-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OCUBSZuEU0Pm40op5BSZUMNnyoiMGaxLmAe900oFkIq8YNGTMOoRuAmSTCRRO3Kc
 WphOk2ViTRSSvLRBkHbqtw==

<SEC-DOCUMENT>0000950134-07-016228.txt : 20070731
<SEC-HEADER>0000950134-07-016228.hdr.sgml : 20070731
<ACCEPTANCE-DATETIME>20070731060212
ACCESSION NUMBER:		0000950134-07-016228
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20070731
DATE AS OF CHANGE:		20070731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			C C Media Holdings Inc
		CENTRAL INDEX KEY:			0001400891
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-143349
		FILM NUMBER:		071011020

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT Triple Crown Capital Holdings III, Inc.
		DATE OF NAME CHANGE:	20070524
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>d47142a3sv4za.htm
<DESCRIPTION>AMENDMENT TO FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4za</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="width: 94%; margin-left: 3%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left"><FONT size="1">

</FONT></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">
    <B><FONT style="font-size: 9pt"> As filed with the Securities
    and Exchange Commission on July&#160;31, 2007</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt"> Registration
    <FONT style="white-space: nowrap">No.&#160;333-143349</FONT></FONT></B>
</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<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">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION</FONT></B>
</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">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV style="margin-top: 3pt; 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">
    <B><FONT style="font-size: 12pt">Amendment No. 3</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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">
    <B><FONT style="font-size: 12pt"> to</FONT></B>
</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">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-4</FONT></FONT></B>
</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">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</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">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</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">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; 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">
    <B><FONT style="font-size: 20pt">CC MEDIA HOLDINGS,
    INC.</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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><FONT style="font-size: 9pt"> (Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>



<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="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <B><FONT style="font-size: 10pt">Delaware</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><FONT style="font-size: 10pt">4832</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B><FONT style="font-size: 10pt">26-0241222</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 9pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 9pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 9pt">(I.R.S. Employer<BR>
    Identification Number)</FONT></I><FONT style="font-size: 9pt">
    </FONT>
</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 style="margin-top: 3pt; 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">
    <B>One International Place</B>
</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">
    <B>36th&#160;Floor</B>
</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">
    <B>Attn.: David C. Chapin</B>
</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">
    <B>Boston, MA 02110</B>
</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">
    <B>(617)&#160;951-7000</B>
</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><FONT style="font-size: 9pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">John P. Connaughton<BR>
    Bain Capital, LLC<BR>
    111 Huntington Avenue<BR>
    Boston, MA 02199<BR>
    <FONT style="white-space: nowrap">(617)&#160;516-2000</FONT></FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">Scott M. Sperling<BR>
    Thomas H. Lee Partners, L.P.<BR>
    100 Federal Street<BR>
    Boston, MA 02110<BR>
    (617) 227-1050</FONT></B><FONT style="font-size: 10pt">
    </FONT>
</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 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><FONT style="font-size: 9pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</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">
    <B><I>Copies to:</I></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<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="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">Andrew W. Levin<BR>
    Executive Vice President, Chief Legal<BR>
    Officer and Secretary<BR>
    Clear Channel Communications, Inc.<BR>
    200 East Basse<BR>
    San&#160;Antonio, TX 78209<BR>
    (210)&#160;822-2828</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">C.N. Franklin
    Reddick,&#160;Esq.<BR>
    Akin Gump Strauss Hauer&#160;&#038; Feld LLP<BR>
    2029 Century Park East, Suite&#160;2400<BR>
    Los Angeles, CA 90067<BR>
    (310) 229-1000</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">David C. Chapin,&#160;Esq.<BR>
    Ropes&#160;&#038; Gray LLP<BR>
    One International Place<BR>
    Boston, MA 02110<BR>
    (617) 951-7000 </FONT></B>
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale of
    securities to the public:</B>&#160;&#160;As promptly as
    practicable after the effective date of this registration
    statement
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;&#160;<FONT face="Wingdings">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;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.&#160;&#160;<FONT face="Wingdings">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;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.&#160;&#160;<FONT face="Wingdings">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <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&#160;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&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=540 length=0 -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</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: 94%; margin-left: 3%"><!-- BEGIN LOGICAL PAGE -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">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.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; 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">
    <B><FONT style="color: #E8112D">SUBJECT TO COMPLETION, DATED
    JULY&#160;31, 2007</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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">
    <B><FONT style="font-size: 21pt">CLEAR CHANNEL COMMUNICATIONS,
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<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 the Shareholders of Clear Channel Communications, Inc.:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You are cordially invited to attend the special meeting of
    shareholders of Clear Channel Communications, Inc., a Texas
    corporation, at
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, at 8:00&#160;a.m., local time.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the special meeting you will be asked to approve and adopt a
    merger agreement which provides for the merger of Clear Channel
    with a subsidiary of CC Media Holdings, Inc., a corporation
    formed by private equity funds sponsored by Bain Capital
    Partners, LLC and Thomas H. Lee Partners, L.P.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the merger agreement is approved and adopted by our
    shareholders, each share of Clear Channel&#146;s common stock
    will be converted at the effective time of the merger into the
    right to receive either (1)&#160;$39.20 in cash, without
    interest, or (2)&#160;one share of Class&#160;A common stock of
    Holdings, subject to certain limitations. Except as described in
    the enclosed proxy statement/prospectus, you will have the right
    to elect the form of merger consideration you receive with
    respect to all or a portion of the stock and options you hold.
    However, the number of shares of Class&#160;A common stock that
    you receive may be less than the number of shares you requested
    in the event that elections would require Holdings to issue more
    than 30,612,245&#160;shares of Class&#160;A common stock, or
    approximately 30% of the outstanding capital stock and voting
    power of Holdings immediately following the merger. In addition,
    you will not be allocated a number of Holdings Class&#160;A
    common stock shares representing more than 9.9% of the
    outstanding common stock of Holdings immediately following the
    merger. <B>In order to elect to receive the stock consideration
    you must submit a completed form of election by 5:00&#160;p.m.,
    New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, the business day immediately preceding the date of the
    special meeting.</B> Any shares of Clear Channel common stock
    and options that are not converted into stock consideration due
    to failure to validly elect stock consideration, or the
    limitations described above, will be converted into the cash
    consideration. All shareholders and optionholders will also
    receive an additional cash payment if the merger is consummated
    after January&#160;1, 2008.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holdings Class&#160;A common stock issued in the merger will not
    be listed on any national securities exchange. Holdings has
    agreed, however, to file certain reports with the Securities and
    Exchange Commission for a period of two years following the
    closing of the merger.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After careful consideration, your board of directors by
    unanimous vote (excluding Messrs.&#160;Mark P. Mays, Randall T.
    Mays, L. Lowry Mays and B. J. McCombs, who recused themselves
    from the deliberations) has determined that the merger is in the
    best interests of Clear Channel and its unaffiliated
    shareholders, approved the merger agreement and recommends that
    the shareholders of Clear Channel vote &#147;For&#148; the
    approval and adoption of the merger agreement. <B>Your board of
    directors&#146; recommendation is limited to the cash
    consideration to be received by shareholders 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&#160;A common stock
    of Holdings.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The accompanying proxy statement/prospectus provides you with
    detailed information about the proposed merger, the special
    meeting and Holdings. 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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Your vote is very important regardless of the number of shares
    you own. The merger cannot be completed unless holders of
    two-thirds of the outstanding shares entitled to vote at the
    special meeting vote for the approval and adoption of the merger
    agreement. <B>Remember, failing to vote has the same effect as a
    vote against the approval and 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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you intend to vote by proxy, please complete, date, sign and
    return the enclosed proxy card. Please note that if you have
    previously submitted a proxy card in response to Clear
    Channel&#146;s prior solicitations, that proxy card will not be
    valid at this meeting and will not be voted. 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. <B>Please
    complete and submit a validly executed proxy card for the
    special meeting, even if you have previously delivered a proxy.
    </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
    <FONT style="white-space: nowrap">(877)&#160;456-3427.</FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Thank you for your continued support and we look forward to
    seeing you
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">Sincerely,
    </FONT>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">Mark P. Mays
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">Chief Executive Officer
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>For a discussion of certain risk factors that you should
    consider in evaluating the transactions described above and an
    investment in Holdings Class&#160;A common stock, see &#147;Risk
    Factors&#148; beginning on page&#160;17 of the accompanying
    proxy statement/prospectus.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The proxy statement/prospectus is
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, and is first being mailed to shareholders on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</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 style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CLEAR
    CHANNEL COMMUNICATIONS, INC.<BR>
    <FONT style="font-size: 10pt">200 EAST BASSE ROAD<BR>
    SAN ANTONIO, TEXAS 78209<BR>
    <BR>
    </FONT></FONT><FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">NOTICE
    OF SPECIAL MEETING OF SHAREHOLDERS<BR>
    TO BE HELD
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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 the Shareholders of Clear Channel Communications, Inc.:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 special meeting of the shareholders of Clear Channel
    Communications, Inc., a Texas corporation, will be held at
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, at 8:00&#160;a.m.&#160;Central Daylight Savings Time, for
    the following purposes:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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">
    1.&#160;To consider and vote upon a proposal to approve and
    adopt the Agreement and Plan of Merger, dated as of
    November&#160;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.&#160;1 thereto, dated April&#160;18, 2007, among
    Clear Channel, Merger Sub and the Fincos, and as further amended
    by Amendment No.&#160;2 thereto, dated May&#160;17, 2007, among
    Clear Channel, Merger Sub, the Fincos and CC Media Holdings,
    Inc. (as amended, the &#147;merger agreement&#148;);
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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">
    2.&#160;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 approve and adopt the merger agreement, as
    amended;&#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">
    3.&#160;To transact such other business that may properly come
    before the special meeting or any adjournment or postponement
    thereof.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    In accordance with Clear Channel&#146;s bylaws, Clear
    Channel&#146;s board of directors has fixed 5:00&#160;p.m.
    Central Daylight Savings Time on July&#160;27, 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"><FONT size="1">

</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">
    The approval and 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.
    <B>Remember, failing to vote has the same effect as a vote
    against the approval and 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please note that this proxy statement/prospectus amends and
    restates all proxy statements and supplements previously
    distributed by Clear Channel with respect to 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">
    If you intend to vote by proxy, please complete, date, sign and
    return the enclosed proxy card. Please note that if you have
    previously submitted a proxy card in response to Clear
    Channel&#146;s prior solicitations, that proxy card will not be
    valid at this meeting and will not be voted. 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. <B>Please
    complete and submit a validly executed proxy card for the
    special meeting, even if you have previously delivered a proxy.
    </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)&#160;456-3427.
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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&#160;a.m., local
    time.</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">
    Shareholders who do not vote in favor of the approval and
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    PLEASE DO NOT SEND YOUR STOCK CERTIFICATES AT THIS TIME. IF THE
    MERGER AGREEMENT IS ADOPTED, YOU WILL BE SENT
    INSTRUCTIONS&#160;REGARDING THE SURRENDER OF YOUR STOCK
    CERTIFICATES.
</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">
    By Order of the Board of Directors
</DIV>

<DIV style="margin-top: 48pt; 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">

</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">
    Andrew W. Levin
</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">

</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">
    Executive Vice President, Chief Legal Officer,
</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">

</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">
    and Secretary
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<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">
    San&#160;Antonio, Texas
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</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="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 align="left">
<!-- TOC -->
</DIV>

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

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'><FONT style="font-size: 10pt">REFERENCES TO
    ADDITIONAL INFORMATION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">vi
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'><FONT style="font-size: 10pt">QUESTIONS AND
    ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">vii
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'><FONT style="font-size: 10pt">CAUTIONARY
    STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">xv
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'><FONT style="font-size: 10pt">SUMMARY</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#105'><FONT style="font-size: 10pt">The Parties to the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#106'><FONT style="font-size: 10pt">The
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#107'><FONT style="font-size: 10pt">Effects of the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">2
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#110'><FONT style="font-size: 10pt">Determination of
    the Board of Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">3
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#277'><FONT style="font-size: 10pt">Determination of
    the Special Advisory Committee</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">3
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#111'><FONT style="font-size: 10pt">Interests of Clear
    Channel&#146;s Directors and Executive Officers in the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#112'><FONT style="font-size: 10pt">Opinion of Clear
    Channel&#146;s Financial Advisor</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">4
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#113'><FONT style="font-size: 10pt">Financing</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">5
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#114'><FONT style="font-size: 10pt">Regulatory
    Approvals</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">6
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#116'><FONT style="font-size: 10pt">Material United
    States Federal Income Tax Consequences</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">7
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#117'><FONT style="font-size: 10pt">Conditions to the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">8
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#118'><FONT style="font-size: 10pt">Solicitation of
    Alternative Proposals</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">9
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#119'><FONT style="font-size: 10pt">Termination</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">10
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#120'><FONT style="font-size: 10pt">Termination
    Fees</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">11
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#121'><FONT style="font-size: 10pt">Limited Guarantee
    of the Sponsors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#122'><FONT style="font-size: 10pt">Transaction
    Fees</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">13
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#123'><FONT style="font-size: 10pt">Letter
    Agreements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#124'><FONT style="font-size: 10pt">Clear
    Channel&#146;s Stock Price</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#125'><FONT style="font-size: 10pt">Shares&#160;Held by
    Directors and Executive Officers</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#126'><FONT style="font-size: 10pt">Dissenters&#146;
    Rights of Appraisal</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">14
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#127'><FONT style="font-size: 10pt">Stock Exchange
    Listing</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#128'><FONT style="font-size: 10pt">Resale of Holdings
    Class&#160;A Common Stock</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#129'><FONT style="font-size: 10pt">Description of
    Holdings&#146; Capital Stock</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#130'><FONT style="font-size: 10pt">Comparison of
    Shareholder Rights</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">15
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#131'><FONT style="font-size: 10pt">Management of
    Holdings</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">16
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#132'><FONT style="font-size: 10pt">RISK
    FACTORS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#133'><FONT style="font-size: 10pt">Risks Relating to
    the Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">17
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#134'><FONT style="font-size: 10pt">Risks Relating to
    Ownership of Holdings Class&#160;A Common Stock</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">19
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#280'><FONT style="font-size: 10pt">Risks Relating to
    Clear Channel&#146;s Business</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">23
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#135'><FONT style="font-size: 10pt">SELECTED HISTORICAL
    AND PRO FORMA CONSOLIDATED FINANCIAL DATA</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">30
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#136'><FONT style="font-size: 10pt">Clear Channel
    Summary Historical Consolidated Financial Data</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">30
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#137'><FONT style="font-size: 10pt">Unaudited Pro Forma
    Condensed Consolidated Financial Data</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">31
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#138'><FONT style="font-size: 10pt">Contractual
    Obligations</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">47
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#139'><FONT style="font-size: 10pt">Indebtedness</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">47
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#140'><FONT style="font-size: 10pt">Dividend
    Policy</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#141'><FONT style="font-size: 10pt">DESCRIPTION OF
    BUSINESS OF HOLDINGS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#142'><FONT style="font-size: 10pt">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS
    OF OPERATIONS OF CC MEDIA HOLDINGS, INC.&#160;</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#143'><FONT style="font-size: 10pt">BOARD OF DIRECTORS
    AND MANAGEMENT OF HOLDINGS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Current Board of Directors and
    Executive Officers
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    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 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Anticipated Board of Directors and
    Executive Officers
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">51
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Biographies
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">51
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Committees of the Board of
    Directors
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">53
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Director Compensation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">53
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Compensation and Governance
    Committee Interlocks and Insider Participation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">53
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Independence of Directors
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">53
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Compensation of our Named
    Executive Officers
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">54
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Compensation Discussion and
    Analysis
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">54
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Introduction
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">54
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Overview and Objectives of Clear
    Channel&#146;s Compensation Program
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">54
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Compensation Practices
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">54
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Elements of Compensation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">55
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Base Salary
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">56
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Annual Incentive Bonus
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">56
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Long-Term Incentive Compensation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">57
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Executive Benefits and Perquisites
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">57
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt"><FONT style="white-space: nowrap">Change-in-Control</FONT>
    and Severance Arrangements
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">57
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Tax and Accounting Treatment
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">57
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Deductibility of Executive
    Compensation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">57
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Corporate Services Agreement
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">57
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Employment Agreements with Named
    Executive Officers
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">58
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Potential Post-Employment Payments
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">60
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Holdings Equity Incentive Plan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">63
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#145'><FONT style="font-size: 10pt">THE PARTIES TO THE
    MERGER</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#146'><FONT style="font-size: 10pt">CC Media Holdings,
    Inc.&#160;</A>&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#147'><FONT style="font-size: 10pt">Clear Channel
    Communications, Inc.&#160;</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#148'><FONT style="font-size: 10pt">B Triple Crown
    Finco, LLC and T Triple Crown Finco, LLC</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#149'><FONT style="font-size: 10pt">BT Triple Crown
    Merger Co., Inc.</A>&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#150'><FONT style="font-size: 10pt">THE SPECIAL MEETING
    OF SHAREHOLDERS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#151'><FONT style="font-size: 10pt">Time, Place and
    Purpose of the Special Meeting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#152'><FONT style="font-size: 10pt">Who Can Vote at the
    Special Meeting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#153'><FONT style="font-size: 10pt">Vote Required for
    Adoption of the Merger Agreement; Quorum</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">65
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#154'><FONT style="font-size: 10pt">Voting By
    Proxy</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">66
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#155'><FONT style="font-size: 10pt">Submitting Proxies
    Via the Internet or by Telephone</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">67
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#156'><FONT style="font-size: 10pt">Adjournments</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">67
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#157'><FONT style="font-size: 10pt">THE
    MERGER</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">67
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#158'><FONT style="font-size: 10pt">Background of the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">69
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#159'><FONT style="font-size: 10pt">Reasons for the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">87
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#160'><FONT style="font-size: 10pt">Determination of
    the Board of Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">87
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#161'><FONT style="font-size: 10pt">Determination of
    the Special Advisory Committee</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">92
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#162'><FONT style="font-size: 10pt">Recommendation of
    the Clear Channel Board of Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">92
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#163'><FONT style="font-size: 10pt">Interests of Clear
    Channel&#146;s Directors and Executive Officers in the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">93
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#164'><FONT style="font-size: 10pt">Treatment of Clear
    Channel Stock Options</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">93
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#165'><FONT style="font-size: 10pt">Treatment of Clear
    Channel Restricted Stock</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">94
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#166'><FONT style="font-size: 10pt">Severance</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">95
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
</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"><FONT size="1">

</FONT></DIV>

<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="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<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="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#167'><FONT style="font-size: 10pt">Equity
    Rollover</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">96
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#168'><FONT style="font-size: 10pt">New Equity
    Incentive Plan</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">97
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#169'><FONT style="font-size: 10pt">New Employment
    Agreements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">97
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#170'><FONT style="font-size: 10pt">Board of Director
    Representations</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">98
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#171'><FONT style="font-size: 10pt">Indemnification and
    Insurance</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">98
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#172'><FONT style="font-size: 10pt">Voting
    Agreement</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">98
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#173'><FONT style="font-size: 10pt">CERTAIN AFFILIATE
    TRANSACTIONS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">101
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#174'><FONT style="font-size: 10pt">FINANCING</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">102
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#175'><FONT style="font-size: 10pt">Financing of the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">102
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#176'><FONT style="font-size: 10pt">Equity
    Financing</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">102
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#177'><FONT style="font-size: 10pt">Debt
    Financing</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">102
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#178'><FONT style="font-size: 10pt">OPINION OF CLEAR
    CHANNEL&#146;S FINANCIAL ADVISOR</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">104
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#179'><FONT style="font-size: 10pt">Present Value of
    Transaction Price Analysis</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">106
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#180'><FONT style="font-size: 10pt">Analysis at Various
    Prices</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">106
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#181'><FONT style="font-size: 10pt">Present Value of
    Future Stock Price Analysis</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">107
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#182'><FONT style="font-size: 10pt">Discounted Cash
    Flow Analysis</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">108
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#183'><FONT style="font-size: 10pt">Recapitalization
    Analysis</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">109
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#184'><FONT style="font-size: 10pt"><FONT style="white-space: nowrap">Sum-of-the-Parts</FONT>
    Analyses</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">109
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#185'><FONT style="font-size: 10pt">Miscellaneous</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">111
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#186'><FONT style="font-size: 10pt">MATERIAL UNITED
    STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">112
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#187'><FONT style="font-size: 10pt">United States
    Federal Income Tax Consequences to Clear Channel
    Shareholders</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">113
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#188'><FONT style="font-size: 10pt">ACCOUNTING
    TREATMENT OF TRANSACTION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">116
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#189'><FONT style="font-size: 10pt">REGULATORY
    APPROVALS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">116
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#190'><FONT style="font-size: 10pt"><FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT></FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">116
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#191'><FONT style="font-size: 10pt">FCC
    Regulations</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">116
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#192'><FONT style="font-size: 10pt">Other</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">117
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#193'><FONT style="font-size: 10pt">STOCK EXCHANGE
    LISTING</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">117
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#194'><FONT style="font-size: 10pt">RESALE OF HOLDINGS
    CLASS&#160;A COMMON STOCK</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">117
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#195'><FONT style="font-size: 10pt">MERGER RELATED
    LITIGATION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">117
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#196'><FONT style="font-size: 10pt">THE MERGER
    AGREEMENT</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">118
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#197'><FONT style="font-size: 10pt">Effective Time;
    Marketing Period</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">119
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#198'><FONT style="font-size: 10pt">Effects of the
    Merger; Structure</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">119
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#199'><FONT style="font-size: 10pt">Rollover by
    Shareholders</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">120
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#200'><FONT style="font-size: 10pt">Treatment of Common
    Stock and Other Securities</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">120
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#201'><FONT style="font-size: 10pt">Clear Channel
    Common Stock</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">120
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#202'><FONT style="font-size: 10pt">Clear Channel Stock
    Options</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">122
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#203'><FONT style="font-size: 10pt">Clear Channel
    Restricted Stock</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">122
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#204'><FONT style="font-size: 10pt">Election
    Procedures</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">122
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#205'><FONT style="font-size: 10pt">Proration
    Procedures</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">123
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#206'><FONT style="font-size: 10pt">Exchange and
    Payment Procedures</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">124
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#207'><FONT style="font-size: 10pt">Representations and
    Warranties</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">125
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#208'><FONT style="font-size: 10pt">Conduct of Clear
    Channel&#146;s Business Pending the Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">127
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#209'><FONT style="font-size: 10pt">FCC
    Matters</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">130
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#210'><FONT style="font-size: 10pt">Shareholders&#146;
    Meeting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">130
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#211'><FONT style="font-size: 10pt">Appropriate
    Actions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">130
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iii
</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"><FONT size="1">

</FONT></DIV>

<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="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#212'><FONT style="font-size: 10pt">Access to
    Information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">131
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#213'><FONT style="font-size: 10pt">Solicitation of
    Alternative Proposals</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">131
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#214'><FONT style="font-size: 10pt">Indemnification;
    Directors&#146; and Officers&#146; Insurance</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">134
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#215'><FONT style="font-size: 10pt">Employee Benefit
    Plans</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">134
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#216'><FONT style="font-size: 10pt">Financing</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">134
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#217'><FONT style="font-size: 10pt">Independent
    Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">136
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#218'><FONT style="font-size: 10pt">Transaction
    Fees</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">136
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#219'><FONT style="font-size: 10pt">Conduct of the
    Fincos&#146; Business Pending the Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">136
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#220'><FONT style="font-size: 10pt">Registration</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">136
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#221'><FONT style="font-size: 10pt">Conditions to the
    Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">136
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#222'><FONT style="font-size: 10pt">Termination</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">138
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#223'><FONT style="font-size: 10pt">Termination
    Fees</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">138
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#224'><FONT style="font-size: 10pt">Clear Channel
    Termination Fee</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">138
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <A HREF='#225'><FONT style="font-size: 10pt">Merger Sub
    Termination Fee</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">140
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#226'><FONT style="font-size: 10pt">Amendment and
    Waiver</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">141
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#227'><FONT style="font-size: 10pt">Limited
    Guarantees</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">141
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#228'><FONT style="font-size: 10pt">Letter
    Agreements</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">141
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#229'><FONT style="font-size: 10pt">MARKET PRICES OF
    CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">142
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#230'><FONT style="font-size: 10pt">DELISTING AND
    DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">142
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#231'><FONT style="font-size: 10pt">SECURITY OWNERSHIP
    BY CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">143
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#232'><FONT style="font-size: 10pt">HOLDINGS&#146;
    STOCK OWNERSHIP AFTER THE MERGER</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">144
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#233'><FONT style="font-size: 10pt">DESCRIPTION OF
    HOLDINGS&#146; CAPITAL STOCK</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">145
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#234'><FONT style="font-size: 10pt">Capitalization</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">145
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#235'><FONT style="font-size: 10pt">Voting Rights and
    Powers</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">145
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#236'><FONT style="font-size: 10pt">Dividends</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">146
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#237'><FONT style="font-size: 10pt">Distribution of
    Assets Upon Liquidation</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">146
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#238'><FONT style="font-size: 10pt">Split, Subdivision
    or Combination</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">146
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#239'><FONT style="font-size: 10pt">Conversion</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">146
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#240'><FONT style="font-size: 10pt">Certain Voting
    Rights</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">146
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#241'><FONT style="font-size: 10pt">Change in Number of
    Shares&#160;Authorized</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">147
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#242'><FONT style="font-size: 10pt">Restrictions on
    Stock Ownership or Transfer</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">147
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#243'><FONT style="font-size: 10pt">Requests for
    Information</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">147
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#244'><FONT style="font-size: 10pt">Denial of Rights,
    Refusal to Transfer</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">147
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#245'><FONT style="font-size: 10pt">COMPARISON OF
    SHAREHOLDER RIGHTS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">149
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#246'><FONT style="font-size: 10pt">Merger</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">149
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#247'><FONT style="font-size: 10pt">Voting on Sale of
    Assets</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">150
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#248'><FONT style="font-size: 10pt">Antitakeover
    Provisions</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">150
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#249'><FONT style="font-size: 10pt">Amendment of
    Certificate of Incorporation</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">151
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#250'><FONT style="font-size: 10pt">Amendment of
    Bylaws</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">151
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#251'><FONT style="font-size: 10pt">Appraisal
    Rights</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">151
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#252'><FONT style="font-size: 10pt">Special
    Meetings</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">152
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#253'><FONT style="font-size: 10pt">Actions Without a
    Meeting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">152
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#254'><FONT style="font-size: 10pt">Nomination of
    Director Candidates by Shareholders</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">152
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#255'><FONT style="font-size: 10pt">Number of
    Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">152
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#256'><FONT style="font-size: 10pt">Election of
    Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">153
    </FONT>
</TD>
<TD>
</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iv
</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"><FONT size="1">

</FONT></DIV>

<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="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<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="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#257'><FONT style="font-size: 10pt">Vacancies</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">153
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#258'><FONT style="font-size: 10pt">Limitation of
    Liability of Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">153
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#259'><FONT style="font-size: 10pt">Indemnification of
    Officers and Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">154
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#260'><FONT style="font-size: 10pt">Removal of
    Directors</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">155
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#261'><FONT style="font-size: 10pt">Dividends and
    Repurchases of Shares</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">155
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#262'><FONT style="font-size: 10pt">Preemptive
    Rights</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">156
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#263'><FONT style="font-size: 10pt">Inspection of Books
    and Records</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">156
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#264'><FONT style="font-size: 10pt">DISSENTERS&#146;
    RIGHTS OF APPRAISAL</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">156
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#265'><FONT style="font-size: 10pt">LEGAL
    MATTERS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">158
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#266'><FONT style="font-size: 10pt">EXPERTS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">158
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#267'><FONT style="font-size: 10pt">OTHER
    MATTERS</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">159
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#268'><FONT style="font-size: 10pt">Other Business at
    the Special Meeting</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">159
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#269'><FONT style="font-size: 10pt">Multiple
    Shareholders Sharing One Address</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">159
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#270'><FONT style="font-size: 10pt">WHERE YOU CAN FIND
    ADDITIONAL INFORMATION</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">159
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#271'><FONT style="font-size: 10pt">Annex&#160;A&#160;&#151;
    Agreement and Plan of Merger</FONT></A>
</DIV>
</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#272'><FONT style="font-size: 10pt">Annex&#160;B&#160;&#151;
    Amendment No.&#160;1</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">B-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#273'><FONT style="font-size: 10pt">Annex&#160;C&#160;&#151;
    Amendment No.&#160;2</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">C-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#274'><FONT style="font-size: 10pt">Annex&#160;D&#160;&#151;
    Voting Agreement</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">D-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#275'><FONT style="font-size: 10pt">Annex&#160;E&#160;&#151;
    Opinion of Goldman, Sachs&#160;&#038; Co.&#160;</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">E-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#276'><FONT style="font-size: 10pt">Annex&#160;F&#160;&#151;
    Article&#160;5.12 of the Texas Business Corporations
    Act</FONT></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="bottom">
    <FONT style="font-size: 10pt">F-1
    </FONT>
</TD>
<TD>
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142a3exv3w2.htm">Certificate of Amendment to the Second Amended and Restated Cerficate of Incorporation</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142a3exv8w1.htm">Opinion of Ropes & Gray LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142a3exv10w2.htm">Second Amended and Restated Commitment Letter</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142a3exv23w1.htm">Consent of Ernst & Young LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142a3exv99w2.htm">Form of Election</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="d47142a3exv99w3.htm">Consent of Goldman, Sachs & Co.</A></FONT></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"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    v
</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 -->
<A name='101'>


<!-- link1 "REFERENCES TO ADDITIONAL INFORMATION" -->


<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">REFERENCES
    TO ADDITIONAL INFORMATION</FONT></B>
</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">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">Clear Channel Communications,
    Inc.</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B><FONT style="font-size: 10pt">Innisfree M&#038;A
    Incorporated</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">200 East Basse Road
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 10pt">501 Madison Avenue
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">San&#160;Antonio, TX 78209
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">20th&#160;Floor
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">(210)
    <FONT style="white-space: nowrap">832-3315</FONT>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 10pt">New York, NY 10022
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Attention: Investor Relations
    Department
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 10pt">(877) 456-3427
    </FONT>
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 order to ensure timely delivery of requested documents,
    any request should be made no later
    than&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, which is five business days prior to the special
    meeting.</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">
    For information on submitting your proxy, please refer to the
    instructions on the enclosed proxy card.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vi
</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 -->
<A name='102'>


<!-- link1 "QUESTIONS AND ANSWERS ABOUT THE MERGER AND THE SPECIAL MEETING" -->


<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">QUESTIONS
    AND ANSWERS ABOUT THE MERGER AND THE SPECIAL
    MEETING</FONT></B></A>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>The following questions and answers address briefly some
    questions you may have regarding the proposed merger and the
    special meeting. 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"><FONT size="1">

</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">
    <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 CC Media Holdings,
    Inc., references to &#147;Merger Sub&#148; refer to BT Triple
    Crown Merger Co., Inc., references to &#147;Clear Channel&#148;
    refer to Clear Channel Communications, Inc. and its subsidiaries
    and references to the &#147;Fincos&#148; refer to B Triple Crown
    Finco, LLC and T&#160;Triple Crown Finco, LLC. In addition,
    unless otherwise stated or unless the context otherwise
    requires, all references in this proxy statement/prospectus to
    the &#147;original merger agreement&#148; refer to the Agreement
    and Plan of Merger, dated as of November&#160;16, 2006, by and
    among Clear Channel, Merger Sub and the Fincos, prior to
    amendment, all references to the &#147;merger agreement&#148;
    refer to the original merger agreement as amended by Amendment
    No.&#160;1, dated April&#160;18, 2007, among Clear Channel,
    Merger Sub and the Fincos, and as amended by Amendment
    No.&#160;2, dated May&#160;17, 2007, among Clear Channel, Merger
    Sub, the Fincos and Holdings and all references to the
    &#147;merger&#148; refer to the merger contemplated by the
    merger agreement. Copies of the Agreement and Plan of Merger,
    Amendment No.&#160;1 and Amendment No.&#160;2 are attached as
    Annex&#160;A, Annex&#160;B and Annex&#160;C to this proxy
    statement/prospectus.</I>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></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">QUESTIONS
    AND ANSWERS ABOUT THE MERGER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What is the proposed transaction?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The proposed transaction is the merger of Clear Channel with
    Merger Sub, a company formed by private equity funds sponsored
    by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P.
    In the merger, Merger Sub will merge with and into Clear Channel
    and Clear Channel will be the surviving corporation and will
    become an indirect subsidiary of Holdings. Depending upon the
    number of shares of Class&#160;A common stock of Holdings which
    unaffiliated shareholders and optionholders elect to receive in
    the merger as part of the merger consideration, up to 30% of the
    outstanding capital stock and voting power of Holdings will be
    held by former Clear Channel unaffiliated shareholders and
    optionholders immediately following the merger.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What will I receive for my shares of Clear Channel common
    stock in the merger?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    You may elect one of the following options for each share of
    Clear Channel common stock you hold on the record date:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Option 1 (which we refer to as a &#147;Cash
    Election&#148;):&#160;&#160;</B>$39.20 per share cash
    consideration, without interest (which we refer to as the
    &#147;Cash Consideration&#148;); or</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Option 2 (which we refer to as a &#147;Stock
    Election&#148;):&#160;&#160;</B>one share of Class&#160;A common
    stock of Holdings (which we refer to as the &#147;Stock
    Consideration&#148;).</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    You may make a Cash Election or Stock Election (on a
    share-by-share basis) for each share of common stock you own as
    of the record date (including shares issuable on conversion of
    outstanding options), subject to the prorations and Individual
    Cap described below.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A Stock Election is purely voluntary. You are not required to
    make a Stock Election. A Stock Election is an investment
    decision which involves significant risks. <B>The Clear Channel
    board of directors makes no recommendation as to whether you
    should make a Stock Election and makes no recommendation
    regarding the Class&#160;A common stock of Holdings.</B> For a
    discussion of risks associated with the ownership of Holdings
    Class&#160;A common stock see &#147;Risk Factors&#148; beginning
    on page 17 of this proxy statement/prospectus.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The Stock Election will only be available to unaffiliated
    shareholders and optionholders. The Stock Election is not
    available to directors and executive officers of Clear Channel.
    In addition, shares and options held by </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    vii
</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 width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    directors or employees of Clear Channel who have separately
    agreed to convert such shares or options into equity securities
    of Holdings in the merger will not affect the number of shares
    of Holdings Class&#160;A common stock available for issuance as
    stock consideration.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What will I receive for my options to purchase Clear Channel
    common stock in the merger?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    A holder of options (whether vested or unvested) to purchase
    Clear Channel common stock as of the record date may make a
    Stock Election or a Cash Election with respect to the number of
    shares of common stock issuable upon exercise of the options,
    less the number of shares having a value (based on the Cash
    Consideration) equal to the exercise price payable on such
    issuance plus any required tax withholding. If a holder of
    options does not make a valid Stock Election, then each such
    outstanding option which remains outstanding and unexercised as
    of the effective time of the merger (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)&#160;the excess, if any, of the Cash
    Consideration over the exercise price per share of such option
    and (B)&#160;the number of shares of Clear Channel common stock
    issuable upon exercise of such Clear Channel stock option.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How will restricted shares of Clear Channel common stock be
    treated in the merger?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Each restricted share of Clear Channel common stock that is
    outstanding as of the time of the merger, 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 will be treated the same as all other shares of
    common stock outstanding at the time of the merger.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Will I receive additional consideration if the merger closes
    after January&#160;1, 2008?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes. Regardless of whether you make a Stock Election or Cash
    Election, if the merger occurs after January&#160;1, 2008, you
    will also receive an additional cash payment for each share,
    which we refer to as the &#147;Additional Consideration,&#148;
    equal to the lesser of:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the pro rata portion, based upon the number of days
    elapsed since January&#160;1, 2008, of $39.20 multiplied by 8%
    per annum, or</DIV>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;an amount equal to (a)&#160;the operating cash flow
    of Clear Channel and its subsidiaries for the period from and
    including January&#160;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)&#160;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)&#160;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. See &#147;The Merger
    Agreement&#160;&#151; Treatment of Common Stock and Other
    Securities&#148; beginning on page&#160;118 of this proxy
    statement/prospectus.</DIV>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;1, 2008. The total amount of Cash Consideration,
    Stock Consideration and Additional Consideration paid in the
    merger is referred to in this proxy statement/prospectus as the
    &#147;Merger Consideration.&#148;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>If I make a Stock Election, will I be issued fractional
    shares of Class&#160;A common stock of Holdings in the
    merger?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    No.&#160;If you make a Stock Election, you will not receive any
    fractional share in the merger. Instead, you will be paid cash
    for any fractional share you would have otherwise received as
    Stock Consideration based upon the </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    viii
</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 width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Cash Consideration price of $39.20 per share, taking into
    account all shares of common stock and all options for which you
    elected Stock Consideration.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Is there an individual limit on the number of shares of Clear
    Channel common stock and options to purchase Clear Channel stock
    that may be exchanged for Class&#160;A common stock of Holdings
    by each Clear Channel shareholder or optionholder?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes. No holder of Clear Channel common shares or options who
    makes a Stock Election, may receive shares that would represent
    more than 9.9% of the outstanding Class&#160;A common stock of
    Holdings immediately following the merger, which we refer to as
    the &#147;Individual Cap.&#148; Any shares of common stock or
    options that are not converted into Stock Consideration due to
    the 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 the Individual Cap will be converted into Cash
    Consideration.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Is there an aggregate limit on the number of shares of Clear
    Channel common and options to purchase Clear Channel common
    stock that may be exchanged for Class&#160;A common stock of
    Holdings in the merger?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes. The merger agreement provides that no more than
    30,612,245&#160;shares of common stock (including shares
    issuable upon conversion of outstanding options), in the
    aggregate, or approximately 6% of the outstanding shares of
    Clear Channel common stock (including shares issuable upon
    exercise of outstanding options) at the record date, may be
    converted into shares of Holdings Class&#160;A common stock. If
    all 30,612,245&#160;shares of common stock are converted into
    shares of Class&#160;A common stock of Holdings, they will
    represent approximately 30% of the outstanding capital stock and
    voting power of Holdings immediately following the merger.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What happens if Clear Channel shareholders or optionholders
    elect to exchange more than 30,612,245&#160;shares of common
    stock (including shares issuable upon conversion of outstanding
    options) for shares of Class&#160;A common stock of Holdings?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    If Clear Channel shareholders and optionholders make Stock
    Elections covering more than 30,612,245&#160;shares of common
    stock, then each shareholder and/or optionholder making a Stock
    Election will receive a proportionate allocation of shares of
    Class&#160;A common stock of Holdings based on the number of
    shares of common stock (including shares issuable upon
    conversion of outstanding options) for which such holder has
    made a Stock Election compared to the total number of shares of
    common stock (including shares issuable upon conversion of
    outstanding options) for which all holders have made Stock
    Elections. The proration procedures are designed to ensure that
    no more than 30,612,245&#160;shares of Holdings Class&#160;A
    common stock are allocated to unaffiliated shareholders and/or
    optionholders of Clear Channel pursuant to the Stock Elections.
    Any shares that are not converted into Stock Consideration as a
    result of proration will be converted into Cash Consideration.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Will the shares of Class A common stock of Holdings be listed
    on a national securities exchange?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    No. Shares of Holdings Class&#160;A common stock will not be
    listed on the New York Stock Exchange, which we refer to as the
    &#147;NYSE,&#148; or any other national securities exchange. It
    is anticipated that, following the merger, the shares of
    Holdings Class&#160;A common stock will be quoted on the
    Over-the-Counter Bulletin Board. Holdings has agreed to register
    the Class A common stock under the Securities Exchange Act of
    1934, as amended, which we refer to as the &#147;Exchange
    Act,&#148; and to file periodic reports (including reports on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    10-Q and 8-K) for at least two years following the merger.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How and when do I make a Stock Election or Cash Election?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    A form of election and accompanying instructions will be mailed
    with this proxy statement/prospectus to all shareholders as of
    the record date. Additional copies of the form of election may
    be obtained from our proxy solicitor, Innisfree M&#038;A
    Incorporated, which we refer to as &#147;Innisfree,&#148; by
    calling toll free at
    <FONT style="white-space: nowrap">(877)&#160;456-3427.</FONT>
    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 </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ix
</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 width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    election, which will include information regarding the return of
    the form of election and instructions for holders of shares of
    common stock in &#147;street name&#148; through a bank, broker
    or other custodian or nominee. The form of election will need to
    be properly completed, signed and delivered prior to
    5:00&#160;p.m., New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, the business day immediately preceding the date of the
    special meeting.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Can I revoke my form of election after I have submitted it to
    the paying agent?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    You may revoke your form of election and file a new form of
    election at any time prior to 5:00&#160;p.m., New York City,
    time
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    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. 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&#160;p.m., New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, the business day immediately preceding the date of the
    special meeting, in order for the revocation to be valid. From
    and after such time, the elections will be irrevocable and you
    may no longer change or revoke your election.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What happens if I don&#146;t make an election?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    If you do not make an election with respect to any of your
    shares of Clear Channel common stock or options to purchase
    Clear Channel common stock, you will be deemed to have made a
    Cash Election with respect to such shares.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What happens if I transfer my shares of Clear Channel common
    stock before the special meeting?</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The record date of the special meeting is earlier than the
    meeting date and earlier than the expected closing of the
    merger. If you transfer your shares of common stock after the
    record date, you will retain your right to vote the shares at
    the special meeting, but will have transferred your right to
    receive the merger consideration. If you have made a Stock
    Election for any of your shares (including a guarantee of
    delivery), you must revoke the stock election prior to 5:00
    p.m., New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, the business day immediately preceding the special
    meeting, with respect to any shares you will not be able to
    deliver to the paying agent. In order to retain the right to
    receive shares of Holdings Class&#160;A common stock that are
    allocated to you in the merger as part of a Stock Election, you
    must submit your certificates to the paying agent prior to the
    time set forth in the instructions accompanying the letter of
    transmittal that will be mailed to you following the date of the
    special meeting. You will not be able to transfer the shares
    after you submit the certificates to the paying agent. In the
    event that the merger is abandoned or the merger agreement
    terminated, your shares and options will be returned to you and
    you will be entitled to transfer or sell your shares
    <FONT style="white-space: nowrap">and/or</FONT>
    options.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>May I submit a form of election even if I do not vote to
    approve and adopt the merger agreement?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes. You may submit a form of election even if you vote against
    the approval and adoption of the merger agreement or abstain or
    do not register any vote with respect to the approval and
    adoption of the merger agreement. However, all forms of election
    to be valid must be submitted prior to 5:00&#160;p.m., New York
    City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, the business day immediately preceding the date of the
    special meeting.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Am I entitled to exercise appraisal rights instead of
    receiving the Merger Consideration for my shares?</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes. If you hold 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 under the
    caption &#147;Dissenters&#146; Rights of Appraisal&#148;
    beginning on page&#160;156 of this proxy statement/prospectus.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    x
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>When do you expect the merger to be completed?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    We anticipate that the merger 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 the exact timing and likelihood of the completion of
    the merger cannot be predicted. Unless amended after the date
    hereof, the merger agreement is subject to termination by either
    party after December&#160;12, 2007 if the merger has not been
    consummated, except that under certain circumstances that date
    may be extended until June&#160;12, 2008.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What happens if the merger is not consummated?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    If the approved merger is not completed for any reason,
    shareholders and optionholders will not receive any payment for
    their shares and/or options in connection with the merger. 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&#160;million or
    reimburse the Fincos for up to $45&#160;million of their
    out-of-pocket expenses as described in this proxy
    statement/prospectus under the caption &#147;The Merger
    Agreement&#160;&#151; Termination Fees.&#148;</TD>
</TR>

