to examine any of the books and
records of the corporation the shares of which they are charged with the duty of valuing,
and they shall make a determination of the fair value of the shares upon such investigation
as to them may seem proper. The appraisers shall also afford a reasonable opportunity to
the parties interested to submit to them pertinent evidence as to the value of the shares.
The appraisers shall also have such power and authority as may be conferred on Masters in
Chancery by the Rules of Civil Procedure or by the order of their appointment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The appraisers shall determine the fair value of the shares of the shareholders
adjudged by the court to be entitled to payment for their shares and shall file their report
of that value in the office of the clerk of the court. Notice of the filing of the report
shall be given by the clerk to the parties in interest. The report shall be subject to
exceptions to be heard before the court both upon the law and the facts. The court shall by
its judgment determine the fair value of the shares of the shareholders entitled to payment
for their shares and shall direct the payment of that value by the existing, surviving, or
new corporation (foreign or domestic) or other entity, together with interest thereon,
beginning 91&nbsp;days after the date on which the applicable corporate action from which the
shareholder elected to dissent was effected to the date of such judgment, to the
shareholders entitled to payment. The judgment shall be payable to the holders of
uncertificated shares immediately but to the holders of shares represented by certificates
only upon, and simultaneously with, the surrender to the existing, surviving, or new
corporation (foreign or domestic) or other entity, as the case may be, of duly endorsed
certificates for those shares. Upon payment of the judgment, the dissenting shareholders
shall cease to have any interest in those shares or in the corporation. The court shall
allow the appraisers a reasonable fee as court costs, and all court costs shall be allotted
between the parties in the manner that the court determines to be fair and equitable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Shares acquired by the existing, surviving, or new corporation (foreign or
domestic) or other entity, as the case may be, pursuant to the payment of the agreed value
of the shares or pursuant to payment of the judgment entered for the value of the shares, as
in this Article provided, shall, in the case of a merger, be treated as provided in the plan
of merger and, in all other cases, may be held and disposed of by the corporation as in the
case of other treasury shares.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">F-2
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The provisions of this Article shall not apply to a merger if, on the date of the
filing of the articles of merger, the surviving corporation is the owner of all the
outstanding shares of the other corporations, domestic or foreign, that are parties to the
merger.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. In the absence of fraud in the transaction, the remedy provided by this Article to
a shareholder objecting to any corporate action referred to in Article&nbsp;5.11 of this Act is
the exclusive remedy for the recovery of the value of his shares or money damages to the
shareholder with respect to the action. If the existing, surviving, or new corporation
(foreign or domestic) or other entity, as the case may be, complies with the requirements of
this Article, any shareholder who fails to comply with the requirements of this Article
shall not be entitled to bring suit for the recovery of the value of his shares or money
damages to the shareholder with respect to the action.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">F-3
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;20. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion below summarizes the material indemnification provisions of the Delaware
General Corporation Law (&#147;DGCL&#148;) and the certificate of incorporation of Holdings that will be in
effect as of the effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;102(b)(7) of the DGCL permits a corporation to include in its certificate of
incorporation a provision eliminating or limiting the personal liability of a director to the
corporation or its shareholders for monetary damages for breach of fiduciary duty as a director,
provided that such provision may not eliminate or limit the liability of a director for any breach
of the director&#146;s duty of loyalty to the corporation or its shareholders, for acts or omissions
that are not in good faith or that involve intentional misconduct or a knowing violation of law,
for the payment of unlawful dividends, or for any transaction from which the director derived an
improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, pursuant to Section&nbsp;145 of the DGCL, Holdings generally has the power to
indemnify its current and former directors, officers, employees and agents against expenses and
liabilities that they incur in connection with any suit to which they are, or are threatened to be
made, a party by reason of their serving in such positions so long as they acted in good faith and
in a manner they reasonably believed to be in, or not opposed to, Holdings&#146; best interests, and
with respect to any criminal action, they had no reasonable cause to believe their conduct was
unlawful. The statute expressly provides that the power to indemnify or advance expenses
authorized thereby is not exclusive of any rights granted under any bylaw, agreement, vote of
shareholders or disinterested directors, or otherwise, both as to action in such person&#146;s official
capacity and as to action in another capacity while holding such office. Holdings also has the
power to purchase and maintain insurance for such directors and officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holdings&#146; certificate of incorporation provides mandatory indemnification and, upon request,
advancement of expenses to any party who is or was a director or officer of Holdings or who is or
was serving as a director, officer, partner, trustee, employee or agent of another entity at the
request of Holdings to the maximum extent permitted by the DGCL. Holdings&#146; certificate of
incorporation provides that any person seeking indemnification will be deemed to have met the
applicable standard of conduct set forth in the certificate of incorporation unless the contrary is
established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;21. Exhibits and Financial Statement Schedules.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Exhibits

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, among the Clear Channel
Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC,
and T Triple Crown Finco, LLC (included as Annex A to the proxy
statement/prospectus contained in this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No. 1, dated April&nbsp;18, 2007, to the Agreement and Plan of Merger, dated as
of November&nbsp;16, 2006, among the Clear Channel Communications, Inc., BT Triple Crown
Merger Co., Inc., B Triple Crown Finco, LLC, and T Triple Crown
Finco, LLC (included as Annex B to the proxy
statement/prospectus contained in this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;2, dated as of May&nbsp;17, 2007, to the Agreement and Plan of Merger, dated
as of November&nbsp;16, 2006, as amended on April&nbsp;18, 2007, among the Clear Channel
Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T
Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc.
(included as Annex C to the proxy
statement/prospectus contained in this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amended and Restated Certificate of Incorporation of BT Triple Crown Capital
Holdings III, Inc. to be in effect as of the effective time of the Merger.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">II-1
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of BT Triple Crown Capital Holdings III, Inc. to be in effect as of the
effective time of the Merger.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.l &#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ropes &#038; Gray LLP regarding the legality of the securities being registered.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voting Agreement, dated as of May&nbsp;26, 2007, by and among BT Triple Crown Merger Co.,
Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, BT Triple Crown Capital
Holdings III, Inc., and Highfields Capital I LP, Highfields Capital II LP, Highfields
Capital III LP, and Highfields Capital Management LP (included as
Annex D to the proxy
statement/prospectus contained in this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm for Clear
Channel Communications, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ropes &#038; Gray LLP (included in the opinion filed as Exhibit&nbsp;5.1 to
this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of Directors and Officers of the registrant (included on
registration statement signature page).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Clear Channel
Communications, Inc. Proxy Card</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Goldman, Sachs &#038; Co.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;22. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The undersigned registrant hereby undertakes to deliver or cause to be delivered with the
prospectus, to each person to whom the prospectus is sent or given, the latest annual report to
security holders that is incorporated by reference in the prospectus and furnished pursuant to and
meeting the requirements of Rule&nbsp;14a-3 or Rule&nbsp;14c-3 under the Securities Exchange Act of 1934;
and, where interim financial information required to be presented by Article&nbsp;3 of Regulation&nbsp;S-X is
not set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the
prospectus is sent or given, the latest quarterly report that is specifically incorporated by
reference in the prospectus to provide such interim financial information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;(1)&nbsp;The undersigned registrant hereby undertakes as follows: that prior to any public
reoffering of the securities registered hereunder through use of a prospectus which is a part of
this registration statement, by any person or party who is deemed to be an underwriter within the
meaning of Rule&nbsp;145(c), the issuer undertakes that such reoffering prospectus will contain the
information called for by the applicable registration form with respect to
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">II-2
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reofferings by persons who may be deemed underwriters, in addition to the information called
for by the other items of the applicable form.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The registrant undertakes that every prospectus: (i)&nbsp;that is filed pursuant to paragraph
1 immediately preceding, or (ii)&nbsp;that purports to meet the requirements of Section&nbsp;10(a)(3) of the
Securities Act of 1933 and is used in connection with an offering of securities subject to Rule
415, will be filed as part of an amendment to the registration statement and will not be used until
such amendment is effective, and that, for purposes of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such
issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The undersigned registrant hereby undertakes to respond to requests for information that
is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11 or 13 of this Form,
within one business day of receipt of such request, and to send the incorporated documents by first
class mail or other equally prompt means. This includes information contained in documents filed
subsequent to the effective date of the registration statement through the date of responding to
the request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The undersigned registrant hereby undertakes to supply by means of a post-effective
amendment all information concerning a transaction, and the company being acquired involved
therein, that was not the subject of and included in the registration statement when it became
effective.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">II-3
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left">
<A name="275"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
the City of Boston, State of Massachusetts, on May&nbsp;30, 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BT Triple Crown Capital Holdings III, Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ Scott M. Sperling</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name: Scott M. Sperling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title: President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints Charles A. Brizius and Ed Han, and each of them, his or her true and
lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or
her and in his or her name, place and stead, in any and all capacities, to sign, execute and file
this registration statement under the Securities Act and any and all amendments (including, without
limitation, post-effective amendments) to this registration statement, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents full power and authority to do and
perform each and every act and thing requisite and necessary to be done in connection therewith, as
fully to all intents and purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or their or his or her substitutes, may do
or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the dates indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 18pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Scott M. Sperling<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Scott M. Sperling
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director
(Principal Executive Officer and
Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;30, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steve Barnes<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Steve Barnes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;30, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard J. Bressler<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Richard J. Bressler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;30, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Charles A. Brizius<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Charles A. Brizius
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;30, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John Connaughton<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;John Connaughton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;30, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">II-4
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->

<TD valign="bottom" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ed Han</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Ed Han
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 30, 2007</TD>
</TR>

<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->

<TD valign="bottom" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ian K. Loring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Ian K. Loring
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 30, 2007</TD>
</TR>
<TR valign="bottom" style="font-size: 18pt"><!-- Blank Space -->