</TABLE>

<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">QUESTIONS
    AND ANSWERS ABOUT THE SPECIAL MEETING</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Where and when is the special meeting?</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The special meeting will be held at
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, at 8:00&#160;a.m., Central Daylight Saving Time.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What matters will be voted on at the special meeting?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    You will be asked to consider and vote on the following
    proposals:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;to approve and adopt the merger agreement.</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;to approve 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 merger.</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How does Clear Channel&#146;s board of directors recommend
    that I vote on the approval and adoption of the merger
    agreement?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Clear Channel&#146;s board of directors by unanimous vote
    (excluding Messrs.&#160;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>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;&#147;FOR&#148; the approval and adoption of the
    merger agreement; and</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    &#149;&#160;&#147;FOR&#148; the adjournment proposal.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Who is entitled to vote at the special meeting?</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    All holders of Clear Channel common stock as of the record date
    are entitled to vote at the special meeting, or any adjournments
    or postponements thereof. As of the record date there
    were&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Clear Channel common stock outstanding and entitled to vote,
    held by approximately 3,151&#160;holders of record. Each holder
    of Clear Channel common stock is entitled to one vote for each
    share the stockholder held as of the record date.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What constitutes a quorum?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The presence, in person or by proxy, of shareholders holding a
    majority of the outstanding shares of Clear Channel common stock
    on the record date is necessary to constitute a quorum at the
    special meeting.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What vote of Clear Channel&#146;s shareholders is required to
    approve and adopt the merger agreement?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    For us to complete the merger, shareholders holding two-thirds
    of the outstanding shares of Clear Channel common stock on the
    record date must vote &#147;FOR&#148; the approval and adoption
    of the merger agreement, with </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    xi
</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 width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    each share having a single vote for these purposes. Only votes
    cast &#147;FOR&#148; the merger proposal constitute affirmative
    votes. Abstentions are counted for quorum purposes, but since
    they are not votes cast &#147;FOR&#148; the merger proposal,
    they will have the same effect as a vote &#147;AGAINST&#148; the
    merger proposal. Accordingly, failure to vote or an abstention
    will have the same effect as a vote &#147;AGAINST&#148; the
    approval and adoption of the merger agreement.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    The proposal to adjourn the special meeting, if necessary or
    appropriate, to solicit additional proxies requires the
    affirmative vote of shareholders 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; the adjournment
    proposal constitute affirmative votes. Abstentions are counted
    for quorum purposes, but since they are not votes cast
    &#147;FOR&#148; the adjournment proposal, they will have the
    same effect as a vote &#147;AGAINST&#148; the adjournment
    proposal. Broker non-votes are also counted for quorum purposes,
    but will not count as shares present and entitled to vote to
    adjourn the meeting. As a result, broker non-votes will have no
    effect on the vote to adjourn the special meeting.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How can I vote my shares in person at the special meeting?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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. 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.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;a.m.&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How can I vote my shares without attending the special
    meeting?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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 approval and
    adoption of the merger agreement.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What do I need to do now?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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 if you hold your shares
    through a broker or bank, by submitting your proxy by telephone
    or the Internet prior to the special meeting.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    xii
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>If I have previously submitted a proxy, is it still valid?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    No.&#160;If you have previously submitted a proxy card in
    response to Clear Channel&#146;s prior solicitations, these
    proxy cards will not be valid at this meeting and will not be
    voted. 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. <B>Please complete and submit a validly
    executed proxy card for the special meeting, even if you have
    previously delivered a proxy. </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
    <FONT style="white-space: nowrap">(877)&#160;456-3427.</FONT></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>How do I revoke or change my vote?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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
    <FONT style="white-space: nowrap">c/o&#160;Innisfree</FONT>
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What does it mean if I get more than one proxy card or vote
    instruction card?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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 if you
    hold your shares of Clear Channel common stock through a broker
    or bank by telephone or the Internet prior to the special
    meeting) to ensure that all of your shares are voted.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>What if I return my proxy card without specifying my voting
    choices?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    If your proxy card is signed and returned without specifying
    choices, the shares will be voted as recommended by the Board.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Who will bear the cost of this solicitation?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <B>Q: </B></TD>
    <TD></TD>
    <TD valign="bottom">
    <B>Will a proxy solicitor be used?</B></TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    A: </TD>
    <TD></TD>
    <TD valign="bottom">
    Yes. Clear Channel has engaged Innisfree 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    xiii
</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 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">QUESTIONS</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">
    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, at:
</DIV>

<DIV style="margin-top: 12pt; 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">
    Innisfree M&#038;A Incorporated
</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">
    501 Madison Avenue
</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">
    20th Floor
</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">
    New York, NY 10022
</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">
    Shareholders Call Toll-Free:
    <FONT style="white-space: nowrap">(877)&#160;456-3427</FONT>
</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">
    Banks and Brokers Call Collect:
    <FONT style="white-space: nowrap">(212)&#160;750-5833</FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    xiv
</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 -->
<A name='103'>


<!-- link1 "CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION" -->


<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">CAUTIONARY
    STATEMENT CONCERNING FORWARD-LOOKING INFORMATION</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the financial performance of Clear Channel through the date of
    the completion of the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the satisfaction of the closing conditions set forth in the
    merger agreement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that the parties will be unable to obtain the
    approval of Clear Channel&#146;s shareholders and regulatory
    approvals;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the possibility that the merger may involve unexpected costs;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;million or $500&#160;million;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the outcome of any legal proceedings instituted against
    Holdings, Clear Channel and others in connection with the
    proposed merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the failure to obtain the necessary debt financing arrangements
    set forth in the commitment letters received in connection with
    the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of planned divestitures;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the failure of the merger to close for any reason;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effect of the announcement of the merger on Clear
    Channel&#146;s customer relationships, operating results and
    business generally;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    business uncertainty and contractual restrictions that may exist
    during the pendency of the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in interest rates;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any significant delay in the expected completion of the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    diversion of management&#146;s attention from ongoing business
    concerns;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    xv
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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 other risks set forth in Clear Channel&#146;s current
    filings with the SEC, including Clear Channel&#146;s most recent
    filings on
    <FONT style="white-space: nowrap">Forms&#160;10-Q</FONT>
    and <FONT style="white-space: nowrap">10-K.</FONT>
    See &#147;Where You Can Find Additional Information&#148; on
    page&#160;159 of this proxy statement/prospectus. All
    forward-looking statements should be evaluated with the
    understanding of their inherent uncertainty.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    xvi
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='104'>


<!-- link1 "SUMMARY" -->


<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">SUMMARY</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;159 of this proxy
    statement/prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    We encourage you to read the merger agreement, including
    Amendment No.&#160;1 and Amendment No.&#160;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"><FONT size="1">

</FONT></DIV>
<A name='105'>


<!-- link1 "The Parties to the Merger" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <B>The Parties to the Merger</B> </A><BR>
    (See &#147;The Parties to the Merger&#148; on page&#160;64) </TD>
    <TD></TD>
    <TD 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. 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.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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 throughout the United States. Clear
    Channel is headquartered in San&#160;Antonio, Texas, with radio
    stations in major cities throughout the United States.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Each Finco is a newly formed Delaware limited liability company.
    B&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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 </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='106'>
<!-- link1 "The Merger" -->
 <B>The
    Merger</A><BR>
    </B>(See &#147;The Merger Agreement&#148; on page&#160;118) </TD>
    <TD></TD>
    <TD valign="top">
    The merger agreement provides that Merger Sub will be merged
    with and into Clear Channel. Each outstanding share of the
    common stock, par value $0.10 per share, of Clear Channel will
    be converted into the right to receive either (1)&#160;the Cash
    Consideration, or (2)&#160;the Stock Consideration, subject to
    pro rata adjustment if the election to receive the Stock
    Consideration is oversubscribed and cutback if a holder would
    otherwise receive shares of Holdings Class&#160;A common stock
    representing more than 9.9% of the outstanding common stock of
    Holdings immediately following the merger. The shares of common
    stock of Clear Channel which may be converted into the right to
    receive the Stock Consideration or the Cash Consideration, which
    we refer to as the &#147;Public Shares,&#148; include restricted
    shares, but exclude shares held in the treasury of Clear Channel
    or owned by Merger Sub or Holdings immediately prior to the
    effective time of the merger, shares held by shareholders who do
    not vote in favor of the approval and adoption of the merger
    agreement and who properly demand and perfect appraisal rights
    in accordance with Texas law, if any, and 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.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, each holder of options to purchase Clear Channel
    common stock as of the record date shall have the right to make
    an election to convert all or any portion of such options into
    such number of shares of Clear Channel common stock, which we
    refer to as the &#147;Net Electing Option Shares,&#148; which
    would be issuable if such options 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 and any required tax withholding. Each holder of Net
    Electing Option Shares will have the right to make a Stock
    Election for such Net Electing Option Shares (subject to the
    limitations described below).</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, if the merger becomes effective after
    January&#160;1, 2008, each holder of a Public Share and/or a Net
    Electing Option Share at the effective time of the merger
    (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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='107'>
<!-- link1 "Effects of the Merger" -->

    <B>Effects of the Merger</A></B> <BR>
    (See &#147;The Merger Agreement&#160;&#151; Effects of the
    Merger; Structure&#148; on page&#160;119) </TD>
    <TD></TD>
    <TD 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. Upon completion of
    the merger, your Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> 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 </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;A common stock (if any)).</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Following completion of the merger, Clear Channel&#146;s common
    stock will be delisted from the NYSE and will no longer be
    publicly traded and all Clear Channel stock options will cease
    to be outstanding. In addition, following completion 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 Exchange Act will be terminated
    upon application to SEC. Holdings has agreed to register the
    Class&#160;A common stock under the Exchange Act and to file
    periodic reports for at least two years following the merger.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='110'><B>

<!-- link1 "Determination of the Board of Directors" -->

    Determination of the Board of Directors</A></B> (See &#147;The
    Merger&#160;&#151; Reasons for the Merger&#160;&#151;
    Determination of the Board of Directors&#148; on page&#160;87) </TD>
    <TD></TD>
    <TD valign="top">
    <I>Board of Directors.</I>&#160;&#160;Clear Channel&#146;s board
    of directors by unanimous vote (excluding Messrs.&#160;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 approval and adoption of the merger
    agreement. The board of directors (i)&#160;determined that the
    merger is in the best interests of Clear Channel and its
    unaffiliated shareholders, (ii)&#160;approved, adopted and
    declared advisable the merger agreement and the transactions
    contemplated by the merger agreement, (iii)&#160;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)&#160;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 the shareholders in the merger.
    The board of directors makes no recommendation as to whether any
    shareholder should make a Stock Election and makes no
    recommendation regarding the Class&#160;A common stock of
    Holdings.</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='277'><B>

<!-- link1 "Determination of the Special Advisory Committee" -->

    Determination of the Special Advisory</B> <B>Committee</A><BR>
    </B>(See &#147;The Merger&#160;&#151; Reasons for the
    Merger&#160;&#151; Determination of the Special Advisory
    Committee&#148; on page&#160;92) </TD>
    <TD></TD>
    <TD valign="top">
    <I>Special Advisory Committee.</I>&#160;&#160;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)&#160;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)&#160;following execution of
    the original merger agreement, in the event Clear Channel
    receives a proposal from a third party seeking to acquire or
    purchase Clear Channel, which proposal satisfies certain
    conditions described on page&#160;132 of this proxy
    statement/prospectus, which we refer to as a &#147;Competing
    Proposal,&#148; providing its assessment, after receiving advice
    of its legal and financial advisors, as to the fairness
    <FONT style="white-space: nowrap">and/or</FONT>
    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 </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;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.&#160;1 or Amendment No.&#160;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 Amendment
    No.&#160;1 or Amendment No.&#160;2.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='111'>

<!-- link1 "Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger" -->

    <B>Interests of Clear Channel&#146;s Directors and Executive
    Officers in</B> <B>the Merger</A><BR>
    </B>(See &#147;The Merger&#160;&#151; Interests of Clear
    Channel&#146;s Directors and Executive Officers in the
    Merger&#148; on page&#160;93) </TD>
    <TD></TD>
    <TD 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. As of June&#160;30, 2007, directors and
    executive officers held unvested options with an aggregate value
    of $8,858,200 and restricted stock with an aggregate value of
    $41,294,534, each of which would fully vest in connection with
    the merger. In addition, Herbert W. Hill,&#160;Jr., Andrew W.
    Levin and Donald D. Perry could receive aggregate estimated
    potential cash severance benefits of $2,230,127 in the event
    that such executive officers are terminated without
    &#147;cause&#148; or resign for &#147;good reason&#148; between
    November&#160;16, 2006 and the date which is one year following
    the effective time of the merger. These interests also include
    the terms of a letter agreement entered into by the Fincos and
    Messrs.&#160;L. Lowry Mays, Mark P. Mays, Randall T. Mays in
    connection with the merger agreement (as supplemented in
    connection with Amendment No.&#160;2), which provides for, among
    other things, the conversion of equity securities of Clear
    Channel held by each of Messrs.&#160;Mark P. Mays and Randall T.
    Mays into equity securities of Holdings, the terms of a new
    equity incentive plan for Clear Channel&#146;s employees and new
    employment agreements for each of Messrs.&#160;L. Lowry Mays,
    Mark P. Mays and Randall T. Mays, which will be effective upon
    consummation of the merger. These interests, to the extent
    material, are described below under &#147;The Merger&#160;&#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.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='112'>

<!-- link1 "Opinion of Clear Channel&#146;s Financial Advisor" -->

    <B>Opinion of Clear Channel&#146;s Financial Advisor</A><BR>
    </B>(See &#147;Opinion of Clear Channel&#146;s Financial
    Advisor&#148; on page&#160;104) </TD>
    <TD></TD>
    <TD valign="top">
    Goldman, Sachs&#160;&#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&#160;17, 2007, that,
    as of such date, and based upon and subject to the factors and
    assumptions set forth therein, the cash consideration of </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    $39.20&#160;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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The full text of the written opinion of Goldman Sachs, dated
    May&#160;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&#160;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
    agreed to pay Goldman Sachs a transaction fee of approximately
    $50&#160;million, of which $15&#160;million was paid upon
    signing of the definitive agreement and approximately
    $35&#160;million is payable upon consummation of the merger. See
    &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148;
    beginning on page&#160;103. The board of directors was aware
    that a significant portion of the transaction fee was payable
    upon consummation of the merger and considered it, among other
    matters, in approving the merger agreement and the merger.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='113'>
<!-- link1 "Financing" -->
 <B>Financing</A><BR>
    </B>(See &#147;Financing&#148; on page&#160;102) </TD>
    <TD></TD>
    <TD valign="top">
    <I>Equity Financing.</I>&#160;&#160;Pursuant to replacement
    equity commitment letters signed in connection with Amendment
    No.&#160;2 to the merger agreement, Bain Capital Fund&#160;IX
    and THL Partners Fund&#160;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&#160;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), which we
    refer to as &#147;Equity Financing.&#148; Each of the equity
    commitments 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&#160;A common stock of Holdings issued in the
    merger). The equity commitment letters entered into in
    connection with Amendment No.&#160;2 superseded the equity
    commitment letters previously delivered.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Debt Financing.</I>&#160;&#160;In connection with Amendment
    No.&#160;2, Merger Sub and the Fincos have obtained debt
    financing commitments to provide up to $22.125&#160;billion in
    aggregate debt financing, which is currently anticipated to
    consist of (i)&#160;senior secured credit facilities in an
    aggregate principal amount of $18.525&#160;billion, (ii)&#160;a
    receivables backed credit facility with a maximum availability
    of $1.0&#160;billion, and (iii)&#160;a senior bridge facility in
    an aggregate principal amount of up to $2.6&#160;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 </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    expenses in connection with the merger, refinancing, financing
    and related transactions and, after the closing date of the
    merger, to provide for ongoing working capital, refinance other
    debt and general corporate purposes.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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. 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 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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;&#151; Debt Financing&#148; beginning
    on page&#160;102.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='114'>
<!-- link1 "Regulatory Approvals" -->

    <B>Regulatory Approvals</A><BR>
    </B>(See &#147;Regulatory Approvals&#148; on page&#160;116) </TD>
    <TD></TD>
    <TD valign="top">
    Under the Communications Act of 1934, as amended, which we refer
    to as 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,
    which we refer to as 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&#160;12, 2006 the applications to transfer
    control of Clear Channel&#146;s FCC licenses to affiliates of
    the Fincos. On June&#160;19, 2007, Clear Channel filed
    applications to place certain of its FCC licenses into a
    divestiture trust to facilitate closing of the merger in
    compliance with FCC media ownership rules. The parties
    anticipate that FCC approval of the merger can be obtained by
    the late third quarter or early fourth quarter of 2007. The
    timing or outcome of the FCC approval process, however, cannot
    be predicted.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Under the
    <FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT>
    Antitrust Improvements Act of 1976, as amended, which we refer
    to as 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.&#160;Department of Justice, and the applicable waiting
    period has expired or been terminated. The parties have had
    discussions with the Antitrust Division of the Department of </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Justice in anticipation of making their required
    <FONT style="white-space: nowrap">Hart-Scott-Rodino</FONT>
    filings, although the filings have not yet been submitted.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='116'>

<!-- link1 "Material United States Federal Income Tax Consequences" -->

    <B>Material United States Federal Income Tax Consequences</A><BR>
    </B>(See &#147;Material United States Federal Income Tax
    Consequences&#148; on page&#160;112) </TD>
    <TD></TD>
    <TD valign="top">
    The material U.S.&#160;federal income tax consequences of the
    merger to a particular U.S.&#160;holder of Clear Channel common
    stock will depend on the form of consideration received by the
    U.S.&#160;holder in exchange for its Clear Channel common stock
    and, in the opinion of Ropes &#038; Gray LLP, will be as follows.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
     </TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A U.S.&#160;holder who exchanges shares of Clear Channel common
    stock solely for cash in the merger will recognize gain or loss
    in the amount equal to the difference between the amount of cash
    received and the U.S.&#160;holder&#146;s tax basis in the shares
    of Clear Channel common stock exchanged in the merger.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A U.S.&#160;holder who exchanges Clear Channel common stock
    solely for shares of Holdings Class&#160;A common stock will not
    recognize any gain or loss on the exchange.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A U.S. holder who exchanges its shares of Clear Channel common
    stock for a combination of Holdings Class&#160;A common stock
    and cash will be treated as having disposed of its shares of
    Clear Channel common stock in two separate transactions. In one
    transaction, Clear Channel will be deemed to have redeemed a
    portion of such U.S. holder&#146;s shares of Clear Channel
    common stock for cash, and such U.S. holder will recognize gain
    or loss in an amount equal to the difference between the amount
    of cash deemed received by such U.S. holder in the deemed
    redemption and the U.S. holder&#146;s tax basis in the shares of
    Clear Channel common stock deemed to be so redeemed. In the
    other transaction, the U.S. holder will be deemed to have
    exchanged the remaining portion of such holder&#146;s shares of
    Clear Channel common stock for Holdings Class&#160;A common
    stock and cash. In this deemed exchange transaction, the U.S.
    holder will not recognize any loss and will recognize gain, if
    any, equal to the lesser of (x)&#160;the cash received in the
    deemed exchange and (y)&#160;the gain realized on the deemed
    exchange. The gain realized on the deemed exchange will equal
    the excess of the fair market value of the Holdings Class&#160;A
    common stock and the cash received in the deemed exchange over
    such U.S. holder&#146;s tax basis in the shares of Clear Channel
    common stock surrendered in the deemed exchange. As more fully
    discussed in &#147;Material United States Federal Income Tax
    Consequences,&#148; the relative number of shares of Clear
    Channel common stock disposed of by a U.S. holder in the deemed
    redemption transaction and the deemed exchange transaction,
    respectively, will depend on the number of shares of Holdings
    Class&#160;A common stock received by such holder in the merger
    and the extent to which the cash consideration in the merger is
    attributable to equity financing at the Holdings level or other
    sources.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Following the closing of the merger, Holdings will provide each
    U.S.&#160;holder with sufficient information to determine
    (i)&#160;the number of shares of Clear Channel stock disposed of
    by such U.S.&#160;holder in </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
     each of the deemed redemption transaction and the deemed
    exchange transaction, (ii)&#160;the amount of cash such
    U.S.&#160;holder received in the deemed redemption transaction
    and (iii)&#160;the number of shares of Holdings Class&#160;A
    common stock and the amount of cash such U.S.&#160;holder
    received in the deemed exchange transaction. Such information
    will not be ascertainable until after the closing of the merger.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='117'>
<!-- link1 "Conditions to the Merger" -->

    <B>Conditions to the Merger</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151; Conditions to
    the Merger&#148; on page&#160;136) </TD>
    <TD></TD>
    <TD valign="top">
    Before the merger can be completed, a number of conditions must
    be satisfied. These conditions include:</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;approval and adoption of the merger agreement by
    Clear Channel&#146;s shareholders;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the expiration or termination of any applicable
    waiting period under the HSR Act and any applicable foreign
    antitrust laws;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;no governmental authority having enacted any law or
    order making the merger illegal or otherwise prohibiting the
    consummation of the merger;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;the receipt of the approval of the FCC to
    transfer control of Clear Channel&#146;s FCC licenses to
    affiliates of the Fincos, which we refer to as the &#147;FCC
    Consent&#148;;</DIV>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;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 on page&#160;126 of this proxy
    statement/prospectus);</DIV>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;the Fincos&#146; delivery to Clear Channel
    at the closing of a solvency certificate; and</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;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.</DIV>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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 condition to the merger that
    cannot be satisfied. Under Texas law, after the merger agreement
    has been approved and 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. To the
    extent that either party to the merger waives any material
    condition to the merger and such change in the terms of the
    transaction renders the disclosure previously provided to Clear
    Channel&#146;s shareholders materially misleading, Clear Channel
    will recirculate this proxy statement/prospectus to and
    resolicit proxies from its shareholders.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='118'>

<!-- link1 "Solicitation of Alternative Proposals" -->

    <B>Solicitation of Alternative Proposals</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151; Solicitation of
    Alternative Proposals&#148; on page&#160;131) </TD>
    <TD></TD>
    <TD valign="top">
    Following execution of the merger agreement and until
    11:59&#160;p.m., Eastern Standard Time, on December&#160;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).
    During this period 22&#160;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&#160;p.m. Eastern Standard Time on
    December&#160;7, 2006.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    From and after 11:59&#160;p.m., Eastern Standard Time, on
    December&#160;7, 2006 Clear Channel has agreed not to:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#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);</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;participate in any negotiations regarding,
    or furnish to any person any information in connection with, any
    Competing Proposal;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;engage in discussions with any person with respect
    to any Competing Proposal;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;approve or recommend any Competing Proposal;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;enter into any letter of intent or similar
    document or any agreement or commitment providing for any
    Competing Proposal;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;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;&#160;or</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;exempt any person from the restrictions
    contained in any state takeover or similar law or otherwise
    cause such restrictions not to apply to any person or to any
    Competing Proposal.</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    From and after 11:59&#160;p.m. Eastern Standard Time on
    December&#160;7, 2006 Clear Channel agreed to:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;immediately cease and cause to be terminated
    any solicitation, encouragement, discussion or negotiation with
    any persons conducted prior to November&#160;16, 2006 with
    respect to any actual or potential Competing Proposal;&#160;and</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;with respect to parties with whom
    discussions or negotiations have been terminated on, prior to or
    subsequent to November&#160;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.</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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 </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
     proposal that satisfies certain criteria described on
    page&#160;130 of this proxy statement/prospectus and is on terms
    more favorable to the holders of Clear Channel&#146;s common
    stock from a financial point of view than the terms set forth in
    the merger agreement or any other proposal made by the Fincos,
    which we refer to as a &#147;Superior Proposal,&#148; Clear
    Channel may, subject to certain conditions:</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;furnish information to the third party
    making the Competing Proposal;&#160;and</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B> </B>&#149;&#160;engage in discussions or negotiations with
    the third party with respect to the Competing Proposal.</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='119'>
<!-- link1 "Termination" -->

    <B>Termination</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151;
    Termination&#148; on page&#160;138) </TD>
    <TD></TD>
    <TD valign="top">
    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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;by either the Fincos or Clear Channel, if:</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    &#160;&#160;&#149;&#160;the closing of the merger has not
    occurred on or before December&#160;12, 2007, the date that is
    12&#160;months from the date on which all applications necessary
    to obtain the FCC Consent have been filed, which we refer to as
    the &#147;FCC Filing Date,&#148; except that under certain
    conditions that date may be extended by Clear Channel or the
    Fincos to June&#160;12, 2008, the date that is 18&#160;months
    from the FCC Filing Date, which we refer to as the
    &#147;Termination Date&#148;;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    &#160;&#160;&#149;&#160;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;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    &#160;&#160;&#149;&#160;Clear Channel&#146;s shareholders do not
    approve and adopt the merger agreement at the special meeting or
    any postponement or adjournment thereof;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -19pt; margin-left: 19pt">
    &#160;&#160;&#149;&#160;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&#160;days following delivery
    of written notice by the terminating party;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;by Clear Channel, if on or prior to the last day of
    an agreed period during which, among other things, the Fincos
    have certain financial </DIV>
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
     information about Clear Channel, as described on page&#160;119
    of this proxy statement/prospectus, which we refer to as the
    &#147;Marketing Period,&#148; none of Merger Sub, Holdings or
    the surviving corporation has received the proceeds of the
    financings sufficient to consummate the merger;</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;by Clear Channel, if, prior to the approval and
    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;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;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;&#160;or</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;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.</DIV>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='120'>
<!-- link1 "Termination Fees" -->

    <B>Termination Fees</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151; Termination
    Fees&#148; on page&#160;138) </TD>
    <TD></TD>
    <TD 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&#160;million. These circumstances include a termination of
    the merger agreement by:</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -14pt; margin-left: 14pt">
    (i)&#160;Clear Channel in order to accept a Superior Proposal;</DIV>
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (ii)&#160;the Fincos, if the board of directors,
    (a)&#160;changes its recommendation to Clear Channel&#146;s
    shareholders that they approve and adopt the merger agreement,
    (b)&#160;fails to reconfirm its recommendation, or
    (c)&#160;fails to include its recommendation in this proxy
    statement/prospectus;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (iii)&#160;the Fincos or Clear Channel, if Clear Channel&#146;s
    shareholders do not approve and 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&#160;months of the
    termination of the merger agreement Clear Channel enters into a
    definitive proposal with respect to, or consummates, any
    Competing Proposal;&#160;or</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (iv)&#160;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&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The merger agreement further provides that Clear Channel will be
    required to pay the Fincos a termination fee of
    $200&#160;million, but only if the $500&#160;million termination
    fee that is payable under the </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    circumstances described above is not otherwise payable, if the
    merger agreement is terminated by:</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (ii)&#160;the Fincos or Clear Channel, if Clear Channel&#146;s
    shareholders do not approve and adopt the merger agreement at
    the special meeting or any postponement or adjournment
    thereof;&#160;or</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (iii)&#160;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&#160;days;&#160;and</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    within twelve (12)&#160;months after such termination
    (i)&#160;Clear Channel or any of its subsidiaries consummates a
    transaction based on a proposal submitted by certain agreed
    third parties (we refer to such third parties as &#147;Contacted
    Parties&#148; and such a proposal as a &#147;Contacted Parties
    Proposal&#148;), (ii)&#160;Clear Channel or any of its
    subsidiaries enters into a definitive agreement with respect to
    a Contacted Party Proposal, or (iii)&#160;one or more Contacted
    Parties acting alone or as a group (as defined in
    Section&#160;13(d) of the Exchange Act, with certain
    exceptions), commences a tender offer with respect to a
    Contacted Party Proposal, and, in the case of each of
    clause&#160;(ii) and (iii)&#160;above, subsequently consummates
    (whether during or after such twelve (12)&#160;month period)
    such Contacted Party Proposal (all as described on page&#160;139
    of this proxy/prospectus).</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (i)&#160;if Clear Channel or the Fincos terminate the merger
    agreement, because the effective time of the merger 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&#160;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&#160;million in cash;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (ii)&#160;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 </TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    certain closing condition would not be satisfied, which breach
    has not been cured within 30&#160;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&#160;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&#160;million in
    cash;</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    (iii)&#160;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
    <FONT style="white-space: nowrap">and/or</FONT> 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&#160;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&#160;million.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In the event that the merger agreement is terminated (i)&#160;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)&#160;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
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    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&#160;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.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='121'>

<!-- link1 "Limited Guarantee of the Sponsors" -->
 <B>Limited
    Guarantee of the Sponsors</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151; Limited
    Guarantees&#148; on page&#160;141) </TD>
    <TD></TD>
    <TD valign="top">
    In connection with Amendment No.&#160;2, each of the Sponsors
    and Clear Channel entered into a substitute 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 termination fees payable by Merger Sub. The
    limited guarantees entered into in connection with Amendment
    No.&#160;2 superseded the limited guarantees previously
    delivered by Sponsors.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='122'>
<!-- link1 "Transaction Fees" -->

    <B>Transaction Fees</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151; Transaction
    Fees&#148; on page&#160;136) </TD>
    <TD></TD>
    <TD valign="top">
    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&#160;million. Other than those fees, unless
    otherwise approved by Holding&#146;s independent directors after
    the closing of the merger, 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 </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Holdings Class&#160;A common stock are made whole for any
    portion of such fees paid by Holdings or any of its subsidiaries.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='123'>
<!-- link1 "Letter Agreements" -->
 <B>Letter
    Agreements</A><BR>
    </B>(See &#147;The Merger Agreement&#160;&#151; Letter
    Agreements&#148; on page&#160;141) </TD>
    <TD></TD>
    <TD valign="top">
    Concurrently with the execution of the Amendment No.&#160;2, 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 the shares
    and options held by directors and officers of Clear Channel who
    have agreed to convert such shares or options into equity
    securities of Holdings in the merger, which will not affect the
    number of shares of Holdings Class&#160;A common stock available
    for issuance as Stock Consideration) which they beneficially
    hold for Cash Consideration.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='124'>

<!-- link1 "Clear Channel&#146;s Stock Price" -->
 <B>Clear
    Channel&#146;s Stock Price</A><BR>
    </B>(See &#147;Market Prices of Clear Channel Common Stock and
    Dividend Data&#148; on page&#160;142) </TD>
    <TD></TD>
    <TD valign="top">
    Clear Channel common stock is listed on the NYSE under the
    trading symbol &#147;CCU.&#148; On October&#160;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&#160;per share and the average closing stock price of
    Clear Channel common stock during the 60 trading days ended
    October&#160;24, 2006, was $29.27&#160;per share. On
    November&#160;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&#160;per share.
    On&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2007, which was
    the last trading day before the date of this proxy
    statement/prospectus, Clear Channel common stock closed at
    $&#160;&#160;&#160;&#160;&#160;&#160;per share.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='125'>

<!-- link1 "Shares Held by Directors and Executive Officers" -->

    <B>Shares&#160;Held by Directors and Executive Officers</A><BR>
    </B>(See &#147;Security Ownership By Certain Beneficial Owners
    and Management&#148; page&#160;143) </TD>
    <TD></TD>
    <TD valign="top">
    As of the record date, the directors and executive officers of
    Clear Channel beneficially owned
    approximately&#160;&#160;&#160;&#160;&#160;% 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 shares and options held by directors
    and officers of Clear Channel who have agreed to convert such
    shares or options into equity securities of Holdings in the
    merger, which will not affect the number of shares of Holdings
    Class&#160;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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='126'>

<!-- link1 "Dissenters&#146; Rights of Appraisal" -->

    <B>Dissenters&#146; Rights of Appraisal</A><BR>
    </B>(See &#147;Dissenters&#146; Rights of Appraisal&#148; on
    page&#160;156) </TD>
    <TD></TD>
    <TD 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 </TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    vote in favor of the approval and 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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='127'>
<!-- link1 "Stock Exchange Listing" -->

    <B>Stock Exchange Listing</A><BR>
    </B>(See &#147;Delisting and Deregistration of Clear Channel
    Common Stock&#148; on page&#160;142) </TD>
    <TD></TD>
    <TD valign="top">
    Following the consummation of the merger, shares of Holdings
    Class&#160;A common stock will not be listed on a national
    securities exchange, but it is anticipated that the shares will
    be quoted on the
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Bulletin&#160;Board</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='128'>

<!-- link1 "Resale of Holdings Class A Common Stock" -->

    <B>Resale of Holdings Class&#160;A Common Stock</A><BR>
    </B>(See &#147;Resale of Holdings Class&#160;A Common
    Stock&#148; on page&#160;117) </TD>
    <TD></TD>
    <TD valign="top">
    The shares of Holdings Class&#160;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, which we
    refer to as 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&#160;144 or Rule&#160;145 under the Securities
    Act.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='129'>

<!-- link1 "Description of Holdings&#146; Capital Stock" -->

    <B>Description of Holdings&#146; Capital Stock</A><BR>
    </B>(See &#147;Description of Holdings&#146; Capital Stock&#148;
    on page&#160;145) </TD>
    <TD></TD>
    <TD valign="top">
    Following the merger, we will have authority to issue
    650,000,000&#160;shares of Common Stock, of which
    (i)&#160;400,000,000&#160;shares will be Class&#160;A common
    stock, (ii)&#160;150,000,000&#160;shares will be Class&#160;B
    common stock and (iii)&#160;100,000,000&#160;shares will be
    Class&#160;C common stock.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Voting.</I>&#160;&#160;Every holder of shares of Class&#160;A
    common stock will be entitled to one vote for each share of
    Class&#160;A common stock. Every holder of shares of
    Class&#160;B common stock will be entitled to a number of votes
    equal to the number obtained by dividing (a)&#160;the sum of
    total number of shares of Class&#160;B common stock outstanding
    as of the record date for such vote and the number of
    Class&#160;C common stock outstanding as of the record date for
    such vote by (b)&#160;the number of shares of Class&#160;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&#160;C common stock will not be entitled to any
    votes upon any questions presented to shareholders of Holdings.</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    <I>Other rights.</I>&#160;&#160;Except with respect to voting as
    described above, and as otherwise required by law, all shares of
    Class&#160;A Common Stock, Class&#160;B common stock and
    Class&#160;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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='130'>

<!-- link1 "Comparison of Shareholder Rights" -->

    <B>Comparison of Shareholder Rights</A><BR>
    </B>(See &#147;Comparison of Shareholder Rights&#148; on
    page&#160;149) </TD>
    <TD></TD>
    <TD 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, which we refer
    to as the &#147;DGCL,&#148; and Holdings&#146; second amended
    and restated certificate of incorporation and bylaws. Upon
    completion of the merger, Clear Channel shareholders who receive
    Holdings Class&#160;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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</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 style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    <A name='131'>
<!-- link1 "Management of Holdings" -->

    <B>Management of Holdings</A><BR>
    </B>(See &#147;Board of Directors and Management of
    Holdings&#148; on page&#160;49 and &#147;The Merger&#160;&#151;
    Voting Agreement&#148; on page&#160;98) </TD>
    <TD></TD>
    <TD valign="top">
    Following the completion of the merger and the issuance of the
    Class&#160;A common stock of Holdings, Holdings will increase
    the size of its board of directors from eight members to twelve
    members. Holders of Holdings Class&#160;A common stock, voting
    as a separate class, will be entitled to elect two
    (2)&#160;members of Holdings&#146; board of directors. These
    directors are referred to as in this proxy statement/prospectus
    as the &#147;independent directors.&#148; However, since the
    unaffiliated shareholders and optionholders of Clear Channel
    that elect to receive shares of Holdings Class&#160;A Common
    Stock will hold at most 30% of the outstanding capital stock and
    voting power of Holdings after the merger, such holders will not
    have the voting power to elect the remaining 10 members of
    Holdings&#146; board of directors. Pursuant to a voting
    agreement entered into among the Fincos, Merger Sub and
    Highfields Capital I LP, a Delaware limited partnership, which
    we refer to as &#147;Highfields&#160;I,&#148; Highfields
    Capital&#160;II LP, a Delaware limited partnership which we
    refer to as &#147;Highfields II,&#148; Highfields
    Capital&#160;III LP, an exempted limited partnership organized
    under the laws of the Cayman Islands, B.W.I., which we refer to
    as &#147;Highfields III,&#148; and Highfields Capital Management
    LP, a Delaware limited partnership, which we refer to as
    &#147;Highfields Management&#148; and, together with
    Highfields&#160;I, Highfields&#160;II and Highfields III, as the
    &#147;Highfields Funds,&#148; 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. All
    shares of Holdings Class&#160;A common stock that may be
    issuable to the Highfields Funds as part of the merger are being
    registered on the
    <FONT style="white-space: nowrap">S-4</FONT>
    registration statement of which this proxy statement/prospectus
    is a part. If the Highfields Funds make a Stock Election for all
    of the shares of Clear Channel common stock which they
    represented in the Voting Agreement that they beneficially owned
    as of May&#160;26, 2007 (24,000,000&#160;shares), the Highfields
    Funds will be subject to the Individual Cap and, as a result,
    will receive a maximum of 3,030,612&#160;shares of Holdings
    Class&#160;A common stock, subject to proration.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</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 -->
<A name='132'>


<!-- link1 "RISK FACTORS" -->


<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">RISK
    FACTORS</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;xv, 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&#160;159. 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"><FONT size="1">

</FONT></DIV>
<A name='133'>


<!-- link1 "Risks Relating to the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Risks
    Relating to the Merger</FONT></B>
</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">
    <I>If you elect to receive Class&#160;A common stock of
    Holdings, you may not receive the form of Merger Consideration
    that you elect for all of your shares.</I>&#160;&#160;The merger
    agreement contains provisions that are designed to ensure that,
    in the aggregate, no more than 30,612,245&#160;shares of
    Holdings Class&#160;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&#160;A common stock, the number of shares of
    Holdings Class&#160;A common stock received by shareholders
    electing Holdings Class&#160;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"><FONT size="1">

</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">
    <I>If you elect to receive Class&#160;A common stock of
    Holdings, you will not be able to change your election in the
    future.</I>&#160;&#160;You are being asked to make your election
    with respect to the Merger Consideration by 5:00&#160;p.m.
    New&#160;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, at the time of the election you must guarantee
    delivery to the paying agent of all shares for which you have
    made such an election. If you make a Stock Election and are
    allocated shares of Holdings Class&#160;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"><FONT size="1">

</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">
    <I>You are being asked to make an investment decision before the
    terms of the debt financing are final.&#160;&#160;</I>The final
    terms, structure and amount of the debt financing have not yet
    been determined and will not be determined before you make an
    investment decision with respect to the form of Merger
    Consideration you elect. The terms of the debt financing
    contemplated by the commitment letters described in this proxy
    statement/prospectus is subject to change (whether as a result
    of market conditions, alternative financing arrangements or
    otherwise). Merger Sub and the Fincos have not yet entered into
    definitive agreements with respect to any debt financing and the
    debt financing remains subject to negotiation and completion of
    such 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 terms
    described in this proxy statement/prospectus. You are being
    asked to make an investment decision before the terms,
    structures and amounts of the debt financing arrangements are
    final. If these terms differ materially from those described in
    this document, you will not be able to change or modify your
    election to receive Cash Consideration or Stock Consideration.
    You should carefully consider such factors in making your
    investment decision.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</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"><FONT size="1">

</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">
    <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>&#160;&#160;You will be required to deliver a
    guarantee of delivery for all of the shares for which you elect
    to receive Stock Consideration in connection with any Stock
    Election you make. All Stock Elections (including the guarantee
    of delivery) will be irrevocable as of 5:00&#160;p.m.&#160;New
    York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, the business day immediately preceding the special
    meeting. After the Fincos notify you of the number of your
    shares that will be converted into Stock Consideration, you will
    be required to deliver stock certificates or book-entry shares
    evidencing such shares, in each case, together with a properly
    completed letter of transmittal to the paying agent selected by
    the Fincos. You may need to make such deliveries within
    30&#160;days of the date on which you receive the notice setting
    forth the number of your shares that will be converted into
    Stock Consideration. If you do not deliver the shares or
    book-entry shares as required, the paying agent may elect to
    enforce the guarantee of delivery. There may be a substantial
    period of time between the date on which 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"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    <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&#160;A common stock of
    Holdings, attempted to value the Class&#160;A common stock of
    Holdings or received an opinion from a financial advisor as to
    Class&#160;A common stock of Holdings.</I>&#160;&#160;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&#160;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
    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. A shareholder&#146;s
    determination to make a Stock Election is a purely voluntary
    decision. In making this decision, you will not have the benefit
    of any recommendation of Clear Channel&#146;s board of directors
    or any opinion of the board of directors&#146; financial
    advisor. You should carefully consider all of the information
    included or incorporated in this proxy statement/prospectus,
    including the risk factors set forth in this section.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    <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>&#160;&#160;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
    President, 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&#160;&#151; Interests of Clear Channel&#146;s Board of
    Directors and Executive Officers in the Merger.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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>&#160;&#160;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. The number of broadcast stations owned by Clear Channel
    in certain markets exceeds the number of commonly owned stations
    permitted under FCC rules governing media ownership, and such
    groups of stations must be brought into compliance with such
    rules at the time of the merger. Additionally, affiliates of
    Holdings and/or the Sponsors currently hold interests in certain
    companies that own television and radio stations. The Sponsors
    and their affiliates are pursuing alternatives to render those
    investments non-attributable for purposes of the FCC media
    ownership rules. Governmental authorities may require
    divestitures of certain assets of Clear Channel or certain
    affiliates of the Sponsors or the restructuring of certain
    investments of the Sponsors and their affiliates, any of which
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;&#151; Conditions to the Merger.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>The merger agreement contains provisions that could affect
    the decisions of a third party considering making an alternative
    acquisition proposal to the merger.</I>&#160;&#160;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&#160;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&#160;&#151; Termination Fees&#148; and
    &#147;The Merger Agreement&#160;&#151; Solicitation of
    Alternative Proposals.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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>&#160;&#160;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
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Clear Channel&#146;s business may be adversely affected if
    the merger is not completed.</I>&#160;&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    management&#146;s attention from Clear Channel&#146;s
    <FONT style="white-space: nowrap">day-to-day</FONT>
    business may be diverted;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainties with regard to the merger may adversely affect
    Clear Channel&#146;s relationships with its employees, vendors
    and customers;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;million or $500&#160;million, as well as legal,
    accounting and other fees of the Sponsors, up to a maximum of
    $45&#160;million.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Uncertainties associated with the merger may cause a loss of
    employees.</I>&#160;&#160;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>
<A name='134'>


<!-- link1 "Risks Relating to Ownership of Holdings Class A Common Stock" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Risks
    Relating to Ownership of Holdings Class&#160;A Common
    Stock</FONT></B>
</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">
    <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>&#160;&#160;Clear Channel shareholders who
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</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"><FONT size="1">

</FONT></DIV>

<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">
     receive Holdings Class&#160;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. For example, under
    Delaware corporate law, the affirmative vote of the majority of
    the outstanding stock of the corporation is required to approve
    a merger, sale of all or substantially all of the assets of the
    corporation or an amendment to the corporation&#146;s
    certificate of incorporation, while under Texas law, the
    affirmative vote of the holders of two-thirds of the shares
    entitled to vote are required to approve the same actions. For a
    more detailed discussion of the material differences between the
    current rights of Clear Channel shareholders and the rights they
    can expect to have as Holdings shareholders see &#147;Comparison
    of Shareholder Rights&#148; on page&#160;149 of this proxy
    statement/prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    <I>Entities affiliated with the Sponsors will control
    Holdings.</I>&#160;&#160;The holders of Holdings Class&#160;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&#160;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 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&#160;&#151;&#160;Equity
    Financing.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Because there has not been any public market for Holdings
    Class&#160;A common stock, the market price and trading volume
    of Holdings Class&#160;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>&#160;&#160;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&#160;A common
    stock or whether the market price of Holdings Class&#160;A
    common stock will be volatile following the merger. The market
    price of Holdings Class&#160;A common stock could fluctuate
    significantly for many reasons, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as a result of the risk factors listed in this proxy
    statement/prospectus;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actual or anticipated fluctuations in our operating results;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    regulatory changes that could impact Holdings&#146; or Clear
    Channel&#146;s business;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic and industry conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;A common stock will be quoted on the
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Bulletin&#160;Board. The lack of an active market may impair the
    ability of investors in Holdings to sell their shares of
    Class&#160;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&#160;A common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Holdings has the ability to terminate its Exchange Act
    reporting, if permitted by applicable law, two years after the
    completion of the merger.</I>&#160;&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>There is no assurance that you will ever receive cash
    dividends on the Holdings Class&#160;A common
    stock.</I>&#160;&#160;There is no guarantee that Holdings will
    ever pay cash dividends on the Holdings Class&#160;A common
    stock. The terms of Holdings new debt arrangements are expected
    to restrict Holdings ability to pay cash dividends on the
    Holdings Class&#160;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&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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>&#160;&#160;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 of the merger, 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&#160;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&#160;billion. Holdings&#146; pro forma
    ratio of indebtedness to total capital at March&#160;31, 2007 is
    6.1. Holdings&#146; pro forma ratios of earnings to fixed
    charges at March&#160;31, 2007 and December&#160;31, 2006 are
    1.3 and 1.5. These ratios were computed using actual results for
    the periods and include the financing effects on a pro forma
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The increased indebtedness and substantially higher
    <FONT style="white-space: nowrap">debt-to-cash</FONT>
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    making it more difficult to make payments on indebtedness as
    they become due;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requiring a substantial portion of Clear Channel&#146;s cash
    flow to be dedicated to the payment of principal and interest on
    indebtedness (with the minimum average annual amount during the
    first five years after the consummation of the merger
    anticipated to be at least $3.1&#160;billion based on
    assumptions set forth under &#147;Notes to Unaudited Pro Forma
    Condensed Consolidated Financial Data&#148; beginning on
    page&#160;39 of this proxy statement/prospectus and under
    &#147;Contractual Obligations: Indebtedness and Dividend Policy
    Following the Merger&#148; beginning on page&#160;47 of this
    proxy statement/prospectus), 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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limiting Holdings&#146; and Clear Channel&#146;s ability to
    adjust to changing economic, business and competitive conditions;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 addition, the substantial leverage will have a negative
    effect on Holdings&#146; net income. For the fiscal year ended
    December&#160;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&#160;million, compared to Clear Channel&#146;s historical
    net income from continuing operations of $686.4&#160;million for
    that period, and for the three months ended March&#160;31, 2007,
    Holdings pro forma net loss from continuing operations would
    have been $147.2&#160;million as compared to Clear
    Channel&#146;s historical net income from continuing operations
    of $99.2&#160;million for that period. Pro forma interest
    expense would have been $1,952.5&#160;million for the year ended
    December&#160;31, 2006 as compared to $484.0&#160;million for
    the same period on a historical basis and, for the three months
    ended March&#160;31, 2007, pro forma interest expense would have
    been $484.9&#160;million as compared to $118.1&#160;million on a
    historical basis.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;&#151;&#160;Debt Financings&#148; on
    page&#160;102.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    While Holdings believes that its cash flows will be sufficient
    to service its debt, there may be circumstances in which
    required payments of principal
    <FONT style="white-space: nowrap">and/or</FONT>
    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&#160;A common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>The documents governing Clear Channel&#146;s indebtedness
    will contain restrictions that limit Clear Channel&#146;s
    flexibility in operating its business.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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>&#160;&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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"><FONT size="1">

</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">
    <I>Holdings&#146; executive compensation program will not be
    finalized until after the merger. </I>While we have an agreed
    form of employment agreement with our chief executive officer,
    president and chairman emeritus which will be effective
    following the merger, we have not yet finalized our general
    executive compensation programs and philosophies that will be
    implemented after the merger. See &#147;Board of Directors and
    Management of Holdings&#160;&#151; Compensation Discussion and
    Analysis.&#148; While we anticipate that these programs and
    policies will cover the named executive officers (with certain
    enumerated exceptions) and we are designing the programs with an
    aim to motivate and retain employees, we cannot guarantee that
    the executive compensation programs and policies will cover all
    named executives or that these programs and policies will
    accomplish our goals of motivating and retaining our executives.
    If our executives are not satisfied with our compensation
    program or policies, they may not perform at their highest level
    or they may choose to leave Holdings. This would be detrimental
    to our business.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='280'>


<!-- link1 "Risks Relating to Clear Channel&#146;s Business" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Risks
    Relating to Clear Channel&#146;s Business</FONT></B>
</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">
    <I>Clear Channel&#146;s business is dependent upon the
    performance of key employees, on-air talent and program
    hosts.</I>&#160;&#160;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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Doing business in foreign countries creates certain risks not
    found in doing business in the United
    States.</I>&#160;&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exposure to local economic conditions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential adverse changes in the diplomatic relations of foreign
    countries with the United States;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    hostility from local populations;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the adverse effect of currency exchange controls;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restrictions on the withdrawal of foreign investment and
    earnings;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    government policies against businesses owned by foreigners;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    investment restrictions or requirements;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expropriations of property;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the potential instability of foreign governments;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the risk of insurrections;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks of renegotiation or modification of existing agreements
    with governmental authorities;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    foreign exchange restrictions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    withholding and other taxes on remittances and other payments by
    subsidiaries;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in taxation structure.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Exchange rates may cause future losses in Clear
    Channel&#146;s international operations.</I>&#160;&#160;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.&#160;dollar.
    Clear Channel cannot predict the effect of exchange rate
    fluctuations upon future operating results.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Extensive government regulation may limit Clear
    Channel&#146;s broadcasting operations.</I>&#160;&#160;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
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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 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 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
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Clear Channel may be adversely affected by new statutes
    dealing with indecency.</I>&#160;&#160;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&#160;per violation for the broadcast of such
    material. Clear Channel therefore 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Antitrust regulations may limit future
    acquisitions.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Environmental, Health, Safety and Land Use laws and
    regulations may limit or restrict some of Clear Channel&#146;s
    operations.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Government regulation of outdoor advertising may restrict
    Clear Channel&#146;s outdoor advertising
    operations.</I>&#160;&#160;U.S.&#160;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&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    International regulation of the outdoor advertising industry
    varies by region and country, but generally limits the size,
    placement, nature and density of
    <FONT style="white-space: nowrap">out-of-home</FONT>
    displays. Significant international regulations include the Law
    of December&#160;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
    <FONT style="white-space: nowrap">out-of-home</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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><FONT style="white-space: nowrap">&#160;&#160;Out-of-court</FONT>
    settlements between the major U.S.&#160;tobacco companies and
    all 50&#160;states, the District of Columbia, the Commonwealth
    of Puerto Rico and four other U.S.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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>&#160;&#160;As of
    May&#160;25, 2007, Clear Channel had entered into definitive
    asset purchase agreements to sell 358 radio stations with
    aggregate sales proceeds of approximately $800.7&#160;million.
    On April&#160;20, 2007, Clear Channel entered into a definitive
    agreement to sell its television business
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    for approximately $1.2&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel may need to seek new purchasers for the assets
    which will require additional time and expenses;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    management&#146;s attention from Clear Channel&#146;s day to day
    business may be diverted;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Future acquisitions could pose risks.</I>&#160;&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain of Clear Channel&#146;s acquisitions may prove
    unprofitable and fail to generate anticipated cash flows;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    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,&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    entry into markets and geographic areas where Clear Channel has
    limited or no experience;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel may encounter difficulties in the integration of
    operations and systems;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s management&#146;s attention may be diverted
    from other business concerns;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel may lose key employees of acquired companies or
    stations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Capital requirements necessary to implement strategic
    initiatives could pose risks.</I>&#160;&#160;The purchase price
    of possible acquisitions
    <FONT style="white-space: nowrap">and/or</FONT> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Clear Channel faces intense competition in the broadcasting
    and outdoor advertising industries.</I>&#160;&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unfavorable fluctuations in operating costs which Clear Channel
    may be unwilling or unable to pass through to Clear Channel
    customers;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unfavorable changes in labor conditions which may require Clear
    Channel to spend more to retain and attract key
    employees;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 align="left"><FONT size="1">

</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">
    <I>New technologies may affect Clear Channel&#146;s broadcasting
    operations.</I>&#160;&#160;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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Clear Channel may be adversely affected by a general
    deterioration in economic conditions.</I>&#160;&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Clear Channel may be adversely affected by the occurrence of
    extraordinary events, such as terrorist
    attacks.</I>&#160;&#160;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&#160;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; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
</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 -->
<A name='135'>


<!-- link1 "SELECTED HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL DATA" -->


<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">SELECTED
    HISTORICAL AND PRO FORMA CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>
</A>
<A name='136'>


<!-- link1 "Clear Channel Summary Historical Consolidated Financial Data" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Clear
    Channel Summary Historical Consolidated Financial Data</FONT></B>
</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">
    The following sets forth summary historical consolidated
    financial data for Clear Channel as of and for the five years
    ended December&#160;31, 2006, and as of and for the three month
    periods ended March&#160;31, 2007 and 2006. The summary
    historical consolidated financial data as of and for the five
    years ended December&#160;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&#160;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&#160;31, 2007 are not necessarily indicative of the
    results that may be expected for the entire year ending
    December&#160;31, 2007.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;159.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2002</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B><FONT style="font-size: 8pt">Results of Operations
    Information:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Revenue
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,031,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,546,539
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,568,392
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,185,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,876,424
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,608,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,489,609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Operating expenses:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    <FONT style="font-size: 8pt">Direct operating expenses (excludes
    depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,639,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,446,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,311,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,123,834
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,924,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    669,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    623,302
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    <FONT style="font-size: 8pt">Selling, general and administrative
    expenses (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,950,636
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,884,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,876,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,835,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,771,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    461,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    448,658
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    <FONT style="font-size: 8pt">Depreciation and amortization
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    631,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    625,370
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    625,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    604,163
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    552,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    147,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    150,066
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    <FONT style="font-size: 8pt">Corporate expenses (excludes
    depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    201,752
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    152,514
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,524
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    <FONT style="font-size: 8pt">Merger expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,633
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,686
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    <FONT style="font-size: 8pt">Gain on disposition of
    assets&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,358
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,361
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35,690
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Operating income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,670,092
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,469,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,627,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,476,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,503,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    273,566
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Interest expense
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    483,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    443,245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    367,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    392,215
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    430,890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,074
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    114,376
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Gain (loss) on sale of assets
    related to mergers
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,991
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Gain (loss) on marketable securities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,306
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (702
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    678,846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,096
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,324
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Equity in earnings of
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,478
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,669
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,094
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,909
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Other income (expense)&#160;&#151;
    net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,421
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30,293
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,783
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,625
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (583
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Income before income taxes,
    minority interest, discontinued operations and cumulative effect
    of a change in accounting principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,217,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,075,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,297,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,805,062
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,106,243
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    163,192
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Income tax benefit (expense)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (499,167
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (424,873
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (497,151
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (774,064
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (437,064
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (72,936
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (66,909
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Minority interest income (expense),
    net of tax
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (31,927
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,847
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,602
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,906
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (276
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    780
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Income before discontinued
    operations and cumulative effect of a change in accounting
    principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    686,387
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    632,908
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    793,226
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,027,092
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    670,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    99,213
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97,063
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Income (loss) from discontinued
    operations, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,130
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    302,754
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,499
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (249
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Income before cumulative effect of
    a change in accounting principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    691,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    935,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    845,799
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,145,591
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    724,823
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,222
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96,814
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Cumulative effect of a change in
    accounting principle, net of tax of, $2,959,003 in 2004 and
    $4,324,446 in 2002(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,883,968
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (16,778,526
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Net income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    691,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    935,662
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4,038,169
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,145,591
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (16,053,703
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    102,222
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    96,814
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
</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: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2002</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
    <B>(In thousands) </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited) </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Net income (loss) per common share:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 8pt">Basic:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Income (loss) before discontinued
    operations and cumulative effect of a change in accounting
    principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Discontinued operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Income (loss) before cumulative
    effect of a change in accounting principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Cumulative effect of a change in
    accounting principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8.19
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (27.65
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Net income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (6.77
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (26.45
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    <FONT style="font-size: 8pt">Diluted:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Income (loss) before discontinued
    operations and cumulative effect of a change in accounting
    principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Discontinued operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (.00
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Income (loss) before cumulative
    effect of a change in accounting principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Cumulative effect of a change in
    accounting principle
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8.16
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (26.74
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 21pt">
    <FONT style="font-size: 8pt">Net income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.71
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (6.75
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (25.56
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <FONT style="font-size: 8pt">Dividends declared per share
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .1875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .1875
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2003</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2002</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(Unaudited)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Balance Sheet Data:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Current assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,205,730
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,398,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,269,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,185,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,123,495
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,065,806
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Property, plant and
    equipment&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,205,943
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,221,168
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,292,192
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,439,272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,455,070
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,163,615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,901,792
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,721,298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,948,055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,352,693
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,672,153
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,686,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Current liabilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,663,846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,107,313
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,184,552
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,892,719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,010,639
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,815,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Long-term debt, net of current
    maturities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,326,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,155,363
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,941,996
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,898,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,357,769
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,862,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Shareholders&#146; equity
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,042,341
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,826,462
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,488,078
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,553,939
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,210,092
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,128,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    We recorded a non-cash charge of $4.9&#160;billion, net of
    deferred taxes of $3.0&#160;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
    <FONT style="white-space: nowrap">D-108,</FONT>
    <I>Use of the Residual Method to Value Acquired Assets other
    than Goodwill.</I> We recorded a non-cash charge of
    $16.8&#160;billion, net of deferred taxes of $4.3&#160;billion,
    in 2002 as a result of the adoption of Financial Accounting
    Standards Statement&#160;142, <I>Goodwill and Other Intangible
    Assets.</I></TD>
</TR>

</TABLE>
<A name='137'>


<!-- link1 "Unaudited Pro Forma Condensed Consolidated Financial Data" -->


<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Unaudited
    Pro Forma Condensed Consolidated Financial Data</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;31, 2006 and Clear Channel&#146;s unaudited
    historical consolidated financial statements for the three
    months ended March&#160;31, 2007.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;141
    (&#147;SFAS&#160;No.&#160;141&#148;), <I>Business Combinations
    </I>and Emerging Issues Task Force Issue
    <FONT style="white-space: nowrap">88-16,</FONT>
    <I>Basis in Leveraged Buyout Transactions</I> (&#147;EITF
    <FONT style="white-space: nowrap">88-16&#148;).</FONT>
    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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    31
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;the final valuation of Clear Channel&#146;s assets and
    liabilities as of the effective time of the merger,
    (ii)&#160;the number of equity securities which are subject to
    agreements between certain officers or employees of clear
    channel and the Fincos pursuant to which such shares or options
    are to be converted into equity securities of Holdings in the
    merger, which we refer to as the &#147;Rollover Shares,&#148;
    and the identity of the Clear Channel shareholders who exchange
    Rollover Shares for shares of capital stock of Holdings,
    (iii)&#160;the identity of the shareholders who elect to receive
    Stock Consideration in the merger and the number of shares of
    Class&#160;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)&#160;the historical
    basis of continuing ownership under EITF
    <FONT style="white-space: nowrap">88-16.</FONT>
    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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, subsequent to March&#160;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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the merger as if it had occurred on March&#160;31, 2007,
</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    radio stations subject to definitive sales agreements at
    March&#160;31, 2007 recorded as assets from discontinued
    operations,
</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the definitive agreement to sell Clear Channel&#146;s television
    business as if the agreement were entered into on March&#160;31,
    2007 and the business proposed to be sold under the agreement
    was recorded as assets and liabilities from discontinued
    operations,&#160;and
</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all definitive sales agreements to sell Clear Channel&#146;s
    radio stations that were signed subsequent to March&#160;31,
    2007 through May&#160;25, 2007 as if they were entered into on
    March&#160;31, 2007 and the businesses proposed to be sold under
    the agreements were recorded as assets from discontinued
    operations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The unaudited pro forma condensed consolidated statement of
    operations for the year ended December&#160;31, 2006 and the
    three months ended March&#160;31, 2007 were prepared based upon
    the historical consolidated statements of operations of Clear
    Channel, adjusted to reflect:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the merger as if it had occurred on January&#160;1, 2006,
</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the definitive agreement to sell Clear Channel&#146;s television
    business as if the agreement were entered into on
    January&#160;1, 2004 with the results of operations for this
    business excluded from income from continuing
    operations,&#160;and
</TD>
</TR>

<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all definitive agreements to sell Clear Channel&#146;s radio
    stations that were signed subsequent to March&#160;31, 2007
    through May&#160;25, 2007 as if they were entered into on
    January&#160;1, 2004 with the results of operations for these
    stations excluded from income from continuing operations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The unaudited pro forma condensed consolidated statements of
    operations for the years ended December&#160;31, 2005 and 2004
    were prepared based upon the historical consolidated statements
    of operations of Clear Channel, adjusted to reflect:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the definitive agreement to sell the Company&#146;s television
    business as if it had occurred on January&#160;1, 2004 and
    therefore the results of operations for this business are
    excluded from income from continuing operations,&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
</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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all definitive agreements to sell the Company&#146;s radio
    stations that were signed subsequent to March&#160;31, 2007
    through May&#160;25, 2007 as if they had occurred
    January&#160;1, 2004 and therefore the results of operations for
    these stations are excluded from income from continuing
    operations.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;compensation charges of $127.5&#160;million for the
    acceleration of vesting of stock options and restricted shares,
    (ii)&#160;certain non-recurring advisory and legal costs of
    $258.2 million, (iii) costs for the early redemption of certain
    Clear Channel debt of $94.6 million, and (iv) costs of $61.8
    million associated with change in control provisions of
    miscellaneous contracts. In addition, Clear Channel may enter
    into definitive agreements to sell additional radio or
    television stations, or transfer assets to divestiture trusts,
    after May&#160;25, 2007, in order to obtain regulatory approvals
    or otherwise. Since these potential sales have not yet been
    identified as probable, they are not reflected in the unaudited
    pro forma condensed consolidated financial statements.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
</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 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">UNAUDITED
    PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>
    AT MARCH&#160;31, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="43%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pending Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Sale<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Merger<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments (A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pro Forma</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(In thousands of dollars)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD colspan="17" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">ASSETS</FONT></B>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Current assets:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Cash and cash equivalents
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    107,605
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,587
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    109,192
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Accounts receivable, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,542,603
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (66,325
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,476,278
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Prepaid expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    135,925
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,127
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    134,798
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other current assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    269,208
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,362
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,298
</TD>
<TD nowrap align="left" valign="bottom">
    (C)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    312,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income taxes receivable
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,465
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,465
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Current assets from discontinued
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83,227
</TD>
<TD nowrap align="left" valign="bottom">
    (L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    83,227
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <B><FONT style="font-size: 10pt">Total Current Assets</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,065,806
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60,298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,126,104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Property, plant&#160;&#038;
    equipment, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,163,615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (224,604
</TD>
<TD nowrap align="left" valign="bottom">
    )(L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    154,147
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,093,158
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Property, plant and equipment from
    discontinued operations, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25,303
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    224,604
</TD>
<TD nowrap align="left" valign="bottom">
    (L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,185
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    305,092
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Definite-lived intangibles, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    505,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (283
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    488,381
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    993,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Indefinite-lived
    intangibles&#160;&#151; Licenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,316,006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (122,589
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,545,021
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,738,438
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Indefinite-lived
    intangibles&#160;&#151; Permits
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    242,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,815,126
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,057,469
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Goodwill
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,434,320
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,930,176
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,364,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Goodwill and intangible assets
    from discontinued operations, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86,009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,897
</TD>
<TD nowrap align="left" valign="bottom">
    (L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,479,716
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,675,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other assets:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Notes receivable
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,537
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,261
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,276
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Investments in, and advances to,
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    318,462
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,290
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    319,301
</TD>
<TD nowrap align="left" valign="bottom">
    (B)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    634,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    283,682
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (20,785
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    278,859
</TD>
<TD nowrap align="left" valign="bottom">
    (B), (C)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    541,756
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other investments
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    238,201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (675
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    237,526
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other assets from discontinued
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,012
</TD>
<TD nowrap align="left" valign="bottom">
    (L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,012
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <B><FONT style="font-size: 10pt">Total Assets</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,686,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (12,974
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,126,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,799,566
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
</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="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">UNAUDITED
    PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET<BR>
    AT MARCH&#160;31, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pending Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Sale<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Merger<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments (A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pro Forma</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(In thousands of dollars, except share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">LIABILITIES AND
    SHAREHOLDERS&#146; EQUITY</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Current liabilities:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Accounts payable, accrued expenses
    and accrued interest
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,041,707
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (8,550
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,033,157
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Current portion of long-term debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    562,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,910
</TD>
<TD nowrap align="left" valign="bottom">
    )(B), (D)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    559,728
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Deferred income
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    193,677
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,905
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    185,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other current liabilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,160
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Current liabilities from
    discontinued operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,615
</TD>
<TD nowrap align="left" valign="bottom">
    (L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <B><FONT style="font-size: 10pt">Total Current
    Liabilities</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,815,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,910
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,812,272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Long-term debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,862,109
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,163,296
</TD>
<TD nowrap align="left" valign="bottom">
    (B), (D)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,025,405
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other long-term obligations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,165
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (73,165
</TD>
<TD nowrap align="left" valign="bottom">
    )(E)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Deferred income taxes
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    649,231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12,974
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,335,783
</TD>
<TD nowrap align="left" valign="bottom">
    (B), (F)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,972,040
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other long-term liabilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    795,069
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (23,565
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (55,159
</TD>
<TD nowrap align="left" valign="bottom">
    )(B), (G)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    716,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other long-term liabilities of
    discontinued operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,565
</TD>
<TD nowrap align="left" valign="bottom">
    (L)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,565
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Minority interest
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    362,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    362,852
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Shareholders&#146;
    equity</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Clear Channel Common Stock
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,632
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (49,632
</TD>
<TD nowrap align="left" valign="bottom">
    )(H)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Class&#160;A common stock, par
    $.001&#160;per share, 400&#160;million shares authorized,
    32.1&#160;million shares issued and outstanding
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD nowrap align="left" valign="bottom">
    (N)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Classes&#160;B and C common stock,
    par $.001&#160;per share, 250&#160;million shares authorized,
    69.9&#160;million shares issued and outstanding
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD nowrap align="left" valign="bottom">
    (N)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Additional paid-in capital
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,805,623
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22,918,638
</TD>
<TD nowrap align="left" valign="bottom">
    )(H), (N)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,886,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Retained deficit
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (19,029,751
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,029,751
</TD>
<TD nowrap align="left" valign="bottom">
    (H)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Accumulated other comprehensive
    income
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    306,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (306,767
</TD>
<TD nowrap align="left" valign="bottom">
    )(H)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Cost of shares held in treasury
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,549
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,549
</TD>
<TD nowrap align="left" valign="bottom">
    (H)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <B><FONT style="font-size: 10pt">Total Shareholders&#146;
    Equity</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,128,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,241,635
</TD>
<TD nowrap align="left" valign="bottom">
    )(N)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,887,087
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <B><FONT style="font-size: 10pt">Total Liabilities and
    Shareholders&#146; Equity</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,686,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (12,974
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    14,126,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,799,566
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
</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="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">UNAUDITED
    PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
    THREE MONTH PERIOD ENDED MARCH&#160;31, 2007</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pending Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Sale<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Merger<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments (A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pro Forma</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(In thousands of dollars, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revenue
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,608,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (119,470
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,488,845
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating expenses:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Direct operating expenses
    (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    669,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (45,575
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    623,696
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Selling, general and
    administrative expenses (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    461,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (51,390
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    409,787
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Depreciation and amortization
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    147,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,627
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,736
</TD>
<TD nowrap align="left" valign="bottom">
    (I)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    157,486
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Corporate expenses (excludes
    depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (995
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,937
</TD>
<TD nowrap align="left" valign="bottom">
    (O)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,086
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Merger expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,686
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,686
</TD>
<TD nowrap align="left" valign="bottom">
    )(M)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Gain on disposition of
    assets&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    284,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11,230
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18,987
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    254,740
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118,074
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    366,803
</TD>
<TD nowrap align="left" valign="bottom">
    (J)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    484,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Gain (loss) on marketable
    securities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    395
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Equity in earnings of
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,094
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    169
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other income&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    715
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    768
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) before income taxes
    and minority interest
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    172,425
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,346
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (385,790
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (223,711
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income tax benefit (expense)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (72,936
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,932
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    145,806
</TD>
<TD nowrap align="left" valign="bottom">
    (F)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Minority interest expense, net of
    tax
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    276
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    276
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    99,213
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (6,414
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (239,984
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (147,185
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Basic EPS:(K)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1.44
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Diluted EPS:(K)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    .20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (1.44
</TD>
<TD nowrap align="left" valign="bottom">
    )
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
</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="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">UNAUDITED
    PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
    YEAR ENDED DECEMBER&#160;31, 2006</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pending Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Sale<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Merger<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments (A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Pro Forma</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom">
    <B>(In thousands of dollars, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revenue
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,031,445
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (542,872
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,488,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating expenses:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Direct operating expenses
    (excludes depreciation and amortization )
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,639,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (185,598
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,453,814
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Selling, general and
    administrative expenses (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,950,636
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (211,300
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,739,336
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Depreciation and amortization
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    631,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (34,633
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,943
</TD>
<TD nowrap align="left" valign="bottom">
    (I)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    671,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Corporate expenses (excludes
    depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    201,752
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,432
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,465
</TD>
<TD nowrap align="left" valign="bottom">
    (O)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    203,785
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Merger expenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,633
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7,633
</TD>
<TD nowrap align="left" valign="bottom">
    )(M)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Gain on disposition of
    assets&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,690
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,670,092
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (103,562
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (74,775
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,491,755
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    483,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,468,533
</TD>
<TD nowrap align="left" valign="bottom">
    (J)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,952,507
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Gain on marketable securities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,306
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,306
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Equity in earnings of
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,478
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    368
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,846
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other income (expense)&#160;&#151;
    net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8,421
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,677
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,744
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) before income taxes
    and minority interest
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,217,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (100,517
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,543,308
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (426,344
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income tax benefit (expense)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (499,167
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    583,283
</TD>
<TD nowrap align="left" valign="bottom">
    (F)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    122,312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Minority interest expense, net of
    tax
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,927
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,927
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    686,387
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (62,321
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (960,025
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (335,959
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Basic EPS: (K)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3.29
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Diluted EPS: (K)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (3.29
</TD>
<TD nowrap align="left" valign="bottom">
    )
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    37
</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="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">UNAUDITED
    PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
    YEAR ENDED DECEMBER 31, 2005</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pending Asset <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Sale<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments (A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    Pro Forma
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom">
    <B>(In thousands of dollars, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revenue
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,546,539
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (505,179
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,041,360
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating expenses:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Direct operating expenses
    (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,446,534
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (175,966
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,270,568
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Selling, general and
    administrative expenses (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,884,947
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (200,986
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,683,961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Depreciation and amortization
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    625,370
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (37,732
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    587,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Corporate expenses (excludes
    depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    171,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3,988
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,088
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Gain on disposition of
    assets&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,358
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1,343
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,015
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,469,970
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (87,850
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,382,120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    443,245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    443,245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">(Loss) on marketable securities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (702
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (702
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Equity in earnings of
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,338
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other income (expense)&#160;&#151;
    net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (447
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) before income taxes
    and minority interest
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,075,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (88,297
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    987,331
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income tax benefit (expense)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (424,873
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (389,995
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Minority interest expense, net of
    tax
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,847
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    632,908
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (53,419
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    579,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Basic EPS:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (.10
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Diluted EPS:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (.10
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    38
</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="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">UNAUDITED
    PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS<BR>
    YEAR ENDED DECEMBER 31, 2004</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Pending Asset<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Sale<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Historical</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Adjustments (A)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    Pro Forma
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>(In thousands of dollars, except per share data)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Revenue
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,568,392
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (529,007
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,039,385
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating expenses:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Direct operating expenses
    (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,311,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (172,061
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,139,522
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Selling, general and
    administrative expenses (excludes depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,876,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (204,096
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,672,705
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Depreciation and amortization
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    625,412
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (38,261
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    587,151
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Corporate expenses (excludes
    depreciation and amortization)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167,388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,125
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    163,263
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Gain on disposition of
    assets&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,011
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,784
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,795
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Operating income (loss)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,627,219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (107,680
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,519,539
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    367,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    367,503
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Gain on marketable securities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Equity in earnings of
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,285
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other expense&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,293
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,560
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) before income taxes
    and minority interest
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,297,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (107,947
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,190,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income tax benefit (expense)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (497,151
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,343
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (455,808
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Minority interest expense, net of
    tax
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,602
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    793,226
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (66,604
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    726,622
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Basic EPS:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (.11
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Diluted EPS:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Income (loss) from continuing
    operations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (.11
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    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="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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL DATA</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">
    The unaudited pro forma condensed consolidated financial data
    includes the following pro forma assumptions and adjustments:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 &#147;Assets from discontinued
    operations&#146;&#146; and &#147;Liabilities from discontinued
    operations&#146;&#146; for definitive sales agreements entered
    into between March&#160;31, 2007 and May&#160;25, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsequent to May&#160;25, 2007, Clear Channel entered into
    definitive sales agreements to sell an additional
    22&#160;stations in four markets for $47.8&#160;million. Revenue
    from these stations totaled $16.0&#160;million for the year
    ended December&#160;31, 2006. The adjustments for pending asset
    sales do not include amounts related to these station sales, for
    which the effect is not material to the unaudited pro forma
    condensed consolidated financial data.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The results of operations for the television business and radio
    stations that are held for sale at March&#160;31, 2007 in the
    unaudited pro forma condensed consolidated balance sheet are
    reclassified to income (loss) from discontinued operations and
    not included in income from continuing operations for the years
    ended December&#160;31, 2006, 2005, 2004 and the three months
    ended March&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 pro forma adjustments include the fair value
    adjustments to assets and liabilities in accordance with
    FAS&#160;141 and the historical basis of the continuing
    shareholders of the &#147;control group&#148; in accordance with
    <FONT style="white-space: nowrap">EITF&#160;88-16.</FONT>
    Holdings&#146; control group under EITF
    <FONT style="white-space: nowrap">88-16</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">88-16</FONT> 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&#160;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)&#160;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)&#160;the identity of the
    shareholders who elect to receive Stock Consideration in the
    merger and the number of shares of Class&#160;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"><FONT size="1">

</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">
    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.&#160;Mark&#160;P.&#160;Mays and Randall T. Mays to
    exchange $20.0&#160;million of Rollover Shares (computed at
    $39.20&#160;per share) in the aggregate. There are no additional
    agreements currently in place by management shareholders to
    exchange current holdings for Rollover Shares. As such, no
    further Rollover Shares are assumed for the purpose of this
    calculation. If all eligible management shareholders who are
    part of the control group enter agreements to exchange all of
    their current Clear Channel holdings into Rollover Shares, the
    continuing ownership percentage of the control group would be
    approximately 6.5%.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
</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 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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL
    DATA&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;31, 2007, and
    Income from Continuing Operations for the year ended
    December&#160;31, 2006, and the three months ended
    March&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Control Group Continuing Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>0.64%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>6.5%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>10%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>20%</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>30%(1)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Definite-lived intangibles
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    993,144
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    964,588
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    947,138
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    897,986
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    848,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Indefinite-lived
    intangibles&#160;&#151; Licenses
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,738,438
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,589,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,498,690
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,242,548
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,986,407
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Indefinite-lived
    intangibles&#160;&#151; Permits
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,057,469
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,892,856
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,792,276
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,508,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,225,624
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Goodwill
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,364,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,001,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,780,099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,155,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,531,390
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total Assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32,799,566
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,996,866
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,506,403
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30,124,819
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28,743,235
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total Shareholders&#146; Equity
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,887,087
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,225,175
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,820,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,681,471
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    542,207
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Loss from Continuing Operations
    for the year ended December&#160;31, 2006
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (335,959
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (331,577
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (328,899
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (321,357
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (313,814
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Loss from Continuing Operations
    for the three months ended March&#160;31, 2007
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (147,185
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (146,089
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (145,420
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (143,534
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (141,648
</TD>
<TD nowrap align="left" valign="bottom">
    )
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The 30% continuing ownership assumes: (i)&#160;that the only
    unaffiliated shareholders that make a Stock Election are 5%
    shareholders of Clear Channel on March&#160;31, 2007, and
    (ii)&#160;the assumption there are no Rollover Shares other than
    those detailed above for Messrs.&#160;Mark P. Mays and Randall
    T. Mays. To the extent that any unaffiliated shareholders, based
    on Clear Channel shareholdings as of March&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    41
</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 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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL
    DATA&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<P>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 summary of the merger transaction is presented below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Consideration for
    Equity(i)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,521,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Estimated Transaction Costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    405,230
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Total Consideration</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,926,594
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Less: net assets acquired
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,128,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Less: adjustment for historical
    carryover basis per EITF
    <FONT style="white-space: nowrap">88-16</FONT>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72,916
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Excess consideration to be
    allocated</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,724,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Allocation:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Fair value
    adjustments:</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Property, plant and equipment, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    154,147
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Property, plant and equipment from
    discontinued operations, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,185
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Definite-lived intangibles (ii)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    488,381
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Indefinite-lived
    intangibles&#160;&#151; Licenses (iii)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,545,021
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Indefinite-lived
    intangibles&#160;&#151; Permits (iii)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,815,126
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Intangible assets from
    discontinued operations, net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,479,716
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Investments in, and advances to,
    nonconsolidated affiliates
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    319,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other assets
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (53,968
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Current portion of long term debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,910
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Long-term debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    291,374
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Deferred income taxes recorded for
    fair value adjustments to assets and liabilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,335,783
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other long term liabilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Termination of interest rate swaps
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,789
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Goodwill (iv)</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,930,176
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">Total adjustments</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,724,956
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (i)&#160;</TD>
    <TD align="left">
    Consideration for equity:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total shares outstanding(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    497,994
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Multiplied by: Price per share(2)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    39.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,521,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Total shares outstanding include 1.8&#160;million equivalent
    shares subject to employee stock options.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Price per Share is assumed to be the $39.20&#160;per share to be
    paid as part of the Cash Consideration.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (ii)&#160;
</TD>
    <TD align="left">    Identifiable intangible assets acquired subject to amortization
    includes contracts amortizable over a weighted average
    amortization period of approximately 7&#160;years.
</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (iii)&#160;
</TD>
    <TD align="left">    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>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    42
</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 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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL
    DATA&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<P>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (iv)&#160;</TD>
    <TD align="left">
    The pro forma adjustment to goodwill consists of:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Removal of historical goodwill
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (7,434,320
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Goodwill arising from the merger
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,364,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,930,176
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;These pro forma adjustments record the deferred loan
    costs of $393.1&#160;million arising from the debt issued in
    conjunction with 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">
    (D)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total Debt to be Redeemed(i)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (2,415,959
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Issuance of Debt in merger(ii)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,848,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fair value adjustment ($304,557
    related to Clear Channel Senior Notes less $10,273 related to
    other fair value adjustments)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (294,284
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Less: termination of interest rate
    swaps in connection with the merger
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Debt Adjustment ($16,163,296
    long-term less $2,910 current portion)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,160,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>
    <FONT style="font-family: 'Times New Roman', Times">(i)&#160;&#160;
    </FONT>
</TD>
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Total
    Debt to be Redeemed:</FONT></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Clear Channel Bank Credit
    Facilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    994,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Clear Channel 7.650%&#160;Senior
    Notes due 2010
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">AMFM Operating, Inc.
    8%&#160;Senior Notes due 2008
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    671,305
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,415,959
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">(ii)&#160;&#160;<B>Issuance
    of Debt in the Merger:</B>
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Term</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Amount Issued</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I><FONT style="font-size: 10pt">Senior Secured Credit
    Facilities:</FONT></I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Credit Facilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.0&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,348,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Credit Facilities
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.5&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,150,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Receivables Backed Credit Facility
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.0&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Senior Bridge Facility (1) (or New
    Senior Notes)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.0&#160;years
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,600,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,848,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Initial maturity of one year, which is automatically extended to
    eight years if remaining outstanding after one year.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;This pro forma adjustment is for the termination of
    US&#160;Dollar&#160;&#151; Euro cross currency swaps in
    connection with 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">
    (F)&#160;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&#160;billion on the unaudited pro forma
    consolidated balance sheet primarily due to the fair
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    43
</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 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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL
    DATA&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<P>

<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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pro forma adjustment for income tax expense was determined
    using statutory rates for the year ended December&#160;31, 2006,
    and the three months ended March&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;This pro forma adjustment is for the termination
    payment on interest rate swaps in connection with the merger and
    the payment of $35.4&#160;million required upon a change of
    control as a result of the merger for a non-qualified employee
    benefit 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">
    (H)&#160;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
    <FONT style="white-space: nowrap">88-16</FONT>
    (99.36% eliminated with 0.64% at carryover basis).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;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&#160;years for such assets.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    (J)&#160;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 and interest expense may be materially higher
    (see footnote (4) below).
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Three Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>March&#160;31, 2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense on Debt redeemed
    in connection with the Merger
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (208,246
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (49,142
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Debt Issued in Merger:
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense on Senior Secured
    Credit Facilities(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,274,340
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    318,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense on Receivables
    Backed Credit Facility(2)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,097
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Interest expense on Senior Bridge
    Facility(3)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    247,110
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,778
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Amortization of fair value
    adjustments on Clear Channel Senior Notes
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,696
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,674
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Amortization of deferred financing
    fees from new debt issued in the Merger and Financing
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64,245
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,810
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Pro forma interest adjustment(4)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,468,533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    366,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    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="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    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="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    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 </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    44
</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 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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL
    DATA&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;million.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Assumes a weighted average interest rate of 8.9% excluding
    interest expense on debt repaid or redeemed in connection with
    merger. For each 0.25% increase (or decrease) in interest rate,
    the annual interest expense would increase (or decrease) by
    approximately $47.1&#160;million.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</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">
    (K)&#160;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&#160;31, 2006 and three months ended
    March&#160;31, 2007. Pro forma basic and diluted shares are
    102.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (L)&#160;Clear Channel had definitive asset purchase agreements
    to sell 93 radio stations as of March&#160;31, 2007. Through
    May&#160;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&#160;31, 2007. The aggregate sales price of these stations
    is $800.7&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;20, 2007, a definitive agreement was signed to
    sell Clear Channel&#146;s television business for approximately
    $1.2&#160;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&#160;31, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (M)&#160;These pro forma adjustments reverse merger expenses as
    they are non-recurring charges incurred in connection with 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">
    (N)&#160;Pro forma Shareholders&#146; equity was calculated as
    follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fair value of Shareholders&#146;
    equity at March&#160;31, 2007
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,521,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Net increase in debt due to
    merger(i)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (15,561,364
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Fair value of equity after merger
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,960,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I><FONT style="font-size: 10pt">Pro forma Shareholder&#146;s
    equity under EITF
    <FONT style="white-space: nowrap">88-16</FONT></FONT></I><FONT style="font-size: 10pt">
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fair value of equity after merger
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,960,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Less: 0.64% of Fair value of
    equity after merger ($3,960,000 multiplied by 0.64%)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (25,344
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Plus: 0.64% of Shareholders&#146;
    historical carryover basis (8,128,722 multiplied by 0.64%)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,024
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Less: Deemed dividend (15,561,364
    multiplied by 0.64%)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (99,593
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD 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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Adjustment for Historical
    Carryover Basis per EITF
    <FONT style="white-space: nowrap">88-16</FONT>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (72,913
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total pro forma Shareholders&#146;
    equity under EITF
    <FONT style="white-space: nowrap">88-16(ii)</FONT>
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,887,087
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (i) </TD>
    <TD></TD>
    <TD valign="bottom">
    Net increase in debt in merger transaction:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Issuance of debt in merger
    transaction
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,848,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Total debt redeemed
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,415,959
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Estimated transaction and loan
    costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (871,517
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total increase in debt in merger
    transaction
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    15,561,364
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    45
</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 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">NOTES&#160;TO
    UNAUDITED PRO FORMA<BR>
    </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">CONDENSED
    CONSOLIDATED FINANCIAL
    DATA&#160;&#151;&#160;(Continued)</FONT></B>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (ii) </TD>
    <TD></TD>
    <TD valign="bottom">
    Total pro forma Shareholders&#146; equity under EITF 88-16:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="88%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Class&#160;A common stock
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Classes&#160;B and C common stock
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Additional paid in capital
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,886,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,887,087
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (O)&#160;This pro forma adjustment records non-cash compensation
    expense of $7.5&#160;million and $1.9&#160;million for the year
    ended December&#160;31, 2006 and the quarter ended
    March&#160;31, 2007, respectively, associated with common stock
    options of Holdings that will be granted to certain key
    executives upon completion of the merger in accordance with new
    employment agreements described elsewhere in this proxy
    statement/prospectus. The assumptions used to calculate the fair
    value of these awards were consistent with the assumptions used
    by Clear Channel disclosed in its
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;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; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    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="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">CONTRACTUAL
    OBLIGATIONS; INDEBTEDNESS AND DIVIDEND POLICY FOLLOWING<BR>
    THE 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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 of March&#160;31, 2007, on a pro forma basis, we would have
    had outstanding approximately $23.6&#160;billion of total
    indebtedness (reduced by the $304.6&#160;million of fair value
    adjustments reflected in the pro forma balance sheet), including
    contractual indebtedness anticipated to be incurred by Merger
    Sub (with an assumption by Clear Channel by action of the
    merger) or Clear Channel in connection with the merger and
    existing indebtedness of Clear Channel to survive the merger.
    Cash paid for interest during the twelve months ended
    March&#160;31, 2007, would have been $1.8&#160;billion on a pro
    forma basis.
</DIV>
<A name='138'>