<TD valign="bottom" style="font-size: 10pt"><DIV style="margin-left:0px; text-indent:-0px">/s/
Kent R. Weldon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
&nbsp;&nbsp;&nbsp;Kent R. Weldon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May 30, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">II-5
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="276"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, among the Clear Channel
Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple
Crown Finco, LLC, and T Triple Crown Finco, LLC (included as Annex A to the proxy
statement/prospectus contained in this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;1, dated April&nbsp;18, 2007, to the Agreement and Plan of Merger, dated as
of November&nbsp;16, 2006, among the Clear Channel Communications, Inc., BT Triple Crown
Merger Co., Inc., B Triple Crown Finco, LLC, and T Triple Crown
Finco, LLC (included as Annex B to the proxy statement/prospectus
contained in this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;2, dated as of May&nbsp;17, 2007, to the Agreement and Plan of Merger, dated
as of November&nbsp;16, 2006, as amended on April&nbsp;18, 2007, among the Clear Channel
Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T
Triple Crown Finco, LLC, BT Triple Crown Capital Holdings III, Inc.
(included as Annex C to the proxy statement/prospectus contained in
this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Amended and Restated Certificate of Incorporation of BT Triple Crown Capital
Holdings III, Inc. to be in effect as of the effective time of the Merger.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of BT Triple Crown Capital Holdings III, Inc. to be in effect as of the
effective time of the Merger.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Ropes &#038; Gray LLP regarding the legality of the securities being registered.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Voting Agreement, dated as of May&nbsp;26, 2007, by and among BT Triple Crown Merger Co.,
Inc., B Triple Crown Finco, LLC, T Triple Crown Finco, LLC, BT Triple Crown Capital
Holdings III, Inc., and Highfields Capital I LP, Highfields Capital II LP, Highfields
Capital III LP, and Highfields Capital Management LP (included as
Annex D to the proxy statement/prospectus contained in this
registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.l&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, Independent Registered Public Accounting Firm for Clear
Channel Communications, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ropes &#038; Gray LLP (included in the opinion filed as Exhibit&nbsp;5.1 to
this registration statement).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.l&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of Directors and Officers of the registrant (included on
registration statement signature page).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Clear Channel
Communications, Inc. Proxy Card</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2&#134;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Goldman, Sachs &#038; Co.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">&#134;</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed by amendment</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">II-6
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d47142exv3w1.htm
<DESCRIPTION>SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 3.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">STATE <I>of </I>DELAWARE
</DIV>

<DIV align="center">
<DIV align="center" style="font-size: 3pt; margin-top: 6pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>SECOND AMENDED AND RESTATED CERTIFICATE OF INCORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, Scott Sperling, certifies that he is the President of BT Triple Crown
Capital Holdings III, Inc., a corporation organized and existing under the laws of Delaware, and
does hereby further certify as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The name of the Corporation is BT Triple Crown Capital Holdings III, Inc. (the
&#147;<U>Corporation</U>&#148;). The Amended and Restated Certificate of Incorporation of the Corporation
was filed with the Secretary of the State of Delaware on May&nbsp;17,
2007 and the Certificate of Incorporation of the Corporation was
filed with the Secretary of State of  Delaware on
May&nbsp;11, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;This Second Amended and Restated Certificate of Incorporation amends and restates the
Certificate of the Incorporation of the Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;This Second Amended and Restated Certificate of Incorporation has been duly adopted in
accordance with Sections&nbsp;228, 242 and 245 of the General Corporation Law of the State of Delaware
(the &#147;<U>DGCL</U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;This Second Amended and Restated Certificate of Incorporation will be effective upon its
filing with the Secretary of State of the State of Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;Pursuant to Sections&nbsp;228, 242 and 245 of the DGCL, the text of the Certificate of
Incorporation of the Corporation is hereby amended and restated in its entirety as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.01 <U>Name</U>. The name of this corporation is BT Triple Crown Capital Holdings
III, Inc. (the &#147;<U>Corporation</U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.01 <U>Registered Office</U>. The registered office of the Corporation in the State
of Delaware is located at 2711 Centerville Road, Suite&nbsp;400 in the City of Wilmington 19808, County
of New Castle. The name of its registered agent at such address is Corporation Service Company.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.01 <U>Purpose</U>. The purpose of the Corporation is to engage in any lawful act
or activity for which corporations may be organized under the General Corporation Law of the State
of Delaware.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.01 <U>Capitalization</U>. The total number of shares of capital stock that the
Corporation shall have authority to issue is six hundred sixty million (650,000,000) shares
consisting of six hundred fifty million (650,000,000) shares of Common Stock, par value $0.001 per
share, of which (i)&nbsp;four hundred million (400,000,000) shares shall be designated as Class&nbsp;A Common
Stock, (ii)&nbsp;one hundred fifty million (150,000,000) shares shall be designated as Class&nbsp;B Common
Stock and (iii)&nbsp;one hundred million (100,000,000) shares shall be designated as Class&nbsp;C Common
Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.02 <U>Common Stock</U>. Except as provided in this Section&nbsp;4.02 or as otherwise
required by the DGCL, all shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common
Stock shall have the same powers, privileges, preferences and relative participating, optional or
other special rights, and the qualifications, limitations or restrictions thereof, and shall be
identical to each other in all respects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Voting Rights and Powers</U>. Except as otherwise provided in this Second
Amended and Restated Certificate of Incorporation or required by law, with respect to all
matters upon which stockholders are entitled to vote, the holders of the outstanding shares
of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock shall vote together with the holders of any
other outstanding shares of capital stock of the Corporation entitled to vote, without
regard to class. Every holder of outstanding shares of Class&nbsp;A Common Stock shall be
entitled to cast thereon one vote in person or by proxy for each share of Class&nbsp;A Common
Stock standing in his name. Every holder of outstanding shares of Class&nbsp;B Common Stock shall
be entitled to cast thereon, in person or by proxy, for each share of Class&nbsp;B Common Stock,
a number of votes equal to the number obtained by dividing (x)&nbsp;the sum of total number of
shares of Class&nbsp;B Common Stock outstanding as of the record date for such vote and the
number of Class&nbsp;C Common Stock outstanding as of the record date for such vote by (y)&nbsp;the
number of shares of Class&nbsp;B Common Stock outstanding as of the record date for such vote.
The affirmative vote of the holders of a majority of the voting power of the Class&nbsp;A Common
Stock and Class&nbsp;B Common Stock, on a combined basis, as of any time in accordance with this
Section&nbsp;4.02(a), is referred to herein as the &#147;<U>Majority Common Stock Approval</U>&#148;.
Except as otherwise required by law, the holders of outstanding shares of Class&nbsp;C Common
Stock shall not be entitled to any votes upon any questions presented to stockholders of the
Corporation, including, but not limited to, whether to increase or decrease the number of
authorized shares of Class&nbsp;C Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Dividends</U>. Except as otherwise required by the DGCL, the holders of Class
A Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock shall be entitled to receive
ratably such dividends, other than Share Distributions (as hereinafter
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">defined), as may from time to time be declared by the board of directors of the
Corporation (the &#147;<U>Board of Directors</U>&#148;) out of funds legally available therefor. The
Board of Directors may, at its discretion, declare a dividend of any securities of the
Corporation or of any other corporation, limited liability company, partnership, joint
venture, trust or other legal entity (a &#147;<U>Share Distribution&#148;</U>) to the holders of
shares of Class&nbsp;A Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock (i)&nbsp;on the
basis of a ratable distribution of identical securities to holders of shares of Class&nbsp;A
Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock or (ii)&nbsp;on the basis of a
distribution of one class or series of securities to holders of shares of Class&nbsp;A Common
Stock and one or more different classes or series of securities to holders of Class&nbsp;B
Common Stock and Class&nbsp;C Common Stock, as applicable, provided that the securities so
distributed (and, if the distribution consists of convertible or exchangeable securities,
the securities into which such convertible or exchangeable securities are convertible or for
which they are exchangeable) do not differ in any respect other than (x)&nbsp;differences in
conversion rights consistent in all material respects with differences in conversion rights
between Class&nbsp;A Common Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock and (y)
differences in their voting rights and powers so long as immediately following any Share
Distribution, the ratio of the total number of votes exercisable in the aggregate by the
holders of the Class&nbsp;B Common Stock and the Class&nbsp;C Common Stock (whether attributable to
the shares of Class&nbsp;B Common Stock or Class&nbsp;C Common Stock or the securities so distributed
(and, if the distribution consists of convertible or exchangeable securities, the securities
into which such convertible or exchangeable securities are convertible or for which they are
exchangeable)) to the total number of votes exercisable by the holders of the Class&nbsp;A Common
Stock (whether attributable to the shares of Class&nbsp;A Common Stock or the securities so
distributed (and, if the distribution consists of convertible or exchangeable securities,
the securities into which such convertible or exchangeable securities are convertible or for
which they are exchangeable)),does not exceed the ratio existing immediately prior to such
Share Distribution.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Distribution of Assets Upon Liquidation</U>. In the event the Corporation
shall be liquidated, dissolved or wound up, whether voluntarily or involuntarily, the net
assets of the Corporation shall be divided ratably among the holders of Class&nbsp;A Common
Stock, Class&nbsp;B Common Stock and Class&nbsp;C Common Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Split, Subdivision or Combination</U>. If the Corporation shall in any manner
split, subdivide or combine the outstanding shares of Class&nbsp;A Common Stock, Class&nbsp;B Common
Stock or Class&nbsp;C Common Stock, whether by reclassification, Share Distribution or otherwise,
the outstanding shares of the other classes of Common Stock shall be proportionally split,
subdivided or combined in the same manner and on the same basis as the outstanding shares of
the other class of Common Stock have been split, subdivided or combined, whether by
reclassification, Share Distribution or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Conversion</U>. Subject to the limitations set forth in Section&nbsp;10.03, each
record holder of shares of Class&nbsp;B Common Stock or Class&nbsp;C Common Stock may convert any or
all of such shares into an equal number of shares of Class&nbsp;A Common Stock by delivering
written notice to the Corporation&#146;s transfer agent stating that such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">record holder desires to convert such shares into the same number of shares of Class&nbsp;A
Common Stock and requesting that the Corporation issue all of such Class&nbsp;A Common Stock to
the persons named therein, setting forth the number of shares of Class&nbsp;A Common Stock to be
issued to each such person (and, in the case of a request for registration in a name other
than that of such record holder, providing proper evidence of succession, assignation or
authority to transfer), accompanied by payment of documentary, stamp or similar issue or
transfer taxes, if any.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Certain Voting Rights</U>. In addition to any other approval required by law
or by this Second Amended and Restated Certificate of Incorporation, any consolidation of
the Corporation with another corporation or entity, any merger of the Corporation into
another corporation or entity or any merger of any other corporation or entity into the
Corporation pursuant to which shares of Common Stock are converted into or exchanged for any
securities or any other consideration shall require Majority Common Stock Approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.03 <U>Change in Number of Shares Authorized</U>. Except as otherwise provided in
the provisions establishing a class of stock, the number of authorized shares of any class or
series of stock may be increased or decreased (but not below the number of shares thereof then
outstanding) by the affirmative vote of the holders of a majority of the voting power of the
Corporation entitled to vote irrespective of the provisions of Section&nbsp;242(b)(2) of the General
Corporation Law of the State of Delaware.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.01 <U>Power of the Board of Directors</U>. The property and business of the
Corporation shall be controlled and managed by or under the direction of its Board of Directors. In
furtherance, and not in limitation, of the powers conferred by the laws of the State of Delaware,
the Board of Directors is expressly authorized:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To adopt, amend, alter and repeal the by-laws of the Corporation without the assent or
vote of the stockholders, in any manner not inconsistent with the laws of the State of Delaware
or this Second Amended and Restated Certificate of Incorporation; <U>provided</U> that no
by-laws hereafter adopted shall invalidate any prior act of the directors that would have been
valid if such by-laws had not been adopted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To determine the rights, powers, duties, rules and procedures that affect the power of
the Board of Directors to manage and direct the property, business and affairs of the
Corporation, including, without limitation, the power to designate and empower committees of
the Board of Directors, to elect, appoint and empower the officers and other agents of the
Corporation, and to determine the time and place of, and the notice requirements for, Board
meetings, as well as the manner of taking Board action; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To exercise all such powers and do all such acts as may be exercised by the
Corporation, subject to the provisions of the laws of the State of Delaware, this Second
Amended and Restated Certificate of Incorporation, and the by-laws of the Corporation.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.02 <U>Election of Directors</U>. The directors of the Corporation shall be
composed and elected as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The size of the board shall be as determined in accordance with the Corporation&#146;s
by-laws, as in effect from time to time, except that from and after the Effective Time (as
defined in the Merger Agreement), for so long as any shares of Class&nbsp;A Common Stock are
outstanding, the holders of Class&nbsp;A Common Stock will be entitled to elect at least two (2)
independent directors as provided in clause (b)&nbsp;of this Section&nbsp;5.02;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Effective Time (as defined in the Merger Agreement), for so long as
any shares of Class&nbsp;A Common Stock are outstanding, the holders of Class&nbsp;A Common Stock, voting
as a separate class, will have the right to elect at least two (2)&nbsp;independent directors; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The holders of Class&nbsp;A Common Stock and Class&nbsp;B Common Stock, voting together as a
single class (with each share entitled to the number of votes specified in Section&nbsp;4.02(a))
will have to power to elect all other directors of the Corporation in accordance with the
provisions of the Corporation&#146;s by-laws and applicable law, each as in effect from time to
time.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The election of directors need not be by written ballot unless the by-laws shall so require.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.03 <U>Liability of Directors</U>. A director of the Corporation shall not be
liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as
a director, except to the extent that exculpation from liability is not permitted under the DGCL as
in effect at the time such liability is determined. No amendment or repeal of this Section&nbsp;5.03
shall apply to or have any effect on the liability or alleged liability of any director of the
Corporation for or with respect to any acts or omissions of such director occurring prior to such
amendment or repeal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.04 <U>Removal of Directors</U>. Any or all directors of the Corporation may be
removed at any time either with or without cause by the affirmative vote of holders of at least a
majority of the voting power of all the then outstanding shares of stock of the Corporation
entitled to vote generally in the election of directors, voting as a single class; except that any
independent director elected pursuant to the provisions of Section&nbsp;5.02(b) may not be so removed,
other than for cause, without the affirmative vote of holders of a majority of the then outstanding
Class&nbsp;A Common Stock. Any vacancies created as a result of the removal of any independent director
elected pursuant to the provisions of Section&nbsp;5.02(b) may only be filled by the holders of Class&nbsp;A
Common Stock, voting as a separate class in accordance with Section&nbsp;5.02(b) at a special meeting of
the stockholders of the Corporation and the Corporation shall use reasonable efforts to call such
meeting.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.01 <U>Indemnification</U>. The Corporation shall, to the maximum extent permitted
from time to time under the law of the State of Delaware, indemnify and upon request advance
expenses to any person who is or was a party or is threatened to be made a party to any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">threatened, pending or completed action, suit, proceeding or claim, whether civil, criminal,
administrative or investigative, by reason of the fact that such person is or was or has agreed to
be a director or officer of the Corporation or while a director or officer is or was serving at the
request of the Corporation as a director, officer, partner, trustee, employee or agent of any
corporation, partnership, joint venture, trust or other enterprise, including service with respect