<!-- link1 "Contractual Obligations" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Contractual
    Obligations</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
    <B>Payment Due by Period<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Less Than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>More Than<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Contractual Obligations</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1&#160;Year</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>1 to 3&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>3 to 5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>5&#160;Years</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Long-term Debt(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Existing notes and new debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    23,748,840
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    937,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,795,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17,516,340
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Other debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140,850
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,638
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,886
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,414
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <FONT style="font-size: 10pt">Interest payments on debt
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,389,873
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,844,542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,675,607
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,540,551
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,329,173
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Non-Cancelable Operating
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Leases
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,311,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    281,035
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    586,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    426,042
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,017,181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Non-Cancelable Contracts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,896,292
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    601,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,033,482
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    509,429
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    751,593
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Employment/Talent Contracts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    449,660
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    189,361
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    207,710
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,788
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,801
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Capital Expenditures
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    178,964
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,223
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,307
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,754
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Other long-term obligations
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    240,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,829
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    112,772
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <FONT style="font-size: 10pt">Total
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    42,355,643
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,559,587
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,613,191
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,443,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,739,115
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Long-term Debt excludes $304.6&#160;million of fair value
    purchase accounting adjustments made in the pro forma balance
    sheet.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 at least
    the next 12&#160;months. While we have no reason to believe that
    we will not have sufficient cash and other resources to fund and
    meet our obligations beyond such period, 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&#160;Regarding Forwarding Looking
    Statements&#148;.
</DIV>
<A name='139'>


<!-- link1 "Indebtedness" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Indebtedness</FONT></B>
</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">
    In arranging the necessary financing for the merger and related
    transactions, Merger Sub and the Fincos received the Debt
    Commitment Letter (as defined below under
    &#147;Financing&#160;&#151; Debt Financing&#148;), which
    provides for $22.125&#160;billion in aggregate Debt Financing
    (as defined below under &#147;Financing&#160;&#151; Debt
    Financing&#148;) to be incurred by Merger Sub (with an
    assumption by Clear Channel by action of the merger) or Clear
    Channel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 of March&#160;31, 2007, we had outstanding debt with
    approximately $7,425&#160;million of aggregate principal, of
    which $5,041&#160;million will be assumed in connection with the
    merger and Financing. The Debt Commitment Letter
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contemplates that at least a majority in principal amount of
    each of Clear Channel&#146;s existing 7.65%&#160;Senior Notes
    Due 2010 and AMFM Operating Inc.&#146;s existing 8%&#160;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 will 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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. The indebtedness financing the merger and related
    transactions is currently anticipated to consist of the
    following Debt Financing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>$18.525 Billion Senior Secured Credit
    Facilities:&#160;</I>term loan facilities and a revolving credit
    facility.&#160;A portion of the Senior Secured Credit Facilities
    will mature after 7&#160;years and the remainder after
    7.5&#160;years. 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, including sublimits for swingline
    loans and letters of credit, will be available for up to
    7&#160;years to finance working capital needs and general
    corporate purposes of Clear Channel, including to finance the
    repayment of any Clear Channel Senior Notes (subject to certain
    restrictions) and other transactions not otherwise prohibited.
    If availability under the Receivables Backed Credit Facility is
    less than $750&#160;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. The term loan
    facilities provide for quarterly amortization commencing after
    the second or third anniversary of the merger. The Senior
    Secured Credit Facilities are expected to bear interest at a
    rate per annum equal to (a)&#160;at the borrower&#146;s option,
    LIBOR or base rate (the greater of (i)&#160;the prime rate
    announced by Citibank N.A. or its affiliates and (ii)&#160;the
    federal funds effective rate plus 0.50%) plus (b)&#160;an
    applicable margin, which will be subject to reduction pursuant
    to a leverage-based pricing grid. Customary unutilized
    commitment and facility fees will be paid on the undrawn
    portions under the Senior Secured Credit Facilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>$1.0 Billion Receivables Backed Credit Facility:&#160;</I>a
    multicurrency asset-based receivables credit facility which
    matures in 6&#160;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&#160;million on the closing of the merger, the
    Senior Secured Credit Facilities will be increased by the amount
    of such shortfall. The Receivables Backed Credit Facility is
    expected to bear interest at a rate per annum equal to
    (a)&#160;at the borrower&#146;s option, LIBOR or base rate plus
    (b)&#160;an applicable margin, which will be subject to
    reduction pursuant to a leverage-based pricing grid. Customary
    unutilized commitment fees will be paid on the undrawn portion
    under the Receivables Backed Credit Facility.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>$2.6 Billion Senior Bridge Facility (or New Senior
    Notes):&#160;</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. The Senior Bridge Facility is expected to bear
    interest at a rate per annum equal to LIBOR plus an applicable
    margin, which will be subject to periodic increase subject to a
    maximum interest rate. Clear Channel will have the right to
    elect to pay interest on a portion of the Senior Bridge Facility
    in cash or by adding 50% or 100% (at its election) of accrued
    interest to the principal amount of the Senior Bridge Facility.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    48
</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"><FONT size="1">

</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">
    The arrangements governing the Debt Financing are expected to
    contain customary representations and warranties, affirmative
    and negative covenants, events of default, mandatory prepayment
    or redemption requirements and other provisions as may be
    customary for the type of Debt Financing. Although the Debt
    Financing remains subject to negotiation and completion of
    definitive documentation, covenants will include, among others,
    restrictions on the ability of Clear Channel and its restricted
    subsidiaries to incur indebtedness and liens, dispose of assets,
    enter into mergers, make dividends and other payments in respect
    of capital stock of Clear Channel, make acquisitions and
    investments and make payments of certain debt. The Senior
    Secured Credit Facilities are also expected to contain a senior
    secured leverage maintenance test and an event of default upon a
    change of control. If an event of default occurs and is
    continuing under the Senior Secured Credit Facilities, it is
    anticipated that the agent and lenders thereunder will be
    entitled to terminate any outstanding commitments, declare all
    amounts owing thereunder immediately due and payable and
    exercise any other remedies available under the definitive
    documentation, including with respect to any credit support, and
    under applicable law. Although credit support for the Debt
    Financing will be provided by the direct parent company of Clear
    Channel, Clear Channel and material wholly owned domestic
    subsidiaries of Clear Channel (other than those that are
    designated as unrestricted and others to be agreed), the
    restrictive covenants contained in the Debt Financing will apply
    only to Clear Channel and its subsidiaries (other than those
    that are designated as unrestricted). Holdings will not be
    subject to the arrangement and requirements of the Debt
    Financing.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    There can be no assurance that the actual debt financing
    arrangements will be consistent with the Debt Financing
    described above. The foregoing describes the Debt Financing
    currently contemplated by the Debt Commitment Letter, which will
    not be arranged or finalized prior to the record date for the
    Shareholders&#146; Meeting or Election Deadline, as the actual
    debt financing arrangements and agreements governing them are
    not expected to be finalized until shortly before the effective
    time 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">
    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)&#160;adversely amend the
    conditions to the debt financing set forth in the Debt
    Commitment Letter in any material respect, (ii)&#160;reasonably
    be expected to delay or prevent the closing of the merger, or
    (iii)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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. The availability of the Debt
    Financing under the Debt Commitment Letter is subject to
    customary closing conditions (including as set forth below under
    &#147;Financing&#160;&#151; Debt Financing&#148;). 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. As of the
    date of this proxy statement/prospectus, no alternative
    financing arrangements or alternative financing plans have been
    made in the event the debt financing arrangements described
    herein is not available as contemplated. Subject to the
    provisions of the merger agreement, the terms, structures and
    amounts of any alternative financing may materially differ from
    the Debt Financing. There can be no assurances that conditions
    to availability of the Debt Financing can be satisfied or that
    alternative financing will be available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt financing arrangements are subject to change (whether
    as a result of market conditions, alternative financing
    arrangements 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    49
</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 -->
<A name='140'>


<!-- link1 "Dividend Policy" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Dividend
    Policy</FONT></B>
</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">
    We currently do not intend to pay regular quarterly cash
    dividends on the shares of Class&#160;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)&#160;Holdings&#146;
    <FONT style="white-space: nowrap">and/or</FONT> Clear
    Channel&#146;s ability to incur debt, cash resources, results of
    operations, financial position, and capital requirements,
    (2)&#160;timing and proceeds realized from asset sales,
    (3)&#160;regulatory changes and (4)&#160;any limitations imposed
    by Holdings&#146; or Clear Channel&#146;s creditors. Clear
    Channel&#146;s debt financing arrangements are expected to
    include restrictions on its ability to pay dividends and make
    other payments to Holdings. 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>
<A name='141'>


<!-- link1 "DESCRIPTION OF BUSINESS OF HOLDINGS" -->


<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">DESCRIPTION
    OF BUSINESS OF HOLDINGS</FONT></B>
</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">
    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"><FONT size="1">

</FONT></DIV>
<A name='142'>


<!-- link1 "MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF CC MEDIA HOLDINGS, INC." -->


<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">MANAGEMENT&#146;S
    DISCUSSION AND ANALYSIS OF THE FINANCIAL CONDITION AND RESULTS
    OF OPERATIONS OF CC MEDIA HOLDINGS, INC.</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Holdings was formed by the Sponsors in May 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
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006 and its Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2007, each of which are
    incorporated by reference herein.
</DIV>
<A name='143'>


<!-- link1 "BOARD OF DIRECTORS AND MANAGEMENT OF HOLDINGS" -->


<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">BOARD OF
    DIRECTORS AND MANAGEMENT OF HOLDINGS</FONT></B>
</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">
    The following section sets forth information as of July&#160;9,
    2007, regarding individuals who currently serve as our directors
    and executive officers, as well as those individuals who we
    expect to serve as our directors and executive officers
    following consummation of the merger.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Current
    Board of Directors and Executive Officers</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">
    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 our current executive
    officers and directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Scott M. Sperling
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">49
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">President and Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Steve Barnes
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">47
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Richard J. Bressler
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">49
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Charles A. Brizius
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">38
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John Connaughton
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">41
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ed Han
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">32
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ian K. Loring
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">41
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Kent R. Weldon
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">39
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    50
</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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Anticipated
    Board of Directors and Executive Officers</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">
    Following the consummation of the merger, we will increase the
    size of our board of directors from eight to twelve members.
    Holders of our Class&#160;A common stock, voting as a separate
    class, will be entitled to elect two members of the board.
    However, since the unaffiliated shareholders and optionholders
    of Clear Channel that elect to receive shares of our
    Class&#160;A Common Stock will hold at most 30% of the
    outstanding capital stock and voting power of Holdings after the
    merger, such holders will not have the voting power to elect the
    remaining 10 members of our board. Pursuant to a voting
    agreement we have entered into with the Highfields Funds,
    immediately following the effective time of the merger one of
    the members of the board who are to be elected by holders of our
    Class&#160;A Common Stock will be selected by Highfields
    Management and the other director will be selected by our
    nominating committee after consultation with Highfields
    Management and any holder owning three percent or more of the
    total outstanding equity securities of Holdings. These directors
    will serve until our next shareholders meeting. In addition,
    until the Highfields Funds own less than five percent of the
    outstanding voting securities of Holdings issued as Stock
    Consideration, Holdings will nominate two candidates for
    election by the holders of Class&#160;A Common Stock, of which
    one candidate will be selected by Highfields Management (which
    candidate will serve on our nominating and governance committee)
    and one candidate will be selected by Holdings&#146; nominating
    committee after consultation with Highfields Management and any
    public holder owning three percent or more of the total
    outstanding equity securities of Holdings.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth information regarding the
    individuals who are expected to serve as our directors and
    executive officers following consummation of the merger.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<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="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Age</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Position</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark P. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">43
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director and Chief Executive
    Officer
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Randall T. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">41
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director and President
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Scott M. Sperling
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">49
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Steve Barnes
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">47
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Richard J. Bressler
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">49
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Charles A. Brizius
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">38
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John Connaughton
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">41
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ed Han
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">32
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Ian K. Loring
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">41
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Kent R. Weldon
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">39
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">L. Lowry Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">71
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <FONT style="font-size: 10pt">Chairman Emeritus
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Paul J. Meyer
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">64
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">Global President and Chief
    Operating Officer &#151; Clear Channel Outdoor, Inc.
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John E. Hogan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD nowrap align="right" valign="top">
    <FONT style="font-size: 10pt">50
    </FONT>
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <FONT style="font-size: 10pt">President/Chief Executive Officer
    &#151; Clear Channel Radio
    </FONT>
</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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Biographies</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; 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>Mark P. Mays </I>served as Clear Channel&#146;s President and
    Chief Operating Officer from February 1997 until his appointment
    as its President and Chief Executive Officer in October 2004. He
    relinquished his duties as President in February 2006.
    Mr.&#160;Mark Mays has been one of Clear Channel&#146;s
    directors since May 1998. Mr.&#160;Mark Mays is the son of L.
    Lowry Mays, Clear Channel&#146;s Chairman of the Board and the
    brother of Randall T. Mays, Clear Channel&#146;s President and
    Chief Financial Officer.
</DIV>

<DIV style="margin-top: 3pt; 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>Randall T. Mays </I>was appointed as Clear Channel&#146;s
    Executive Vice President and Chief Financial Officer in February
    1997. He was appointed Clear Channel&#146;s President in
    February 2006. Mr.&#160;Randall Mays is the son of L. Lowry
    Mays, Clear Channel&#146;s Chairman of the Board and the brother
    of Mark P. Mays, Clear Channel&#146;s Chief Executive Officer.
</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>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.&#160;Sperling is also President of TH Lee
    Putnam Capital. Prior to joining Thomas H. Lee Partners, L.P. in
    1994, Mr.&#160;Sperling was, for over ten years, Managing
    Partner of The Aeneas Group,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    51
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Inc., the private capital affiliate of Harvard Management
    Company. Prior to that, Mr.&#160;Sperling was a senior
    consultant with the Boston Consulting Group. Mr.&#160;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.&#160;Sperling holds a B.S. from Purdue University
    and an M.B.A. from the Harvard Graduate School of Business
    Administration.
</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>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&#160;&#038; Acquisitions Support Group of
    PricewaterhouseCoopers. Mr.&#160;Barnes 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
    <FONT style="white-space: nowrap">Make-A-Wish</FONT>
    Foundation of Massachusetts, the United Way of Massachusetts
    Bay, the Trust&#160;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 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>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.&#160;Bressler was employed by Viacom, Inc. from May
    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.&#160;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 1995 to June 1999. Prior to
    joining Time Inc. in 1988, Mr.&#160;Bressler was a partner with
    the accounting firm of Ernst&#160;&#038; Young since 1979.
    Mr.&#160;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.&#160;Bressler is a member of the J.P.&#160;Morgan Chase
    National Advisory Board. Mr.&#160;Bressler holds a B.B.A. from
    Adelphi University.
</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>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.&#160;Brizius was employed by Morgan
    Stanley&#160;&#038; Co. Incorporated in the Corporate Finance
    Department as part of the Financial Institutions Group.
    Mr.&#160;Brizius has also worked as a securities analyst at The
    Capital Group Companies, Inc., an institutional money management
    firm. Mr.&#160;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.&#160;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 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>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.&#160;Connaughton was a consultant at
    Bain&#160;&#038; Company, Inc., where he advised Fortune
    500&#160;companies. Mr.&#160;Connaughton currently serves as a
    director of Warner Music Group Corp., AMC Theatres, Cumulus
    Media Partners, Sungard Data Systems, Hospital Corporation of
    America (HCA), MC 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.&#160;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"><FONT size="1">

</FONT></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>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.&#160;Han was a consultant at
    McKinsey&#160;&#038; Company. Mr.&#160;Han received a B.A. from
    Harvard College and an M.B.A. from the Harvard Graduate School
    of Business Administration.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    52
</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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Ian K. Loring </I>is a Managing Director at Bain Capital
    Partners, LLC. Prior to joining Bain Capital Partners, LLC in
    1996, Mr.&#160;Loring was a Vice President of Berkshire
    Partners, with experience in technology, media and
    telecommunications industries. Mr.&#160;Loring serves on the
    Boards of Directors of Warner Music Group, Eschelon, NXP and
    Cumulus Media Partners as well as other private companies.
    Mr.&#160;Loring received a B.A. from Trinity College and an MBA
    from the Harvard Graduate School of Business Administration.
</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>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.&#160;Weldon was employed by Morgan Stanley and Co.
    Incorporated in the Corporate Finance Department as part of the
    Financial Institutions Group. Mr.&#160;Weldon has also worked as
    a securities analyst at Wellington Management Company, an
    institutional money management firm. Mr.&#160;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.&#160;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>

<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>L.&#160;Lowry Mays </I>is the founder of Clear Channel and
    was its Chairman and Chief Executive Officer from February 1997
    to October 2004. Since that time, Mr.&#160;Lowry Mays has served
    as Clear Channel&#146;s Chairman of the Board. He has been one
    of its directors since Clear Channel&#146;s inception.
    Mr.&#160;Lowry Mays is the father of Mark P. Mays, currently
    Clear Channel&#146;s Chief Executive Officer, and Randall T.
    Mays, currently Clear Channel&#146;s President/Chief Financial
    Officer and Secretary.
</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>Paul J. Meyer </I>has served as the Global President/Chief
    Operating Officer for Clear Channel Outdoor Holdings, Inc.
    (formerly Eller Media) since April 2005. Prior thereto, he was
    the President/Chief Executive Officer for Clear Channel Outdoor
    Holdings, Inc. for the remainder of the relevant five-year
    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">
    <I>John E. Hogan </I>was appointed Chief Executive Officer of
    Clear Channel Radio in August 2002. Prior thereto he was Chief
    Operating Officer of Clear Channel Radio for the remainder of
    the relevant five-year period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Committees
    of the Board of Directors</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">
    We anticipate establishing three committees: a compensation
    committee, an audit committee, and a nominating and governance
    committee. As of the date of this proxy statement/prospectus
    none of these committees have been formed nor have the charters
    that will govern their operations been adopted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Director
    Compensation</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">
    Directors who are not officers or employees of Holdings may
    receive customary retainers for their service on the board of
    directors
    <FONT style="white-space: nowrap">and/or</FONT>
    committees of the board and may receive shares or options to
    purchase shares of our Class&#160;A Common Stock as determined
    by the board of directors. We do not anticipate paying retainers
    or granting stock or options to directors who are also officers
    or employees of Holdings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Compensation
    and Governance Committee Interlocks and Insider
    Participation</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">
    As of the date of this proxy statement/prospectus we have not
    established either our compensation committee or nominating and
    governance committee. None of the individuals who we anticipate
    will serve as our executive officers serve as a member of the
    board of directors or compensation committee of any entity that
    has an executive officer who will serve on our board of
    directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Independence
    of Directors</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">
    None of the individuals that we identify in this proxy
    statement/prospectus as individuals we anticipate will serve as
    members of our board of directors following consummation of the
    merger will be considered independent under the listing
    standards of the New York Stock Exchange. We anticipate that the
    directors to be initially selected by Highfields Management and
    our nominating committee in consultation with Highfields
    Management immediately following the consummation of the merger
    will be considered independent under the applicable securities
    laws, executive compensation requirements, and stock exchange
    listing standards.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    53
</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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Compensation
    of our Named Executive Officers</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">
    We have not disclosed the historical compensation information
    with respect to the individuals we anticipate will serve as our
    named executive officers (including our principal executive
    officer and our principal financial officer) since we are of the
    view that, as a new publicly held company, the disclosure of
    historical compensation for these individuals would not
    accurately reflect the compensation programs and philosophies
    that we intend to implement following the consummation of the
    merger. We are in the process of adopting and will continue to
    develop our own compensation programs and anticipate that each
    of the individuals who we anticipate will be named executive
    officers will be covered by these programs following
    consummation of the merger, except as noted below. A more
    detailed description of our anticipated compensation program can
    be found below under the heading &#147;Compensation Discussion
    and Analysis.&#148; In addition, for a description of our
    employment agreements with our named executive officers, see
    &#147;Employment Agreements with Named Executive Officers.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Compensation
    Discussion and Analysis</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Introduction</FONT></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">
    The following is a discussion of the executive compensation
    program that we expect to put in place following consummation of
    the merger. Though certain aspects of the program are set to be
    implemented upon consummation of the merger, the program as a
    whole will not be finalized until after we consummate the merger
    and will be subject to the review and approval of our
    compensation committee.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Overview
    and Objectives of Holdings&#146; Compensation Program</FONT></I>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    We believe that compensation of our executive and other officers
    and senior managers should be directly and materially linked to
    operating performance. The fundamental objective of our
    compensation program is to attract, retain and motivate top
    quality executive and other officers through compensation and
    incentives which are competitive with the various labor markets
    and industries in which we compete for talent and which align
    the interests of our officers and senior management with the
    interests of our shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Overall, our compensation program will be designed to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    support our business strategy and business plan by clearly
    communicating what is expected of executives with respect to
    goals and results and by rewarding achievement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    recruit, motivate and retain executive talent;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create a strong performance alignment with shareholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We seek to achieve these objectives through a variety of
    compensation elements:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    annual base salary;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an annual incentive bonus, the amount of which is dependent on
    Holdings and, for most executives, individual performance during
    the prior fiscal year;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    long-term incentive compensation, delivered in the form of stock
    options grants and restricted stock awards that are awarded
    based on the prior year&#146;s performance and other factors
    described below, and that are designed to align executive
    officers&#146; interests with those of shareholders by rewarding
    outstanding performance and providing long-term
    incentives;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other executive benefits and perquisites.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compensation
    Practices</FONT></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">
    We anticipate that the compensation committee will annually
    determine total compensation, as well as the individual
    components of such compensation, for each of our named executive
    officers, except for Paul&#160;J. Meyer, President and Chief
    Executive Officer of Clear Channel Outdoor Holdings, Inc.
    (&#147;CCOH&#148;), an indirect publicly traded subsidiary of
    Holdings. Mr.&#160;Meyer&#146;s compensation will be determined
    by CCOH&#146;s compensation committee. Accordingly, any
    references contained in this Compensation Discussion and
    Analysis regarding the compensation
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    54
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    committee and any subcommittee thereof making compensation
    decisions with respect to our executive officers, excludes
    Mr.&#160;Meyer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that compensation objectives will be developed
    based on market pay data from proxy statements and other
    sources, when available, of leading media companies identified
    as our key competitors for business
    <FONT style="white-space: nowrap">and/or</FONT>
    executive talent (&#147;Media Peers&#148;). Individual pay
    components and total compensation will be bench marked against
    the appropriate Media Peers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 connection with the merger agreement, the Fincos and L. Lowry
    Mays, Clear Channel&#146;s current Chairman of the Board of
    Directors, Mark P. Mays, Clear Channel&#146;s current Chief
    Executive Officer/Chief Operating Officer, and Randall T. Mays,
    Clear Channel&#146;s current President/Chief Financial Officer,
    entered into a letter agreement (the &#147;Letter
    Agreement&#148;), which provide that Mr.&#160;L. Mays&#146;,
    Mr.&#160;M. Mays&#146; and Mr.&#160;R. Mays&#146; existing
    employment agreements with Clear Channel will be terminated
    effective at the effective time of the merger and replaced with
    new five-year employment agreements with Holdings pursuant to
    which L. Lowry Mays will be employed as Chairman Emeritus of the
    Board of Directors, Mark P. Mays as Chief Executive Officer and
    Randall T. Mays as President. We anticipate that following
    consummation of the merger the compensation of each of the other
    named executive officers will be governed by their existing
    employment agreements with Clear Channel. The employment
    agreements for each of our named executive officers will
    generally set forth information regarding base salary, annual
    incentive bonus, long-term incentive compensation and other
    employee benefits. All compensation decisions with respect to
    the named executive officers will be made within the scope of
    their respective employment agreements. For a further
    description of the employment agreements of our named executive
    officers, please refer to the &#147;Employment Agreements with
    the Named Executive Officers&#148; section of this proxy
    statement/prospectus. In making decisions with respect to each
    element of executive compensation, we expect our compensation
    committee will consider the total compensation that may be
    awarded to the officer, including salary, annual bonus and
    long-term incentive compensation. Multiple factors may be
    considered in determining the amount of total compensation (the
    sum of base salary, annual incentive bonus and long-term
    incentive compensation delivered through stock option grants and
    restricted stock awards) to award the executive officers each
    year. Among these factors may be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    how proposed amounts of total compensation to our executives
    compare to amounts paid to similar executives by Media Peers
    both for the prior year and over a multi-year period;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the value of any stock options and shares of restricted stock
    previously awarded;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    internal pay equity considerations;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    broad trends in executive compensation generally.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 addition, in reviewing and approving employment agreements
    for named executive officers, the compensation committee may
    consider the other benefits to which the officer may be entitled
    by <FONT style="white-space: nowrap">his/her</FONT>
    employment agreement, including compensation payable upon
    termination of the agreement under a variety of circumstances.
    We expect the compensation committee&#146;s goal will be to
    award compensation that is reasonable when all elements of
    potential compensation are considered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The initial compensation for our named executive officers will
    be consistent with the level of compensation each receives under
    his existing employment agreement with Clear Channel.
    Compensation will be reviewed by our compensation committee on
    an annual basis and at the time of promotion or other change in
    responsibilities. Increases in salary will based on subjective
    evaluation of such factors as the level of responsibility,
    individual performance, level of pay both of the executive in
    question and other similarly situated executive officers of
    Media Peers, and competitive pay levels.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Elements
    of Compensation</FONT></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">
    The compensation committee will work to establish a combination
    of various of elements of compensation that best serves the
    interest of Holdings and its shareholders. Having a variety of
    compensation elements will enable us to meet the requirements of
    the highly competitive environment in which we will operate
    following consummation of the merger while ensuring our
    executive officers will be compensated in a way that advances
    the interests of all our shareholders. We anticipate that under
    this approach executive compensation will involve a significant
    portion
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    55
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of pay that is &#147;at risk,&#148; namely, annual incentive
    bonuses. We anticipate that annual incentive bonuses will be
    based largely on our financial performance relative to goals
    that will be established at the start of each fiscal year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that our practices with respect to each of the
    elements of executive compensation will be as set forth below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Base
    Salary</FONT></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">
    <U>Purpose.</U>&#160;&#160;The objective of base salary will be
    to reflect job responsibilities, value to Holdings and
    individual performance with respect to our market
    competitiveness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Considerations.</U>&#160;&#160;Minimum base salaries for our
    named executive officers and the amount of any increase over
    these minimum salaries will be determined by our compensation
    committee based on a variety of factors, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the nature and responsibility of the position and, to the extent
    available, salary norms for persons in comparable positions at
    Media Peers;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the expertise of the individual executive;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the competitiveness of the market for the executive&#146;s
    services;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the recommendations of the our chief executive officer (except
    in the case of his own compensation).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 setting base salaries, the compensation committee will
    consider the importance of linking a significant proportion of
    the executive officers&#146; compensation to performance in the
    form of the annual incentive bonus, which is tied to both our
    financial performance measures and individual performance, as
    well as long-term stock-based compensation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Annual
    Incentive Bonus</FONT></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">
    <U>Purpose.</U>&#160;&#160;Our executive compensation program
    will provide for an annual incentive bonus that is
    performance-linked. The objective of the annual incentive bonus
    compensation element is to compensate individuals based on the
    achievement of specific goals that are intended to correlate
    closely with growth of long-term shareholder value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Administration.</U>&#160;&#160;Annual incentive bonus may
    consist of cash, stock options and restricted stock awards. We
    anticipate that the total amount of annual incentive bonus
    awards will be determined according to the level of achievement
    of both the objective performance and individual performance
    goals. Below a minimum threshold level of performance, no awards
    will be granted pursuant to the objective performance goal, and
    the compensation committee may, in its discretion, reduce the
    awards pursuant to either objective or individual performance
    goals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Considerations.</U>&#160;&#160;We anticipate that the annual
    incentive bonus process for each of the named executive
    officers, will involve
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    At the outset of the fiscal year:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Set performance goals for the year for Holdings and each
    participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Set a target bonus for each individual.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    After the end of the fiscal year:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Measure actual performance (individual and company-wide)
    against the predetermined Holdings&#146; and individual
    performance goals to determine the preliminary bonus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Make adjustments to the resulting preliminary bonus
    calculation to reflect Holdings&#146; performance relative to
    the performance of the Media Peers.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    56
</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: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Long-Term
    Incentive Compensation</FONT></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">
    <U>Purpose.</U>&#160;&#160;The long term incentive program may
    include awards of equity or cash to certain executive officers.
    The objective of the program is to align compensation for
    executive officers over a multi-year period directly with the
    interests of our shareholders by motivating and rewarding
    creation and preservation of long-term shareholder value. The
    level of long-term incentive compensation will be determined
    based on an evaluation of competitive factors in conjunction
    with total compensation provided to named executive officers and
    the overall goals of the compensation program described above.
    Long-term incentive compensation may be paid in part in cash,
    stock options and restricted stock. Additionally, we may from
    time to time grant equity awards to the named executive officers
    that are not pursuant to pre-determined performance goals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Executive
    Benefits and Perquisites</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    We anticipate that we will provide certain personal benefits to
    our executive officers. Consistent with Clear Channel&#146;s
    past practice, based upon the findings and recommendation of an
    outside security consultant, we will direct our Chairman,
    Chairman Emeritus, Chief Executive Officer, and president to
    utilize a Holdings airplane for all business and personal air
    travel. With the approval of the Chief Executive Officer, other
    executive officers and members of management are permitted
    limited personal use of corporate-owned aircraft. We also expect
    that, consistent with Clear Channel&#146;s past practice, our
    Chairman, Chairman Emeritus, Chief Executive Officer, and
    president will be provided security services, including home
    security systems and monitoring and, in the case of the Chairman
    and Chairman Emeritus, personal security services.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Additionally, we anticipate that we will pay for additional
    personal benefits for certain named executive officers in the
    form of personal club memberships, personnel who provide
    personal accounting and tax services, security personnel who
    provide personal security services and reimbursement for
    employee holiday gifts. Also, we anticipate making limited
    matching contributions under a 401(k) plan.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Change-in-Control</FONT>
    and Severance Arrangements</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    See the discussion of change in control and severance
    arrangements with respect to L. Lowry Mays, Mark P. Mays,
    Randall T. Mays, John Hogan and Paul Meyer under the heading
    &#147;Potential Post-Employment Payments&#148; on page&#160;60.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Tax and
    Accounting Treatment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Deductibility
    of Executive Compensation</FONT></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">
    Section&#160;162(m) of the Internal Revenue Code (as interpreted
    by IRS Notice 2007-49) places a limit of $1,000,000 on the
    amount of compensation Holdings may deduct for federal income
    tax purposes in any one year with respect to its chief executive
    officer and the next three most highly compensated officers
    (other than the chief financial officer), which we referred to
    herein as the &#147;Covered Employees.&#148; However,
    performance-based compensation that meets certain requirements
    is excluded from this $1,000,000 limitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 reviewing the effectiveness of the executive compensation
    program, the compensation committee will consider the
    anticipated tax treatment to Holdings and to the Covered
    Employees of various payments and benefits. However, the
    deductibility of certain compensation payments depends upon the
    timing of a Covered Employee&#146;s vesting or exercise of
    previously granted equity awards, as well as interpretations and
    changes in the tax laws and other factors beyond the
    compensation committee&#146;s control. For these and other
    reasons, including to maintain flexibility in compensating the
    named executive officers in a manner designed to promote varying
    corporate goals, the compensation committee may not necessarily,
    or in all circumstances, limit executive compensation to that
    which is deductible under Section&#160;162(m) of the Internal
    Revenue Code.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Corporate
    Services 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">
    In connection with CCOH&#146;s initial public offering, Clear
    Channel and CCOH entered into a corporate services agreement.
    Under the terms of the agreement, Clear Channel provides, among
    other things, executive officer services to CCOH. These
    executive officer services are charged to CCOH based on actual
    direct costs incurred or
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    57
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    allocated by Clear Channel. It is anticipated that this
    agreement and the services provided thereunder will be
    maintained, consistent with past practice, following
    consummation of the merger.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Employment
    Agreements with Named Executive Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>

</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">L. Lowry
    Mays</FONT></I>
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</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">
    Upon consummation of the merger, L. Lowry Mays will be employed
    by Holdings as its chairman emeritus. Mr.&#160;L. Mays&#146;
    employment agreement provides for a term of five years and will
    be automatically extended for consecutive one year periods
    unless terminated by either party. Mr.&#160;L. Mays will receive
    an annual salary of $250,000 and benefits and perquisites
    consistent with his existing arrangement with Clear Channel.
    Mr.&#160;L. Mays also will be eligible to receive an annual
    bonus in an amount to be determined by the board of directors of
    Holdings, in its sole discretion, provided, however, that if in
    any year Holdings achieves at least eighty percent (80%) of the
    budgeted OIBDAN for the given year, Mr.&#160;L. Mays&#146;
    annual bonus for that year will be no less than $1,000,000.
    Mr.&#160;L. 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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Mark P.
    Mays</FONT></I>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Upon consummation of the merger, Mark P. Mays will be employed
    by Holdings as its chief executive officer. The employment
    agreement provides for a term of five years and will be
    automatically extended for consecutive one year periods unless
    12&#160;months prior notice of non-renewal is provided by the
    terminating party. Mr.&#160;M. Mays will receive an annual base
    salary of not less than $895,000 and benefits and perquisites
    consistent with his existing arrangement with Clear Channel
    (including
    <FONT style="white-space: nowrap">&#147;gross-up&#148;</FONT>
    payments for excise taxes that may be payable by Mr.&#160;M.
    Mays). Mr.&#160;M. Mays also will be eligible to receive an
    annual bonus in an amount to be determined by the board of
    directors of Holdings, in its sole discretion, provided,
    however, that if in any year Holdings achieves at least eighty
    percent (80%) of the budgeted OIBDAN for the given year,
    Mr.&#160;M. Mays&#146; annual bonus for that year will be no
    less than $6,625,000. Mr.&#160;M. Mays also will agree to be
    bound by customary covenants not to compete and not to solicit
    employees during the term of his agreement and for two years
    following termination. Additionally, Mr.&#160;M. Mays will
    receive an equity incentive award pursuant to Holdings&#146;
    equity incentive plan of options to purchase shares of Holdings
    stock equal to 2.5% of the fully diluted equity of Holdings.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Randall
    T. Mays</FONT></I>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Upon consummation of the merger, Randall T. Mays will be
    employed by Holdings as its president. The employment agreement
    provides for a term of five years and will be automatically
    extended for consecutive one year periods unless 12&#160;months
    prior notice of non-renewal is provided by the terminating
    party. Mr.&#160;R. Mays will receive an annual base salary of
    not less than $868,333 and benefits and perquisites consistent
    with his existing arrangement with Clear Channel (including
    <FONT style="white-space: nowrap">&#147;gross-up&#148;</FONT>
    payments for excise taxes that may be payable by Mr.&#160;R.
    Mays). Mr.&#160;R. Mays also will be eligible to receive an
    annual bonus in an amount to be determined by the board of
    directors of Holdings, in its sole discretion, provided,
    however, that if in any year Holdings achieves at least eighty
    percent (80%) of the budgeted OIBDAN for the given year,
    Mr.&#160;R. Mays&#146; annual bonus for that year will be no
    less than $6,625,000. Mr.&#160;R. Mays also will agree to be
    bound by customary covenants not to compete and not to solicit
    employees during the term of his agreement and for two years
    following termination. Additionally, Mr.&#160;R. Mays will
    receive an equity incentive award pursuant Holdings&#146; equity
    incentive plan of options to purchase shares of Holdings stock
    equal to 2.5% of the fully diluted equity of Holdings.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    We will indemnify each of L. Lowry Mays, Mark P. Mays and
    Randall T. Mays from any losses incurred by them because they
    were made a party to a proceeding as a result of their being an
    officer of Holdings. Furthermore, any expenses incurred by them
    in connection with any such action shall be paid by us in
    advance upon request that we pay such expenses, but only in the
    event that they shall have delivered in writing to us
    (i)&#160;an undertaking to reimburse us for such expenses with
    respect to which they are not entitled to indemnification, and
    (ii)&#160;an affirmation of their good faith belief that the
    standard of conduct necessary for indemnification by us has been
    met.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Each of these employment agreements provides for severance and
    <FONT style="white-space: nowrap">change-in-control</FONT>
    payments as more fully described under the heading
    &#147;Potential Post-Employment Payments&#148; on page&#160;60
    of this proxy statement/
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    58
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    prospectus. The employment agreements also restrict their
    business activities that compete with the business of Holdings
    for a period of two years following certain events of
    termination.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    The Company defines OIBDAN to mean net income adjusted to
    exclude non-cash compensation expense and the following: results
    of discontinued operations, minority interest, net of tax;
    income tax benefit (expense); other income (expense)&#160;&#151;
    net; equity in earnings of non-consolidated affiliates; interest
    expense; gain on disposition of assets&#160;&#151; net; and
    depreciation and amortization.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    The following is a sample calculation of OIBDAN based upon Clear
    Channel&#146;s results of operations for the three months ended
    March&#160;31, 2007.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Operating<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Non-cash<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Depreciation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Gain on<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>income<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>compensation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Disposition of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(loss)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>expense</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>amortization</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>assets&#160;&#151;&#160;net</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIBDAN</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Radio Broadcasting
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    260,133
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,464
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    296,182
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Outdoor
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,367
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95,670
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    170,485
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Other
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,256
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    397
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,428
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Gain on disposition of <BR>
    assets&#160;&#151; net
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,297
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,297
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Corporate and Merger costs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (55,177
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,414
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,347
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (48,416
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Consolidated
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    284,957
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,642
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    147,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (5,297
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    435,679
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Paul J.
    Meyer</FONT></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">
    Paul J. Meyer&#146;s current employment agreement expires on
    August&#160;5, 2008 and will automatically extend one day at a
    time thereafter, unless terminated by either party. The
    agreement provides for Mr.&#160;Meyer to be the president and
    chief operating officer of CCOH for a base salary in the
    contract year beginning August&#160;5, 2007, of $650,000,
    subject to additional annual raises thereafter in accordance
    with CCOH&#146;s policies. Mr.&#160;Meyer is also eligible to
    receive a performance bonus as decided at the sole discretion of
    the board of directors and the compensation committee of CCOH.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Meyer may terminate his employment at any time upon one
    year&#146;s written notice. CCOH may terminate
    Mr.&#160;Meyer&#146;s employment without &#147;Cause&#148; upon
    one year&#146;s written notice. &#147;Cause&#148; is narrowly
    defined in the agreement. If Mr.&#160;Meyer is terminated
    without &#147;Cause,&#148; he is entitled to receive a lump sum
    payment of accrued and unpaid base salary and prorated bonus, if
    any, and any payments to which he may be entitled under any
    applicable employee benefit plan. Mr.&#160;Meyer is prohibited
    by his employment agreement from activities that compete with
    CCOH for one year after he leaves CCOH and he is prohibited from
    soliciting CCOH employees for employment for 12&#160;months
    after termination regardless of the reason for termination of
    employment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">John&#160;E.
    Hogan</FONT></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">
    Effective February&#160;1, 2004, Clear Channel Broadcasting,
    Inc. (&#147;CCB&#148;), a subsidiary of Clear Channel, entered
    into an employment agreement with John E. Hogan as President and
    Chief Executive Officer, Clear Channel Radio. The initial term
    of the agreement ended on January&#160;31, 2006, but now the
    agreement continues with a term of one year with automatic daily
    extensions until terminated by either 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">
    Mr.&#160;Hogan&#146;s current annual base salary is $750,000 and
    he will be eligible for additional annual raises commensurate
    with company policy. No later than March 31 of each calendar
    year during the term, Mr.&#160;Hogan will be eligible to receive
    a performance bonus. Mr.&#160;Hogan is also be entitled to
    participate in all pension, profit sharing, and other retirement
    plans, all incentive compensation plans, and all group health,
    hospitalization and disability or other insurance plans, paid
    vacation, sick leave and other employee welfare benefit plans in
    which other similarly situated employees may participate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Hogan is prohibited by the agreement from activities
    that compete with CCB or its affiliates for one year after he
    leaves CCB, and he is prohibited from soliciting CCB&#146;s
    employees for employment for 12&#160;months after termination
    regardless of the reason for termination of employment. However,
    after Mr.&#160;Hogan&#146;s employment with
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    59
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    CCB has terminated, upon receiving written permission from the
    board of directors of CCB, Mr.&#160;Hogan shall be permitted to
    engage in competing activities that would otherwise be
    prohibited by his employment agreement if such activities are
    determined in the sole discretion of the board of directors of
    CCB in good faith to be immaterial to the operations of CCB, or
    any subsidiary or affiliate thereof, in the location in
    question. Mr.&#160;Hogan is also prohibited from using
    CCB&#146;s confidential information at any time following the
    termination of his employment in competing, directly or
    indirectly, with CCB.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Hogan is entitled to reimbursement of reasonable
    attorney&#146;s fees and expenses and full indemnification from
    any losses related to any proceeding to which he may be made a
    party by reason of his being or having been an officer CCB or
    any of its subsidiaries (other than any dispute, claim or
    controversy arising under or relating to his employment
    agreement).
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Mr.&#160;Hogan&#146;s employment agreement provides for
    severance payments as more fully described under the heading
    &#147;Potential Post-Employment Payments&#148; on page&#160;60.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Potential
    Post-Employment Payments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Mark P.
    Mays and Randall T. Mays</FONT></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">
    The employment agreements for each of Mark P. Mays and Randall
    T. Mays, that will be effective upon consummation of the merger,
    provide for the following severance and
    <FONT style="white-space: nowrap">change-in-control</FONT>
    payments in the event that we terminate their employment without
    &#147;Cause&#148; or if the executive terminates for &#147;Good
    Reason.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under each executive agreement, &#147;Cause&#148; is defined as
    the executive&#146;s: (i)&#160;willful and continued failure to
    perform his duties, following 10&#160;days notice of the
    misconduct, (ii)&#160;willful misconduct that causes material
    and demonstrable injury, monetarily or otherwise, to Holdings,
    the Sponsors or any of their respective affiliates,
    (iii)&#160;conviction of, or plea of <I>nolo contendre</I> to, a
    felony or any misdemeanor involving moral turpitude that causes
    material and demonstrable injury, monetarily or otherwise, to
    Holdings, the Sponsors or any of their respective affiliates,
    (iv)&#160;committing any act of fraud, embezzlement or other act
    of dishonesty against Holdings or its affiliates, that causes
    material and demonstrable injury, monetarily or otherwise, to
    Holdings, the Sponsors or any of their respective affiliates,
    and (v)&#160;breach of any of the restrictive covenants in the
    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">
    The term &#147;Good Reason&#148; includes, subject to certain
    exceptions, (i)&#160;a reduction in the executive&#146;s base
    pay or annual incentive compensation opportunity,
    (ii)&#160;substantial diminution of the executive&#146;s title,
    duties and responsibilities, (iii)&#160;failure to provide the
    executive with the use of a company provided aircraft for
    personal travel, and (iv)&#160;transfer of the executive&#146;s
    primary workplace outside the city limits of San&#160;Antonio,
    Texas. An isolated, insubstantial and inadvertent action taken
    in good faith and which is remedied by us within ten days after
    receipt of notice thereof given by executive shall not
    constitute Good Reason.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 the executive is terminated by us without &#147;Cause&#148;
    or the executive resigns for &#147;Good Reason&#148; then the
    executive will receive (i)&#160;a lump-sum cash payment equal to
    his accrued but unpaid base salary through the date of
    termination, a prorated bonus (determined by reference to the
    executive&#146;s bonus opportunity for the year in which the
    termination occurs or, if such bonus opportunity has not yet
    been determined, the prior year) and accrued vacation pay
    through the date of termination, and (ii)&#160;a lump-sum cash
    payment equal to three times the sum of the executive&#146;s
    base salary and bonus (using the bonus paid to executive for the
    year prior to the year in which termination occurs).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 addition, in the event that the executive&#146;s employment
    is terminated by us without &#147;Cause&#148; or by the
    executive for &#147;Good Reason,&#148; we shall maintain in full
    force and effect, for the continued benefit of the executive,
    his spouse and his dependents for a period of three years
    following the date of termination, the medical, hospitalization,
    dental, and life insurance programs in which the executive, his
    spouse and his dependents were participating immediately prior
    to the date of termination, at the level in effect and upon
    substantially the same terms and conditions (including without
    limitation contributions required by executive for such
    benefits) as existed immediately prior to the date of
    termination. However, if the executive, his spouse or his
    dependents cannot continue to participate in our programs
    providing such benefits, we shall arrange to provide the
    executive, his spouse and his dependents with the economic
    equivalent of such benefits which they otherwise would have been
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    60
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    entitled to receive under such plans and programs. The aggregate
    value of these continued benefits are capped at $50,000, even if
    the cap is reached prior to the end of the three year period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 the executive&#146;s employment is terminated by us for Cause
    or by the executive other than for Good Reason, (i) we will pay
    executive his base salary, bonus and his accrued vacation pay
    through the date of termination, as soon as practicable
    following the date of termination; (ii)&#160;we will reimburse
    executive for reasonable expenses incurred, but not paid prior
    to such termination of employment; and (iii)&#160;executive
    shall be entitled to any other rights, compensation
    <FONT style="white-space: nowrap">and/or</FONT>
    benefits as may be due to executive in accordance with the terms
    and provisions of any of our agreements, plans or programs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During any period that executive fails to perform his duties
    hereunder as a result of incapacity due to physical or mental
    illness, executive shall continue to receive his full base
    salary until his employment is terminated. If, as a result of
    executive&#146;s incapacity due to physical or mental illness,
    executive shall have been substantially unable to perform his
    duties hereunder for an entire period of six consecutive months,
    and within 30&#160;days after written notice of termination is
    given after such six month period, executive shall not have
    returned to the substantial performance of his duties on a
    full-time basis, Holdings will have the right to terminate his
    employment for disability. In the event executive&#146;s
    employment is terminated for disability: (i)&#160;Holdings will
    pay to executive his base salary, bonus and accrued vacation pay
    through the date of termination. If executive&#146;s employment
    is terminated by his death Holdings will pay in a lump sum to
    executive&#146;s beneficiary, legal representatives or estate,
    as the case may be, executive&#146;s base salary, bonus and
    accrued vacation pay through the date of his death.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top">
    <TD>