to employee benefit plans, against expenses (including attorney&#146;s fees and expenses), judgments,
fines, penalties and amounts paid in settlement incurred (and not otherwise recovered) in
connection with the investigation, preparation to defend or defense of such action, suit,
proceeding or claim; <U>provided</U>, <U>however</U>, that the foregoing shall not require the
Corporation to indemnify or advance expenses to any person in connection with any action, suit,
proceeding, claim or counterclaim initiated by or on behalf of such person. Such indemnification
shall not be exclusive of other indemnification rights arising under any by-law, agreement, vote of
directors or stockholders or otherwise and shall inure to the benefit of the heirs and legal
representatives of such person. Any person seeking indemnification under this Section&nbsp;6.01 shall
be deemed to have met the standard of conduct required for such indemnification unless the contrary
shall be established. Any repeal or modification of the foregoing provisions of this Section&nbsp;6.01
shall not adversely affect any right or protection of a director or officer of the Corporation with
respect to any acts or omissions of such director or officer occurring prior to such repeal or
modification. The Corporation may maintain insurance, at its expense, to protect itself and any
director, officer, or representative against any such expense, liability or loss, whether or not
the Corporation would have the power to indemnify him against such expense, liability or loss under
the DGCL.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.01 <U>Reservation of Right to Amend</U>. The Corporation reserves the right to
amend, alter, change or repeal any provision contained in this Second Amended and Restated
Certificate of Incorporation in the manner now or hereafter prescribed by law, and all the
provisions of this Second Amended and Restated Certificate of Incorporation and all rights and
powers conferred in this Second Amended and Restated Certificate of Incorporation on stockholders,
directors and officers are subject to this reserved power. Notwithstanding the foregoing, the
Corporation shall not amend this Second Amended and Restated Certificate of Incorporation in a
manner that would alter or change the powers, preferences or special rights of the Class&nbsp;A Common
Stock in a manner that would not so affect all classes of Common Stock without the consent of
holders of a majority of the then-outstanding shares of Class&nbsp;A Common Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.02 <U>Construction</U>. Each reference in this Second Amended and Restated
Certificate of Incorporation to &#147;the Second Amended and Restated Certificate of Incorporation,&#148;
&#147;hereunder,&#148; &#147;hereof,&#148; or words of like import and each reference to the Second Amended and
Restated Certificate of Incorporation set forth in any amendment to the Second Amended and Restated
Certificate of Incorporation shall mean and be a reference to the Second Amended and Restated
Certificate of Incorporation, as supplemented and amended through such amendment to the Second
Amended and Restated Certificate of Incorporation.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.01 <U>Records</U>. The books of the Corporation may (subject to any statutory
requirements) be kept outside the State of Delaware as may be designated by the Board of Directors
or in the by-laws of the Corporation.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IX.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.01 <U>Renunciation of Business Opportunities Doctrine</U>. To the maximum extent
permitted from time to time under the law of the State of Delaware, the Corporation renounces any
interest or expectancy of the Corporation in, or in being offered an opportunity to participate in,
business opportunities that are from time to time presented to its officers, directors or
stockholders, other than those officers, directors or stockholders who are employees of the
Corporation. No amendment or repeal of this Section&nbsp;9.01 shall apply to or have any effect on the
liability or alleged liability of any officer, director or stockholder of the Corporation for or
with respect to any opportunities of which such officer, director or stockholder becomes aware
prior to such amendment or repeal. To the fullest extent permitted by law, any Person purchasing
or otherwise acquiring any interest in any shares of capital stock of the Corporation shall be
deemed to have notice of and to have consented to the provisions of this Section&nbsp;9.01. As used
herein, &#147;<U>Person</U>&#148; shall mean any individual, corporation, general or limited partnership,
limited liability company, joint venture, trust association or any other entity.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE X.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.01 <U>Restrictions on Stock Ownership or Transfer</U>. As contemplated by this
Article&nbsp;X, the Corporation may restrict the ownership, or proposed ownership, of shares of capital
stock of the Corporation by any Person if such ownership or proposed ownership (a)&nbsp;is or could be
inconsistent with, or in violation of, any provision of the Federal Communications Laws (as
hereinafter defined), (b)&nbsp;limits or impairs or could limit or impair any business activities or
proposed business activities of the Corporation under the Federal Communications Laws or (c)
subjects or could subject the Corporation to any regulation under the Federal Communications Laws
to which the Corporation would not be subject but for such ownership or proposed ownership (clauses
(a), (b)&nbsp;and (c)&nbsp;collectively, &#147;<U>FCC Regulatory Limitations</U>&#148;). For purposes of this Article
X, the term &#147;<U>Federal Communications Laws</U>&#148; shall mean any law of the United States now or
hereafter in effect (and any regulation thereunder), including, without limitation, the
Communications Act of 1934, as amended (the &#147;<U>Communications Act</U>&#148;), and regulations
thereunder, pertaining to the ownership and/or operation or regulating the business activities of
(x)&nbsp;any television or radio station, cable television system or other medium of mass communications
or (y)&nbsp;any provider of programming content to any such medium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.02 <U>Requests for Information</U>. If the Corporation believes that the ownership
or proposed ownership of shares of capital stock of the Corporation by any Person may result in an
FCC Regulatory Limitation, such Person shall furnish promptly to the Corporation such information
(including, without limitation, information with respect to citizenship, other ownership interests
and affiliations) as the Corporation shall request.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.03 <U>Denial of Rights, Refusal to Transfer</U>. If (a)&nbsp;any Person from whom
information is requested pursuant to Section (2)&nbsp;of this Article&nbsp;X should not provide all the
information requested by the Corporation, or (b)&nbsp;the Corporation shall conclude that a
stockholder&#146;s ownership or proposed ownership of, or that a stockholder&#146;s exercise of any rights of
ownership with respect to, shares of capital stock of the Corporation results or could result in an
FCC Regulatory Limitation, then, in the case of either clause (a)&nbsp;or clause (b), the Corporation
may (i)&nbsp;refuse to permit the transfer of shares of capital stock of the Corporation to such
proposed stockholder, (ii)&nbsp;suspend those rights of stock ownership the exercise of which causes or
could cause such FCC Regulatory Limitation, (iii)&nbsp;require the conversion of any or all shares of
Class&nbsp;A Common Stock or Class&nbsp;B Common Stock held by such stockholder into an equal number of
shares of Class&nbsp;C Common Stock, (iv)&nbsp;refuse to permit the conversion of shares of Class&nbsp;B Common
Stock or Class&nbsp;C Common Stock into Class&nbsp;A Common Stock, (v)&nbsp;redeem such shares of capital stock of
the Corporation held by such stockholder in accordance with the terms and conditions set forth in
this Section&nbsp;10.03, and/or (vi)&nbsp;exercise any and all appropriate remedies, at law or in equity, in
any court of competent jurisdiction, against any such stockholder or proposed transferee, with a
view towards obtaining such information or preventing or curing any situation which causes or could
cause an FCC Regulatory Limitation. Any such refusal of transfer. suspension of rights or refusal
to convert pursuant to clauses (i), (ii)&nbsp;and (iv), respectively, of the immediately preceding
sentence shall remain in effect until the requested information has been received and the
Corporation has determined that such transfer, or the exercise of such suspended rights, as the
case may be, will not result in an FCC Regulatory Limitation. The terms and conditions of
redemption pursuant to clause (v)&nbsp;of this Section&nbsp;10.03 shall be as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the redemption price of any shares to be redeemed pursuant to this Section
10.03 shall be equal to the Fair Market Value (as hereinafter defined) of such
shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the redemption price of such shares may be paid in cash, Redemption
Securities (as hereinafter defined) or any combination thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if less than all such shares are to be redeemed, the shares to be
redeemed shall be selected in such manner as shall be determined by the Board of
Directors, which may include selection first of the most recently purchased shares
thereof, selection by lot or selection in any other manner determined by the Board
of Directors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at least 15&nbsp;days&#146; written notice of the Redemption Date (as hereinafter
defined) shall be given to the record holders of the shares selected to be redeemed
(unless waived in writing by any such holder); <U>provided</U> that the Redemption
Date may be the date on which written notice shall be given to record holders if the
cash or Redemption Securities necessary to effect the redemption shall have been
deposited in trust for the benefit of such record holders and subject to immediate
withdrawal by them upon surrender of the stock certificates for their shares to be
redeemed;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from and after the Redemption Date, any and all rights of whatever nature
in respect of the shares selected for redemption (including, without limitation, any
rights to vote or participate in dividends declared on stock of the same class or
series as such shares), shall cease and terminate and the holders of such shares
shall thenceforth be entitled only to receive the cash or Redemption Securities
payable upon redemption; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such other terms and conditions as the Board of Directors shall determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.04 <U>Legends</U>. The Corporation shall instruct the Corporation&#146;s transfer agent
that the shares of capital stock of the Corporation are subject to the restrictions set forth in
this Article&nbsp;X and such restrictions shall be noted conspicuously on the certificate or
certificates representing such capital stock or, in the case of uncertificated securities,
contained in the notice or notices sent as required by applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.05 <U>Certain Construction</U>. For purposes of this Article&nbsp;X, the word
&#147;regulation&#148; shall include not only regulations but rules, published policies and published
controlling interpretations by an administrative agency or body empowered to administer a statutory
provision of the Federal Communications Laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.01 <U>Certain Definitions</U>. As used herein, certain capitalized terms shall
have the definitions set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &#147;<U>Fair Market Value</U>&#148; shall mean, with respect to a share of the
Corporation&#146;s capital stock of any class or series, the volume weighted average sales price
for such a share on the New York Stock Exchange or, if such stock is not listed on such
exchange, on the principal U.S. registered securities exchange on which such stock is
listed, during the 30 most recent days on which shares of stock of such class or series
shall have been traded preceding the day on which notice of redemption shall be given
pursuant to this Section&nbsp;10.03; <U>provided</U>, however, that if shares of stock of such
class or series are not listed or traded on any securities exchange, &#147;Fair Market Value&#148;
shall be determined by the Board of Directors in good faith; and provided, further, that
&#147;Fair Market Value&#148; as to any stockholder who purchased his stock within 120&nbsp;days of a
Redemption Date need not (unless otherwise determined by the Board of Directors) exceed the
purchase price paid by him.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) &#147;<U>Merger Agreement</U>&#148; shall mean the Agreement and Plan of Merger, dated as of
November&nbsp;16, 2006, by and among BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC,
T Triple Crown Finco, LLC and Clear Channel Communications, Inc., as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) &#147;<U>Redemption Date</U>&#148; shall mean the date fixed by the Board of Directors for
the redemption of any shares of stock of the Corporation pursuant to this Section&nbsp;10.03.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) &#147;<U>Redemption Securities</U>&#148; shall mean any debt or equity securities of the
Corporation, any subsidiary of the Corporation or any other corporation or other entity, or
any combination thereof, having such terms and conditions as shall be approved by the Board
of Directors and which, together with any cash to be paid as part of the redemption price,
in the opinion of any nationally recognized investment banking firm selected by the Board of
Directors (which may be a firm which provides other investment banking, brokerage or other
services to the Corporation), has a value, at the time notice of redemption is given
pursuant to this Section&nbsp;10.03, at least equal to the Fair Market Value of the shares to be
redeemed pursuant to this Section&nbsp;10.03 (assuming, in the case of Redemption Securities to
be publicly traded, such Redemption Securities were fully distributed and subject only to
normal trading activity).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XII.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.01 <U>Opt Out of DGCL 203</U>. The Corporation shall not be governed by Section
203 of the General Corporation Law of the State of Delaware
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE XIII.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13.01 <U>Action by Written Consent</U>. Any action required or permitted to be taken
at any annual or special meeting of stockholders of the Corporation may be taken without a meeting,
without prior notice and without a vote, if a consent or consents in writing, setting forth the
action so taken, shall be signed by the holders of outstanding stock of the Corporation having not
less than the minimum number of votes that would be necessary to authorize or take such action at a
meeting at which all shares entitled to vote thereon were present and voted and shall be delivered
to the Corporation by delivery to its registered office in Delaware, its principal place of
business, or to an officer or agent of the Corporation having custody of the book in which
proceedings of meetings of stockholders are recorded; <U>provided</U>, however, that if at any
time the holders of shares of Class&nbsp;B Common Stock or Class&nbsp;C Common Stock that hold such shares as
of the Closing Date (as defined in the Merger Agreement) no longer are the beneficial owners, in
the aggregate, of at least a majority of the voting power of all the then outstanding shares of
stock of the Corporation entitled to vote generally in the election of directors, then any action
required or permitted to be taken at any annual or special meeting of stockholders of the
Corporation must be effected at a duly called annual or special meeting of such stockholders and
may no longer be effected by any consent in writing; <U>provided</U>, further, that from and after
the Effective Time (as defined in the Merger Agreement), for so long as any shares of Class&nbsp;A
Common Stock are outstanding, any action that is taken without a meeting by a written consent or
consents of the requisite stockholders of the Corporation shall become effective on the tenth
business day after public announcement by the Corporation of the adoption of the consent. The
Corporation&#146;s by-laws may establish procedures regulating the submission by stockholders of
nominations and proposals for consideration at meetings of stockholders of the Corporation.
</DIV>