</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times">L. Lowry
    Mays</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The employment agreements for L. Lowry Mays, that will be
    effective upon consummation of the merger, provides for the
    following severance and
    <FONT style="white-space: nowrap">change-in-control</FONT>
    payments in the event that Holdings terminates his employment
    without &#147;Extraordinary Cause&#148; during the initial five
    year term of the 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">
    Under Mr.&#160;Mays&#146; agreement, &#147;Extraordinary
    Cause&#148; is defined as the executive&#146;s: (i)&#160;willful
    misconduct that causes material and demonstrable injury to
    Holdings, and (ii)&#160;conviction of a felony or other crime
    involving moral turpitude.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 Mr.&#160;Mays is terminated by us without &#147;Extraordinary
    Cause&#148; then he will receive (i)&#160;a lump-sum cash
    payment equal to his accrued but unpaid base salary through the
    date of termination, a prorated bonus (determined by reference
    to the executive&#146;s bonus opportunity for the year in which
    the termination occurs or, if such bonus opportunity has not yet
    been determined, the prior year) and accrued vacation pay
    through the date of termination, and (ii)&#160;a lump-sum cash
    payment equal to the base salary and bonus to which the
    executive would otherwise have been entitled to had he remained
    employed for the remainder of the then current term.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Paul J.
    Meyer</FONT></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">
    If Paul J. Meyer&#146;s employment with CCOH, is terminated by
    CCOH for Cause, CCOH will, within 90&#160;days, pay in a lump
    sum amount to Mr.&#160;Meyer his accrued and unpaid base salary
    and any payments to which he may be entitled under any
    applicable employee benefit plan (according to the terms of such
    plans and policies). A termination for Cause must be for one or
    more of the following reasons: (i)&#160;conduct by
    Mr.&#160;Meyer constituting a material act of willful misconduct
    in connection with the performance of his duties, including
    violation of CCOH&#146;s policy on sexual harassment,
    misappropriation of funds or property of CCOH, or other willful
    misconduct as determined in the sole discretion of CCOH;
    (ii)&#160;continued, willful and deliberate non-performance by
    Mr.&#160;Meyer of his duties hereunder (other than by reason of
    Mr.&#160;Meyer&#146;s physical or mental illness, incapacity or
    disability) where such non-performance has continued for more
    than 10&#160;days following written notice of such
    non-performance; (iii)&#160;Mr.&#160;Meyer&#146;s refusal or
    failure to follow lawful directives where such refusal or
    failure has continued for more than 30&#160;days following
    written notice of such refusal or failure; (iv)&#160;a criminal
    or civil conviction of Mr.&#160;Meyer, a plea of nolo contendere
    by Mr.&#160;Meyer, or other conduct by Mr.&#160;Meyer that, as
    determined in the sole discretion of the Board, has resulted in,
    or would result in if he were retained in his position with
    CCOH, material injury to the reputation of CCOH, including
    conviction of fraud, theft, embezzlement, or a crime involving
    moral turpitude; (v)&#160;a breach by Mr.&#160;Meyer of any of
    the provisions of his employment agreement; or (vi)&#160;a
    violation by Mr.&#160;Meyer of CCOH&#146;s employment policies.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    61
</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">
    If Mr.&#160;Meyer&#146;s employment with CCOH is terminated by
    CCOH without Cause, a one year&#146;s written notice is
    required. In the that event, CCOH will, within 90&#160;days
    after the effective date of the termination, pay in a lump sum
    amount to Mr.&#160;Meyer (i)&#160;his accrued and unpaid base
    salary and pro rated bonus, if any, and (ii)&#160;any payments
    to which he may be entitled under any applicable employee
    benefit plan (according to the terms of such plans and
    policies). Additionally, Mr.&#160;Meyer will receive a total of
    $600,000, paid pro rata over a one year period in accordance
    with CCOH&#146;s standard payroll schedule and practices, as
    consideration for Mr.&#160;Meyer&#146;s post-termination
    non-compete and non-solicitation obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 Mr.&#160;Meyer&#146;s employment with CCOH terminates by
    reason of his death, CCOH will, within 90&#160;days, pay in a
    lump sum amount to such person as Mr.&#160;Meyer shall designate
    in a notice filed with CCOH or, if no such person is designated,
    to Mr.&#160;Meyer&#146;s estate, Mr.&#160;Meyer&#146;s accrued
    and unpaid base salary and prorated bonus, if any, and any
    payments to which Mr.&#160;Meyer&#146;s spouse, beneficiaries,
    or estate may be entitled under any applicable employee benefit
    plan (according to the terms of such plans and policies). If
    Mr.&#160;Meyer&#146;s employment with CCOH terminates by reason
    of his disability (defined as Mr.&#160;Meyer&#146;s incapacity
    due to physical or mental illness such that Mr.&#160;Meyer is
    unable to perform his duties under this Agreement on a full-time
    basis for more than 90&#160;days in any 12&#160;month period, as
    determined by CCOH), CCOH shall, within 90&#160;days, pay in a
    lump sum amount to Mr.&#160;Meyer his accrued and unpaid base
    salary and prorated bonus, if any, and any payments to which he
    may be entitled under any applicable employee benefit plan
    (according to the terms of such plans and policies).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">John E.
    Hogan</FONT></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">
    If John E. Hogan&#146;s employment with Clear Channel
    Broadcasting, Inc., (&#147;CCB&#148;), is terminated by CCB for
    Cause, CCB will, within 45&#160;days, pay in a lump sum amount
    to Mr.&#160;Hogan his accrued and unpaid base salary and any
    payments to which he may be entitled under any applicable
    employee benefit plan (according to the terms of such plans and
    policies). A termination for Cause must be for one or more of
    the following reasons: (i)&#160;conduct by Mr.&#160;Hogan
    constituting a material act of willful misconduct in connection
    with the performance of his duties, including violation of
    CCB&#146;s policy on sexual harassment, misappropriation of
    funds or property of CCB, or other willful misconduct as
    determined in the sole reasonable discretion of CCB;
    (ii)&#160;continued, willful and deliberate non-performance by
    Mr.&#160;Hogan of his duties hereunder (other than by reason of
    Mr.&#160;Hogan&#146;s physical or mental illness, incapacity or
    disability) where such non-performance has continued for more
    than 10&#160;days following written notice of such
    non-performance; (iii)&#160;Mr.&#160;Hogan&#146;s refusal or
    failure to follow lawful directives where such refusal or
    failure has continued for more than 30&#160;days following
    written notice of such refusal or failure; (iv)&#160;a criminal
    or civil conviction of Mr.&#160;Hogan, a plea of nolo contendere
    by Mr.&#160;Hogan, or other conduct by Mr.&#160;Hogan that, as
    determined in the sole reasonable discretion of the Board, has
    resulted in, or would result in if he were retained in his
    position with CCB, material injury to the reputation of CCB,
    including conviction of fraud, theft, embezzlement, or a crime
    involving moral turpitude; (v)&#160;a material breach by
    Mr.&#160;Hogan of any of the provisions of his employment
    agreement; or (vi)&#160;a material violation by Mr.&#160;Hogan
    of CCB&#146;s employment policies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 Mr.&#160;Hogan&#146;s employment with CCB is terminated by
    CCB without Cause, CCB will: (1)&#160;pay Mr.&#160;Hogan his
    base salary and pro rated bonus , if any, for the one year
    notice period; and (2)&#160;pay Mr.&#160;Hogan any payments to
    which he may be entitled under any applicable employee benefit
    plan; and (3)&#160;pay Mr.&#160;Hogan $1,600,000.00 over
    3&#160;years commencing on the effective date of the termination
    and in accordance with CCB&#146;s standard payroll practices as
    consideration for certain non-compete obligations. If
    Mr.&#160;Hogan&#146;s employment with CCB is terminated by
    Mr.&#160;Hogan, CCB will (1)&#160;pay Mr.&#160;Hogan his base
    salary and pro rated bonus, if any, for the one year notice and
    (2)&#160;pay Mr.&#160;Hogan his then current base salary for a
    period of one year in consideration for certain non-compete
    obligations
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 Mr.&#160;Hogan&#146;s employment with CCB terminates by
    reason of his death, CCB will, within 45&#160;days, pay in a
    lump sum amount to such person as Mr.&#160;Hogan shall designate
    in a notice filed with CCB or, if no such person is designated,
    to Mr.&#160;Hogan&#146;s estate, Mr.&#160;Hogan&#146;s accrued
    and unpaid base salary and prorated bonus, if any, and any
    payments to which Mr.&#160;Hogan&#146;s spouse, beneficiaries,
    or estate may be entitled under any applicable employee benefit
    plan (according to the terms of such plans and policies). If
    Mr.&#160;Hogan&#146;s employment with CCB terminates by reason
    of his disability (defined as Mr.&#160;Hogan&#146;s incapacity
    due to physical or mental illness such that Mr.&#160;Hogan is
    unable to perform his duties under this Agreement on a full-time
    basis for more than 90&#160;days in any 12&#160;month period, as
    determined by CCB), CCB shall, within 45&#160;days, pay in a
    lump sum amount to Mr.&#160;Hogan his accrued and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    62
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    unpaid base salary and prorated bonus, if any, and any payments
    to which he may be entitled under any applicable employee
    benefit plan (according to the terms of such plans and policies).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of potential payments due to each of
    our named executed officers if their employment was terminated
    by us without Cause or by them for Good Reason on
    December&#160;31, 2007 (assuming the merger had been consummated
    on January&#160;1, 2007).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="37%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Base Salary</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Bonus</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Benefits(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Other</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">L. Lowry Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,000,000
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33,584
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,783,584
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark P. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,685,000
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,875,000
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,580,150
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Randall T. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,604,999
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19,875,000
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    18,666
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22,498,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Paul J. Meyer
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    650,000
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    650,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John E. Hogan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
    (7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,600,000
</TD>
<TD nowrap align="left" valign="bottom">
    (8)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,350,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The values associated with the continued provision of health
    benefits are based on the total 2007 premiums for medical and
    life insurance multiplied by the number of years the executive
    is entitled to those benefits pursuant to his employment
    agreement.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents the remaining annual base salary due L. Lowry Mays
    under the terms of his employment agreement (i.e., four years of
    Mr.&#160;Mays&#146; annual base salary).</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents the remaining annual bonus due L. Lowry Mays under
    the terms of his employment agreement (i.e., four years of
    Mr.&#160;Mays&#146; annual bonus).</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents three times the annual base salary for the year ended
    December&#160;31, 2006 for each of Mark P. Mays and Randall T.
    Mays, respectively.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents three times the annual incentive bonus for the year
    ended December&#160;31, 2006 for each of Mark P. Mays and
    Randall T. Mays, respectively.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Represents one year&#146;s annual base salary for each of Paul
    J. Meyer and John E. Hogan, respectively.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Cannot be estimated as Mr.&#160;Hogan&#146;s annual incentive
    bonus is determined and awarded based upon his performance at
    the end of each year.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Not payable if Mr.&#160;Hogan terminates his employment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Holdings
    Equity Incentive Plan</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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
    <FONT style="white-space: nowrap">and/or</FONT>
    restricted share interests in Holdings. The Letter Agreement (as
    defined on page&#160;96 under the section headed &#147;Equity
    Rollover&#148;) 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 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 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
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    63
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='145'>


<!-- link1 "THE PARTIES TO THE MERGER" -->


<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">THE
    PARTIES TO THE MERGER</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
</A>
<A name='146'>


<!-- link1 "CC Media Holdings, Inc." -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">CC Media
    Holdings, Inc.</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    CC Media Holdings, 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, 36th&#160;Floor, Boston, MA
    02110 and its telephone number is
    <FONT style="white-space: nowrap">(617)&#160;951-7000.</FONT>
    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"><FONT size="1">

</FONT></DIV>
<A name='147'>


<!-- link1 "Clear Channel Communications, Inc." -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Clear
    Channel Communications, Inc.</FONT></B>
</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">
    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&#160;Antonio, Texas, 78209, and its
    telephone number is
    <FONT style="white-space: nowrap">(210)&#160;822-2828.</FONT>
    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&#160;Antonio, Texas, with radio stations in
    major cities throughout the United States.
</DIV>
<A name='148'>


<!-- link1 "B Triple Crown Finco, LLC and T Triple Crown Finco, LLC" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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 and T Triple Crown Finco, LLC</FONT></B>
</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">
    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&#160;IX&#148;) and its principal executive office is
    located at 111 Huntington Avenue, Boston, MA 02199 and its
    telephone number is
    <FONT style="white-space: nowrap">(617)&#160;516-2000.</FONT>
    T Triple Crown Finco, LLC is currently wholly owned by Thomas H.
    Lee Partners, L.P. (&#147;THL Partners Fund&#160;VI&#148;) and
    its principal executive office is located at 100 Federal Street,
    Boston, MA 02110 and its telephone number is
    <FONT style="white-space: nowrap">(617)&#160;227-1050.</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">
    Pursuant to replacement equity commitment letters signed in
    connection with Amendment No.&#160;2, Bain Capital Fund&#160;IX
    and THL Partners Fund&#160;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&#160;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.&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    64
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='149'>


<!-- link1 "BT Triple Crown Merger Co., Inc." -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">BT Triple
    Crown Merger Co., Inc.</FONT></B>
</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">
    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
    <FONT style="white-space: nowrap">(617)&#160;227-1050.</FONT>
    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>
<A name='150'>


<!-- link1 "THE SPECIAL MEETING OF SHAREHOLDERS" -->


<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">THE
    SPECIAL MEETING OF SHAREHOLDERS</FONT></B>
</DIV>
</A>
<A name='151'>


<!-- link1 "Time, Place and Purpose of the Special Meeting" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Time,
    Place and Purpose of the Special Meeting</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, at 8:00&#160;a.m., Central Daylight Saving Time, or at any
    adjournment thereof. The purpose of the special meeting is to
    consider and vote on the proposal to approve and 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 approve and adopt the
    merger agreement, the merger will not occur. A copy of the
    merger agreement, Amendment No.&#160;1 and Amendment No.&#160;2
    are attached to this proxy statement/prospectus as Annex&#160;A,
    Annex&#160;B and Annex&#160;C, respectively.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='152'>


<!-- link1 "Who Can Vote at the Special Meeting" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Who Can
    Vote at the Special Meeting</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    In accordance with Clear Channel&#146;s bylaws, Clear
    Channel&#146;s board of directors has set 5:00&#160;p.m.,
    Central Daylight Savings Time, on July&#160;27, 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 July&#160;27, 2007, there
    were&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Clear Channel common stock outstanding held by approximately
    3,151&#160;holders of record.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='153'>


<!-- link1 "Vote Required for Approval and Adoption of the Merger Agreement; Quorum" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Vote
    Required for Approval and Adoption of the Merger Agreement;
    Quorum</FONT></B>
</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">
    The approval and 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;
    approval and adoption of the merger 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">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    65
</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 -->
<A name='154'>


<!-- link1 "Voting By Proxy" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Voting By
    Proxy</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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 directors
    (excluding Messrs.&#160;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;
    approval and adoption of the merger agreement. The Clear Channel
    board of directors&#146; recommendation is limited to the cash
    consideration to be received by shareholders in the merger. 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&#160;A common stock of
    Holdings.</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&#160;&#151;
    Interests of Clear Channel&#146;s Directors and Executive
    Officers in the Merger&#148; beginning on page&#160;93.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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 approve and adopt the merger agreement (and to
    approve the adjournment of the meeting, if necessary or
    appropriate to solicit additional proxies).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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; approval
    and adoption of the merger 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>Please note that if you have previously submitted a proxy
    card in response to Clear Channel&#146;s prior solicitations,
    that proxy card will not be valid at this meeting and will not
    be voted. Please complete and submit a validly executed proxy
    card for the special meeting, even if you have previously
    delivered a proxy.</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">
    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
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    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
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses, to indemnify it against certain losses, costs and
    expenses, and to pay its customary fees in connection with such
    proxy solicitation.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    66
</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 -->
<A name='155'>


<!-- link1 "Submitting Proxies Via the Internet or by Telephone" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Submitting
    Proxies Via the Internet or by Telephone</FONT></B>
</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">
    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 in accordance with the instructions
    provided by their brokers or banks. You should check the voting
    instruction card provided by your broker to see which options
    are available and the procedures to be followed.
</DIV>
<A name='156'>


<!-- link1 "Adjournments" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Adjournments</FONT></B>
</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">
    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
    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>
<A name='157'>


<!-- link1 "THE MERGER" -->


<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">THE
    MERGER</FONT></B>
</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">
    The discussion of the merger in this proxy statement/prospectus
    is qualified in its entirety by reference to the merger
    agreement, Amendment No.&#160;1 and Amendment No.&#160;2 which
    are attached to this proxy statement/prospectus as Annex&#160;A,
    Annex&#160;B and Annex&#160;C, respectively. You should read
    each of the merger agreement, Amendment No.&#160;1, and
    Amendment No.&#160;2 carefully.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At the special meeting, you will be asked to consider and vote
    upon a proposal to adopt the merger agreement, which provides
    for the recapitalization of Clear Channel by the merger of
    Merger Sub with and into Clear Channel Communications, Inc.
    (&#147;Clear Channel&#148; and, after the merger, the
    &#147;Company&#148;). If the merger agreement is adopted, each
    share of Clear Channel&#146;s common stock will be converted
    into the right to receive either (1)&#160;$39.20 in cash,
    without interest, or (2)&#160;one share of Class&#160;A common
    stock of Holdings, subject to certain limitations described
    below
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    67
</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"><FONT size="1">

</FONT></DIV>

<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">
     (see &#147;The Merger Agreement&#160;&#151; Proration
    Procedures&#148;), the Company will be a wholly owned subsidiary
    of CC&#160;Media Holdings&#160;Inc. (&#147;Holdings&#148;) and
    the ownership of Holdings will be as set forth below:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; 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">
    <IMG src="d47142a3d4714201.gif" alt="(CHART)" >
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    One or more new entities controlled by private equity funds
    sponsored by Bain Capital Partners, LLC and Thomas H. Lee
    Partners, L.P., or their affiliates will acquire between
    approximately 70% and 99% of the voting power and economic
    interests of Holdings (see footnote 3). Bain and THL will each
    have fifty percent control of each such new entity. The equity
    interests of the new entities will be owned by Bain, THL, their
    affiliates and/or coinvestors.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Messrs. Lowry, Mark and Randall Mays have committed to roll over
    into Holdings shares of Clear Channel common stock, Clear
    Channel restricted stock and/or &#147;in the money&#148; Clear
    Channel stock options with a value equal to $20&#160;million in
    the aggregate, which will result in the issuance of
    approximately .64% of the outstanding capital stock and voting
    power of Holdings after the merger (see Interests of Clear
    Channel&#146;s Directors and Executive Officers in the
    Merger&#160;&#151; Equity Rollover). The merger agreement
    contemplates that the Fincos and Holdings may permit other
    executive officers to elect to convert some of their outstanding
    shares of Clear Channel common stock, Clear Channel restricted
    stock and &#147;in the money&#148; Clear Channel stock option
    into shares or options to purchase shares of Holdings following
    effectiveness of the merger; however, no agreements,
    arrangements or understandings have been entered into with
    respect to such arrangements (see &#147;Interests of Clear
    Channel&#146;s Directors and Executive Officers in the
    Merger&#160;&#151; Equity Rollover&#148;).</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Combination of Strong Voting Class&#160;B Common Stock and
    Nonvoting Class&#160;C Common Stock (with aggregate votes equal
    to 1 vote per share, e.g., if &#147;strong voting stock&#148;
    has 10 votes, each share of Strong Voting Class&#160;B Common
    Stock will be issued with 9&#160;shares of Nonvoting
    Class&#160;C Common Stock<I>. Note the numbers are for
    illustration purposes only</I>). Each share of Voting
    Class&#160;A Common Stock, Nonvoting Class&#160;C Common Stock
    and Strong Voting Common Stock will have the same value. The
    number of shares of outstanding capital stock issued to Bain and
    THL in the merger will vary based on (i)&#160;the number of
    shareholders who elect to receive Stock Consideration and
    (ii)&#160;the number of shares issued to management pursuant to
    the equity rollover (see footnote 4).</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Common Stock with aggregate voting power equal to 1 vote per
    share. Messrs. Lowry, Mark and Randall Mays have committed to
    roll over into Holdings shares of Clear Channel common stock,
    Clear Channel restricted stock and/or &#147;in the money&#148;
    Clear Channel stock options with a value equal to
    $20&#160;million in the aggregate, </TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    68
</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 width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    which will result in the issuance of approximately .64% of the
    outstanding capital stock and voting power of Holdings after the
    merger (see &#147;Interests of Clear Channel&#146;s Directors
    and Executive Officers in the Merger&#160;&#151; Equity
    Rollover&#148;). The merger agreement contemplates that the
    Fincos and Holdings may permit other executive officers to elect
    to convert some of their outstanding shares of Clear Channel
    common stock, Clear Channel restricted stock and &#147;in the
    money&#148; Clear Channel stock option into shares or options to
    purchase shares of Holdings following effectiveness of the
    merger; however, no agreements, arrangements or understandings
    have been entered into with respect to such arrangements (see
    &#147;Interests of Clear Channel&#146;s Directors and Executive
    Officers in the Merger&#160;&#151; Equity Rollover&#148;).</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Voting Class&#160;A Common Stock. The percentage will vary based
    on the number of shareholders who make a Stock Election. The
    maximum number of shares of Class&#160;A Common Stock issued to
    the public will be 30% of the outstanding capital stock and
    voting power of Holdings after the merger.</TD>
</TR>

</TABLE>
<A name='158'>


<!-- link1 "Background of the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Background
    of the Merger</FONT></B>
</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">
    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&#160;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&#160;11, 2005 and the spin-off
    of Live Nation on December&#160;21, 2005. In addition, since
    that time Clear Channel has returned $1.6&#160;billion to Clear
    Channel&#146;s shareholders in the form of stock repurchases and
    increased by 50% its regular quarterly dividend.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;18, 2006, Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;24, 2006, representatives of The Blackstone
    Group, or Blackstone, contacted Messrs.&#160;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.&#160;Mark Mays and Randall Mays did not
    make any proposals regarding a transaction or solicit any
    proposals from Blackstone.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;28, 2006, representatives of Goldman Sachs met
    with Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;30, 2006, Messrs.&#160;Mark Mays and Randall Mays
    met with representatives of Blackstone in San&#160;Antonio,
    Texas. On September&#160;1, 2006, Messrs.&#160;Mark Mays and
    Randall Mays met with representatives of Providence Equity
    Partners, or Providence, in San&#160;Antonio, Texas. At these
    meetings, Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;5, 2006, at a special meeting of Clear Channel
    board of directors held by telephone, Mr.&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    69
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;&#038; Feld
    LLP, or Akin Gump, as its legal advisor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Representatives of Blackstone and Providence met with
    Messrs.&#160;Mark Mays and Randall Mays in New York City on
    September&#160;13, 2006 as part of their due diligence review.
    Representatives of Akin Gump and Weil, Gotshal&#160;&#038;
    Manges, or Weil, legal counsel for Blackstone and Providence,
    were also in attendance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;22, 2006, a consortium, which we refer to as
    Consortium&#160;1, led by Blackstone and Providence, submitted a
    preliminary nonbinding proposal to acquire Clear Channel in an
    all cash transaction for $34.50&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;25, 2006, the board of directors convened a
    special meeting at Clear Channel&#146;s headquarters in
    San&#160;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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    70
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The board of directors of Clear Channel (excluding
    Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Further, the disinterested directors determined to advise
    Messrs.&#160;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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    71
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Representatives of Goldman Sachs contacted Consortium 1 on
    September&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;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.&#160;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.&#160;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.&#160;Mark, Randall and L. Lowry Mays was deferred until
    the Clear Channel board of directors could next meet.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;29, 2006, Blackstone and Providence requested
    permission to admit Kohlberg Kravis Roberts&#160;&#038; Co., or
    KKR, to Consortium&#160;1, which Mr.&#160;Alan Feld approved.
    KKR executed a confidentiality agreement containing
    substantially the same terms as the confidentiality agreements
    executed by Blackstone and Providence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a special meeting of Clear Channel board of directors held by
    telephone on October&#160;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&#160;25, 2006 meeting of the
    board of directors. Following this report, Messrs.&#160;Mark,
    Randall, and L. Lowry&#160;Mays and B. J. McCombs recused
    themselves and left the meeting. In response to the request by
    Blackstone and Providence on September&#160;27, 2006, the
    disinterested directors determined that legal counsel for
    Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October 5 and&#160;6, 2006, members of management held a
    <FONT style="white-space: nowrap">two-day</FONT>
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;6, 2006, there was a meeting between counsel for
    Messrs.&#160;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.&#160;L. Lowry Mays were only in
    respect of his
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    72
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;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&#160;&#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&#160;25, 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">
    On October&#160;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.&#160;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 12 and October&#160;13,
    2006 in San&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October 12 and&#160;13, 2006, Clear Channel management held a
    due diligence session with representatives of Consortium 1 in
    San&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a special meeting of Clear Channel board of directors held by
    telephone on October&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;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.&#160;Alan Feld, who would provide guidance on
    the terms reflected in the draft merger 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">
    Following discussions with Mr.&#160;Alan Feld, on
    October&#160;14, 2006 Akin Gump distributed a draft merger
    agreement to Weil.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;15, 2006, Weil distributed a revised summary of
    senior executive arrangements and a management equity term sheet
    to counsel to Messrs.&#160;Mark, Randall and L. Lowry Mays. Akin
    Gump was provided a copy of each of these submissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;18, 2006, Blackstone and Providence contacted
    representatives of Goldman Sachs and informed Goldman Sachs that
    KKR had withdrawn from Consortium&#160;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&#160;per share.
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    73
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a special meeting of the Clear Channel board of directors
    held by telephone on October&#160;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.&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;21, 2006, Akin Gump met with Mr.&#160;Alan Feld
    to obtain guidance on the written positions taken by Consortium
    1 with respect to the draft merger 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">
    On October 21 and&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;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&#160;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 complete its remaining due diligence and other work
    necessary to enter into definitive agreements for the proposed
    acquisition within 20&#160;days.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    74
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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&#160;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&#160;day period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;25, 2006, the Clear Channel board of directors
    convened a regular meeting at Clear Channel&#146;s headquarters
    in San&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 information
    they had received 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following the discussion, Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    investment in the surviving corporation and comments to a draft
    merger agreement to be supplied by Akin Gump.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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&#160;10, 2006 deadline.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On that same day, THL Partners requested permission to form a
    consortium, which we refer to as Consortium&#160;2, with Bain
    Capital Partners LLC, or Bain, and Texas Pacific Group, or TPG,
    which was approved by Mr.&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    75
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;26, 2006, members of Clear Channel management
    held a due diligence session with Consortium 2 in
    San&#160;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&#160;2, Ropes&#160;&#038; Gray LLP,
    or Ropes&#160;&#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&#160;&#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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;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&#160;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&#160;per share in cash. The indication of interest stated
    that Consortium 3 had been informed by Goldman&#160;Sachs that
    the board of directors requested the submission of fully
    financed bids on November&#160;10, 2006 and requested the board
    of directors to consider a more extended process. At the
    direction of Mr.&#160;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&#160;1,
    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">
    On that same day, Lazard received, and forwarded to Goldman
    Sachs, from a consortium, which we refer to as
    Consortium&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 special meeting of Clear Channel board of directors was held
    by telephone on October&#160;28, 2006 (attended by each of the
    directors other than Mr.&#160;Theodore H. Strauss), which
    representatives of Goldman Sachs and Akin Gump also attended.
    Mr.&#160;Alan Feld and representatives of Goldman Sachs updated
    the Clear Channel board of directors regarding events that had
    transpired since the last meeting. Messrs.&#160;Mark, Randall
    and L. Lowry Mays and B.&#160;J.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    76
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    condition that appropriate procedural safeguards acceptable to
    Akin Gump and Mr.&#160;Alan Feld were put in place and that
    Goldman Sachs offered the same package of debt financing to each
    consortium.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October 29 and&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;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&#160;per share.
    At the direction of Mr.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;30, 2006, Mr.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;Gump engaged in
    negotiations with Cerberus and Oak Hill from October&#160;30,
    2006 through November&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On that same day, Weil presented to Akin Gump comments from
    Consortium 1 on the draft merger 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">
    On that same day, Clear Channel management held a due diligence
    session in San&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;31, 2006, Clear Channel management held a due
    diligence session in San&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 or around late October 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;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&#160;per share and
    informed Goldman Sachs that Carlyle had removed itself from
    Consortium 3. Following this 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the first two weeks of November 2006, through
    November&#160;15, 2006, Consortium 1 and Consortium&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    77
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    companies and the markets that such companies operated in and
    the participation of any
    <FONT style="white-space: nowrap">non-United</FONT>
    States persons in such consortia.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;3, 2006, the special advisory committee
    retained Watson Wyatt&#160;&#038; Company (&#147;Watson
    Wyatt&#148;) as its executive compensation consultant. The
    retention was confirmed in an engagement letter dated
    November&#160;6, 2006. Such retention contemplated that Watson
    Wyatt would review the existing
    <FONT style="white-space: nowrap">change-in-control</FONT>
    arrangements for Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;4, 2006, Ropes&#160;&#038; Gray submitted to
    Akin Gump written comments to the draft merger agreement on
    behalf of Consortium 2.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 special meeting of Clear Channel board of directors was held
    by telephone on November&#160;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.&#160;Mark, Randall and
    L.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period from November&#160;8, 2006 through
    November&#160;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 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    78
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;8, 2006, Consortium 2 informed Goldman Sachs it
    would not be able to submit a complete bid package on
    November&#160;10, 2006. After consulting with Mr.&#160;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&#160;13, 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">
    From November&#160;8, 2006 through November&#160;12, 2006,
    representatives Goldman Sachs and Akin Gump periodically
    consulted with Mr.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On November&#160;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&#160;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&#160;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)&#160;a copy of the final draft
    of the merger agreement, marked with any proposed changes,
    (ii)&#160;a detailed description of financing sources, including
    commitment letters, (iii)&#160;a final form of the limited
    guarantee and (iv)&#160;a description of the terms proposed by
    the consortium with respect to the participation of
    Messrs.&#160;Mark, Randall and L. Lowry Mays in 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">
    On November&#160;12, 2006, representatives of THL Partners and
    Bain informed Goldman Sachs that TPG would not be a participant
    in Consortium 2.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consortium 1 and Consortium 2 submitted complete bid packages on
    November&#160;13, 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">
    The Clear Channel board of directors convened a special meeting
    on November&#160;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.
    The presentation contained analyses prepared by Goldman Sachs
    that were substantially similar to those described under
    &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148;
    utilizing then-current data. 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman Sachs then reviewed the two bid packages received on
    November&#160;13, 2006. Each consortium proposed an all cash
    transaction at a price of $36.50&#160;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 described how the key terms discussed at
    the November&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    79
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    were more favorable than those proposed by Consortium 2.
    Further, Consortium 1 proposed a go-shop period of 30&#160;days
    following signing and Consortium 2 proposed a go-shop period of
    21&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The disinterested directors then discussed the current change in
    control contracts between Clear Channel and each of
    Messrs.&#160;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.&#160;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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;15, 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">
    The meeting of the board of directors was reconvened on
    November&#160;15, 2006. Mr.&#160;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.&#160;Randall&#160;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.&#160;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.&#160;Mark Mays and Randall Mays upon a termination of
    employment following the merger, the elimination of the income
    tax gross ups otherwise due Messrs.&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    presentation contained analyses prepared by Goldman Sachs that
    were substantially similar to those described under
    &#147;Opinion of Clear Channel&#146;s Financial Advisor&#148;
    utilizing then-current data. 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.&#160;Mark, Randall and L.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Messrs.&#160;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&#160;2, the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    80
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    two proposals were read to the disinterested directors.
    Consortium 1 submitted a revised proposal at $36.85&#160;per
    share and Consortium 2 submitted a revised proposal at
    $37.60&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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.&#160;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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following the meeting of the special advisory committee, the
    directors (excluding Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">21-day</FONT>
    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&#160;8, 2006, Clear
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period between January and March 2007,
    Messrs.&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    81
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;per share was not sufficient to
    obtain their vote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At a meeting held on March&#160;13, 2007, Clear Channel&#146;s
    board of directors, with Messrs.&#160;Mark P. Mays,
    Randall&#160;T. Mays, L. Lowry Mays and B. J. McCombs recusing
    themselves, rescheduled the special meeting of shareholders to
    April&#160;19, 2007 and set a new record date for shareholders
    entitled to vote at the special meeting of March&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;12, 2007, Ropes&#160;&#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 approval and adoption of the
    merger 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">
    On April&#160;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&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    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)&#160;following
    the closing of the merger, within 10 business days following the
    availability of certain financial statements covering the period
    through closing, (ii)&#160;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&#160;billion, and
    (iii)&#160;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&#160;1, 2006 through December&#160;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&#160;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&#160;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)&#160;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&#160;million in lieu of any expense
    reimbursement (which under the original merger agreement and
    under the merger agreement is capped at $45&#160;million) and
    (y)&#160;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&#160;months thereafter, Clear Channel would be
    required to pay a termination fee to the Fincos in the amount of
    $600&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;Phyllis
    Riggins and Mr.&#160;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&#160;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 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&#160;billion and that analyst
    estimates for growth in the radio industry are uncertain. The
    Clear Channel board
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    82
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    requested Goldman Sachs to prepare a financial analysis
    regarding the proposal and adjourned the meeting to
    April&#160;15, 2007. Each of Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 special meeting of Clear Channel board of directors was held
    by telephone on April&#160;15, 2007 (attended by each of the
    directors other than Mr.&#160;B. J. McCombs and Ms.&#160;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 presentation contained analyses prepared by
    Goldman Sachs that were substantially similar to those described
    under &#147;Opinion of Clear Channel&#146;s Financial
    Advisor&#148; utilizing then-current data. 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following this presentation, each of Messrs.&#160;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&#160;per share in light of the
    expressed opposition of certain of Clear Channel&#146;s
    shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;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&#160;per share. The
    revised proposal also included proposed changes in termination
    fees payable by Clear Channel in certain circumstances, as
    follows: (i)&#160;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&#160;million in lieu of any expense reimbursement (which
    under the original merger agreement and under the merger
    agreement is capped at $45&#160;million) and (ii)&#160;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&#160;months
    thereafter, Clear Channel would be required to pay a termination
    fee to the Fincos in the amount of $500&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;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
    discussed with the board of directors the terms of the written
    proposal submitted by the Fincos. Following the discussion, each
    of Messrs.&#160;Mark P. Mays, Randall T. Mays, L. Lowry Mays
    and&#160;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&#160;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&#160;million in the event that the merger agreement
    was terminated and a Competing Proposal was consummated with one
    of the parties contacted during the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    83
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    auction process or the go-shop period within 12&#160;months
    thereafter. The special meeting was adjourned to enable Goldman
    Sachs to discuss the board&#146;s proposal with the Fincos.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;1. The
    revised proposal reflected an all-cash merger consideration of
    $39.00&#160;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&#160;months thereafter. In this
    event, Clear Channel would be required to pay a termination fee
    to the Fincos in the amount of $200&#160;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 outlined for Clear
    Channel&#146;s board of directors an analysis of the financial
    terms of the proposed amendment to the original merger
    agreement. The directors discussed the analysis 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following these discussions, each of Messrs.&#160;Mark P. Mays,
    Randall T. Mays, L. Lowry Mays and B.&#160;J.&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel&#146;s board of directors (excluding
    Messrs.&#160;Mark P. Mays, Randall T. Mays, L. Lowry Mays and
    B.&#160;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.&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On April&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the period from April&#160;18, 2007 through May&#160;2,
    2007, two of the country&#146;s leading institutional proxy
    advisor services, Institutional Shareholder Services and Glass
    Lewis&#160;&#038; Co., recommended against the merger
    transaction, stating that the $39.00 per share purchase price
    was too low. Further, the Clear Channel board continued to
    receive proxies in response to its proxy solicitation; which by
    May&#160;2, 2007 reflected a vote against the merger of more
    than the required 1/3 of the outstanding shares necessary to
    defeat the merger 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">
    There were no substantive discussions regarding the terms of the
    proposed merger between the board of directors and the Fincos
    after April&#160;18, 2007 until the board of directors received
    from the Fincos on May&#160;2, 2007 a
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    84
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    term sheet contemplating a change in the terms and structure of
    the merger agreement. The term sheet contemplated (i)&#160;an
    increase in the merger consideration to be paid to unaffiliated
    shareholders from $39.00 to $39.20&#160;per share and
    (ii)&#160;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&#160;per share in cash for each
    share of common stock (and options) held by them (or in the case
    of a rollover, shares with a value of $37.60&#160;per share), in
    lieu of the $39.20&#160;per share and the election set forth
    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">
    On May&#160;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 discussion, each of Messrs.&#160;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&#160;8, 2007, by as much as 90&#160;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"><FONT size="1">

</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">
    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&#160;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&#160;18, 2007 of the increase in
    merger consideration from $37.60 to $39.00&#160;per share,
    significant shareholders of Clear Channel (including the
    Highfields Funds) had privately or publicly made known their
    opposition to the merger at $39.00&#160;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&#160;Lewis&#160;&#038; Co., had
    recommended against the merger transaction, stating that the
    $39.00&#160;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&#160;8, 2007 and allow the shareholders to vote on
    the existing merger proposal.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Between May&#160;3, 2007 and May&#160;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&#160;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&#160;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&#160;22, 2007 at 8:00&#160;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"><FONT size="1">

</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">
    During the period from May&#160;7, 2007 through May&#160;17,
    2007, members of the board of directors had discussions with the
    most significant shareholders of Clear Channel (in terms of
    holdings), including a majority of the ten shareholders with the
    largest holdings. In these discussions, 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.
    This was the first time that the board received communications
    from a broad group of its shareholders expressing a willingness
    to consider a stock election. The Highfields Funds had
    previously rejected a suggestion that certain institutional
    shareholders be given an opportunity to rollover shares of Clear
    Channel common stock into Holdings and other large shareholders
    had expressed a lack of interest in a public equity stub. The
    Highfields Funds and some of these other shareholders were among
    the shareholders who now requested the board of directors to
    negotiate a stock election to be made available to all
    shareholders. These shareholders did not
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    85
</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"><FONT size="1">

</FONT></DIV>

<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">
     state definitively their reasons for a change of opinion with
    respect to a stock election; however, some shareholders
    disclosed to members of the board of directors and management
    that they viewed certain terms included in the May&#160;2, 2007
    term sheet as favorable, including the size of the stock
    election, the limitations on the fees to be paid to the Fincos
    in the merger, the limitations on affiliate transactions and the
    inclusion of independent directors on the board of directors of
    Holdings. During this period Akin Gump and Ropes&#160;&#038;
    Gray negotiated the terms of a proposed form of Amendment
    No.&#160;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&#160;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"><FONT size="1">

</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">
    On May&#160;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&#160;Sachs and Akin Gump
    summarized the terms of a proposed amendment to the merger
    agreement, which we refer to as Amendment No.&#160;2 in this
    proxy statement/prospectus and the history of the negotiations
    on the terms of the 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. The breadth of
    shareholder support for such an amendment was sufficient to
    overcome the prior concerns regarding the delay in the vote that
    would result in a determination to include a stock election in
    the terms 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">
    Pursuant to the proposed Amendment No.&#160;2, at the effective
    time of the merger, each outstanding Clear Channel Common Stock
    and Net Electing Option Shares, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 an alternative to receiving the $39.20&#160;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&#160;shares of outstanding Clear
    Channel common stock and Net Electing Option Shares in the
    aggregate for an equal number of shares of Holdings Class&#160;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&#160;A common
    stock representing more than 9.9% of the outstanding common
    stock of Holdings immediately following the merger. The proposed
    Amendment No.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;per share that holders of Public Shares could elect
    to receive pursuant to the proposed Amendment No.&#160;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&#160;A common stock or the prices at which the Holdings
    Class&#160;A common stock may trade if and when they are issued
    or whether any market would develop for the Holding Class&#160;A
    common stock. During the discussion that followed, the board of
    directors noted the risks associated with the Holdings
    Class&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    86
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following these discussions, each of Messrs.&#160;Mark P. Mays,
    Randall T. Mays, L. Lowry Mays and B.&#160;J.&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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.&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel&#146;s board of directors (excluding
    Messrs.&#160;Mark P. Mays, Randall T. Mays, L. Lowry Mays and
    B.&#160;J. McCombs who had recused themselves from the
    deliberations) then considered the proposed Amendment No.&#160;2
    and the transactions contemplated thereby and approved and
    adopted Amendment No.&#160;2. Following a discussion of the
    Goldman Sachs presentation and the proposed amendment, Clear
    Channel&#146;s Board of Directors:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    determined that the merger agreement and the merger are
    advisable and in the best interest of Clear Channel&#146;s
    shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approved and adopted the merger agreement and the
    merger;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unanimously recommended that Clear Channel&#146;s shareholders
    approve and adopt the merger agreement and the merger.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The recommendation of the board of directors is limited to the
    Cash Consideration to be received by shareholders in the merger.
    The board of directors makes no recommendation as to whether any
    shareholder should make a Stock Election and makes no
    recommendation regarding the Class&#160;A common stock of
    Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel&#146;s board of directors then determined to
    cancel the special meeting of shareholders scheduled on
    May&#160;22, 2007 to allow management time to prepare, file and
    process this proxy statement/prospectus.
</DIV>
<A name='159'>