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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE UNDERSIGNED, hereby certifies that the facts stated above are true as of this 29th day of
May&nbsp;2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="40%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Scott Sperling</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Scott Sperling</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>d47142exv3w2.htm
<DESCRIPTION>BYLAWS
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 3.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED BY-LAWS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>OF</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BT TRIPLE CROWN CAPITAL HOLDINGS III, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>May&nbsp;17, 2007</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;1. LAW, CERTIFICATE OF INCORPORATION AND BY-LAWS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. These by-laws are subject to the certificate of incorporation of the corporation. In
these by-laws, references to law, the certificate of incorporation and by-laws mean the law, the
provisions of the certificate of incorporation and the by-laws as from time to time in effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;2. STOCKHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <U>Annual Meeting</U>. The annual meeting of stockholders shall be held at such time
and date as the board of directors shall determine, at which the stockholders shall elect a board
of directors and transact such other business as may be required by law or these by-laws or as may
properly be brought before the meeting. If no annual meeting is held in accordance with the
foregoing provisions, a special meeting may be held in lieu of the annual meeting, and any action
taken at that special meeting shall have the same effect as if it had been taken at the annual
meeting, and in such case all references in these by-laws to the annual meeting of stockholders
shall be deemed to refer to such special meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <U>Special Meetings</U>. Except as otherwise required by law and subject to the rights,
if any, of the holders of any series of Preferred Stock, special meetings of the stockholders of
the corporation for any purpose or purposes may be called at any time pursuant to a resolution of
the board of directors (and the chairman of the board of directors, the chief executive officer or
secretary of the corporation shall call the meeting pursuant to such resolution), and special
meetings of stockholders of the corporation may not be called by any other person or persons.
Business transacted at any special meeting shall be limited to the purposes stated in the notice
delivered in accordance with Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <U>Place of Meeting</U>. All meetings of stockholders shall be held at such place,
within or without the State of Delaware, or, if so determined by a majority of the board of
directors in its sole discretion, at no place (but rather by means of remote communication), as may
be designated from time to time by the board of directors, or, if not so designated, at the
principal executive office of the corporation or such other location as may be designated by the
chairman of the board of directors, if any, or the president of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <U>Notice of Meetings</U>. Except as otherwise provided by law, written notice of each
meeting of stockholders, whether annual or special, shall be given not less than ten (10)&nbsp;nor more
than sixty (60)&nbsp;days before the date of the meeting to each stockholder entitled to vote at such
meeting. The notices of all meetings shall state the place, if any, the date, the means of remote
communications, if any, by which stockholders and proxy holders may be deemed to be present
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in person and vote at such meeting, and the hour of the meeting. The notice of a special
meeting shall state, in addition, the purpose or purposes for which the meeting is called. Notice
of any meeting of stockholders shall be given either personally or by mail, electronic mail,
telecopy, telegram or other electronic or wireless means. Notices not personally delivered shall
be sent charges prepaid and shall be addressed to the stockholder at the address of that
stockholder appearing on the books of the corporation. Notice shall be deemed to have been given
at the time when delivered personally or deposited in the mail or at the time of transmission when
sent by electronic mail, telecopy, telegram or other electronic or wireless means. An affidavit of
the mailing or other means of giving any notice of any stockholders&#146; meeting, executed by the
secretary, assistant secretary or any transfer agent of the corporation giving the notice, shall be
prima facie evidence of the giving of such notice or report. As to any adjourned session of any
meeting of stockholders, notice of the adjourned meeting need not be given if the time and place
thereof are announced at the meeting at which the adjournment was taken except that if the
adjournment is for more than thirty days or if after the adjournment a new record date is set for
the adjourned session, notice of any such adjourned session of the meeting shall be given in the
manner heretofore described. No notice of any meeting of stockholders or any adjourned session
thereof need be given to a stockholder if a written waiver of notice, executed before or after the
meeting or such adjourned session by such stockholder, is filed with the records of the meeting or
if the stockholder attends such meeting without objecting at the beginning of the meeting to the
transaction of any business because the meeting is not lawfully called or convened. Neither the
business to be transacted at, nor the purpose of, any meeting of the stockholders or any adjourned
session thereof need be specified in any written waiver of notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <U>Quorum of Stockholders</U>. At any meeting of the stockholders a quorum as to any
matter shall consist of holders of outstanding shares representing a majority of the votes entitled
to be cast on the matter, except where a larger quorum is required by law, by the certificate of
incorporation or by these by-laws. Any meeting may be adjourned from time to time by a majority of
the votes properly cast upon the question, whether or not a quorum is present. Shares of its own
stock belonging to the corporation or to another corporation, if a majority of the shares entitled
to vote in the election of directors of such other corporation is held, directly or indirectly, by
the corporation, shall neither be entitled to vote nor be counted as outstanding for quorum
purposes; <U>provided</U>, however, that the foregoing shall not limit the right of any
corporation to vote stock, including but not limited to its own stock, held by it in a fiduciary
capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <U>Voting List</U>. The officer who has charge of the stock ledger of the corporation
shall prepare, at least ten (10)&nbsp;days before every meeting of stockholders, a complete list of the
stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the
address of each stockholder and the number of shares registered in the name of each stockholder.
Such list shall be open to the examination of any stockholder, for a period of at least ten (10)
days prior to the meeting, for any purpose germane to the meeting on either, at the corporation&#146;s
sole discretion, (a)&nbsp;a reasonably accessible electronic network (for which such information
required to access the electronic network shall be provided with the notice of the meeting) or (b)
during ordinary business hours at the corporation&#146;s principal place of business. If the meeting is
to be held at a place, the list shall also be produced and kept at the time and place of the
meeting during the whole time of the meeting, and may be inspected by any stockholder who is
present. If the meeting is to be held solely by means of remote communication, the list shall also
be open
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the examination of any stockholder during the whole time of the meeting on a reasonably
accessible electronic network, and the information required to access such list shall be provided
with the notice of the meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <U>Action by Vote</U>. When a quorum is present at any meeting, a plurality of the
votes properly cast for election to any office shall elect the candidate to such office and a
majority of the votes properly cast upon any question other than an election to an office shall
decide the question, except when a larger vote is required by law, by the certificate of
incorporation or by these by-laws. No ballot shall be required for any election unless requested
by a stockholder present or represented at the meeting and entitled to vote in the election.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <U>Nomination of Directors</U>. Only persons who are nominated in accordance with the
following procedures shall be eligible for election as directors. The nomination for election to
the board of directors of the corporation at a meeting of stockholders may be made only (a)
pursuant to the notice of the meeting (or any supplement thereto) given by or at the direction of
the board of directors, (b)&nbsp;by or at the direction of the board of directors or (c)&nbsp;by any
stockholder of the corporation who was a stockholder of record of the corporation at the time the
notice provided for below in this Section&nbsp;2.8 is delivered to the Secretary who is entitled to vote
in the election of directors at the meeting and who complies with the notice procedures set forth
in this Section&nbsp;2.8. Such nominations, other than those made by or on behalf of the board of
directors, shall be made by timely notice in writing delivered or mailed to the Secretary in
accordance with the provisions of Section&nbsp;2.9. Such notice shall set forth (x)&nbsp;as to each proposed
nominee (i)&nbsp;the name, age, business address and, if known, residence address of each such nominee,
(ii)&nbsp;the principal occupation or employment of each such nominee, (iii)&nbsp;the number of shares of
stock of the corporation that are beneficially owned by each such nominee, (iv)&nbsp;a description of
all arrangements or understandings between the stockholder and each nominee and any other person or
persons (naming such person or persons) pursuant to which the nominations are to be made by the
stockholder, and (iv)&nbsp;any other information concerning the nominee that must be disclosed as to
nominees in proxy solicitations pursuant to Regulation&nbsp;14A under the Securities Exchange Act of
1934, as amended (the &#147;<U>1934 Act</U>&#148;), including such person&#146;s written consent to be named as a
nominee and to serve as a director if elected; and (y)&nbsp;as to the stockholder giving the notice, the
information required to be provided pursuant to Section&nbsp;2.9. The corporation may require any
proposed nominee to furnish such other information as may reasonably be required by the corporation
to determine the eligibility of such proposed nominee to serve as a director of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chair of the meeting shall, if the facts warrant, determine and declare to the meeting
that a nomination was not properly brought before the meeting in accordance with the provisions of
this Section&nbsp;2.8, and if he or she should so determine, the chair shall so declare to the meeting
and the defective nomination shall be disregarded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.8, if the stockholder (or a
qualified representative of the stockholder) does not appear at the annual meeting of stockholders
of the corporation to present a nomination, such nomination shall be disregarded, notwithstanding
that proxies in respect of such vote may have been received by the corporation.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.8, a stockholder shall also comply
with all applicable requirements of the 1934 Act and the rules and regulations thereunder with
respect to the matters set forth in this Section&nbsp;2.8. Nothing in this Section&nbsp;2.8 shall be deemed
to affect any rights of stockholders to request inclusion of proposals in the corporation&#146;s proxy
statement pursuant to Rule&nbsp;14a-8 under the 1934 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <U>Notice of Business at Annual Meetings</U>. At an annual meeting of the stockholders,
only such business shall be conducted as shall have been properly brought before the meeting. To
be properly brought before an annual meeting, business must be (a)&nbsp;specified in the notice of
meeting (or any supplement thereto) given by or at the direction of the board of directors, (b)
otherwise properly brought before the meeting by or at the direction of the board of directors, (c)
otherwise properly brought before an annual meeting by a stockholder who was a stockholder of
record of the corporation at the time the stockholder&#146;s notice provided for below in this Section
2.9 is delivered to the Secretary who is entitled to vote and who complies with the notice
procedures set forth in this Section&nbsp;2.9. For business to be properly brought before an annual
meeting by a stockholder, if such business relates to the election of directors of the corporation,
the procedures in Section&nbsp;2.8 must be complied with. If such business relates to any other matter,
the stockholder must have given timely notice thereof in writing to the Secretary. To be timely, a
stockholder&#146;s notice must be delivered to or mailed by first class United States mail, postage
prepaid, and received by the Secretary at the principal executive offices of the corporation not
less than ninety (90)&nbsp;calendar days nor more than one hundred twenty (120)&nbsp;calendar days prior to
the anniversary date of the immediately preceding annual meeting of stockholders; <U>provided</U>,
<U>however</U>, that if the annual meeting is not held within thirty (30)&nbsp;days before or after
such anniversary date, then for the notice by the stockholder to be timely it must be so received
not later than the close of business on the 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date on which the
notice of the meeting was mailed or such public disclosure was made, whichever occurs first. A
stockholder&#146;s notice to the Secretary shall set forth as to each matter the stockholder proposes to
bring before the annual meeting (i)&nbsp;a brief description of the business desired to be brought
before the annual meeting and the reasons for conducting such business at the annual meeting, (ii)
the name and address, as they appear on the corporation&#146;s books, of the stockholder proposing such
business, (iii)&nbsp;the class and number of shares of the corporation that are beneficially owned by
the stockholder, and (iv)&nbsp;any material interest of the stockholder in such business.
Notwithstanding anything in these by-laws to the contrary, no business shall be conducted at any
annual meeting except in accordance with the procedures set forth in this Section&nbsp;2.9 and except
that any stockholder proposal that complies with Rule&nbsp;14a-8 under the 1934 Act, and is to be
included in the corporation&#146;s proxy statement for an annual meeting of stockholders shall be deemed
to comply with the requirements of this Section&nbsp;2.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The chair of the meeting shall, if the facts warrant, determine and declare to the meeting
that business was not properly brought before the meeting in accordance with the provisions of this
Section&nbsp;2.9, and if he or she should so determine, the chair shall so declare to the meeting and
any such business not properly brought before the meeting shall not be transacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.9, if the stockholder (or a
qualified representative of the stockholder) does not appear at the annual meeting of stockholders
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the corporation to present business, such proposed business shall not be transacted,
notwithstanding that proxies in respect of such vote may have been received by the corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section&nbsp;2.9, a stockholder shall also comply
with all applicable requirements of the 1934 Act and the rules and regulations thereunder with
respect to the matters set forth in this Section&nbsp;2.9. Nothing in this Section&nbsp;2.9 shall be deemed
to affect any rights of stockholders to request inclusion of proposals in the corporation&#146;s proxy
statement pursuant to Rule&nbsp;14a-8 under the 1934 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <U>Action without Meetings</U>. Unless otherwise provided in the certificate of
incorporation, any action required or permitted to be taken at any annual or special meeting of
stockholders of the corporation may be taken without a meeting, without prior notice and without a
vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by
the holders of outstanding stock of the corporation having not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting at which all shares
entitled to vote thereon were present and voted and shall be delivered to the corporation by
delivery to its registered office in Delaware, its principal place of business, or to an officer or
agent of the corporation having custody of the book in which proceedings of meetings of
stockholders are recorded; <U>provided</U>, however, that if at any time the holders of shares of
Class&nbsp;B Common Stock or Class&nbsp;C Common Stock that hold such shares as of the Closing Date (as
defined in Merger Agreement referenced in the certificate of incorporation) no longer are the
beneficial owners, in the aggregate, of at least a majority of the voting power of all the then
outstanding shares of stock of the corporation entitled to vote generally in the election of
directors, then any action required or permitted to be taken at any annual or special meeting of
stockholders of the corporation must be effected at a duly called annual or special meeting of such
stockholders and may no longer be effected by any consent in writing. No written consent shall be
effective to take the corporate action referred to therein unless written consents signed by a
number of stockholders sufficient to take such action are delivered to the corporation in the
manner specified in Article&nbsp;XIII of the certificate of incorporation within sixty days of the
earliest dated consent so delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If action is taken by consent of stockholders and in accordance with the foregoing, there
shall be filed with the records of the meetings of stockholders the writing or writings comprising
such consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If action is taken by less than unanimous consent of stockholders, prompt notice of the taking
of such action without a meeting shall be given to those who have not consented in writing and a
certificate signed and attested to by the secretary that such notice was given shall be filed with
the records of the meetings of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the action which is consented to is such as would have required the filing
of a certificate under any provision of the General Corporation Law of the State of Delaware (as in
effect from time to time, the &#147;<U>DGCL</U>&#148;), if such action had been voted upon by the
stockholders at a meeting thereof, the certificate filed under such provision shall state, in lieu
of any statement required by such provision concerning a vote of stockholders, that written consent
has been
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">given under Section&nbsp;228 of the DGCL and that written notice has been given as provided in such
Section&nbsp;228.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <U>Conduct of Meeting</U>. The Chairman of the board of directors or, in his or her
absence, the Vice Chairman of the board of directors, if any, the Chief Executive Officer, the
President or any Vice President, in the order named, shall call meetings of the stockholders to
order and act as chair of such meeting; <U>provided</U>, <U>however</U>, that, in the absence of
the Chairman of the board of directors, the board of directors may appoint any stockholder to act
as chair of any meeting. The Secretary of the corporation or, in his or her absence, any Assistant
Secretary, shall act as secretary at all meetings of the stockholders; <U>provided</U>,
<U>however</U>, that in the absence of the Secretary at any meeting of the stockholders, the
person acting as chair at any meeting may appoint any person to act as secretary of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of the corporation shall be entitled to make such rules or regulations
for the conduct of meetings of stockholders as it shall deem appropriate. Subject to such rules
and regulations of the board of directors, if any, the person presiding over the meeting shall have
the right and authority to convene and adjourn the meeting, to prescribe such rules, regulations
and procedures and to do all such acts as, in the judgment of the person presiding over the
meeting, are necessary, appropriate or convenient for the proper conduct of the meeting, including,
without limitation, establishing an agenda or order of business for the meeting, rules and
procedures for maintaining order at the meeting and the safety of those present, limitations on
participation in such meeting to stockholders of record of the corporation and their duly
authorized and constituted proxies and such other persons as the person presiding over the meeting
shall permit, restrictions on entry to the meeting after the time fixed for the commencement
thereof, limitations on the time allotted to questions or comments by participants and regulation
of the opening and closing of the polls for balloting and matters that are to be voted on by
ballot. The person presiding over the meeting, in addition to making any other determinations that
may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and
declare to the meeting that a matter or business was not properly brought before the meeting and if
the person presiding over the meeting should so determine and declare, any such matter or business
shall not be transacted or considered. Unless and to the extent determined by the board of
directors or the person presiding over the meeting, meetings of stockholders shall not be required
to be held in accordance with rules of parliamentary procedure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <U>Proxy Representation</U>. Every stockholder may authorize another person or persons
to act for him by proxy in all matters in which a stockholder is entitled to participate, whether
by waiving notice of any meeting, objecting to or voting or participating at a meeting, or
expressing consent or dissent without a meeting. Every proxy must be signed by the stockholder or
by his attorney-in-fact. No proxy shall be voted or acted upon after three years from its date
unless such proxy provides for a longer period. A duly executed proxy shall be irrevocable if it
states that it is irrevocable and, if, and only as long as, it is coupled with an interest
sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of
whether the interest with which it is coupled is an interest in the stock itself or an interest in
the corporation generally. The authorization of a proxy may but need not be limited to specified
action; <U>provided</U>, however, that if a proxy limits its authorization to a meeting or
meetings of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stockholders, unless otherwise specifically provided such proxy shall entitle the holder
thereof to vote at any adjourned session but shall not be valid after the final adjournment
thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <U>Inspectors</U>. The directors or the person presiding at the meeting may, and shall
if required by applicable law, appoint one or more inspectors of election and any substitute
inspectors to act at the meeting or any adjournment thereof. Each inspector, before entering upon
the discharge of his duties, shall take and sign an oath faithfully to execute the duties of
inspector at such meeting with strict impartiality and according to the best of his ability. The
inspectors, if any, shall determine the number of shares of stock outstanding and the voting power
of each, the shares of stock represented at the meeting, the existence of a quorum, the validity
and effect of proxies, and shall receive votes, ballots or consents, hear and determine all
challenges and questions arising in connection with the right to vote, count and tabulate all
votes, ballots or consents, determine the result, and do such acts as are proper to conduct the
election or vote with fairness to all stockholders. On request of the person presiding at the
meeting, the inspectors shall make a report in writing of any challenge, question or matter
determined by them and execute a certificate of any fact found by them.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;3. BOARD OF DIRECTORS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <U>Powers</U>. The business and affairs of the corporation shall be managed by or under
the direction of the board of directors who shall have and may exercise all the powers of the
corporation and do all such lawful acts and things as are not by law, the certificate of
incorporation or these by-laws directed or required to be exercised or done by the stockholders.
In the event of a vacancy in the board of directors, the remaining directors, except as otherwise
provided by law, may exercise the powers of the full board of directors until the vacancy is
filled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <U>Number; Election; Qualification</U>. The corporation shall have five or more
directors, the number of directors to be determined from time to time by vote of a majority of the
directors then in office. Except in connection with the election of directors at the annual
meeting of stockholders, the number of directors may be decreased only to eliminate vacancies by
reason of death, resignation or removal of one or more directors. Subject to Article&nbsp;IV of the
certificate of incorporation, the directors shall be elected at the annual meeting of stockholders
by such stockholders as have the right to vote on such election. No director need be a
stockholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <U>Tenure</U>. Except as otherwise provided by law, by the certificate of incorporation
or by these by-laws, each director shall hold office until the next annual meeting (or shareholder
action in lieu thereof) and until his successor is elected and qualified, or until he sooner dies,
resigns, is removed or becomes disqualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <U>Vacancies</U>. Vacancies and any newly created directorships resulting from any
increase in the number of directors may be filled by vote of the holders of the particular class or
series of stock entitled to elect such director at a meeting called for the purpose, or by a
majority of the directors then in office, although less than a quorum, or by a sole remaining
director, in each case elected by the particular class or series of stock entitled to elect such
directors. When one or more directors shall resign from the board, effective at a future date, a
majority of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">directors then in office, including those who have resigned, who were elected by the
particular class or series of stock entitled to elect such resigning director or directors shall
have power to fill such vacancy or vacancies, the vote or action by writing thereon to take effect
when such resignation or resignations shall become effective. The directors shall have and may
exercise all their powers notwithstanding the existence of one or more vacancies in their number,
subject to any requirements of law or of the certificate of incorporation or of these by-laws as to
the number of directors required for a quorum or for any vote or other actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <U>Committees</U>. The board of directors may, by vote of a majority of the whole
board, (a)&nbsp;designate, change the membership of or terminate the existence of any committee or
committees, each committee to consist of one or more of the directors; (b)&nbsp;designate one or more
directors as alternate members of any such committee who may replace any absent or disqualified
member at any meeting of the committee; and (c)&nbsp;determine the extent to which each such committee
shall have and may exercise the powers of the board of directors in the management of the business
and affairs of the corporation, including the power to authorize the seal of the corporation to be
affixed to all papers which require it and the power and authority to declare dividends or to
authorize the issuance of stock; excepting, however, such powers which by law, by the certificate
of incorporation or by these by-laws they are prohibited from so delegating. In the absence or
disqualification of any member of such committee and his alternate, if any, the member or members
thereof present at any meeting and not disqualified from voting, whether or not constituting a
quorum, may unanimously appoint another member of the board of directors to act at the meeting in
the place of any such absent or disqualified member. Except as the board of directors may
otherwise determine, any committee may make rules for the conduct of its business, but unless
otherwise provided by the board or such rules, its business shall be conducted as nearly as may be
in the same manner as is provided by these by-laws for the conduct of business by the board of
directors. Each committee shall keep regular minutes of its meetings and report the same to the
board of directors upon request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <U>Regular Meetings</U>. Regular meetings of the board of directors may be held without
call or notice at such places within or without the State of Delaware and at such times as the
board may from time to time determine, <U>provided</U> that notice of the first regular meeting
following any such determination shall be given to absent directors. A regular meeting of the
directors may be held without call or notice immediately after and at the same place as the annual
meeting of stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <U>Special Meetings</U>. Special meetings of the board of directors may be held at any
time and at any place within or without the State of Delaware designated in the notice of the
meeting, when called by the chairman of the board, if any, the president, or by one-third or more
in number of the directors, reasonable notice thereof being given to each director by the secretary
or by the chairman of the board, if any, the president or any one of the directors calling the
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <U>Notice</U>. It shall be reasonable and sufficient notice to a director to send
notice (a)&nbsp;by giving notice to such director in person or by telephone at least twenty four (24)
hours in advance of the meeting, (b)&nbsp;by sending a telecopy, electronic mail or other means of
electronic transmission, or delivering written notice by hand, to the director&#146;s last known
business or home
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">address at least twenty four (24)&nbsp;hours in advance of the meeting, or (c)&nbsp;by mailing written
notice to the director&#146;s last known business or home address at least seventy two (72)&nbsp;hours in
advance of the meeting.. Notice of a meeting need not be given to any director if a written waiver
of notice, executed by him before or after the meeting, is filed with the records of the meeting,
or to any director who attends the meeting without protesting prior thereto or at its commencement
the lack of notice to him. Neither notice of a meeting nor a waiver of a notice need specify the
purposes of the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <U>Quorum</U>. Except as may be otherwise provided by law, by the certificate of
incorporation or by these by-laws, at any meeting of the directors, a majority of the directors
then in office shall constitute a quorum; a quorum shall not in any case be less than one-third of
the total number of directors constituting the whole board. Any meeting may be adjourned from time
to time by a majority of the votes cast upon the question, whether or not a quorum is present, and
the meeting may be held as adjourned without further notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <U>Action by Vote</U>. Except as may be otherwise provided by law, by the certificate
of incorporation or by these by-laws, when a quorum is present at any meeting the vote of a
majority of the directors voting on a matter shall be the act of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <U>Action Without a Meeting</U>. Any action required or permitted to be taken at any
meeting of the board of directors or a committee thereof may be taken without a meeting if all the
members of the board or of such committee, as the case may be, consent thereto in writing, and such
writing or writings are filed with the records of the meetings of the board or of such committee.
Such consent shall be treated for all purposes as the act of the board or of such committee, as the
case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <U>Participation in Meetings by Conference Telephone</U>. Members of the board of
directors, or any committee designated by such board, may participate in a meeting of such board or
committee by means of conference telephone or similar communications equipment by means of which
all persons participating in the meeting can hear each other or by any other means permitted by
law. Such participation shall constitute presence in person at such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <U>Compensation</U>. In the discretion of the board of directors, each director may be
paid such fees for his services as director and be reimbursed for his reasonable expenses incurred
in the performance of his duties as director as the board of directors from time to time may
determine. Nothing contained in this section shall be construed to preclude any director from
serving the corporation in any other capacity and receiving reasonable compensation therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <U>Interested Directors and Officers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No contract or transaction between the corporation and one or more of its directors or
officers, or between the corporation and any other corporation, partnership, association, or other
organization in which one or more of the corporation&#146;s directors or officers are directors or
officers, or have a financial interest, shall be void or voidable solely for this reason, or solely
because the director or officer is present at or participates in the meeting of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">board or committee thereof which authorizes the contract or transaction, or solely because his
or their votes are counted for such purpose, if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the board of directors or the committee, and the board or
committee in good faith authorizes the contract or transaction by the affirmative votes of a
majority of the disinterested directors, even though the disinterested directors be less than a
quorum; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The material facts as to his relationship or interest and as to the contract or
transaction are disclosed or are known to the stockholders entitled to vote thereon, and the
contract or transaction is specifically approved in good faith by vote of the stockholders; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The contract or transaction is fair as to the corporation as of the time it is authorized,
approved or ratified, by the board of directors, a committee thereof, or the stockholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Common or interested directors may be counted in determining the presence of a quorum at a
meeting of the board of directors or of a committee which authorizes the contract or transaction.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;4. OFFICERS AND AGENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <U>Enumeration; Qualification</U>. The officers of the corporation shall be a
president, a treasurer, a secretary and such other officers, if any, as the board of directors from
time to time may in its discretion elect or appoint including without limitation a chairman of the
board, one or more vice presidents and a controller. The corporation may also have such agents, if
any, as the board of directors from time to time may in its discretion choose. Any officer may be
but none need be a director or stockholder. Any two or more offices may be held by the same
person. Any officer may be required by the board of directors to secure the faithful performance
of his duties to the corporation by giving bond in such amount and with sureties or otherwise as
the board of directors may determine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <U>Powers</U>. Subject to law, to the certificate of incorporation and to the other
provisions of these by-laws, each officer shall have, in addition to the duties and powers herein
set forth, such duties and powers as are commonly incident to his office and such additional duties
and powers as the board of directors may from time to time designate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <U>Election</U>. The officers may be elected by the board of directors at their first
meeting following the annual meeting of the stockholders or at any other time. At any time or from
time to time the directors may delegate to any officer their power to elect or appoint any other
officer or any agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <U>Tenure</U>. Each officer shall hold office until the first meeting of the board of
directors following the next annual meeting of the stockholders and until his respective successor
is chosen and qualified unless a shorter period shall have been specified by the terms of his
election or appointment, or in each case until he sooner dies, resigns, is removed or becomes
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disqualified. Each agent shall retain his authority at the pleasure of the directors, or the
officer by whom he was appointed or by the officer who then holds agent appointive power.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <U>Chairman of the Board of Directors, President and Vice President</U>. The chairman
of the board, if any, shall have such duties and powers as shall be designated from time to time by
the board of directors. Unless the board of directors otherwise specifies, the chairman of the
board, or if there is none the chief executive officer, shall preside, or designate the person who
shall preside, at all meetings of the stockholders and of the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the board of directors otherwise specifies, the president or co-presidents shall be the
chief executive officer(s) and shall have direct charge of all business operations of the
corporation and, subject to the control of the directors, shall have general charge and supervision
of the business of the corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any vice presidents shall have such duties and powers as shall be set forth in these by-laws
or as shall be designated from time to time by the board of directors or by the president or any
co-president.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <U>Treasurer and Assistant Treasurers</U>. Unless the board of directors otherwise
specifies, the treasurer shall be the chief financial officer of the corporation and shall be in
charge of its funds and valuable papers, and shall have such other duties and powers as may be
designated from time to time by the board of directors or by the president. If no controller is
elected, the treasurer shall, unless the board of directors otherwise specifies, also have the
duties and powers of the controller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any assistant treasurers shall have such duties and powers as shall be designated from time to
time by the board of directors, the president or the treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <U>Controller and Assistant Controllers</U>. If a controller is elected, he shall,
unless the board of directors otherwise specifies, be the chief accounting officer of the
corporation and be in charge of its books of account and accounting records, and of its accounting
procedures. He shall have such other duties and powers as may be designated from time to time by
the board of directors, the president or the treasurer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any assistant controller shall have such duties and powers as shall be designated from time to
time by the board of directors, the president, the treasurer or the controller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <U>Secretary and Assistant Secretaries</U>. The secretary shall record all proceedings
of the stockholders, of the board of directors and of committees of the board of directors in a
book or series of books to be kept therefor and shall file therein all actions by written consent
of stockholders or directors. In the absence of the secretary from any meeting, an assistant
secretary, or if there be none or he is absent, a temporary secretary chosen at the meeting, shall
record the proceedings thereof. Unless a transfer agent has been appointed the secretary shall
keep or cause to be kept the stock and transfer records of the corporation, which shall contain the
names and record addresses of all stockholders and the number of shares registered in the name of
each stockholder. He shall have such other duties and powers as may from time to time be
designated by the board of directors or the president.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any assistant secretaries shall have such duties and powers as shall be designated from time
to time by the board of directors, the president or the secretary.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;5. RESIGNATIONS AND REMOVALS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Any director or officer may resign at any time by delivering his resignation in writing
to the chairman of the board, if any, the president, or the secretary or to a meeting of the board
of directors. Such resignation shall be effective upon receipt unless specified to be effective at
some other time, and without in either case the necessity of its being accepted unless the
resignation shall so state. The board of directors may at any time remove any officer either with
or without cause. The board of directors may at any time terminate or modify the authority of any
agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;6. VACANCIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. If the office of the president or the vice president or the treasurer or the secretary
becomes vacant, the directors may elect a successor by vote of a majority of the directors then in
office. If the office of any other officer becomes vacant, any person or body empowered to elect
or appoint that officer may choose a successor. Each such successor shall hold office for the
unexpired term, and in the case of the president, the vice president, the treasurer and the
secretary until his successor is chosen and qualified or in each case until he sooner dies,
resigns, is removed or becomes disqualified. Any vacancy of a directorship shall be filled as
specified in Article&nbsp;V of the certificate of incorporation and Section&nbsp;3.4 of these by-laws.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;7. CAPITAL STOCK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <U>Stock Certificates</U>. Each stockholder shall be entitled to a certificate stating
the number and the class and the designation of the series, if any, of the shares held by him, in
such form as shall, in conformity to law, the certificate of incorporation and the by-laws, be
prescribed from time to time by the board of directors. Such certificate shall be signed by the
chairman or vice chairman of the board, if any, or the president or a vice president and by the
treasurer or an assistant treasurer or by the secretary or an assistant secretary. Any of or all
the signatures on the certificate may be a facsimile. In case an officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed on such certificate shall
have ceased to be such officer, transfer agent or registrar before such certificate is issued, it
may be issued by the corporation with the same effect as if he were such officer, transfer agent or
registrar at the time of its issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <U>Loss of Certificates</U>. In the case of the alleged theft, loss, destruction or
mutilation of a certificate of stock, a duplicate certificate may be issued in place thereof, upon
such terms, including receipt of a bond sufficient to indemnify the corporation against any claim
on account thereof, as the board of directors may prescribe.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;8. TRANSFER OF SHARES OF STOCK
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <U>Transfer on Books</U>. Subject to the restrictions, if any, stated or noted on the
stock certificate, shares of stock may be transferred on the books of the corporation by the
surrender to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the corporation or its transfer agent of the certificate therefor properly endorsed or
accompanied by a written assignment and power of attorney properly executed, with necessary
transfer stamps affixed, and with such proof of the authenticity of signature as the board of
directors or the transfer agent of the corporation may reasonably require. Except as may be
otherwise required by law, by the certificate of incorporation or by these by-laws, the corporation
shall be entitled to treat the record holder of stock as shown on its books as the owner of such
stock for all purposes, including the payment of dividends and the right to receive notice and to
vote or to give any consent with respect thereto and to be held liable for such calls and
assessments, if any, as may lawfully be made thereon, regardless of any transfer, pledge or other
disposition of such stock until the shares have been properly transferred on the books of the
corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall be the duty of each stockholder to notify the corporation of his post office address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <U>Record Date</U>. In order that the corporation may determine the stockholders
entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the
board of directors may fix a record date, which record date shall not precede the date upon which
the resolution fixing the record date is adopted by the board of directors, and which record date
shall not be more than sixty nor less than ten days before the date of such meeting. If no such
record date is fixed by the board of directors, the record date for determining the stockholders
entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on
the day next preceding the day on which notice is given, or, if notice is waived, at the close of
business on the day next preceding the day on which the meeting is held. A determination of
stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to
any adjournment of the meeting; provided, however, that the board of directors may fix a new record
date for the adjourned meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order that the corporation may determine the stockholders entitled to consent to corporate
action in writing without a meeting, the board of directors may fix a record date, which record
date shall not precede the date upon which the resolution fixing the record date is adopted by the
board of directors, and which date shall not be more than ten days after the date upon which the
resolution fixing the record date is adopted by the board of directors. If no such record date has
been fixed by the board of directors, the record date for determining stockholders entitled to
consent to corporate action in writing without a meeting, when no prior action by the board of
directors is required by the DGCL, shall be the first date on which a signed written consent
setting forth the action taken or proposed to be taken is delivered to the corporation by delivery
to its registered office in Delaware by hand or certified or registered mail, return receipt
requested, to its principal place of business or to an officer or agent of the corporation having
custody of the book in which proceedings of meetings of stockholders are recorded. If no record
date has been fixed by the board of directors and prior action by the board of directors is
required by the DGCL, the record date for determining stockholders entitled to consent to corporate
action in writing without a meeting shall be at the close of business on the day on which the board
of directors adopts the resolution taking such prior action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order that the corporation may determine the stockholders entitled to receive payment of
any dividend or other distribution or allotment of any rights or to exercise any rights in respect
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of any change, conversion or exchange of stock, or for the purpose of any other lawful action,
the board of directors may fix a record date, which record date shall not precede the date upon
which the resolution fixing the record date is adopted, and which record date shall be not more
than sixty days prior to such payment, exercise or other action. If no such record date is fixed,
the record date for determining stockholders for any such purpose shall be at the close of business
on the day on which the board of directors adopts the resolution relating thereto.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;9. CORPORATE SEAL
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Subject to alteration by the directors, the seal of the corporation shall consist of a
flat-faced circular die with the word &#147;Delaware&#148; and the name of the corporation cut or engraved
thereon, together with such other words, dates or images as may be approved from time to time by
the directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;10. EXECUTION OF PAPERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Except as the board of directors may generally or in particular cases authorize the
execution thereof in some other manner, all deeds, leases, transfers, contracts, bonds, notes,
checks, drafts or other obligations made, accepted or endorsed by the corporation shall be signed
by the chairman of the board, if any, the president or any co-president, a vice president or the
treasurer.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Section&nbsp;11. FISCAL YEAR
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">11.1. The fiscal year of the corporation shall end on the last day of December.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;12. AMENDMENTS