<!-- link1 "Reasons for the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Reasons
    for the Merger</FONT></B>
</DIV>
</A>
<A name='160'>


<!-- link1 "Determination of the Board of Directors" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Determination
    of the Board of Directors</FONT></I></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    After careful consideration, the Clear Channel board of
    directors, by a unanimous vote of the disinterested directors
    (i)&#160;determined that the merger is advisable and in the best
    interests of Clear Channel and its unaffiliated shareholders,
    (ii)&#160;approved, adopted and declared advisable the merger
    agreement and the transactions contemplated thereby,
    (iii)&#160;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 Stock Consideration) and
    (iv)&#160;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 in the merger. The board of directors makes no
    recommendation as to whether any shareholder should make a Stock
    Election and makes no recommendation regarding the Class&#160;A
    common stock of Holdings. </B>In so limiting its recommendation,
    the board of directors noted that all Clear Channel shareholders
    have the right to receive the Cash Consideration (which provides
    certainty of value) for all of their shares and the Stock
    Election was negotiated in order to be responsive to those
    shareholders that had expressed a desire to retain an equity
    interest in Clear Channel.  A shareholder&#146;s election to
    retain an equity interest in Clear Channel by making a Stock
    Election, however, would represent a purely voluntary investment
    decision on the part of the shareholder and no shareholder is
    required to retain an equity interest in Clear Channel. In
    considering the recommendation of the Clear Channel board of
    directors with respect to the merger
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    87
</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"><FONT size="1">

</FONT></DIV>

<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">
     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&#160;&#151; Interests of Clear Channel&#146;s Directors
    and Executive Officers in the Merger&#148; beginning on
    page&#160;93.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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 align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 including the risks
    described in &#147;Risk Factors&#160;&#151; Risks Relating to
    Clear Channel&#146;s Business&#148; beginning on page&#160;23.
    Included among the challenges and risks considered by the Clear
    Channel board of directors were the following: the intense
    competition in the industries in which Clear Channel competes
    and the fact that Clear Channel may not be able to maintain or
    increase its current audience ratings or advertising and sales
    revenues; and the potential negative impact on Clear
    Channel&#146;s overall revenues and profit margins in the event
    of unfavorable economic conditions, shifts in population and
    other demographics, increased levels of competition for
    advertising dollars, unfavorable fluctuations in operating
    costs, technological changes and innovation that are occurring
    in Clear Channel&#146;s industries or unfavorable changes in
    labor conditions or governmental regulations and policies.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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,
    varying public growth forecasts for the radio industry as a
    whole and the difficulty of accurately predicting growth in the
    industry in light of technological changes and the growth of
    competitive formats. Clear Channel&#146;s board of directors
    concluded that, in light of the foregoing and the risks and
    challenges described in the immediately preceding paragraph and
    the inherent nature of projections, Clear Channel&#146;s ability
    to achieve management&#146;s projections is inherently uncertain.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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; 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. The
    strategic alternatives reviewed, in addition to a leveraged
    buy-out transaction, were the spin-off of Clear Channel Outdoor,
    a recapitalization combined with a special dividend, continued
    pursuit of existing business plans and prospects, the sale of
    non-core radio and television assets and combinations of the
    foregoing. After giving consideration to management&#146;s
    projections, the financial analyses provided by Goldman Sachs
    and the other information available to it, Clear Channel&#146;s
    board of directors concluded that, while some of the strategic
    alternatives considered had the potential of resulting in
    superior values if management&#146;s projections and theoretical
    future trading values were achieved or exceeded, in light of the
    uncertainties and risks of achieving both of these results, the
    merger represented the best of the alternatives available at the
    time.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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)&#160;the
    public announcement on October&#160;25, 2006 of its intention to
    evaluate strategic alternatives, (ii)&#160;the execution of nine
    confidentiality agreements, (iii)&#160;the receipt of
    preliminary indications of interest from four consortia of
    private equity firms, (iv)&#160;active due diligence and
    management interviews by three consortia of private equity
    firms, (v)&#160;the conduct of
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    88
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    discussions and negotiations with consortia of private equity
    firms and (vi)&#160;the receipt of two definitive proposals to
    acquire Clear Channel, as described under &#147;The
    Merger&#160;&#151; Background of the Merger.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The fact that during the
    <FONT style="white-space: nowrap">21-day</FONT>
    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>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The opinion dated May&#160;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&#160;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;
    Clear Channel&#146;s board of directors was aware that a portion
    of Goldman Sachs&#146; fees is contingent upon the closing of
    the merger and that Goldman Sachs recently provided or currently
    provides services to THL Partners, Bain and their respective
    affiliates. Clear Channel&#146;s board of directors concluded
    that these factors did not materially detract from its reliance
    upon Goldman Sachs&#146; opinion. The full text of the Goldman
    Sachs opinion is attached to this proxy statement/prospectus as
    Annex&#160;E.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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&#160;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&#160;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&#160;25, 2007.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 which the Clear Channel
    board of directors believed increased the likelihood that
    Holdings would be able to obtain the financing necessary to
    complete the merger.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The terms of the merger agreement and the related agreements,
    including:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;A
    <FONT style="white-space: nowrap">21-day</FONT>
    post-signing go-shop period, during which Clear Channel may
    solicit additional interest in transactions involving Clear
    Channel, and after such
    <FONT style="white-space: nowrap">21-day</FONT>
    period, continue discussions with certain persons under certain
    circumstances for an additional 29&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;the fact that the merger agreement permits Clear Channel
    to respond to Competing Proposals, and upon payment of a fee of
    $500&#160;million ($300&#160;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&#160;&#151; Solicitation of Alternative
    Proposals&#148;;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;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)&#160;to obtain the debt financing and (2)&#160;if the buyer
    fails to effect the closing because of a failure to obtain the
    debt financing, to pay Clear Channel a $500&#160;million
    termination fee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    89
</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: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    approval and adoption of the merger agreement which would permit
    Clear Channel, in such circumstances, to pursue strategic
    alternatives;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;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 which the board believed increased the likelihood that
    the merger could be completed;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;the fact that Clear Channel will be entitled to a
    termination fee of $600&#160;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 which
    fee would mitigate the costs and time commitment of management
    and incentivise the Sponsors to complete the merger
    process;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The modifications to the employment agreements of
    Messrs.&#160;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 which had
    the effect of lowering the expenses triggered by the merger and
    thus potentially increasing the merger consideration that could
    be negotiated with the Sponsors.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The several limited guarantees provided by the Sponsors and the
    respective representations, warranties and covenants of the
    parties.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The understanding of the directors, after consulting with their
    financial and legal advisers, that the termination fee of
    $500&#160;million ($300&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The fact that Clear Channel shareholders have the option to
    receive an equity interest in Holdings following the proposed
    transaction and therefore could have the opportunity to
    participate in a portion potential future growth or earnings of
    Clear Channel.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The availability of appraisal rights to Clear Channel&#146;s
    shareholders who comply with all required procedures under Texas
    law.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The experience of the Sponsors in completing acquisitions which
    increases the likelihood that the merger may be completed.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The risk that the financing contemplated by the Debt Commitment
    Letter for the consummation of the merger might not be obtained.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The fact that the holders who receive Stock Consideration in the
    merger would be subject to the risks of Holdings&#146;
    operations subsequent to the merger, including:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    the fact that financing the merger would result in significantly
    increased levels of debt which would increase interest expense,
    adversely affect net income, involve more restrictive covenants
    imposed by financing sources due to increased leverage, require
    a substantial portion of Clear Channel&#146;s cash flow to be
    dedicated to the payment of principal, limit liquidity and
    operational flexibility, limit Holdings&#146; and Clear
    Channel&#146;s ability to adjust to changing economic, business
    and competitive conditions, and limit the scope and timing of
    capital expenditures, making Holdings&#146; and Clear Channel
    more vulnerable to a downturn in operating performance or a
    decline in general economic or industry conditions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    the fact that shares of Holdings Class&#160;A common will not be
    listed on an exchange and may experience reduced trading volume
    and liquidity and increased volatility;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    90
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="3%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    the fact that entities affiliated with the Sponsors would
    control Holdings and consequently would have the power to elect
    all but two of its directors, appoint new management and approve
    any action requiring the approval of the holders of
    Holdings&#146; capital stock, including adopting amendments to
    Holdings&#146; certificate of incorporation and approving
    mergers or sales of substantially all of Holdings or its assets.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;&#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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 which may adversely affect Clear
    Channel&#146;s results of operations or implementation of
    strategic business plans, and inhibit Clear Channel&#146;s
    ability to compete in the market.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 approve and 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;million ($600&#160;million in certain circumstances if
    the breach results in a failure to obtain necessary regulatory
    consents).
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The approvals required for consummation of the transaction,
    including the approval of the FTC or the Antitrust Division of
    the U.S.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    91
</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 -->
<A name='161'>


<!-- link1 "Determination of the Special Advisory Committee" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Determination
    of the Special Advisory Committee</FONT></I></B>
</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">
    On September&#160;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)&#160;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)&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    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.&#160;1
    and Amendment No.&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;29, 2007
    under the caption &#147;The Merger&#160;&#151; Reasons for the
    Merger&#160;&#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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The special advisory committee was not requested by the
    independent directors to separately assess Amendment No.&#160;1
    or Amendment No.&#160;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.&#160;1 or
    Amendment No.&#160;2. The special advisory committee did not,
    and will not, make any determination of the fairness of the
    terms of the merger agreement.
</DIV>
<A name='162'>


<!-- link1 "Recommendation of the Clear Channel Board of Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Recommendation
    of the Clear Channel Board of Directors</FONT></I></B>
</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">
    After careful consideration Clear Channel&#146;s board of
    directors by unanimous vote (excluding
    Messrs.&#160;Mark&#160;P.&#160;Mays, Randall T. Mays, L. Lowry
    Mays and B. J. McCombs who recused themselves from the
    deliberations):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    determined that the merger is advisable and in the best
    interests of Clear Channel and its unaffiliated shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approved, adopted and declared advisable the merger agreement
    and the transactions contemplated by the merger agreement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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);&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorized the execution, delivery and performance of the merger
    agreement and the transactions contemplated by the merger
    agreement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>The board of directors&#146; recommendation is limited to the
    cash consideration to be received by the shareholders in the
    merger. The board of directors makes no recommendation as to
    whether any shareholder should make a Stock Election and makes
    no recommendation regarding the Class&#160;A common stock of
    Holdings.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    92
</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 -->
<A name='163'>


<!-- link1 "Interests of Clear Channel&#146;s Directors and Executive Officers in the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Interests
    of Clear Channel&#146;s Directors and Executive Officers in the
    Merger</FONT></B>
</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">
    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>
<A name='164'>


<!-- link1 "Treatment of Clear Channel Stock Options" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Clear Channel Stock Options</FONT></I></B>
</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">
    As of June&#160;30, 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 of the merger, 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)&#160;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)&#160;the number of shares of Clear Channel common stock
    issuable upon exercise of such Clear Channel stock option. As of
    the effective time of the merger, 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    93
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 June&#160;30,
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Weighted<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Average<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Exercise Price<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Underlying<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Price of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of Vested and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Vested and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Subject to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unvested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unvested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unvested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unvested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Unvested<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Options</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Alan D. Feld
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Perry J. Lewis
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,681
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.40824
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    454,367
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">L. Lowry Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    749,693
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.43055
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,075,010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark P. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.78604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,204,997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.78604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,204,997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Randall T. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    499,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.78604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,204,997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.78604
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,204,997
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">B. J. McCombs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,267
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.02353
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    174,154
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.91242
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    239,972
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Phyllis B. Riggins
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Theodore H. Strauss
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">J. C. Watts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John H. Williams
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,833
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,745
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.08610
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,725
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John B. Zachry
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.72000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    134,640
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.72000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    168,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Paul J. Meyer
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John E. Hogan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    244,268
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    199,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.28494
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,781,925
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.15280
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,965,673
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Herbert W. Hill,&#160;Jr.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,626
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.97996
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    73,583
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33.48541
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    89,296
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Andrew W. Levin
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,717
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,807
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.67544
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    189,780
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33.35672
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    237,921
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Donald D. Perry
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,870
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.72442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    83,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.72442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    83,654
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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>
<A name='165'>


<!-- link1 "Treatment of Clear Channel Restricted Stock" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Treatment
    of Clear Channel Restricted Stock</FONT></I></B>
</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">
    As of June&#160;30, 2007, Clear Channel&#146;s directors and
    executive officers held 1,053,432&#160;shares of Clear Channel
    restricted stock. Each share of Clear Channel restricted stock
    that remains outstanding as of the effective time of the merger,
    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 of the
    merger, all shares of Clear Channel restricted stock (except as
    otherwise agreed by the Fincos, Holdings, Clear Channel and a
    holder of Clear Channel restricted stock and/or 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    94
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 June&#160;30, 2007 and the value of
    these shares of Clear Channel restricted stock that will become
    fully vested in connection with the merger (except as otherwise
    agreed by the Fincos, Holdings, Clear Channel and a holder of
    Clear Channel restricted stock). 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="64%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="14%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Aggregate Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Value of Shares of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Clear Channel<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Restricted Stock</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Restricted Stock</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Alan D. Feld
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    309,680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Perry J. Lewis
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    309,680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">L. Lowry Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    137,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,370,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark P. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    340,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,328,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Randall T. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    340,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,328,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">B. J. McCombs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Phyllis B. Riggins
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    333,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Theodore H. Strauss
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    309,680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">J. C. Watts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    309,680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John H. Williams
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    309,680
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John B. Zachry
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    98,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Paul J. Meyer
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    470,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John E. Hogan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    105,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,116,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Herbert W. Hill,&#160;Jr.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    617,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Andrew W. Levin
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,932
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,251,734
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Donald D. Perry
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,750
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    735,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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>
<A name='166'>


<!-- link1 "Severance" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Severance</FONT></I></B>
</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">
    Pursuant to a severance policy adopted by Clear Channel, any
    corporate officer of Clear Channel (including executive
    officers) actively employed on November&#160;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&#160;16, 2006 and ending one
    year after the effective time of the merger, will be entitled to
    18&#160;months of his or her &#147;base pay&#148; plus
    18&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming that each executive officer is involuntarily terminated
    without &#147;cause&#148; or such employee terminates employment
    for &#147;good reason&#148; between November&#160;16, 2006 and
    the date that is one year following the effective
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    95
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    time of the merger, the amount of cash severance benefits (based
    upon the executive officer&#146;s current monthly &#147;base
    pay&#148; and his or her 2006&#160;monthly bonus) that would be
    payable is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="18%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated Potential Cash<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Severance Benefits</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">L. Lowry Mays(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark P. Mays(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Randall T. Mays(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Paul J. Meyer(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John E. Hogan(1)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Herbert W. Hill,&#160;Jr.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    390,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Andrew W. Levin
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    873,626
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Donald D. Perry(2)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    966,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Messrs.&#160;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.&#160;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="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    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&#160;months of his or her &#147;base pay&#148;
    plus 24&#160;months of his or her &#147;monthly bonus&#148; as
    severance.</TD>
</TR>

</TABLE>
<A name='167'>


<!-- link1 "Equity Rollover" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Equity
    Rollover</FONT></I></B>
</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">
    In connection with the merger agreement, the Fincos and
    Mr.&#160;L. Lowry Mays, Clear Channel&#146;s chairman of the
    board of directors, Mr.&#160;Mark P. Mays, Clear Channel&#146;s
    Chief Executive Officer/Chief Operating Officer, and
    Mr.&#160;Randall T. Mays, Clear Channel&#146;s President/Chief
    Financial Officer, entered into a letter agreement (as
    supplemented in connection with Amendment No.&#160;2, the
    &#147;Letter Agreement&#148;), pursuant to which each of
    Messrs.&#160;Mark P. Mays and Randall T. Mays have agreed to
    convert an aggregate of $10&#160;million of shares of Clear
    Channel common stock, shares of Clear Channel restricted stock
    and/or &#147;in the money&#148; Clear Channel stock options into
    equity securities of Holdings. The Letter Agreement provides
    that Messrs.&#160;Mark P. Mays and Randall T. Mays, upon
    execution of new or amended employment agreements with the
    surviving corporation, will each receive $20&#160;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.&#160;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/or &#147;in the money&#148; Clear Channel stock options held
    by them into equity securities of Holdings. Mr.&#160;L. Lowry
    Mays&#146; current intention is to sell 100% of his equity
    securities in Clear Channel. However, Mr.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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/or &#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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    96
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">and/or</FONT> 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 the Letter Agreement). Any such new arrangements are
    expected to be entered into prior to the completion of the
    merger.
</DIV>
<A name='168'>


<!-- link1 "New Equity Incentive Plan" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">New
    Equity Incentive Plan</FONT></I></B>
</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">
    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
    <FONT style="white-space: nowrap">and/or</FONT>
    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.&#160;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.&#160;Mark P. Mays and Randall T.&#160;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>
<A name='169'>


<!-- link1 "New Employment Agreements" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">New
    Employment Agreements</FONT></I></B>
</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">
    The Letter Agreement provides that Mr.&#160;L. Lowry Mays&#146;
    existing employment agreement will be terminated effective at
    the effective time of the merger and replaced with a new
    five-year employment agreement pursuant to which
    Mr.&#160;L.&#160;Lowry Mays will receive an annual salary of
    $250,000 and benefits and perquisites consistent with his
    current arrangement. Mr.&#160;Mays also will be eligible to
    receive an annual bonus of not less than $1&#160;million upon
    satisfaction of certain performance goals of the surviving
    corporation. Mr.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Letter Agreement also provides that each of
    Messrs.&#160;Mark P. Mays and Randall T. Mays&#146; existing
    employment agreements will be terminated or modified effective
    at the effective time of the merger, and that each new or
    modified employment agreement will have the following terms:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the provision of the new option grants as summarized above;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a five-year term, automatically extended for consecutive one
    year periods unless 12&#160;months prior notice of non-renewal
    is provided by the terminating party;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    97
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    salary consistent with current salary in effect;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    annual bonus not less than $6,625,000, in the case of
    Mr.&#160;Mark P. Mays, and $6,625,000, in the case of
    Mr.&#160;Randall T. Mays, so long as the surviving corporation
    reaches certain performance goals;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain benefits and perquisites consistent with those provided
    by the executive&#146;s current employment agreements (including
    <FONT style="white-space: nowrap">&#147;gross-up&#148;</FONT>
    payments for excise taxes that may be payable as a result of the
    proposed merger).
</TD>
</TR>

</TABLE>
<A name='170'>


<!-- link1 "Board of Director Representations" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Board
    of Director Representations</FONT></I></B>
</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">
    The Letter Agreement provides that Messrs.&#160;Mark P. Mays and
    Randall T. Mays each will be a member of the board of directors
    of Holdings and Clear Channel; for so long as they are officers
    of Holdings. Mr.&#160;L. Lowry Mays will serve as
    Chairman&#160;&#151; Emeritus of Holdings and Clear Channel.
</DIV>
<A name='171'>


<!-- link1 "Indemnification and Insurance" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    and Insurance</FONT></I></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, the surviving corporation for the six years
    following the effective time of the merger, 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)&#160;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)&#160;the merger, the merger
    agreement or any 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">
    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 of the merger 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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;&#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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='172'>


<!-- link1 "Voting Agreement" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Voting
    Agreement</FONT></B>
</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">
    In connection with the development of the May&#160;2, 2007 term
    sheet presented to the Clear Channel, and the execution of
    Amendment No.&#160;2, the Fincos requested that Highfields
    Capital I LP, a Delaware limited partnership, Highfields
    Capital&#160;II LP, a Delaware limited partnership, Highfields
    Capital&#160;III LP, an exempted limited partnership organized
    under the laws of the Cayman Islands, B.W.I., and Highfields
    Capital Management LP, a Delaware
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    98
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    limited partnership enter into a Voting Agreement with the
    Fincos, Merger Sub and Holdings and such agreement was reached
    and entered into on May&#160;26, 2007 (the &#147;Voting
    Agreement&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;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 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cause the 24&#160;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,&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;in favor of adoption and approval of the merger
    agreement and the transactions contemplated thereby, including
    the merger;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;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,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;in favor of any proposal to adjourn the special
    meeting of shareholders to vote upon the merger which Holdings
    and the Fincos support.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Highfields Funds have agreed that (i)&#160;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)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    immediately following the effective time of the merger, the
    Board of Directors of Holdings will consist of
    12&#160;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&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    until the Highfields Funds beneficially own (as defined under
    the Exchange Act) less than 5% of the outstanding shares of
    voting securities of Holdings issued as Stock Consideration
    (&#147;Required Percentage&#148;),
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    99
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;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,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;recommend the election of such candidates,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;solicit proxies for the election of such
    candidates,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Highfields Management has represented, among other things, that
    (i)&#160;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)&#160;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)&#160;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)&#160;will elect among certain curative actions, including
    relinquishing certain of its rights under the Voting 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">
    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&#160;31, 2007. No new arrangements with such investment
    funds may be entered into prior to the effective time 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">
    The Voting Agreement will terminate upon the earliest to occur
    of (i)&#160;the effective time of the merger; (ii)&#160;upon
    termination of the merger agreement in accordance with its
    terms; or (iii)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    100
</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 -->
<A name='173'>


<!-- link1 "CERTAIN AFFILIATE TRANSACTIONS" -->


<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">CERTAIN
    AFFILIATE TRANSACTIONS</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;A common
    stock (excluding for purposes of such calculation from both
    (x)&#160;the votes cast and (y)&#160;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&#160;403 of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    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)&#160;an underwritten public offering and sale of
    Holdings&#146; common stock which results in aggregate proceeds
    in excess of $250&#160;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)&#160;the
    consummation of a certain 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)&#160;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;-&#160;length
    basis; (ii)&#160;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)&#160;the payment by Holdings or one of its
    subsidiaries of up to $87.5&#160;million in transaction fees to
    the principal investors or their affiliates in connection with
    the transactions contemplated by the merger agreement;
    (iv)&#160;any payment of management, transaction, monitoring or
    any other fees to the principal investors or their affiliates
    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)&#160;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&#160;A common stock) on comparable or more
    favorable terms.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    A change of control of Holdings will be deemed to have occurred
    upon the occurrence of any of the following: (i)&#160;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)&#160;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)&#160;a sale, lease or other disposition of all or
    substantially all of the assets of Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;a majority of the independent directors of Holdings
    elected by the holders Class&#160;A common stock or (ii)&#160;a
    majority of the then-outstanding public shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    101
</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 -->
<A name='174'>


<!-- link1 "FINANCING" -->


<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">FINANCING</FONT></B>
</DIV>
</A>
<A name='175'>


<!-- link1 "Financing of the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Financing
    of the Merger</FONT></B>
</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">
    As of March&#160;31, 2007, on a pro forma basis, the total
    amount of funds necessary to complete the merger is anticipated
    to be approximately $22.8&#160;billion, consisting of
    (i)&#160;approximately $19.5&#160;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 (including
    shares issuable upon conversion of outstanding options) in the
    merger, (ii)&#160;approximately $2.4&#160;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)&#160;approximately $0.9&#160;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 merger agreement. To the extent that
    unaffiliated shareholders make any Stock Elections covering all
    or a portion of their Clear Channel shares (including shares
    issuable upon conversion of outstanding options) 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>
<A name='176'>


<!-- link1 "Equity Financing" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Equity
    Financing</FONT></B>
</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">
    Pursuant to replacement equity commitment letters signed in
    connection with Amendment No.&#160;2, Bain Capital Fund&#160;IX
    and THL Partners Fund&#160;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&#160;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
    (including shares issuable upon conversion of outstanding
    options) 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>
<A name='177'>


<!-- link1 "Debt Financing" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Debt
    Financing</FONT></B>
</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">
    In connection with Amendment No.&#160;2, Merger Sub and the
    Fincos received a second amended and restated debt commitment
    letter, dated May&#160;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) 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&#160;billion in aggregate debt financing (the &#147;Debt
    Financing&#148;), which is currently anticipated to consist of
    (i)&#160;senior secured credit facilities in an aggregate
    principal amount of $18.525&#160;billion (the &#147;Senior
    Secured Credit Facilities&#148;), (ii)&#160;a receivables backed
    credit facility with a maximum availability of
    $1.000&#160;billion with actual
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    102
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;a senior bridge loan facility in
    an aggregate principal amount of up to $2.600&#160;billion (the
    &#147;Senior Bridge Facility&#148;) 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, financing and related transactions,
    which we refer to as 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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 availability under the Receivables Backed Credit Facility is
    less than $750&#160;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&#160;&#038; Co.
    Incorporated, Citigroup Global Markets Inc., Credit Suisse
    Securities (USA) LLC, RBS Securities Corporation and Wachovia
    Capital Markets, LLC to place or underwrite the issuance and
    sale of $2.600&#160;billion in aggregate principal amount of new
    senior notes (the &#147;New Senior Notes&#148;) in a public
    offering or in a Rule&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consummation of the merger in accordance with the merger
    agreement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the absence of any &#147;Material Adverse Effect on Clear
    Channel&#148; (as defined below under &#147;The Merger
    Agreement&#160;&#151; Representations and Warranties&#148;);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the execution of definitive documentation consistent with the
    term sheets for the Debt Financing;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the receipt of specified financial statements of Clear
    Channel;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the receipt of customary closing documents and deliverables.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Commitment Letter contemplates that at least a majority
    in principal amount of each of Clear Channel&#146;s existing
    7.65%&#160;Senior Notes Due 2010 and AMFM Operating Inc.&#146;s
    existing 8%&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    103
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    offers will 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing describes the Debt Financing currently
    contemplated by the Debt Commitment Letter, which will not be
    arranged or finalized prior to the record date for the
    Shareholders&#146; Meeting or Election Deadline, as the actual
    debt financing arrangements and agreements governing them are
    not expected to be finalized until shortly before the effective
    time of the merger. There can be no assurance that the actual
    debt financing arrangements will be consistent with the Debt
    Financing described in this proxy statement/prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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. As of the date
    of this proxy statement/prospectus, no alternative financing
    arrangements or alternative financing plans have been made in
    the event the debt financing arrangements described herein are
    not available as contemplated. 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)&#160;adversely amend the conditions to the debt
    financing set forth in the Debt Commitment Letter in any
    material respect, (ii)&#160;reasonably be expected to delay or
    prevent the closing of the merger, or (iii)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The debt financing arrangements described herein are subject to
    change (whether as a result of market conditions, alternative
    financing arrangements or otherwise). Merger Sub and the Fincos
    have not yet entered into definitive agreements with respect to
    any debt financing and the debt financing remains subject to
    negotiation and completion of such 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 terms described herein.
</DIV>
<A name='178'>


<!-- link1 "OPINION OF CLEAR CHANNEL&#146;S FINANCIAL ADVISOR" -->


<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">OPINION
    OF CLEAR CHANNEL&#146;S FINANCIAL ADVISOR</FONT></B>
</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">
    Goldman Sachs delivered its oral opinion to Clear Channel&#146;s
    board of directors, which was subsequently confirmed in its
    written opinion dated May&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The full text of the written opinion of Goldman Sachs, dated
    May&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the merger agreement;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    104
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    annual reports to shareholders and Annual Reports on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Clear Channel for the five years ended December&#160;31, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    annual reports to shareholders and Annual Reports on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Clear Channel Outdoor for the two years ended
    December&#160;31, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel Outdoor&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    including the prospectus contained therein, dated
    November&#160;10, 2005, relating to the Clear Channel Outdoor
    Class&#160;A common stock;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain interim reports to shareholders and Quarterly Reports on
    Form <FONT style="white-space: nowrap">10-Q</FONT> of
    Clear Channel and Clear Channel Outdoor;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    certain other communications from Clear Channel and Clear
    Channel Outdoor to their respective shareholders;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;A common stock or the prices at which the Holdings
    Class&#160;A common stock may trade if and when they are issued
    or whether any market would develop for the Holdings
    Class&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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. These analyses were chosen based on Goldman Sachs&#146;
    professional judgment of customary financial methodologies
    widely used in valuations of companies and their businesses. 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&#160;15,
    2007 and is not necessarily indicative of current market
    conditions.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    105
</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"><FONT size="1">

</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">
    Goldman Sachs calculated Clear Channel&#146;s estimated cost of
    equity of approximately 10.0% for purposes of its financial
    analyses assuming (i)&#160;a risk free rate of 4.6%,
    (ii)&#160;an unlevered beta of 0.75 and (iii)&#160;a market risk
    premium of 5.5%. Goldman Sachs calculated the unlevered beta
    based on the past 12&#160;months of unlevered predicted betas of
    CBS&#160;Corporation, Citadel Broadcasting Corporation, Cox
    Radio, Inc., Cumulus Media Inc., Emmis Communications
    Corporation, Entercom Communications Corporation, Lamar
    Advertising Company and Radio One, Inc. Goldman Sachs calculated
    Clear Channel&#146;s estimated cost of debt of approximately
    6.8% for purposes of its financial analyses based on the market
    trading levels of Clear Channel&#146;s outstanding debt. Both of
    these calculations were performed utilizing then-current data.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='179'>


<!-- link1 "Present Value of Transaction Price Analysis" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Present
    Value of Transaction Price Analysis</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Goldman Sachs performed an illustrative analysis of the present
    value of the cash consideration of $39.20&#160;per share. For
    this analysis, Goldman Sachs incorporated the value of an annual
    dividend of $0.75&#160;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&#160;30, 2007, November&#160;15, 2007 and
    December&#160;31, 2007 and discount rates ranging from 6.0% to
    10.0% in order to derive an illustrative range of present values
    of the cash consideration and the value of any dividends as of
    those dates. The range of discount rates used by Goldman Sachs
    in this analysis was derived by Goldman Sachs based on Clear
    Channel&#146;s estimated cost of equity, which was used to
    inform the high end of the range, and Clear Channel&#146;s
    estimated cost of debt, which was used to inform the low end of
    the range. The following table presents the results of Goldman
    Sachs&#146; analysis:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="19%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Closing Date</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Illustrative Present Value</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">September&#160;30, 2007
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.18-$38.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">November&#160;15, 2007
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37.73-$38.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">December&#160;31, 2007
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37.46-$38.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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"><FONT size="1">

</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">
    The indicative values in this analysis were greater than the
    indicative values resulting from the present value of
    transaction price analysis delivered by Goldman Sachs to the
    board of directors of Clear Channel in connection with Goldman
    Sachs&#146; prior opinion dated April&#160;18, 2007 primarily
    because this analysis relates to the increased merger
    consideration of $39.20 per share and is based on a shorter
    discount period to the expected closing date.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='180'>


<!-- link1 "Analysis at Various Prices" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Analysis
    at Various Prices</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;15, 2007 of $37.81&#160;per share and the cash
    consideration of $39.20&#160;per share, Goldman Sachs calculated
    (i)&#160;adjusted equity value by subtracting unconsolidated
    assets and the present value of tax assets from Clear
    Channel&#146;s implied equity value, and (ii)&#160;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)&#160;the ratio of pro forma adjusted
    enterprise value to revenue, (ii)&#160;the ratio of pro forma
    adjusted enterprise value to earnings before interest, income
    taxes, depreciation and amortization, or EBITDA, and
    (iii)&#160;the ratio of adjusted equity value to free cash flow,
    or FCF, adjusted to remove effects of acquisition related
    depreciation and amortization. The purpose of this analysis is
    to show, based on the Clear Channel common stock price as of May
    15, 2007 and the cash consideration of $39.20 per share, implied
    valuation ratios commonly used by investors in evaluating
    companies which exhibit similar business characteristics to
    Clear Channel.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    106
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>$37.81 per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>$39.20 per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Share</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Pro Forma Adjusted Enterprise
    Value/Revenue
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.6
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.7x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.5
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.6x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Pro Forma Adjusted Enterprise
    Value/EBITDA
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.9
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.2x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.4
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.7x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Adjusted Equity Value/Adjusted FCF
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2007E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.5
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.2x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2008E
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.2
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.8x
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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"><FONT size="1">

</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">
    Goldman Sachs also reviewed the historical trading prices and
    volumes for Clear Channel common stock for the two-year period
    ended November&#160;14, 2006. In addition, Goldman Sachs
    analyzed the closing market price of $37.81&#160;per share of
    Clear Channel&#146;s common stock on May&#160;15, 2007 and the
    cash consideration of $39.20&#160;per share of Clear Channel
    common stock in relation to (i)&#160;the closing prices of Clear
    Channel common stock on May&#160;15, 2007, on October&#160;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&#160;22, 2006 (the last trading day prior to the
    September&#160;25, 2006 meeting of Clear Channel&#146;s board of
    directors during which strategic alternatives were discussed),
    (ii)&#160;the high price over the
    <FONT style="white-space: nowrap">52-week</FONT> and
    two-year periods ended November&#160;14, 2006 and (iii)&#160;the
    low price over the
    <FONT style="white-space: nowrap">52-week</FONT> and
    two-year periods ended November&#160;14, 2006. The following
    table presents the results of Goldman Sachs&#146; analysis based
    on illustrative share prices of $37.81 and $39.20&#160;per share
    of Clear Channel common stock:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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="79%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>$37.81 per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>$39.20 per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Share</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Premium to market price of $37.81
    per share (as of May&#160;15, 2007)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Premium to undisturbed price of
    $30.02&#160;per share (as of October&#160;6, 2006)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Premium to undisturbed price of
    $29.05&#160;per share (as of September&#160;22, 2006)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Premium to high price of
    $35.48&#160;per share for the two-year and
    <FONT style="white-space: nowrap">52-week</FONT>
    period ended November&#160;14, 2006
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Premium to low price of
    $27.41&#160;per share for the two-year and
    <FONT style="white-space: nowrap">52-week</FONT>
    period ended November&#160;14, 2006
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.9
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</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>
<A name='181'>


<!-- link1 "Present Value of Future Stock Price Analysis" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Present
    Value of Future Stock Price Analysis</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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 estimated future EBITDA. For this
    analysis, Goldman Sachs used the Management Forecasts and
    assumed (i)&#160;a $1.7&#160;billion minority interest based on
    Clear Channel Outdoor and Clear Media Ltd. market data as of
    May&#160;15, 2007 and a $210&#160;million other minority
    interest grown in each case at 5%&#160;per year based on the
    Management Forecasts, (ii)&#160;unconsolidated assets of
    $540&#160;million grown at 5%&#160;per year based on the
    Management Forecasts, (iii)&#160;a $0.7&#160;billion present
    value of tax assets as of December&#160;31, 2007, (iv)&#160;that
    leverage is maintained at a total debt to last twelve months
    EBITDA ratio of 3.5x, (v)&#160;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)&#160;an annual recurring dividend of $0.75&#160;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. The range of one-year forward EBITDA multiples was
    derived by Goldman Sachs based on then current estimated
    one-year forward EBITDA multiples of CBS&#160;Corporation,
    Citadel Broadcasting Corporation, Cox Radio, Inc., Cumulus Media
    Inc., Emmis Communications
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    107
</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"><FONT size="1">

</FONT></DIV>

<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, Entercom Communications Corporation, JC Decaux
    S.A., Lamar Advertising Company and Radio One, Inc., which we
    refer to as the selected companies. The following table presents
    the estimated one-year forward EBITDA multiples that Goldman
    Sachs calculated for the selected companies:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Estimated<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>One-Year Forward<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>EBITDA Multiple<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>as of May&#160;15, 2007</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">CBS Corporation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.5
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Citadel Broadcasting Corporation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.5
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Cox Radio, Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.4
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Cumulus Media Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.7
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Emmis Communications Corporation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.6
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Entercom Communications Corporation
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.3
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">J.C. Decaux S.A.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.7
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Lamar Advertising Company
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.7
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Radio One, Inc.&#160;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.1
</TD>
<TD nowrap align="left" valign="bottom">
    x
</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"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    Goldman Sachs made customary financial adjustments to calculate
    the foregoing EBITDA multiples utilizing publicly available
    research analysts&#146; estimates of EBITDA including
    adjustments to reflect estimated trading values implied
    primarily by EBITDA-generating assets by removing
    (i)&#160;non-recurring tax assets and (ii)&#160;non-consolidated
    assets, where applicable. Goldman Sachs also adjusted the
    foregoing EBITDA multiples to reflect the impact of publicly
    announced acquisitions and divestitures, where applicable.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;15, 2007, using a discount rate of 10.0%. The discount
    rate used by Goldman Sachs in this analysis was derived by
    Goldman Sachs based on Clear Channel&#146;s estimated cost of
    equity, because this analysis measures value based on Clear
    Channel&#146;s hypothetical future stock price. 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"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    The indicative values in this analysis were greater than the
    indicative values resulting from the present value of future
    stock price analyses delivered by Goldman Sachs to the board of
    directors of Clear Channel in connection with Goldman
    Sachs&#146; prior opinions dated November&#160;16, 2006 and
    April&#160;18, 2007 primarily as a result of greater projected
    price levels for asset sales and a shorter discount period. The
    increased price levels for asset sales largely reflects the
    realization of price levels for sales of television and small
    market radio assets.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='182'>


<!-- link1 "Discounted Cash Flow Analysis" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Discounted
    Cash Flow Analysis</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Goldman Sachs performed an illustrative discounted cash flow
    analysis using the Management Forecasts in order to determine a
    range of implied present values per share of Clear Channel
    common stock based on Management&#146;s projection of Clear
    Channel&#146;s cash flow. All cash flows were discounted to
    May&#160;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 range of discount rates used by Goldman Sachs in this
    analysis was derived by Goldman Sachs based on an assumed
    weighted average cost of capital of approximately 8.0% that
    reflects the mix of debt and equity in Clear Channel&#146;s
    capital structure as of May&#160;15, 2007 and a deviation of
    0.5% above and below the assumed weighted average cost of
    capital to adjust for potential variances over time in
    volatility, risk free rate, cost of debt and other factors that
    affect the calculation of assumed weighted average cost of
    capital. Goldman Sachs used an assumed weighted average cost of
    capital to determine the range of discount rates in this
    analysis because this analysis measures estimated cash flows
    available to both debt and equity. Goldman Sachs also applied
    perpetuity growth rates ranging from 1.75% to 2.75%. The range
    of perpetuity growth rates used by Goldman Sachs in this
    analysis was derived by Goldman Sachs utilizing its professional
    judgment and experience. 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"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    108
</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"><FONT size="1">

</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">
    The indicative values in this analysis were greater than the
    indicative values resulting from the discounted cash flow
    analyses delivered by Goldman Sachs to the board of directors of
    Clear Channel in connection with Goldman Sachs&#146; prior
    opinions dated November&#160;16, 2006 and April&#160;18, 2007
    primarily as a result of greater projected price levels for
    asset sales, a lower discount rate resulting from a more recent
    calculation of the weighted average cost of capital and a
    shorter discount period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='183'>


<!-- link1 "Recapitalization Analysis" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Recapitalization
    Analysis</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;billion to
    $3.2&#160;billion on December&#160;31, 2007. In calculating the
    amount of the special dividend, Goldman Sachs assumed
    (i)&#160;that 88% of after-tax proceeds from certain asset sales
    by Clear Channel Outdoor would be distributed to Clear
    Channel&#146;s shareholders, (ii)&#160;an annual recurring
    dividend of $0.75&#160;per share paid quarterly, and
    (iii)&#160;the use of an existing $1.5&#160;billion capital loss
    tax shield. Goldman Sachs then discounted the value of the
    special dividend to May&#160;15, 2007, using discount rates
    ranging from 9.5% to 10.5%, which resulted in a present value of
    the special dividend to shareholders in the range of $5.33 to
    $6.26&#160;per share. The range of discount rates used by
    Goldman Sachs in this analysis was derived by Goldman Sachs
    based on Clear Channel&#146;s estimated cost of equity and a
    deviation of 0.5% above and below Clear Channel&#146;s estimated
    cost of equity to adjust for potential variances over time in
    volatility, risk free rate and other factors that affect the
    calculation of estimated cost of equity. Goldman Sachs used
    estimated cost of equity to determine the range of discount
    rates in this analysis because this analysis measures value
    based on Clear Channel&#146;s hypothetical future stock price.
    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. The range of
    one-year forward EBITDA multiples was derived by Goldman Sachs
    based on then current estimated
    <FONT style="white-space: nowrap">one-year</FONT>
    forward EBITDA multiples of selected companies, adjusted by
    Goldman Sachs utilizing its professional judgment and experience
    to produce a range of discount rates to account for the sale of
    certain assets 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&#160;15, 2007, using an
    equity discount rate of 10.0%. The discount rate used by Goldman
    Sachs in this analysis was derived by Goldman Sachs based on
    Clear Channel&#146;s estimated cost of equity. Goldman Sachs
    used estimated cost of equity to determine the discount rate in
    this analysis because this analysis measures value based on
    Clear Channel&#146;s hypothetical future stock price. The
    purpose of this analysis is to derive illustrative values that
    may be made available to shareholders from the payment of a
    special dividend that is funded by the sale of certain assets of
    Clear Channel. 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"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    The indicative values in this analysis were greater than the
    indicative values resulting from the recapitalization analyses
    delivered by Goldman Sachs to the board of directors of Clear
    Channel in connection with Goldman Sachs&#146; prior opinions
    dated November&#160;16, 2006 and April&#160;18, 2007 primarily
    as a result of greater projected price levels for asset sales
    and a shorter discount period.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='184'>


<!-- link1 "Sum-of-the-Parts Analyses" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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 style="white-space: nowrap">Sum-of-the-Parts</FONT>
    Analyses</FONT></B>
</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">
    Goldman Sachs performed illustrative
    <FONT style="white-space: nowrap">sum-of-the-parts</FONT>
    analyses on Clear Channel using the Management Forecasts. The
    purpose of these analyses is to derive illustrative indications
    of the value that may be made available to shareholders from the
    hypothetical separation of portions of Clear Channel&#146;s
    business through a combination of various spin-offs and asset
    sales as well as additional leverage upon Clear Channel. In the
    first illustrative
    <FONT style="white-space: nowrap">sum-of-the-parts</FONT>
    analysis, Goldman Sachs calculated illustrative per share value
    indications for Clear Channel assuming a spin-off of Clear
    Channel Outdoor on June&#160;30, 2007 and asset sales by Clear
    Channel in addition to the spin-off of Clear Channel Outdoor. In
    the second illustrative
    <FONT style="white-space: nowrap">sum-of-the-parts</FONT>
    analysis, Goldman Sachs calculated illustrative per share value
    indications for Clear Channel assuming a spin-off of Clear
    Channel Outdoor on June&#160;30, 2008 and asset sales by Clear
    Channel in addition to the spin-off of Clear Channel Outdoor.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    109
</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"><FONT size="1">