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. These by-laws may be adopted, amended or repealed by vote of a majority of the directors
then in office or by vote of a majority of the voting power of the stock outstanding and entitled
to vote. Any by-law, whether adopted, amended or repealed by the stockholders or directors, may be
amended or reinstated by the stockholders or the directors.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>d47142exv5w1.htm
<DESCRIPTION>OPINION OF ROPES & GRAY LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;LETTERHEAD OF ROPES &#038; GRAY LLP&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">May&nbsp;30, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BT Triple Crown Capital Holdings III, Inc.<BR>
One International Place<BR>
36th Floor<BR>
Boston, MA 02110

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: Registration Statement on Form&nbsp;S-4
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as your counsel in the preparation of a Registration Statement on Form S-4 (the
&#147;Registration Statement&#148;) filed with the Securities and
Exchange Commission on May&nbsp;30, 2007,
relating to the issuance of up to 30,612,245 shares of Class&nbsp;A Common Stock, $0.001 par value per
share (the &#147;Shares&#148;), of BT Triple Crown Capital Holdings III, Inc. (the &#147;Company&#148;) to certain
shareholders of Clear Channel Communications, Inc. (&#147;Clear Channel&#148;) pursuant to the Agreement and
Plan of Merger, dated as of November&nbsp;16, 2006, by and among Clear Channel, BT Triple Crown Merger
Co., Inc. (&#147;Merger Sub&#148;), B Triple Crown Finco, LLC and T Triple Crown Finco, LLC (together with B
Triple Crown Finco, LLC, the &#147;Fincos&#148;), as amended by Amendment No.&nbsp;1 thereto, dated April&nbsp;18,
2007, among Clear Channel, Merger Sub and the Fincos, and as further amended by Amendment No.&nbsp;2
thereto, dated May&nbsp;17, 2007, among Clear Channel, Merger Sub, the Fincos and the Company (as
amended, the &#147;Merger Agreement&#148;). In connection with this opinion, we have examined and relied
upon such records, documents and other instruments as in our judgment are necessary and appropriate
in order to express the opinions hereinafter set forth and have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, and the conformity to
original documents of all documents submitted to us as copies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, we are of the opinion that the Shares, when issued in the manner and
on the terms described in the Registration Statement and the Merger Agreement, will be legally
issued, fully paid and non-assessable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion as an exhibit to the Registration Statement
and further consent to the reference to us under the caption &#147;Legal Matters&#148; in the proxy
statement/prospectus included in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Yours very truly,