</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">
    In the first illustrative
    <FONT style="white-space: nowrap">sum-of-the-parts</FONT>
    analysis, Goldman Sachs made the following assumptions:
    (i)&#160;a spin-off of Clear Channel Outdoor closing on
    June&#160;30, 2007, (ii)&#160;the sale of television and  small
    market radio assets at an assumed value of approximately
    $2.0&#160;billion based primarily on announced sales of
    television and small market radio assets, (iii)&#160;the use of
    proceeds from the sale of television and small market radio
    assets and proceeds from inter-company debt repayments
    <FONT style="white-space: nowrap">and/or</FONT> new
    debt financings to finance a special dividend to shareholders of
    Clear Channel in the range of $1.7 to $5.7&#160;billion, or
    $3.48 to $11.39&#160;per share, and (iv)&#160;an annual
    recurring dividend of $0.75&#160;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 range of EBITDA multiples was
    derived by Goldman Sachs based on then current year EBITDA
    multiples of CBS Corporation, JC&#160;Decaux S.A. and Lamar
    Advertising Company. 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. The range of EBITDA
    multiples was derived by Goldman Sachs based on then current
    year EBITDA multiples of CBS&#160;Corporation, Citadel
    Broadcasting Corporation, Cox Radio, Inc., Cumulus Media Inc.,
    Emmis Communications Corporation, Entercom Communications
    Corporation and Radio One, Inc. 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&#160;15, 2007, using a discount rate of 10.0%. The
    discount rate used by Goldman Sachs in this analysis was derived
    by Goldman Sachs based on Clear Channel&#146;s estimated cost of
    equity. Goldman Sachs used estimated cost of equity to determine
    the discount rate in this analysis because this analysis
    measures value based on Clear Channel&#146;s hypothetical future
    stock price. 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 and
    Clear Channel following the spin-off of Clear Channel Outdoor
    and the amount of the special dividend.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    In the second illustrative
    <FONT style="white-space: nowrap">sum-of-the-parts</FONT>
    analysis, Goldman Sachs made the following assumptions:
    (i)&#160;a spin-off of Clear Channel Outdoor closing on
    June&#160;30, 2008, (ii)&#160;the sale of television and small
    market radio assets at an assumed value of approximately
    $2.0&#160;billion, (iii)&#160;the use of proceeds from the sale
    of television and small market radio assets and proceeds from
    inter-company debt repayments
    <FONT style="white-space: nowrap">and/or</FONT> new
    debt financings to finance a special dividend to shareholders of
    Clear Channel in the range of $1.9 to $6.8&#160;billion, or
    $3.74 to $13.61&#160;per share, and (iv)&#160;an annual
    recurring dividend of $0.75&#160;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
    range of EBITDA multiples was derived by Goldman Sachs based on
    then current year EBITDA multiples of CBS&#160;Corporation, J.C.
    Decaux S.A and Lamar Advertising Company. 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.
    The range of EBITDA multiples was derived by Goldman Sachs based
    on then current year EBITDA multiples of CBS&#160;Corporation,
    Citadel Broadcasting Corporation, Cox Radio, Inc., Cumulus Media
    Inc., Emmis Communications Corporation, Entercom Communications
    Corporation and Radio One, Inc. 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&#160;15, 2007, using a discount rate of 10.0%. The
    discount rate used by Goldman Sachs in this analysis was derived
    by Goldman Sachs based on Clear Channel&#146;s estimated cost of
    equity. Goldman Sachs used estimated cost of equity to determine
    the discount rate in this analysis because this analysis
    measures value based on Clear Channel&#146;s hypothetical future
    stock price. 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 and
    Clear Channel following the spin-off of Clear Channel Outdoor
    and the amount of the special dividend.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    The indicative values in these analyses were greater than the
    indicative values resulting from the sum-of-the parts analyses
    delivered by Goldman Sachs to the board of directors of Clear
    Channel in connection with Goldman Sachs&#146; prior opinions
    dated November&#160;16, 2006 and April&#160;18, 2007 primarily
    as a result of greater price level projections for asset sales,
    greater estimated EBITDA multiples for Clear Channel Outdoor and
    a shorter discount period. Estimated EBITDA multiples for Clear
    Channel Outdoor were raised because of recent increases in the
    trading prices of the selected outdoor companies.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    110
</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 -->
<A name='185'>


<!-- link1 "Miscellaneous" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Miscellaneous</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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 respective advisors, future results may be materially
    different from those forecasts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cash consideration of $39.20&#160;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.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;&#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&#160;E to this proxy
    statement/prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;shares of
    class&#160;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 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"><FONT size="1">

</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">
    In connection with the above-described investment banking
    services for Clear Channel, during the past two years Goldman
    Sachs has received aggregate fees of approximately
    $7&#160;million.  In addition, Goldman Sachs expects to receive
    aggregate fees between approximately $6 and $9.5&#160;million
    upon consummation of the announced sale of Clear Channel&#146;s
    television assets.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    111
</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"><FONT size="1">

</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">
    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 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 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. In
    connection with the above-described investment banking services
    for THL Partners and its affiliates and portfolio companies,
    during the past two years Goldman Sachs has received aggregate
    fees of approximately $75.7&#160;million from THL Partners and
    its affiliates and portfolio companies.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    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 2006, as co-financial advisor to Brenntag in connection
    with its sale in September 2006 and as financial advisor to
    Houghton Mifflin Holding Company, Inc., a former portfolio
    company of Bain, in connection with its sale in December 2006.
    In connection with the above-described investment banking
    services for Bain and its affiliates and portfolio companies,
    during the past two years Goldman Sachs has received aggregate
    fees of approximately $58.2&#160;million from Bain and its
    affiliates and portfolio companies.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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 such investment banking services
    Goldman Sachs may receive compensation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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&#160;million, of which
    $15&#160;million was paid upon signing of the definitive
    agreement and approximately $35 million 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>
<A name='186'>


<!-- link1 "MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES" -->


<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">MATERIAL
    UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</FONT></B>
</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">
    The following is a discussion of the material United States
    federal income tax consequences of the merger to
    U.S.&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    112
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this discussion, a &#147;U.S.&#160;holder&#148;
    is a beneficial owner of a share of Clear Channel common stock
    that is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or individual resident of the United States;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate the income of which is subject to United States
    federal income tax regardless of its source;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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.&#160;persons have the authority to control all significant
    decisions of the trust.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 discussion only addresses U.S.&#160;holders who hold shares
    of Clear Channel common stock as capital assets within the
    meaning of Section&#160;1221 the Code.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    This discussion, which represents the opinion of
    Ropes&#160;&#038; Gray LLP, does not purport to be a complete
    analysis of all potential tax effects of the merger, and, in
    particular, does not address U.S.&#160;federal income tax
    considerations applicable to shareholders subject to special
    treatment under U.S.&#160;federal income tax law (including, for
    example,
    <FONT style="white-space: nowrap">non-U.S.&#160;holders,</FONT>
    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.&#160;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.&#160;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
    <FONT style="white-space: nowrap">non-U.S.&#160;laws,</FONT>
    or under any proposed Treasury regulations that have not taken
    effect as of the date of this proxy statement/prospectus.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    <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"><FONT size="1">

</FONT></DIV>
<A name='187'>


<!-- link1 "Material United States Federal Income Tax Consequences to U.S. Holders" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Material
    United States Federal Income Tax Consequences to U.S.
    Holders</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    At the time that a U.S.&#160;holder makes an election to receive
    Holdings Class&#160;A common stock, such holder will not know
    if, and to what extent, the proration procedures will alter the
    mix of consideration to be received, and the U.S.&#160;federal
    income tax consequences to a U.S.&#160;holder will vary
    depending on such mix.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    In the opinion of Ropes&#160;&#038; Gray LLP, the material
    United States federal income tax consequences to
    U.S.&#160;holders will be as follows:
</DIV>

<DIV align="left"><FONT size="1">

</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">
    <I>Exchange of Clear Channel Common Stock Solely For
    Cash.</I>&#160;&#160;A U.S.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Exchange of Clear Channel Common Stock Solely for Holdings
    Common Stock.</I>&#160;&#160;A U.S.&#160;holder who exchanges
    Clear Channel common stock solely for Holdings Class&#160;A
    common stock will not recognize any gain
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    113
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or loss upon the exchange, except to the extent that cash is
    received instead of fractional shares. Such holder will have a
    tax basis in the Holdings Class&#160;A common stock received
    equal to the tax basis of Clear Channel common stock surrendered
    therefor (excluding any tax basis allocated to fractional
    shares). The holding period for the Holdings Class&#160;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"><FONT size="1">

</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">
    <I>Exchange of Clear Channel Common Stock for a Combination of
    Holdings Common Stock and Cash</I>.&#160;&#160;A
    U.S.&#160;holder who exchanges Clear Channel common stock for a
    combination of Holdings Class&#160;A common stock and cash will
    be treated as having disposed of such holder&#146;s shares of
    Clear Channel common stock in two separate
    transactions&#160;&#151; a transfer to Clear Channel of a
    portion of such holder&#146;s Clear Channel common stock solely
    in exchange for cash, which we will refer to in this proxy
    statement/prospectus as the &#147;Deemed Redemption,&#148; and a
    transfer to Holdings of the balance of such holder&#146;s Clear
    Channel common stock in exchange for cash and Holdings
    Class&#160;A common stock, which we will refer to in this proxy
    statement/prospectus as the &#147;Deemed Exchange&#148;.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    The relative number of shares of Clear Channel common stock
    disposed of by a U.S.&#160;holder in the Deemed Redemption and
    the Deemed Exchange, respectively, will depend on the number of
    shares of Holdings Class&#160;A common stock received by such
    holder in the merger and the extent to which the cash
    consideration in the merger is attributable to equity financing
    at the Holdings level or other sources. Consistent with the
    characterization as a Deemed Redemption and a Deemed Exchange, a
    U.S.&#160;holder will be required to bifurcate the cash received
    in the merger with respect to the Clear Channel common stock
    between two categories: (a)&#160;the amount of such cash which
    we will refer to in this proxy statement/prospectus as
    &#147;Clear Channel Cash&#148; and (b)&#160;the amount of such
    cash that is funded by Holdings, which we will refer to in this
    proxy statement/prospectus as &#147;Sponsor Cash&#148;. The
    allocation of the total cash consideration received in the
    merger by a U.S.&#160;holder between Clear Channel Cash and
    Sponsor Cash is discussed below. The percentage of such total
    cash consideration that is Clear Channel Cash and the percentage
    of such total cash consideration that is Sponsor Cash will be
    the same for each U.S.&#160;holder.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    <I>Deemed Redemption.</I>&#160;&#160;The Clear Channel Cash
    portion of the total cash received by a U.S.&#160;holder in the
    merger with respect to Clear Channel common stock will be
    treated as received in the Deemed Redemption. Such U.S. holder
    will be treated as recognizing taxable 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.&#160;holder 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 will be
    the amount of Clear Channel Cash received by all holders in the
    merger and the denominator of which will be 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
    <FONT style="white-space: nowrap">Form&#160;1099-B,</FONT>
    or other appropriate information reporting. With respect to any
    U.S.&#160;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"><FONT size="1">

</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">
    Any gain recognized on the Deemed Redemption by such
    U.S.&#160;holder will be treated as capital gain. Any gain that
    is treated as capital gain will be long-term capital gain if
    such holder has the held the Clear Channel common stock deemed
    surrendered in the Deemed Redemption for more than one year as
    of the effective time 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">
    <I>Deemed Exchange.</I>&#160;&#160;Any shares of Clear Channel
    common stock of a U.S.&#160;holder that are not treated as
    redeemed pursuant to the Deemed Redemption will be treated as
    exchanged for Holdings Class&#160;A common stock and Sponsor
    Cash in the Deemed Exchange.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    A U.S.&#160;holder will not recognize any loss on the Deemed
    Exchange and will recognize gain, if any, on the Deemed Exchange
    equal to the lesser of:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount of Sponsor Cash received&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain realized on the Deemed Exchange, which will be equal to
    the excess of (i)&#160;the sum of the fair market value of the
    Holdings Class&#160;A common stock and the Sponsor Cash received
    by such U.S.&#160;holder over (ii)&#160;such holder&#146;s tax
    basis in Clear Channel common stock surrendered in the Deemed
    Exchange.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    114
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Sponsor Cash will be equal to the total cash received by
    such U.S. 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 of the merger. Clear Channel intends to
    report its computation of such fraction to the holders as
    supplemental information to the IRS
    <FONT style="white-space: nowrap">Form&#160;1099-B,</FONT>
    or other appropriate information 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">
    Any gain recognized in Deemed Exchange by such U.S.&#160;holder
    will 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 deemed surrendered in the
    Deemed Exchange for more than one year as of the effective time
    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">
    The aggregate tax basis of the Holdings Class&#160;A common
    stock received by a U.S.&#160;holder in the Deemed Exchange will
    be equal to the U.S.&#160;holder&#146;s aggregate tax basis in
    the Clear Channel common stock surrendered in the Deemed
    Exchange, decreased by the amount of Sponsor Cash received by
    the U.S.&#160;holder and increased by the amount of gain
    recognized by the U.S.&#160;holder in connection with the Deemed
    Exchange. The holding period for the Holdings Class&#160;A
    common stock received will include the holding period for the
    Clear Channel common stock surrendered therefor.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    <I>Possible Collapse of Deemed Redemption into Deemed Exchange
    by the Internal Revenue Service</I>. As indicated above, in the
    opinion of Ropes&#160;&#038; Gray LLP, the Deemed Redemption and
    the Deemed Exchange will be recognized as separate transactions.
    There is a slight possibility that the IRS might take the
    position that the Deemed Redemption should not be recognized as
    a separate transaction from the Deemed Exchange, with the result
    that U.S.&#160;holders should be treated as having contributed
    all of their Clear Channel common stock to Holdings in exchange
    for cash and Holdings Class&#160;A common stock. Such a
    position, however, would be contrary to the vast bulk of
    relevant IRS authority. If this matter were ever fully
    litigated, in the opinion of Ropes&#160;&#038; Gray LLP, a court
    would conclude that the Deemed Redemption is taxable as a
    separate transaction for United States federal income tax
    purposes. In the unlikely event that the IRS were to take, and
    prevail on, the position that the Deemed Redemption should not
    be recognized as a separate transaction, a U.S.&#160;holder
    would not be permitted to recognize any taxable loss as a result
    of the merger, and would be required to recognize a taxable gain
    equal to the lesser of (x)&#160;the cash that such holder
    received in the merger, and (y)&#160;the excess, if any, of the
    fair market value of the Holdings Class&#160;A common stock and
    the cash received in the merger over such
    U.S.&#160;holder&#146;s tax basis in the shares of Clear Channel
    common stock surrendered in the merger. As a result, a
    U.S.&#160;holder might recognize more taxable gain in connection
    with the merger.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    <I>Information on the Merger to Be Filed with Clear Channel
    Shareholders&#146; Returns.</I>&#160;&#160;A U.S.&#160;holder
    who receives Holdings Class&#160;A common stock, and following
    the effective time of the merger owns Holdings Class&#160;A
    common stock representing at least 5% of the total combined
    voting power or value of the total outstanding Holdings
    Class&#160;A common stock, will be required to attach to such
    U.S.&#160;holder&#146;s U.S.&#160;federal income tax return for
    the year in which the merger is consummated, and maintain a
    permanent record of, a complete statement that contains the
    information listed in Treasury
    <FONT style="white-space: nowrap">Regulation</FONT>
    Section&#160;1.351&#160;&#151; 3T. Such statement must include
    such U.S.&#160;holder&#146;s aggregate fair market value and tax
    basis in such U.S.&#160;holder&#146;s Clear Channel common stock
    surrendered in the exchange.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    <I>Information Reporting and Backup
    Withholding.</I>&#160;&#160;Payments of cash pursuant to the
    merger will be subject to information reporting and backup
    withholding unless (i)&#160;they are received by a corporation
    or other exempt recipient or (ii)&#160;the recipient provides
    correct taxpayer identification number and certifies that no
    loss of exemption from backup withholding has occurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 U.S.&#160;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.&#160;holder will be allowed as a credit against the
    U.S.&#160;holder&#146;s United States federal income tax
    liability and may entitle such U.S.&#160;holder to a refund,
    provided that the required information is timely furnished to
    the IRS.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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 </B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    115
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>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>
<A name='188'>


<!-- link1 "ACCOUNTING TREATMENT OF TRANSACTION" -->


<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">ACCOUNTING
    TREATMENT OF TRANSACTION</FONT></B>
</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">
    We expect that the merger will be accounted for as a purchase in
    conformity with Statement of Financial Accounting Standards
    No.&#160;141, <I>Business Combinations </I>and Emerging Issues
    Task Force Issue
    <FONT style="white-space: nowrap">88-16,</FONT>
    <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>
<A name='189'>


<!-- link1 "REGULATORY APPROVALS" -->


<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">REGULATORY
    APPROVALS</FONT></B>
</DIV>
</A>
<A name='190'>


<!-- link1 "Hart-Scott-Rodino" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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 style="white-space: nowrap">Hart-Scott-Rodino</FONT></FONT></B>
</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">
    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.&#160;Department of Justice, and specified waiting period
    requirements are satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The parties have agreed that if the FTC or the Antitrust
    Division of the U.S.&#160;Department of Justice has not granted
    the necessary approvals under the HSR Act as of August&#160;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&#160;15, 2007, to
    implement the divestiture. Under the terms of the merger
    agreement, a &#147;divestiture&#148; of any asset or business
    means (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 governance structure of Merger Sub or Clear Channel
    or contemplated contractual or governance rights of Merger Sub
    or Clear Channel.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The parties have had discussions with the Antitrust Division of
    the Department of Justice in anticipation of making their
    required Hart-Scott-Rodino filings, although the filings have
    not yet been submitted.
</DIV>
<A name='191'>


<!-- link1 "FCC Regulations" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">FCC
    Regulations</FONT></B>
</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">
    Under the Communications Act, Clear Channel and the Fincos may
    not complete the merger unless they have first obtained the FCC
    Consent. 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&#160;12, 2006 the
    applications to transfer control of Clear Channel&#146;s FCC
    licenses to affiliates of the Fincos.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of broadcast stations owned by Clear Channel in
    certain markets exceeds the number of commonly owned stations
    permitted under recently modified FCC rules governing media
    ownership, and such groups of stations must be brought into
    compliance with such modified rules at the time of the merger.
    In a number of such markets, Clear Channel has entered into or
    intends to enter into agreements to sell to third party buyers a
    sufficient number of stations to bring its holdings in such
    markets into compliance with FCC media ownership rules. On
    June&#160;19, 2007, Clear Channel filed applications to place
    into a divestiture trust a sufficient number of its FCC licenses
    to ensure compliance with the FCC&#146;s media ownership rules
    at the time of the merger. It is anticipated that, to the extent
    Clear Channel is unable to complete all necessary third party
    sales to achieve compliance with the rules at the time of the
    merger, all remaining stations necessary to be divested will be
    conveyed to the divestiture trust concurrently with the closing
    of the merger. The FCC will likely condition its approval of the
    merger on Clear Channel&#146;s prior or concurrent divestiture
    (either to a third party buyer or a trust) of a sufficient
    number of stations in each of the affected markets to bring its
    holdings into compliance with the FCC&#146;s media ownership
    rules at the time of the merger.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    116
</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">
    The parties anticipate that FCC approval of the merger can be
    obtained by the late third quarter or early fourth quarter of
    2007. The timing or outcome of the FCC approval process,
    however, cannot be predicted.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='192'>


<!-- link1 "Other" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Other</FONT></B>
</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">
    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>
<A name='193'>


<!-- link1 "STOCK EXCHANGE LISTING" -->


<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">STOCK
    EXCHANGE LISTING</FONT></B>
</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">
    Following the consummation of the merger, shares of Holdings
    Class&#160;A common stock will not be listed on a national
    securities exchange. It is anticipated that, following the
    merger, the shares of Class&#160;A common stock will be quoted
    on the
    <FONT style="white-space: nowrap">Over-the-Counter</FONT>
    Bulletin&#160;Board.
</DIV>
<A name='194'>


<!-- link1 "RESALE OF HOLDINGS CLASS A COMMON STOCK" -->


<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">RESALE OF
    HOLDINGS CLASS&#160;A COMMON STOCK</FONT></B>
</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">
    The shares of Holdings Class&#160;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&#160;144 or Rule&#160;145 under the Securities Act.
</DIV>
<A name='195'>


<!-- link1 "MERGER RELATED LITIGATION" -->


<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">MERGER
    RELATED LITIGATION</FONT></B>
</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">
    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&#160;al</I>.,
    No.&#160;2006CI17647 (filed November&#160;16, 2006),
    <I>Manson&#160;v. Clear Channel Communications, Inc., et
    al.</I>, No.&#160;2006CI17656 (filed November&#160;16, 2006),
    and <I>Metzler Investment GmbH&#160;v. Clear Channel
    Communications, Inc., et&#160;al.</I>, No.&#160;2006CI18067
    (filed November&#160;28, 2006).
</DIV>

<DIV align="left"><FONT size="1">

</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">
    The remaining five actions&#160;&#151; <I>Teitelbaum v. Clear
    Channel Communications, Inc., et&#160;al.</I>,
    No.&#160;2006CI17492 (filed November&#160;14, 2006), <I>City of
    St. Clair Shores Police and Fire Retirement System&#160;v. Clear
    Channel Communications, Inc., et al</I>., No.&#160;2006CI17660
    (filed November&#160;16, 2006), <I>Levy Investments,
    Ltd.&#160;v. Clear Channel Communications, Inc.,
    et&#160;al</I>., No.&#160;2006CI17669 (filed November&#160;16,
    2006), <I>DD Equity Partners LLC&#160;v. Clear Channel
    Communications, Inc., et&#160;al</I>., No.&#160;2006CI7914
    (filed November&#160;22, 2006), and <I>Pioneer Investments
    Kapitalanlagegesellschaft MBH&#160;v. Clear Channel
    Communications, Inc., et. al</I>., No.&#160;2006CI18542 (filed
    December&#160;7, 2006)&#160;&#151; have been consolidated for
    pretrial purposes only into one proceeding (the
    &#147;Consolidated Class&#160;Action&#148;), captioned <I>In re
    Clear Channel Communications, Inc. Shareholders Litigation,
    </I>Cause
    <FONT style="white-space: nowrap">No.&#160;2006-CI-17492.</FONT>
    The Second Amended Complaint currently pending in the
    Consolidated Class&#160;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&#160;4, 2007, the plaintiff
    filed a Supplemental Memorandum of Law in Support of
    Plaintiff&#146;s Motion for a Temporary Restraining Order and
    Temporary Injunction, which sought an order enjoining the
    shareholder vote that was previously scheduled for May&#160;8,
    2007. No action was taken by the Court on plaintiff&#146;s
    request for an injunction and no hearing is currently scheduled.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;v. Clear
    Channel Communications, Inc., et&#160;al</I>.,
    No.&#160;2006CI17436 (filed November&#160;22, 2006)&#160;alleges
    breach of fiduciary duties, abuse of control, gross
    mismanagement, and waste of corporate assets by the defendants.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    117
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The complaint seeks an order declaring the employment agreements
    with Messrs.&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The second action, filed in the United States District Court for
    the Western District of Texas, <I>Alaska Laborers Employees
    Retirement Fund&#160;v. Clear Channel Communications, Inc.,
    et&#160;al</I>., No.&#160;SA07CA0042RF (filed January&#160;11,
    2007)&#160;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&#160;28, 2007, the Court heard argument on
    defendants&#146; 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;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
    <FONT style="white-space: nowrap">Section&#160;14(a)-9</FONT>
    of the Securities Exchange Act. The action <I>Pioneer
    Investments Kapitalanlagegesellschaft mbH&#160;v. Clear Channel
    Communications, Inc., et&#160;al.,</I> Case
    <FONT style="white-space: nowrap">No.&#160;SA-007-CA-0997,</FONT>
    filed in the United States District Court for the Western
    District of Texas, San&#160;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&#160;1, 2007 in connection
    with the proposed merger. On March&#160;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>
<A name='196'>


<!-- link1 "THE MERGER AGREEMENT" -->


<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">THE
    MERGER AGREEMENT</FONT></B>
</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">
    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.&#160;1 and Amendment No.&#160;2, which are attached to this
    proxy statement/prospectus as Annex&#160;A, Annex&#160;B and
    Annex&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    118
</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 -->
<A name='197'>


<!-- link1 "Effective Time; Marketing Period" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Effective
    Time; Marketing Period</FONT></B>
</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">
    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
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a date during the Marketing Period specified by the Fincos on no
    less than three business days&#146; written notice to Clear
    Channel;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;17,
    2007, the Marketing Period will be deemed to commence no earlier
    than September&#160;4, 2007, or if the Marketing Period has not
    ended on or before December&#160;14, 2007, the Marketing Period
    will be deemed to commence no earlier than January&#160;7, 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">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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, consummate the financing no later than
    the closing, and enforce their rights under the financing
    commitments;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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>
<A name='198'>


<!-- link1 "Effects of the Merger; Structure" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Effects
    of the Merger; Structure</FONT></B>
</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">
    At the effective time of the merger, 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    119
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 of the
    merger, except to the extent that such shareholders receive the
    Stock Consideration.
</DIV>
<A name='199'>


<!-- link1 "Rollover by Shareholders" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Rollover
    by Shareholders</FONT></B>
</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">
    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&#160;shares of
    Holdings Class&#160;A common stock available for issuance as
    Stock 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">
    Pursuant to the Letter Agreement each of Messrs.&#160;Mark P.
    Mays and Randall T. Mays have agreed to convert
    $10&#160;million, in the aggregate, of shares of Clear Channel
    common stock, shares of Clear Channel restricted stock and/or
    &#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.&#160;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/or &#147;in the money&#148; Clear Channel
    stock options held by them into equity securities of Holdings.
    Mr.&#160;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.&#160;L. Lowry Mays
    has informed Clear Channel that he will be selling a substantial
    majority of his holdings in the 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">
    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
    <FONT style="white-space: nowrap">and/or</FONT> 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 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>
<A name='200'>


<!-- link1 "Treatment of Common Stock and Other Securities" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Treatment
    of Common Stock and Other Securities</FONT></B>
</DIV>
</A>
<A name='201'>


<!-- link1 "Clear Channel Common Stock" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clear
    Channel Common Stock</FONT></I></B>
</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">
    At the effective time of the merger, each Public Share issued
    and outstanding immediately prior to the effective time of the
    merger 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)&#160;an amount equal to
    $39.20 in cash without interest, plus the Additional
    Consideration, if any (the &#147;Cash Consideration&#148;) or
    (B)&#160;one validly issued, fully paid and non assessable share
    of Holdings Class&#160;A common stock (valued at $39.20&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 of the merger, which
    shares will automatically be canceled, retired and will cease to
    exist without conversion or consideration;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shares of Clear Channel common stock held by shareholders who do
    not vote in favor of approval and 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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Rollover Shares.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    120
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;A common stock available for issuance as
    Stock Consideration) into the Cash 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">
    Each Public Share, when converted into Stock Consideration or
    Cash Consideration, will automatically be canceled, and will
    cease to exist. After the effective time of the merger, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;Additional Consideration&#148; means, if the
    effective time of the merger occurs after January&#160;1, 2008,
    an additional amount for each share of Clear Channel common
    stock equal to the lesser of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the pro rata portion, based upon the number of days elapsed
    since January&#160;1, 2008, of $39.20 multiplied by 8%&#160;per
    annum,&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an amount equal to (a)&#160;the operating cash flow for Clear
    Channel and its subsidiaries for the period from and including
    January&#160;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)&#160;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)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;(but only to the extent included in net income):
</TD>
</TR>

</TABLE>

<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;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: 4%; 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
    under the merger 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">
    (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: 4%; 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: 4%; 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 Clear Channel
    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: 4%; 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 Clear Channel 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: 4%; 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>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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)&#160;not attributable to subsidiaries whose net income
    is subject
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    121
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    to clause&#160;(v) or (vi)&#160;of the first bullet above and
    (b)&#160;not in the nature of provisions for future cash
    payments, minus
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    capital expenditures made in cash or accrued with respect to
    such period, minus
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    cash payments made or scheduled to be made with respect to film
    contracts.
</TD>
</TR>

</TABLE>
<A name='202'>


<!-- link1 "Clear Channel Stock Options" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clear
    Channel Stock Options</FONT></I></B>
</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">
    Prior
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    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&#160;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&#160;(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 of the merger to receive a cash payment (without interest
    and less applicable withholding taxes) calculated as follows:
    the product of (i)&#160;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)&#160;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 of the
    merger, 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>
<A name='203'>


<!-- link1 "Clear Channel Restricted Stock" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clear
    Channel Restricted Stock</FONT></I></B>
</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">
    As of the effective time of the merger, 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 of the merger,
    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). Except as otherwise agreed by the
    Fincos, Holdings, Clear Channel and a holder of Clear Channel
    restricted stock, 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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007 using the procedures described below.
</DIV>
<A name='204'>


<!-- link1 "Election Procedures" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Election
    Procedures</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Each holder of Public Shares who is a holder as of the record
    date for the Shareholders&#146; Meeting (the &#147;Election
    Form&#160;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&#160;Record Date, which shall include a guarantee
    of delivery for all Public Shares for which such holder is
    electing Stock Consideration. For purposes of the merger
    agreement, a holder of Public Shares who does not make a valid
    election prior to 5:00&#160;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
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    122
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">non-U.S.&#160;person,</FONT>
    if Holdings determines that the rejection would be reasonable in
    light of the requirements of Article&#160;VIII, Section&#160;6
    of Clear Channel&#146;s by-laws or Article&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each person (other than an affiliated holder) who holds Clear
    Channel stock options on the Election Form&#160;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)&#160;the number of Clear Channel
    stock options that the holder irrevocably commits to exercise
    immediately prior to the effective time of the merger and
    (ii)&#160;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 of the merger.
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='205'>


<!-- link1 "Proration Procedures" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Proration
    Procedures</FONT></B>
</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">
    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&#160;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
    <FONT style="white-space: nowrap">and/or</FONT> Net
    Electing Option Shares into shares of Holdings Class&#160;A
    common stock will receive:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a pro-rata number of shares of Holdings Class&#160;A common
    stock determined in the following manner:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    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;);&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    with respect to each form of election submitted by a record
    holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> 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&#160;A common stock (plus the Additional
    Consideration, if any, which will be paid in cash) equal to the
    product of (x)&#160;the proration factor times (y)&#160;the
    total number of Stock Election Shares reflected on such form of
    election; plus
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    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&#160;A common stock which are not
    converted into shares of Holdings Class&#160;A common stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 pursuant to a single form of election&#160;(and after
    proration, if any), a holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> Net
    Electing Option Shares will receive shares of Holdings
    Class&#160;A common stock representing more than 9.9% of the
    shares of Holdings Class&#160;A common stock outstanding as of
    the Effective Date (the &#147;Individual Cap&#148;), the number
    of shares of Holdings Class&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    123
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> Net
    Electing Option Shares that are cut back. The number of shares
    of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> 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&#160;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>
<A name='206'>


<!-- link1 "Exchange and Payment Procedures" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Exchange
    and Payment Procedures</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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&#160;days of the receipt of such notice.
    If a holder does not timely submit certificates or book-entry
    shares, as applicable, representing the Clear Channel common
    stock or Clear Channel stock options underlying the Net Electing
    Option Shares and properly executed letters of transmittal, the
    paying agent may enforce the applicable guarantee of delivery or
    reject 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"><FONT size="1">

</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">
    On the closing date of the merger, promptly following the
    effective time of the merger, the surviving corporation and
    Holdings will deposit or cause to be deposited with the paying
    agent (i)&#160;cash in an amount equal to the aggregate amount
    of the Cash Consideration to be paid, (ii)&#160;certificates
    representing Holdings Class&#160;A common stock in an amount
    equal to the aggregate amount of Stock Consideration,
    (iii)&#160;cash in an amount equal to the aggregate amount of
    cash payments to be paid in lieu of any fractional shares, and
    (iv)&#160;cash in an amount equal to the total amount of Option
    Payments to be paid.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 of the
    merger, and in any event not later than the second business day
    following the effective time of the merger, 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 of
    the merger or the paying agent&#146;s receipt of the
    certificates or book-entry shares representing those 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">
    Following the effective time of the merger, 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 of the merger 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 of the merger will be
    delivered, if cash, to the surviving corporation, and, if shares
    of Holdings Class&#160;A common stock, to Holdings, together
    with interest and other income received by the paying agent.
    Holders of Clear Channel common stock
    <FONT style="white-space: nowrap">and/or</FONT> Clear
    Channel stock options who at that time have not yet complied
    with the exchange procedures outlined above will be required
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    124
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='207'>


<!-- link1 "Representations and Warranties" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Representations
    and Warranties</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    The merger agreement contains representations and warranties of
    the parties to the merger agreement, which may not be intended
    as statements of facts, but rather as a way of allocating risk
    to one of the parties if those statements prove inaccurate. 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.&#160;1 and Amendment
    No.&#160;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)&#160;they were made only as
    of the date of the original merger agreement, Amendment
    No.&#160;1 or Amendment No.&#160;2, as applicable, or a prior
    specified date, (ii)&#160;in some cases they are subject to
    qualifications with respect to materiality and knowledge, and
    (iii)&#160;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.&#160;1 or Amendment
    No.&#160;2, as applicable, which subsequent information may or
    may not be fully reflected in Clear Channel&#146;s public
    disclosures.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s and its subsidiaries&#146; due
    organization, valid existence, good standing and qualification
    to do business;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s and its subsidiaries&#146; articles of
    incorporation, bylaws and other organizational documents;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s corporate power and authority to enter into
    the merger agreement, Amendment No.&#160;1 and Amendment
    No.&#160;2, and to consummate the transactions contemplated by
    the merger agreement and perform its obligations under Amendment
    No.&#160;1 and Amendment No.&#160;2;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the approval and recommendation of the merger agreement,
    Amendment No. 1 and Amendment No.&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the required vote of Clear Channel&#146;s shareholders in
    connection with the approval and adoption of the merger
    agreement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    compliance with applicable laws and permits, including FCC
    licenses;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our SEC forms, documents, registration statements and reports
    since December&#160;31, 2004, and to Clear Channel&#146;s
    knowledge, the SEC forms, documents, registration statements and
    reports of Clear Channel Outdoor since November&#160;2, 2005,
    including the financial statements contained therein;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our disclosure controls and procedures and internal controls
    over financial reporting;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    125
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;31, 2005;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the absence of certain undisclosed liabilities;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the absence of legal proceedings and governmental orders against
    Clear Channel;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    taxes;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our material contracts;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the inapplicability to the merger agreement and the merger of
    restrictions imposed on business combinations by Article&#160;13
    of the Texas Business Corporation Act;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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.&#160;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&#160;&#151; Treatment of Common Stock and Other
    Securities&#160;&#151; Clear Channel Common
    Stock&#148;);&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the absence of undisclosed brokers&#146; fees.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the announcement of the merger agreement or the pendency or
    consummation of the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the identity of Merger Sub, the Sponsors or any of their
    affiliates as the acquirer of Clear Channel;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in generally accepted accounting principles or the
    interpretation thereof;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any weather related event;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    126
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    their due organization, valid existence and good standing;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    their certificate of incorporation, bylaws and other
    organizational documents;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    their power and authority to enter into the merger agreement,
    Amendment No.&#160;1 and Amendment No.&#160;2, and to consummate
    the transactions contemplated by the merger agreement and
    perform their obligations under Amendment No.&#160;1 and
    Amendment No.&#160;2;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the required consents and approvals of governmental entities in
    connection with the transactions contemplated by the merger
    agreement;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    their qualification under the Communications Act to hold FCC
    licenses;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the absence of litigation and government orders against the
    Fincos, Holdings and Merger Sub;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Fincos&#146; and Merger Sub&#146;s ability to secure
    financing for the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the capitalization of Holdings, Merger Sub and any other
    subsidiaries of Holdings;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the absence of undisclosed broker&#146;s fees;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the solvency of the surviving corporation and Holdings following
    the consummation of the merger.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 of the merger and
    the termination of the merger agreement pursuant to its terms.
</DIV>
<A name='208'>


<!-- link1 "Conduct of Clear Channel&#146;s Business Pending the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Conduct
    of Clear Channel&#146;s Business Pending the Merger</FONT></B>
</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">
    Under the merger agreement, Clear Channel has agreed that,
    subject to certain exceptions, between November&#160;16, 2006
    and the completion of the merger, unless the Fincos give their
    prior written consent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel and its subsidiaries will conduct business in the
    ordinary course and consistent with past practice in all
    material respects;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    127
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amend Clear Channel&#146;s articles of incorporation or bylaws
    or the organizational documents of its subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    issue, sell, pledge, dispose, encumber or grant any equity
    securities or convertible securities of Clear Channel or its
    subsidiaries;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acquire any business organization or any division thereof or any
    material amount of assets with a purchase price in excess of
    $150&#160;million in the aggregate;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create, incur, guarantee or assume any indebtedness except for
    indebtedness: (i)&#160;incurred under Clear Channel&#146;s or a
    subsidiary&#146;s existing credit facilities, (ii)&#160;for
    borrowed money incurred pursuant to agreements in effect prior
    to the execution of the merger agreement, (iii)&#160;as
    otherwise required in the ordinary course of Clear
    Channel&#146;s business consistent with past practice, or
    (iv)&#160;in an aggregate principal amount not to exceed
    $250&#160;million;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any material change to its methods of accounting in effect
    at December&#160;31, 2005, except as required by generally
    accepted accounting principles,
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    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&#160;16, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;million;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;10, 2006);
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increase the compensation or other benefits payable to
    (i)&#160;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)&#160;any
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    128
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    other senior executive officers of Clear Channel by an amount
    exceeding a specified amount agreed upon by Clear Channel and
    the Fincos, or (iii)&#160;other employees except in the ordinary
    course of business consistent with past practices;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into any employment agreement with any director, executive
    officer or employee of Clear Channel or any of its subsidiaries,
    except (i)&#160;employment agreements to replace a departing
    executive officer or employee upon substantially similar terms,
    (ii)&#160;employment agreements with on-air talent,
    (iii)&#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
    years, or (iv)&#160;extensions of employment agreements other
    than agreements with senior executive officers in the ordinary
    course of business consistent with past practice;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;409(A) of the Code.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make any capital expenditure in excess of $50&#160;million
    individually, or $100&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;million individually, or $30&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 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&#160;16, 2005,
    between Clear Channel Management Services, L.P. and Clear
    Channel Outdoor;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    129
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    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;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    authorize or enter into any written agreement or otherwise make
    any commitment to do any of the foregoing.
</TD>
</TR>

</TABLE>
<A name='209'>


<!-- link1 "FCC Matters" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">FCC
    Matters</FONT></B>
</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">
    Until the effective time of the merger, Clear Channel has agreed
    to: (i)&#160;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)&#160;promptly deliver to the Fincos copies of any material
    reports or applications filed with the FCC, (iii)&#160;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)&#160;not make or revoke any election with the
    FCC that would have, in the aggregate, a Material Adverse Effect
    on Clear Channel.
</DIV>
<A name='210'>


<!-- link1 "Shareholders&#146; Meeting" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Shareholders&#146;
    Meeting</FONT></B>
</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">
    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 approval and 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 approval and 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
    approval and 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 approval and adoption of the merger
    agreement and the approval of the merger and to take all other
    actions necessary or advisable 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
    approval and adoption of the merger agreement and the approval
    of the merger.
</DIV>
<A name='211'>


<!-- link1 "Appropriate Actions" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Appropriate
    Actions</FONT></B>
</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">
    The parties agreed in the merger agreement to use their
    respective reasonable best efforts to consummate the merger,
    including, (i)&#160;in the case of the Fincos, the obtaining of
    all necessary approvals under any applicable communication laws
    required in connection with the merger, (ii)&#160;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)&#160;defending any lawsuits or legal proceedings
    challenging the merger, including seeking to have any stay or
    temporary restraining order vacated or reversed, and
    (iv)&#160;executing and delivering any additional instruments
    necessary to consummate 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">
    Pursuant to the merger agreement, the Fincos and Clear Channel
    filed on December&#160;12, 2006, all applications necessary in
    order 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">
    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 of such
    assets or businesses as are required to be divested in order to
    obtain the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    130
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The parties have agreed that if the FTC or the Antitrust
    Division of the U.S.&#160;Department of Justice has not granted
    the necessary approvals under the HSR Act as of August&#160;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&#160;15, 2007, to
    implement the divestiture.
</DIV>
<A name='212'>


<!-- link1 "Access to Information" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Access to
    Information</FONT></B>
</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">
    Until the earlier of the effective time of the merger 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&#160;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)&#160;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)&#160;permit the
    Fincos to make copies and inspections thereof as the Fincos may
    reasonably request, and (iii)&#160;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>
<A name='213'>


<!-- link1 "Solicitation of Alternative Proposals" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Solicitation
    of Alternative Proposals</FONT></B>
</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">
    The merger agreement provides that through 11:59&#160;p.m.
    Eastern Standard Time on December&#160;7, 2006 (the
    &#147;No-Shop Period Start Date&#148;), Clear Channel was
    permitted to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    participate in discussions or negotiations regarding, and take
    any other action to facilitate any Competing Proposal.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Commencing on the No-Shop Period Start Date Clear Channel agreed
    to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    with respect to parties with whom discussions or negotiations
    have been terminated on, prior to or subsequent to
    November&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    131
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    From and after the No-Shop Period Start Date until the earlier
    of the effective time of the merger or the date, if any, on
    which the merger agreement is terminated, Clear Channel agreed
    not to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    initiate, solicit, or knowingly facilitate or encourage the
    submission of any inquiries, proposals or offers with respect to
    a Competing Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    participate in any negotiations regarding, or furnish to any
    person any information in connection with, any Competing
    Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engage in discussions with any person with respect to any
    Competing Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    approve or recommend any Competing Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    enter into any letter of intent or similar document or any
    agreement or commitment providing for any Competing Proposal;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the merger agreement, a &#147;Competing
    Proposal&#148; means any proposal or offer relating to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to approval and 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    furnish information to the third party making the Competing
    Proposal, provided Clear Channel receives from the third party
    an executed confidentiality agreement;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engage in discussions or negotiations with the third party with
    respect to the Competing Proposal.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 approve and 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    132
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Recommendation&#148;); provided, that (1)&#160;prior to approval
    and adoption of the merger agreement by Clear Channel&#146;s
    shareholders, the board of directors may effect a Change of
    Recommendation
    <FONT style="white-space: nowrap">and/or</FONT>
    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
    <FONT style="white-space: nowrap">and/or</FONT>
    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)&#160;the board of directors cannot effect
    a Change of Recommendation or terminate the merger agreement in
    response to a Superior Proposal unless (i)&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    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)&#160;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)&#160;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 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&#160;&#151; Clear Channel Termination Fee.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 addition to the foregoing, Clear Channel may:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    disclose to the shareholders a position contemplated by
    <FONT style="white-space: nowrap">Rules&#160;14e-2(a)</FONT>
    and <FONT style="white-space: nowrap">14d-9</FONT>
    under the Exchange Act;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    133
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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>
<A name='214'>


<!-- link1 "Indemnification; Directors&#146; and Officers&#146; Insurance" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Indemnification;
    Directors&#146; and Officers&#146; Insurance</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additionally, the surviving corporation for the six years
    following the effective time of the merger, 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)&#160;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)&#160;the merger, the merger
    agreement or any 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">
    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 of the merger 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>
<A name='215'>


<!-- link1 "Employee Benefit Plans" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Employee
    Benefit Plans</FONT></B>
</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">
    Under the merger agreement, the Fincos have agreed that they
    will, and will cause the surviving corporation to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 of the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    honor any and all collective bargaining agreements.
</TD>
</TR>