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/
Ropes &#038; Gray LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Ropes &#038; Gray LLP

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>d47142exv23w1.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>EXHIBIT
23.1</b>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption &#147;Experts&#148; in this Registration Statement
(Form S-4) and related prospectus of BT Triple Crown Capital Holdings III, Inc. for the
registration of 30,612,245 shares of its common stock and to the incorporation by reference therein
of our reports dated February&nbsp;26, 2007, with respect to the consolidated financial statements and
schedule of Clear Channel Communications, Inc., Clear Channel Communications, Inc. management&#146;s
assessment of the effectiveness of internal control over financial reporting, and the effectiveness
of internal control over financial reporting of Clear Channel Communications, Inc., included in its
Annual Report (Form 10-K) for the year ended December&nbsp;31, 2006, filed with the Securities and
Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Ernst &#038; Young LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">San Antonio, Texas<BR>
May&nbsp;23, 2007

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>d47142exv99w1.htm
<DESCRIPTION>FORM OF PROXY CARD
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="RIGHT" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 99.1</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Proxy Solicited on Behalf of the Board of Directors for the Special Meeting<BR>
of Shareholders to be held on &#95;&#95;&#95;, 2007</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby appoints L. Lowry Mays, Mark P. Mays and Alan D. Feld, and each of
them, proxies of the undersigned with full power of substitution for and in the name, place and
stead of the undersigned to appear and act for and to vote all shares of CLEAR CHANNEL
COMMUNICATIONS, INC. standing in the name of the undersigned or with respect to which the
undersigned is entitled to vote and act at the Special Meeting of Shareholders of Clear Channel
Communications, Inc. to be held in San Antonio, Texas on &#95;&#95;&#95;, 2007, at 8:00 a.m., Central
Standard Time, or at any adjournments thereof, with all powers the undersigned would possess of
then personally present, as indicated on the reverse side.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please note that if you fail to return a valid proxy card and do not vote in person at the
special meeting, and there is a quorum present, your shares will be counted as a vote AGAINST the
adoption of the merger agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges receipt of notice of said meeting and accompanying proxy
statement/prospectus and of the accompanying materials and ratifies and confirms all acts that any
of the said proxy holders or their substitutes may lawfully do or cause to be done by virtue
hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Continued and to be dated and signed on the reverse side.)
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your shares will be voted as specified below. <B>If no specification is made for a proposal and
this proxy card is validly executed and returned your shares will be voted &#147;FOR&#148; such proposal.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Approval and adoption of the Agreement and Plan of Merger, dated November&nbsp;16, 2006, by and among
Clear Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC,
and T Triple Crown Finco, LLC, as amended by Amendment No.&nbsp;1, dated April&nbsp;18, 2007, among Clear
Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, and T
Triple Crown Finco, LLC, and as amended by and Amendment No.&nbsp;2, dated May&nbsp;17, 2007, among Clear
Channel Communications, Inc., BT Triple Crown Merger Co., Inc., B Triple Crown Finco, LLC, T Triple
Crown Finco, LLC, and BT Triple Crown Capital Holdings III, Inc. (the &#147;Amended Agreement and Plan
of Merger&#148;).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE &#147;FOR&#148; </B>the approval and adoption of the Amended
Agreement and Plan of Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Approval of the adjournment of the special meeting, if necessary or appropriate, to solicit
additional proxies if there are insufficient votes at the time of the special meeting to approve
and adopt the Amended Agreement and Plan of Merger.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE &#147;FOR&#148; </B>the approval of the adjournment of the
special meeting, if necessary or appropriate, to solicit additional proxies if there are
insufficient votes at the time of the special meeting to approve and adopt the Amended Agreement
and Plan of Merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. In the discretion of the proxy holders, on any other matter that may properly come before the
special meeting.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AGAINST <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ABSTAIN <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please sign your name exactly as it appears hereon. Joint owners should sign personally.
Attorney, Executor, Administrator, Trustee or Guardian should indicate full title.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 12pt">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Shareholder&#146;s signature
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Print Name)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Shareholder&#146;s signature if stock held jointly
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 12pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
(Print Name)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sign, Date, and Return the Proxy Card Promptly Using the Enclosed Envelope.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Votes MUST be indicated (X)&nbsp;in Black or Blue Ink.

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>7
<FILENAME>d47142exv99w2.htm
<DESCRIPTION>CONSENT OF GOLDMAN, SACHS & CO.
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><b>EXHIBIT
99.2</b>

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">May&nbsp;29, 2007

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Board of Directors<BR>
Clear Channel Communications, Inc.<BR>
200 East Basse Road<BR>
San Antonio, TX 78209

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
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    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Initially Filed Registration Statement on Form&nbsp;S-4 of BT Triple Crown Capital Holdings III,
Inc.</TD>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Madame and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to our opinion letter, dated May&nbsp;17, 2007, with respect to the fairness from a
financial point of view to the holders of Public Shares (as defined in the Agreement (as defined
below)) of the $39.20 in cash per Public Share that holders of Public Shares can elect to receive
pursuant to the Agreement and Plan of Merger, dated as of November&nbsp;16, 2006, by and among BT Triple
Crown Merger Co., Inc., an affiliate of Bain Capital Partners, LLC (&#147;Bain&#148;) and Thomas H. Lee
Partners, L.P. (&#147;THLee&#148;), B Triple Crown Finco, LLC, an affiliate of Bain, T Triple Crown Finco,
LLC, an affiliate of THLee, BT Triple Crown Capital Holdings III, Inc., and Clear Channel
Communications, Inc. (the &#147;Company&#148;), as amended by Amendment No.&nbsp;1 thereto, dated as of April&nbsp;18,
2007, and Amendment No.&nbsp;2 thereto, dated as of May&nbsp;17, 2007 (the &#147;Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing opinion letter is provided for the information and assistance of the Board of
Directors of the Company in connection with its consideration of the transaction contemplated
therein and is not to be used, circulated, quoted or otherwise referred to for any other purpose,
nor is it to be filed with, included in or referred to in whole or in part in any registration
statement, proxy statement or any other document, except in accordance with our prior written
consent. We understand that the Company has determined to include our opinion in the
above-referenced Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In that regard, we hereby consent to the reference to our opinion under the captions &#147;Summary
&#151;Opinion of Clear Channel&#146;s Financial Advisor,&#148; &#147;The Merger&#151;Background of the Merger&#148; and
&#147;Opinion of Clear Channel&#146;s Financial Advisor&#148; and to the inclusion of the foregoing opinion in the
Proxy Statement/Prospectus included in the above-mentioned Registration Statement. In giving such
consent, we do not thereby admit that we come within the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act of 1933 or the rules and regulations of the
Securities and Exchange Commission thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Goldman, Sachs &#038; Co.

</DIV>
<DIV align="LEFT"><DIV style="font-size: 3pt; margin-top: 1pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">(GOLDMAN, SACHS &#038; CO.)</DIV>




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</DIV>


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