</TABLE>
<A name='216'>


<!-- link1 "Financing" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Financing</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    134
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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
    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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;adversely amend the conditions to the debt financing
    set forth in the debt financing commitment in any material
    respect, (ii)&#160;reasonably be expected to delay or prevent
    the closing of the merger, or (iii)&#160;reduce the aggregate
    amount of debt financing available for closing unless replaced
    with new equity or debt financing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    preparing business, financial and other pertinent information
    and data 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 debt financing commitments,
    including delivery of financial statements, compliant with
    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>
    under the Securities Act;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    participation in meetings, presentations, road shows, drafting
    sessions, due diligence sessions and sessions with rating
    agencies;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    entering into agreements, executing and delivering
    officer&#146;s certificates and pledging assets and facilitating
    diligence with respect thereto;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    otherwise reasonably cooperating in connection with the
    consummation of the debt financing and the syndication and
    marketing thereof.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    135
</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 -->
<A name='217'>


<!-- link1 "Independent Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Independent
    Directors</FONT></B>
</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">
    Immediately after the closing of the merger, Holdings&#146;
    board of directors will include at least two independent
    directors.
</DIV>
<A name='218'>


<!-- link1 "Transaction Fees" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Transaction
    Fees</FONT></B>
</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">
    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&#160;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&#160;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>
<A name='219'>


<!-- link1 "Conduct of the Fincos&#146; Business Pending the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Conduct
    of the Fincos&#146; Business Pending the Merger</FONT></B>
</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">
    Under the merger agreement, the Fincos have agreed that, subject
    to certain exceptions, between November&#160;16, 2006 and the
    effective time of the merger, 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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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 of the merger;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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>
<A name='220'>


<!-- link1 "Registration" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Registration</FONT></B>
</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">
    Holdings has agreed to use reasonable efforts to maintain the
    registration of the Holdings Class&#160;A common stock under
    Section&#160;12 of the Exchange Act for two years following
    completion of the merger, subject to certain exceptions.
</DIV>
<A name='221'>


<!-- link1 "Conditions to the Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Conditions
    to the Merger</FONT></B>
</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">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Shareholder Approval.</I>&#160;&#160;The approval and
    adoption of the merger agreement by Clear Channel&#146;s
    shareholders.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>HSR Act Approvals.</I>&#160;&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>No Law or Orders.</I>&#160;&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>FCC Consent.</I>&#160;&#160;The FCC Consent will have been
    obtained.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    136
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Representations and Warranties.</I>&#160;&#160;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.&#160;1 as of the date of such amendment and the
    accuracy of Clear Channel&#146;s representations and warranties
    set forth in Amendment No.&#160;2 as of the date of such
    amendment, as applicable, and, in each case, as of the effective
    time of the merger (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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Performance of Obligations.</I>&#160;&#160;The performance or
    compliance, in all material respects, by Clear Channel of its
    agreements and covenants in the merger agreement.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Closing Certificate.</I>&#160;&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>No Material Adverse Affect.</I>&#160;&#160;There will not
    have occurred, since November&#160;16, 2006, any Material
    Adverse Effect on Clear Channel.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Representations and Warranties.</I>&#160;&#160;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.&#160;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. 2 as of the date of such
    amendment, and, in each case, as of the effective time of the
    merger (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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Performance of Obligations.</I>&#160;&#160;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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Solvency Certificate.</I>&#160;&#160;The Fincos&#146;
    delivery to Clear Channel at the closing of a solvency
    certificate.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Closing Certificate.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    137
</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 -->
<A name='222'>


<!-- link1 "Termination" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Termination</FONT></B>
</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">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by either the Fincos or Clear Channel, if:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    the closing of the merger has not occurred on or before
    December&#160;12, 2007, the date that is 12&#160;months from the
    FCC Filing Date (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&#160;months from the FCC Filing Date by
    Clear Channel or the Fincos;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    Clear Channel&#146;s shareholders do not approve adopt the
    merger agreement at the special meeting or any adjournment of
    the special meeting;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>&#149;&#160;</B>
</TD>
    <TD align="left">
    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&#160;days following delivery of written
    notice by the terminating party.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by Clear Channel, if prior to the approval and 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by the Fincos, if the board of directors effects a Change of
    Recommendation;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;and
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;&#151; Termination
    Fees.&#148;
</DIV>
<A name='223'>


<!-- link1 "Termination Fees" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Termination
    Fees</FONT></B>
</DIV>
</A>
<A name='224'>


<!-- link1 "Clear Channel Termination Fee" -->


<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clear
    Channel Termination Fee</FONT></I></B>
</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">
    Clear Channel must pay to the Fincos a termination fee of
    $500&#160;million in cash if the merger agreement is terminated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by Clear Channel, prior to approval and 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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,
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    138
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    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>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by the Fincos or Clear Channel, if Clear Channel&#146;s
    shareholders do not approve and 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&#160;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);&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;days,
    and prior the date of termination a Competing Proposal has been
    publicly announced or been made known to Clear Channel and
    within 12&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 that the merger agreement is terminated (i)&#160;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)&#160;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
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 addition, Clear Channel must pay to the Fincos a termination
    fee of $200&#160;million, but only if the $500&#160;million
    termination fee that is payable under the circumstances
    described above is not otherwise payable, if the merger
    agreement is terminated (A)&#160;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)&#160;by the Fincos or Clear Channel because Clear
    Channel&#146;s shareholders do not approve or adopt the merger
    agreement at the special meeting or any adjournment of the
    special meeting or (C)&#160;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&#160;days following delivery of written notice
    by the Fincos, <U>and </U>within twelve (12)&#160;months after
    such termination (i)&#160;Clear Channel or any of its
    subsidiaries consummates, (ii)&#160;Clear Channel or any of its
    subsidiaries enters into a definitive agreement, or
    (iii)&#160;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&#160;(ii) and (iii)&#160;above,
    subsequently consummates (whether during or after such twelve
    (12)&#160;month period) such Contacted Party 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">
    For purposes of the merger agreement, &#147;Contacted
    Party&#148; means any person, (i)&#160;that is referenced in
    this proxy statement/prospectus as having been contacted during
    the auction process, or (ii)&#160;that was contacted during the
    &#147;go-shop&#148; period provided for in the merger agreement
    which commenced on November&#160;17, 2006 and ended on
    December&#160;7, 2007, or in the case of (i)&#160;and (ii),
    their affiliates.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    139
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;13(d)
    of the Exchange Act, which does not include any of the Fincos,
    Merger Sub or their respective affiliates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the merger agreement, &#147;Contacted Parties
    Proposal&#148; means (i)&#160;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)&#160;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&#160;(i) above 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 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&#160;(i) 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>
<A name='225'>


<!-- link1 "Merger Sub Termination Fee" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Merger
    Sub Termination Fee</FONT></I></B>
</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">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    (i)&#160;by either Clear Channel or the Fincos, if the effective
    time of the merger 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)&#160;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&#160;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&#160;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 their respective obligations relating to obtaining that
    consent, the termination fee will be $300&#160;million in
    cash;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by Clear Channel if (i)&#160;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)&#160;the Fincos
    have, due to a willful and material breach by Merger Sub,
    Holdings
    <FONT style="white-space: nowrap">and/or</FONT> 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&#160;days following delivery of written notice
    by Clear Channel, and in each case of (i)&#160;or (ii)&#160;the
    first bullet above is not applicable, in which case Merger Sub
    will pay Clear Channel a termination fee of $500&#160;million in
    cash.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    140
</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 -->
<A name='226'>


<!-- link1 "Amendment and Waiver" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Amendment
    and Waiver</FONT></B>
</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">
    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 of the merger. However, after the approval and
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The merger agreement also provides that, at any time prior to
    the effective time of the merger, any party may, by written
    agreement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive compliance with any of the agreements or conditions
    contained in the merger agreement which may be legally waived.
</TD>
</TR>

</TABLE>
<A name='227'>


<!-- link1 "Limited Guarantees" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Limited
    Guarantees</FONT></B>
</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">
    In connection with Amendment No.&#160;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.&#160;2 superseded the limited
    guarantees previously delivered by Sponsors.
</DIV>
<A name='228'>


<!-- link1 "Letter Agreements" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Letter
    Agreements</FONT></B>
</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">
    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/or Clear Channel stock
    options (other than Rollover Shares, which will not affect the
    number of shares of Holdings Class&#160;A common stock available
    for issuance as Stock Consideration) held by the director.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    141
</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 -->
<A name='229'>


<!-- link1 "MARKET PRICES OF CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA" -->


<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">MARKET
    PRICES OF CLEAR CHANNEL COMMON STOCK AND DIVIDEND DATA</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cash Dividend<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Declared</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">2005</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">First Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Second Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Third Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    30.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fourth Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    33.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">2006</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">First Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    32.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Second Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Third Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    27.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Fourth Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    35.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    28.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><FONT style="font-size: 10pt">2007</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">First Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    37.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Second Quarter
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.58
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.188
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Third Quarter (through
    July&#160;27, 2006)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    36.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</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"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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">
    On October&#160;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&#160;per share, and the average closing stock price of
    Clear Channel common stock during the 60 trading days ended
    October&#160;24, 2006 was $29.27&#160;per share. On
    November&#160;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&#160;per share.
    On&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2007, which was
    the last trading day before the date of this proxy
    statement/prospectus, Clear Channel common stock closed at
    $&#160;&#160;&#160;&#160;&#160;&#160;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"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</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 of July&#160;27, 2007, there
    were&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of Clear Channel common stock outstanding held by approximately
    3,151&#160;holders of record.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='230'>


<!-- link1 "DELISTING AND DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK" -->


<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">DELISTING
    AND DEREGISTRATION OF CLEAR CHANNEL COMMON STOCK</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holdings Class&#160;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&#160;A common
    stock will be registered under the Exchange Act and will be
    quoted on the
    <FONT style="white-space: nowrap">Over-the-Counter-Bulletin&#160;Board.</FONT>
    Upon consummation of the merger, Holdings will file the reports
    specified in Section&#160;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; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    142
</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 -->
<A name='231'>


<!-- link1 "SECURITY OWNERSHIP BY CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->


<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">SECURITY
    OWNERSHIP BY CERTAIN BENEFICIAL<BR>
    OWNERS AND MANAGEMENT</FONT></B>
</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">
    The table below sets forth information concerning the beneficial
    ownership of Clear Channel common stock as of May&#160;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&#160;15, 2007, there were
    496,658,218&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;13Fs,
    Schedule&#160;13Gs and amendments thereto, which reflect
    beneficial ownership as of the dates indicated in the
    Form&#160;13Fs, Schedule&#160;13Gs or amendments thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Nature of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Percent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Beneficial<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Ownership(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Class</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Alan D. Feld
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    75,996
</TD>
<TD nowrap align="left" valign="bottom">
    (2)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Perry J. Lewis
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    195,971
</TD>
<TD nowrap align="left" valign="bottom">
    (3)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">L. Lowry Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,563,419
</TD>
<TD nowrap align="left" valign="bottom">
    (4)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Mark P. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,366,281
</TD>
<TD nowrap align="left" valign="bottom">
    (5)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Randall T. Mays
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,976,059
</TD>
<TD nowrap align="left" valign="bottom">
    (6)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">B. J. McCombs
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,844,169
</TD>
<TD nowrap align="left" valign="bottom">
    (7)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Phyllis B. Riggins
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,241
</TD>
<TD nowrap align="left" valign="bottom">
    (8)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Theodore H. Strauss
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    206,942
</TD>
<TD nowrap align="left" valign="bottom">
    (9)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">J. C. Watts
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,224
</TD>
<TD nowrap align="left" valign="bottom">
    (10)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John H. Williams
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,967
</TD>
<TD nowrap align="left" valign="bottom">
    (11)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John B. Zachry
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,500
</TD>
<TD nowrap align="left" valign="bottom">
    (12)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">John E. Hogan
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    403,440
</TD>
<TD nowrap align="left" valign="bottom">
    (13)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Paul J. Meyer
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,874
</TD>
<TD nowrap align="left" valign="bottom">
    (14)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Herb Hill
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    144,432
</TD>
<TD nowrap align="left" valign="bottom">
    (15)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Andy Levin
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,889
</TD>
<TD nowrap align="left" valign="bottom">
    (16)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Don Perry
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27,104
</TD>
<TD nowrap align="left" valign="bottom">
    (17)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">FMR Corp (18)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    48,216,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">Highfields Capital Management LP
    (19)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,854,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.0
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-size: 10pt">All Directors and Executive
    Officers as a Group (16&#160;persons)
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,020,508
</TD>
<TD nowrap align="left" valign="bottom">
    (20)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Percentage of shares beneficially owned by such person does not
    exceed one percent of the class so owned.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    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
    <FONT style="white-space: nowrap">and/or</FONT>
    investment power or as to which such person has the right to
    acquire such voting
    <FONT style="white-space: nowrap">and/or</FONT>
    investment power within 60&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    investment power within 60&#160;days. Unless otherwise
    indicated, the number of shares shown includes outstanding
    shares of common stock owned as of November&#160;30, 2006 by the
    person indicated and shares underlying options owned by such
    person on November&#160;30, 2006 that are exercisable within
    60&#160;days of that date.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 48,042&#160;shares subject to options held by
    Mr.&#160;Feld and 9,000&#160;shares owned by
    Mr.&#160;Feld&#146;s wife, as to which Mr.&#160;Feld disclaims
    beneficial ownership.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    143
</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 style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 125,314&#160;shares subject to options held by
    Mr.&#160;Lewis, 39,953 of which are held in a margin account and
    3,000&#160;shares owned by Mr.&#160;Lewis&#146; wife, as to
    which Mr.&#160;Lewis disclaims beneficial ownership.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 2,890,866&#160;shares subject to options held by
    Mr.&#160;L. Mays, 48,456&#160;shares held by trusts of which
    Mr.&#160;L.&#160;Mays is the trustee, but not a beneficiary,
    26,905,357&#160;shares held by the LLM Partners Ltd of which
    Mr.&#160;L.&#160;Mays shares control of the sole general
    partner, 1,532,120&#160;shares held by the Mays Family
    Foundation and 100,184&#160;shares held by the Clear Channel
    Foundation over which Mr.&#160;L. Mays has either sole or shared
    investment or voting authority. Mr.&#160;L. Mays&#146; address
    is c/o&#160;Clear Channel, 200 East Basse Road,
    San&#160;Antonio, Texas 78209.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 757,243&#160;shares subject to options held by
    Mr.&#160;M. Mays, 343,573&#160;shares held by trusts of which
    Mr.&#160;M.&#160;Mays is the trustee, but not a beneficiary, and
    1,022,293&#160;shares held by the MPM Partners, Ltd.
    Mr.&#160;M.&#160;Mays controls the sole general partner of MPM
    Partners, Ltd. Also includes 6,727&#160;shares and
    1,054&#160;shares, which represent shares in LLM Partners.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 757,243&#160;shares subject to options held by
    Mr.&#160;R. Mays, 359,517&#160;shares held by trusts of which
    Mr.&#160;R.&#160;Mays is the trustee, but not a beneficiary, and
    619,761&#160;shares held by RTM Partners, Ltd. Mr.&#160;R. Mays
    controls the sole general partner of RTM Partners, Ltd. Also
    includes 4,484&#160;shares and 1,054&#160;shares, which
    represent shares in LLM Partners.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 53,586&#160;shares subject to options held by
    Mr.&#160;McCombs and 4,763,083&#160;shares held by the McCombs
    Family Partners, Ltd. of which Mr.&#160;McCombs is the general
    partner and 27,500&#160;shares held by Mr.&#160;McCombs&#146;
    wife, as to which Mr.&#160;McCombs disclaims beneficial
    ownership.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (8) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 6,266&#160;shares subject to options held by
    Ms.&#160;Riggins.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (9) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 48,042&#160;shares subject to options held by
    Mr.&#160;Strauss, and 72,087&#160;shares held by the THS
    Associates L.P. of which Mr.&#160;Strauss is the general partner.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (10) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 14,099&#160;shares subject to options held by
    Mr.&#160;Watts.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (11) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 45,953&#160;shares subject to options held by
    Mr.&#160;Williams and 9,300&#160;shares held by
    Mr.&#160;Williams&#146; wife, as to which Mr.&#160;Williams
    disclaims beneficial ownership.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (12) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 4,500&#160;shares subject to options held by
    Mr.&#160;Zachry.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (13) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 295,062&#160;shares subject to options held by
    Mr.&#160;Hogan.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (14) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 21,874&#160;shares subject to options held by
    Mr.&#160;Meyer.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (15) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 35,128&#160;shares subject to options held by
    Mr.&#160;Hill, and 5,920&#160;shares held by trusts</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (16) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 53,409&#160;shares subject to options held by
    Mr.&#160;Levin.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (17) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 8,354&#160;shares subject to options held by
    Mr.&#160;Perry.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (18) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: 1585 Broadway, New York, New York 10036.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (19) </TD>
    <TD></TD>
    <TD valign="bottom">
    Address: John Hancock Tower, 200 Clarendon Street,
    51st&#160;Floor, Boston, Massachusetts 02116</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (20) </TD>
    <TD></TD>
    <TD valign="bottom">
    Includes 5,143,107&#160;shares subject to options held by such
    persons, 600,576&#160;shares held by trusts of which such
    persons are trustees, but not beneficiaries,
    26,905,357&#160;shares held by the LLM Partners Ltd,
    1,022,293&#160;shares held by the MPM Partners, Ltd.,
    619,761&#160;shares held by the RTM Partners, Ltd,
    4,763,083&#160;shares held by the McCombs Family Partners, Ltd,
    72,087&#160;shares held by the THS Associates L.P.,
    1,532,120&#160;shares held by the Mays Family Foundation and
    100,184&#160;shares held by the Clear Channel Foundation.</TD>
</TR>

</TABLE>
<A name='232'>


<!-- link1 "HOLDINGS&#146; STOCK OWNERSHIP AFTER THE MERGER" -->


<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">HOLDINGS&#146;
    STOCK OWNERSHIP AFTER THE MERGER</FONT></B>
</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">
    After the merger, and depending upon the number of Clear Channel
    shareholders who elect to receive Merger Consideration in the
    form of Class&#160;A common stock of Holdings, the outstanding
    capital stock of Holdings will be owned as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to 30% of Holdings&#146; outstanding capital stock and voting
    power will be held in the form of shares of Class&#160;A common
    stock issued to former Clear Channel shareholders who have
    elected to receive shares of Class A common stock in connection
    with the merger;&#160;and
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    144
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;B common
    stock and Class&#160;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.&#160;McCombs as Rollover
    Shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon consummation of the merger, Mark P. Mays, the Chief
    Executive Officer of Clear Channel, and Randall&#160;T. Mays,
    the President and Chief Financial Officer of Clear Channel, will
    each receive a grant of approximately 510,000&#160;shares of
    Class&#160;A common stock, subject to certain vesting
    requirements, pursuant to their new employment arrangements with
    Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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>
<A name='233'>


<!-- link1 "DESCRIPTION OF HOLDINGS&#146; CAPITAL STOCK" -->


<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">DESCRIPTION
    OF HOLDINGS&#146; CAPITAL STOCK</FONT></B>
</DIV>
</A>
<A name='234'>


<!-- link1 "Capitalization" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Capitalization</FONT></B>
</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">
    Following the merger, the total number of shares of capital
    stock that Holdings will have authority to issue will
    650,000,000&#160;shares of Common Stock, par value
    $0.001&#160;per share, of which (i)&#160;400,000,000&#160;shares
    will be designated Class&#160;A common stock,
    (ii)&#160;150,000,000&#160;shares will be designated
    Class&#160;B common stock and (iii)&#160;100,000,000&#160;shares
    will be designated Class&#160;C common stock. Except as provided
    below or as otherwise required by the DGCL, all shares of
    Class&#160;A common stock, Class&#160;B common stock and
    Class&#160;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>
<A name='235'>


<!-- link1 "Voting Rights and Powers" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Voting
    Rights and Powers</FONT></B>
</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">
    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&#160;A common stock and Class&#160;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&#160;A common
    stock will be entitled to cast thereon one vote in person or by
    proxy for each share of Class&#160;A common stock standing in
    his name. Every holder of outstanding shares of Class&#160;B
    common stock will be entitled to cast thereon, in person or by
    proxy, for each share of Class&#160;B common stock, a number of
    votes equal to the number obtained by dividing (a)&#160;the sum
    of total number of shares of Class&#160;B common stock
    outstanding as of the record date for such vote and the number
    of Class&#160;C common stock outstanding as of the record date
    for such vote by (b)&#160;the number of shares of Class&#160;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&#160;A common stock and Class&#160;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&#160;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&#160;C common stock.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    145
</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 -->
<A name='236'>


<!-- link1 "Dividends" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Dividends</FONT></B>
</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">
    Except as otherwise required by the DGCL, the holders of
    Class&#160;A common stock, Class&#160;B common stock and
    Class&#160;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&#160;A
    common stock, Class&#160;B common stock and Class&#160;C common
    stock (i)&#160;on the basis of a ratable distribution of
    identical securities to holders of shares of Class&#160;A common
    stock, Class&#160;B common stock and Class&#160;C common stock
    or (ii)&#160;on the basis of a distribution of one class or
    series of securities to holders of shares of Class&#160;A common
    stock and one or more different classes or series of securities
    to holders of Class&#160;B common stock and Class&#160;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)&#160;differences in conversion rights consistent in all
    material respects with differences in conversion rights between
    Class&#160;A common stock, Class&#160;B common stock and
    Class&#160;C common stock and (b)&#160;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&#160;B
    common stock and the Class&#160;C common stock (whether
    attributable to the shares of Class&#160;B common stock or
    Class&#160;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&#160;A common stock (whether attributable
    to the shares of Class&#160;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>
<A name='237'>


<!-- link1 "Distribution of Assets Upon Liquidation" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Distribution
    of Assets Upon Liquidation</FONT></B>
</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">
    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&#160;A common stock, Class&#160;B common stock and
    Class&#160;C common stock.
</DIV>
<A name='238'>


<!-- link1 "Split, Subdivision or Combination" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Split,
    Subdivision or Combination</FONT></B>
</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">
    If Holdings will in any manner split, subdivide or combine the
    outstanding shares of Class&#160;A common stock, Class&#160;B
    common stock or Class&#160;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>
<A name='239'>


<!-- link1 "Conversion" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Conversion</FONT></B>
</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">
    Subject to the limitations set forth below, each record holder
    of shares of Class&#160;B common stock or Class&#160;C common
    stock may convert any or all of such shares into an equal number
    of shares of Class&#160;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&#160;A common stock and requesting that Holdings
    issue all of such Class&#160;A common stock to the persons named
    therein, setting forth the number of shares of Class&#160;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>
<A name='240'>


<!-- link1 "Certain Voting Rights" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Certain
    Voting Rights</FONT></B>
</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">
    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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    146
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='241'>


<!-- link1 "Change in Number of Shares Authorized" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Change in
    Number of Shares&#160;Authorized</FONT></B>
</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">
    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&#160;242(b)(2) of the DGCL.
</DIV>
<A name='242'>


<!-- link1 "Restrictions on Stock Ownership or Transfer" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Restrictions
    on Stock Ownership or Transfer</FONT></B>
</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">
    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)&#160;s or could be
    inconsistent with, or in violation of, any provision of the
    Federal Communications Laws (as hereinafter defined),
    (b)&#160;limits or impairs or could limit or impair any business
    activities or proposed business activities of Holdings under the
    Federal Communications Laws or (c)&#160;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&#160;(a),
    (b)&#160;and (c)&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    operation or regulating the business activities of (x)&#160;any
    television or radio station, cable television system or other
    medium of mass communications or (y)&#160;any provider of
    programming content to any such medium.
</DIV>
<A name='243'>


<!-- link1 "Requests for Information" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Requests
    for Information</FONT></B>
</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">
    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>
<A name='244'>


<!-- link1 "Denial of Rights, Refusal to Transfer" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Denial of
    Rights, Refusal to Transfer</FONT></B>
</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">
    If (a)&#160;any shareholder from whom information is requested
    pursuant to the above provisions should not provide all the
    information requested by Holdings, or (b)&#160;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&#160;(a) or
    clause (b), Holdings may (i)&#160;refuse to permit the transfer
    of shares of capital stock of Holdings to such proposed
    shareholder, (ii)&#160;suspend those rights of stock ownership
    the exercise of which causes or could cause such FCC Regulatory
    Limitation, (iii)&#160;require the conversion of any or all
    shares of Class&#160;A common stock or Class&#160;B common stock
    held by such shareholder into an equal number of shares of
    Class&#160;C common stock, (iv)&#160;refuse to permit the
    conversion of shares of Class&#160;B common stock or
    Class&#160;C common stock into Class&#160;A common stock,
    (v)&#160;redeem such shares of capital stock of Holdings held by
    such shareholder in accordance with the provisions set forth
    below,
    <FONT style="white-space: nowrap">and/or</FONT>
    (vi)&#160;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&#160;(i), (ii)&#160;and (iv),
    respectively, of the immediately 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 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;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 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;the redemption price of such shares may be paid in
    cash, Redemption&#160;Securities (as hereinafter defined) or any
    combination thereof;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    147
</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 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">
    (iii)&#160;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 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">
    (iv)&#160;at least 15&#160;days&#146; written notice of the
    Redemption&#160;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&#160;Date may be the date on which written notice
    will be given to record holders if the cash or
    Redemption&#160;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 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">
    (v)&#160;from and after the Redemption&#160;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&#160;Securities payable upon
    redemption;&#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">
    (vi)&#160;such other terms and conditions as the board of
    directors will determine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 herein, certain capitalized terms will have the
    definitions set forth below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<I>Fair Market Value&#148; </I>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.&#160;registered securities
    exchange on which such stock is listed, during the 30&#160;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&#160;days of a
    Redemption&#160;Date need not (unless otherwise determined by
    the board of directors) exceed the purchase price paid by him.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<I>Redemption&#160;Date&#148; </I>will mean the date fixed
    by the board of directors for the redemption of any shares of
    stock of Holdings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#147;<I>Redemption&#160;Securities&#148; </I>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&#160;Securities to be
    publicly traded, such Redemption&#160;Securities were fully
    distributed and subject only to normal trading activity).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    148
</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 -->
<A name='245'>


<!-- link1 "COMPARISON OF SHAREHOLDER RIGHTS" -->


<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">COMPARISON
    OF SHAREHOLDER RIGHTS</FONT></B>
</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">
    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&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='246'>


<!-- link1 "Merger" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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</FONT></B>
</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">
    The DGCL &#167; 251(b), (c), and (f)&#160;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)&#160;such corporation&#146;s
    certificate of incorporation is not amended by the merger;
    (2)&#160;each share of stock of such corporation will be an
    identical share of the surviving corporation after the merger;
    and (3)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;the corporation is the sole surviving
    corporation in the merger; (2)&#160;the articles of
    incorporation of the surviving corporation will not differ from
    its articles of incorporation before the merger; (3)&#160;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)&#160;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)&#160;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)&#160;the board of directors of the
    corporation adopts a resolution approving the plan of merger.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    149
</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 -->
<A name='247'>


<!-- link1 "Voting on Sale of Assets" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Voting on
    Sale of Assets</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='248'>


<!-- link1 "Antitakeover Provisions" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Antitakeover
    Provisions</FONT></B>
</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">
    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&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    upon completion of the transaction that resulted in the person
    becoming an interested shareholder, the person owns at least
    85&#160;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;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holdings&#146; second amended and restated certificate of
    incorporation expressly states that Holdings will not be
    governed by DGCL &#167; 203.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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,&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 Texas corporation may elect to opt out of these provisions.
    Clear Channel has not made such an election.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    150
</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 -->
<A name='249'>


<!-- link1 "Amendment of Certificate of Incorporation" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Amendment
    of Certificate of Incorporation</FONT></B>
</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">
    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&#160;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&#160;A common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='250'>


<!-- link1 "Amendment of Bylaws" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Amendment
    of Bylaws</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='251'>


<!-- link1 "Appraisal Rights" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Appraisal
    Rights</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;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)&#160;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)&#160;the shareholder is not required by the terms of the
    plan of merger or plan to exchange to accept for his or her
    shares any consideration other than (a)&#160;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)&#160;listed, or authorized for listing upon
    official notice of issuance, on a national securities exchange,
    (2)&#160;approved for quotation on the NASDAQ National Market
    System, or (3)&#160;held of record by not less than 2,000
    holders, and (b)&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    151
</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 -->
<A name='252'>


<!-- link1 "Special Meetings" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Special
    Meetings</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='253'>


<!-- link1 "Actions Without a Meeting" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Actions
    Without a Meeting</FONT></B>
</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">
    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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='254'>


<!-- link1 "Nomination of Director Candidates by Shareholders" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Nomination
    of Director Candidates by Shareholders</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='255'>


<!-- link1 "Number of Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Number of
    Directors</FONT></B>
</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">
    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 changed without amending the
    Articles of Incorporation. The Holdings&#146; Bylaws allow for
    five or more directors to serve.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;members of the board of directors. There are currently
    11&#160;directors serving on Clear Channel board of directors.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    152
</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 -->
<A name='256'>


<!-- link1 "Election of Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Election
    of Directors</FONT></B>
</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">
    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&#160;A common stock, from and after the effective time
    of the merger, to elect at least two independent directors and
    holders of Class&#160;A and Class&#160;B common stock to elect
    the remaining directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='257'>


<!-- link1 "Vacancies" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Vacancies</FONT></B>
</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">
    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&#160;A common stock may only be filled by the vote of
    the holders of Class&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='258'>


<!-- link1 "Limitation of Liability of Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Limitation
    of Liability of Directors</FONT></B>
</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">
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any breach of the director&#146;s duty of loyalty to such
    corporation or its shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    acts or omissions not in good faith or which involve intentional
    misconduct or a knowing violation of law;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    willful or negligent violation of provisions of the DGCL
    governing payment of dividends and stock purchases or
    redemptions;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for any transaction from which the director derived an improper
    personal benefit;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any act or omission before the adoption of such a provision in
    the certificate of incorporation.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    153
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the TMCLA &#167;
    <FONT style="white-space: nowrap">1302-7.06(B),</FONT>
    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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    breaching the duty of loyalty to the corporation or its
    shareholders;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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;&#160;or
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an act or omission for which the liability of a director is
    expressly provided by an applicable statute.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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">
    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>
<A name='259'>


<!-- link1 "Indemnification of Officers and Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Indemnification
    of Officers and Directors</FONT></B>
</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">
    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)&#160;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)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 by such persons, whether or not the
    corporation would have the power under applicable law to
    indemnify such persons.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    154
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;conducted himself in good faith, (2)&#160;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)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;a written affirmation by the
    director of his good faith belief that he has met the standard
    of conduct necessary for indemnification and (2)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='260'>


<!-- link1 "Removal of Directors" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Removal
    of Directors</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='261'>


<!-- link1 "Dividends and Repurchases of Shares" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Dividends
    and Repurchases of Shares</FONT></B>
</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">
    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) 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;after giving effect to the distribution, the
    corporation would be insolvent or (2)&#160;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)&#160;eliminate fractional shares,
    (2)&#160;collect or compromise indebtedness owed by or to the
    corporation, (3)&#160;pay dissenting shareholders entitled to
    payment for their shares under the TBCA or (4)&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    155
</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 -->
<A name='262'>


<!-- link1 "Preemptive Rights" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Preemptive
    Rights</FONT></B>
</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">
    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>
<A name='263'>


<!-- link1 "Inspection of Books and Records" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Inspection
    of Books and Records</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
<A name='264'>


<!-- link1 "DISSENTERS&#146; RIGHTS OF APPRAISAL" -->


<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">DISSENTERS&#146;
    RIGHTS OF APPRAISAL</FONT></B>
</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">
    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&#160;5.12 of
    the TBCA in order to perfect their rights. Clear Channel will
    require strict compliance with the statutory procedures.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;5.12 of the TBCA, the full
    text of which appears in Annex&#160;F to this proxy
    statement/prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;5.12. If you wish to consider
    exercising your appraisal rights, you should carefully review
    the text of Article&#160;5.12 contained in Annex&#160;F since
    failure to timely and properly comply with the requirements of
    Article&#160;5.12 will result in the loss of your appraisal
    rights under Texas 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">
    If you elect to demand appraisal of your shares, you must
    satisfy each of the following conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    This written objection must be in addition to and separate from
    any proxy or vote abstaining from or voting against the approval
    and adoption of the merger agreement. Voting against or failing
    to vote for the approval and adoption of the merger agreement by
    itself does not constitute a demand for appraisal within the
    meaning of Article&#160;5.12.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You must not vote in favor of the approval and adoption of the
    merger agreement. A vote in favor of the approval and 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 approval and adoption of the
    merger agreement will not constitute a waiver of your appraisal
    rights.
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    You must continuously hold your shares through the effective
    time of the merger.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 of the merger, 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,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    156
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    unless revoked, be voted &#147;FOR&#148; the approval and
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All written objections should be addressed to Clear
    Channel&#146;s Secretary at 200 East Basse Road,
    San&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within ten days after the effective time of the merger, 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 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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Clear Channel has 20&#160;days after its receipt of a demand for
    payment to provide notice that the surviving corporation
    (i)&#160;accepts the amount claimed in the written demand and
    agrees to pay the amount claimed within 90&#160;days from
    effective time of the merger, or (ii)&#160;offer to pay its
    estimated fair value of the shares within 90&#160;days after the
    effective time 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">
    If, within 60&#160;days after the effective time of the merger,
    the surviving corporation and a shareholder who has delivered
    written demand in accordance with Article&#160;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&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    157
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After notice to dissenting shareholders, the court will conduct
    a hearing upon the petition, and determine those shareholders
    who have complied with Article&#160;5.12 and who have become
    entitled to the appraisal rights provided 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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should be aware that the fair value of your shares as
    determined under Article&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 of the merger, 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 of the merger; however, if no
    petition for appraisal is filed within 120&#160;days after the
    effective time of the merger, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Failure to comply with all of the procedures set forth in
    Article&#160;5.12 will result in the loss of a
    shareholder&#146;s statutory appraisal rights. In view of the
    complexity of Article&#160;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>
<A name='265'>


<!-- link1 "LEGAL MATTERS" -->


<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">LEGAL
    MATTERS</FONT></B>
</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">
    The validity of Holdings Class&#160;A common stock offered
    hereby will be passed upon by Ropes&#160;&#038; Gray LLP,
    Boston, Massachusetts. Clear Channel has been represented by
    Akin Gump Strauss Hauer&#160;&#038; Feld LLP, Los Angeles,
    California.
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Ropes&#160;&#038; Gray LLP, counsel for Holdings, has delivered
    an opinion to Holdings stating that the section entitled
    &#147;Material United States Federal Income Tax
    Consequences,&#148; insofar as it relates to matters of United
    States federal income tax law, is accurate in all material
    respects. Ropes&#160;&#038; Gray LLP and some partners of
    Ropes&#160;&#038; Gray LLP are members of RGIP LLC, which is an
    investor in certain investment funds associated with Bain
    Capital, LLC and Thomas H. Lee Partners, LP and often a
    co-investor with such funds. Upon consummation of the
    transaction, RGIP will indirectly own equity interests of
    Holdings representing less than 1% of the outstanding equity
    interests of Holdings.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<A name='266'>


<!-- link1 "EXPERTS" -->


<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">EXPERTS</FONT></B>
</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">
    The consolidated financial statements of Clear Channel appearing
    in Clear Channel&#146;s Annual Report
    <FONT style="white-space: nowrap">(Form&#160;10-K)</FONT>
    for the year ended December&#160;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&#160;31, 2006
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    158
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    included therein, have been audited by Ernst&#160;&#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>
<A name='267'>


<!-- link1 "OTHER MATTERS" -->


<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">OTHER
    MATTERS</FONT></B>
</DIV>
</A>
<A name='268'>


<!-- link1 "Other Business at the Special Meeting" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Other
    Business at the Special Meeting</FONT></B>
</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">
    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>
<A name='269'>


<!-- link1 "Multiple Shareholders Sharing One Address" -->


<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Multiple
    Shareholders Sharing One Address</FONT></B>
</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">
    In accordance with
    <FONT style="white-space: nowrap">Rule&#160;14a-3(e)(1)</FONT>
    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&#160;Floor, New York,
    NY&#160;10022, or by calling
    <FONT style="white-space: nowrap">(877)&#160;456-3427</FONT>
    toll-free at
    <FONT style="white-space: nowrap">(212)&#160;750-5833.</FONT>
    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>
<A name='270'>


<!-- link1 "WHERE YOU CAN FIND ADDITIONAL INFORMATION" -->


<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">WHERE YOU
    CAN FIND ADDITIONAL INFORMATION</FONT></B>
</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Public Reference Room&#160;100 F Street, N.E.
    Washington,&#160;D.C. 20549
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    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,&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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">
    20&#160;Broad Street<BR>
    New York, NY 10005
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;Floor, New York, NY 10022, or by
    calling toll-free at
    <FONT style="white-space: nowrap">(877)&#160;456-3427.</FONT>
    If you would like to request documents, please do so
    by&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2007, in order to receive them before the special meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    159
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2006;
</TD>
</TR>

<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2007
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed January&#160;18, 2007, March&#160;14, 2007, April&#160;5,
    2007, April&#160;19, 2007, April&#160;26, 2007, May&#160;1,
    2007, May&#160;4, 2007, May&#160;7, 2007, May&#160;9, 2007,
    May&#160;18, 2007, July&#160;17, 2007, and July&#160;27,
    2007;&#160;and
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Clear Channel&#146;s proxy statement relating to its 2007 annual
    meeting of shareholders.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.,
    <FONT style="white-space: nowrap">210-832-3315.</FONT>
    Exhibits to the filings will not be sent, however, unless those
    exhibits have specifically been incorporated by reference in
    this document.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    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; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    160
</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="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <A name='271'><B>

<!-- link1 "ANNEX A Merger Agreement Execution Copy" -->

    ANNEX&#160;A</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Merger Agreement</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Execution Copy</B>
</DIV>
</A>
<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<BR>
    By and Among<BR>
    BT TRIPLE CROWN MERGER CO., INC.<BR>
    B TRIPLE CROWN FINCO, LLC<BR>
    T TRIPLE CROWN FINCO, LLC<BR>
    and<BR>
    CLEAR CHANNEL COMMUNICATIONS, INC.<BR>
    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 -->
<!-- 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="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>

<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">
    <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>
</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&#160;1.01
    </FONT>
</DIV>
</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>
</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;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&#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&#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&#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&#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&#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&#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>
<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;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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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"><FONT style="white-space: nowrap">A-10</FONT>
    </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&#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"><FONT style="white-space: nowrap">A-10</FONT>
    </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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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>
</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">
    <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&#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&#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&#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&#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&#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&#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>
<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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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-34
    </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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-ii
</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">
    <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&#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&#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&#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&#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&#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&#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&#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&#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&#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&#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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-iii
</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="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
    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, 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 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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;A.</U>
</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&#160;</FONT>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&#160;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&#160;7.01</U>, <U>Section&#160;7.02</U> and
    <U>Section&#160;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 -->
<!-- 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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    offices of Akin Gump Strauss Hauer&#160;&#038; 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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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: 4%; 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: 4%; 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
</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 -->
<!-- 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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    exist and the 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: 4%; 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>
</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;<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&#160;</FONT>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> 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-3
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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;&#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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-4
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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> 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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-5
</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: 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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-6
</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: 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 -->
<!-- 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: 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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-8
</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: 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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-9
</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: 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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-10
</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: 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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-11
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>, that no representation is made
    by the Company with respect to statements made therein based on
    information
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-12
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;</FONT>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&#160;</FONT>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 and restricted stock awards pursuant to the
    Company Option Plans and the distribution of all account
    balances under
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-13
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;</FONT>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&#160;</FONT>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;&#038; 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;&#038; 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&#160;</FONT>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;&#038; 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&#160;</FONT>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>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-14
</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 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;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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-15
</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: 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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-16
</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: 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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-17
</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: 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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>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&#160;</FONT>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&#160;</FONT>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>
</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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-18
</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: 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-19
</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: 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)&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-20
</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 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">
    (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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-21
</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: 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&#160;</FONT>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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-22
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;</FONT>6.04&#160;&#160;<I>Shareholders&#146;
    Meeting .</I>&#160;&#160;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> 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&#160;</FONT>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 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.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-23
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-24
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;</FONT>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&#160;</FONT>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 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-25
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-26
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 (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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-27
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 (6th) 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, 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-28
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (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&#038;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&#038;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&#038;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> 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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-29
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-30
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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: 4%; 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: 4%; 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: 4%; 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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-31
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 twenty-five (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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-32
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-33
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-34
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>
</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 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-35
</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 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 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-36
</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 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
    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
</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 -->
<!-- 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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-38
</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 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: 4%; 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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<BR>
    111 Huntington Avenue<BR>
    Boston, MA 02199<BR>
    Phone:
    <FONT style="white-space: nowrap">617-516-2000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">617-516-2010</FONT><BR>
    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.<BR>
    100 Federal Street<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">617-227-1050</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">617-227-3514</FONT><BR>
    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;&#038; Gray LLP<BR>
    One International Place<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">617-951-7000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">617-951-7050</FONT><BR>
    Attn: David C. Chapin,&#160;Esq.<BR>
    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 -->
<!-- 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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.<BR>
    200 East Basse<BR>
    San&#160;Antonio, TX 78209<BR>
    Phone:
    <FONT style="white-space: nowrap">210-822-2828</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">210-832-3433</FONT><BR>
    Attn:&#160;Andy Levin, Executive Vice President and<BR>
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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: 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">
    Akin Gump Strauss Hauer&#160;&#038; Feld LLP<BR>
    2029 Century Park East, Suite&#160;2400<BR>
    Los Angeles, CA 90067<BR>
    Phone:
    <FONT style="white-space: nowrap">310-229-1000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">310-229-1001</FONT><BR>
    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> 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 -->
<!-- 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: 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 -->
<!-- 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: 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>
</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">

    <I><FONT style="font-family: 'Times New Roman', Times">[Remainder
    of This Page&#160;Intentionally Left Blank]</FONT></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 -->
<!-- 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">
    <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:</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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</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
</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:</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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-variant: SMALL-CAPS">John
    Connaughton</FONT></DIV>
</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
</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
</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>T 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<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:</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>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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</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
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Chief Executive Officer
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; 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">

    <I><FONT style="font-family: 'Times New Roman', Times">Signature
    Page to<BR>
    Agreement and Plan of Merger</FONT></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 -->
<!-- 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="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">

    <B><FONT style="font-family: 'Times New Roman', Times">DEFINITIONS</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">
    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: 4%; 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>
</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>&#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: 4%; 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: 4%; 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: 4%; 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: 4%; 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>
</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>&#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: 4%; 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>
</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>&#147;Attributable Interest&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.05(a).</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">
    <I>&#147;Attributable Investor&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.05(a).</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">
    <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: 4%; 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>
</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>&#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: 4%; 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>
</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>&#147;Certificates&#148; </I>shall have the meaning set forth
    in <U>Section&#160;3.01(b).</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">
    <I>&#147;Change of Recommendation&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.07(d).</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">
    <I>&#147;Class&#160;A Preferred Stock&#148; </I>shall have the
    meaning set forth in <U>Section&#160;4.03(a).</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">
    <I>&#147;Class&#160;B Preferred Stock&#148; </I>shall have the
    meaning set forth in <U>Section&#160;4.03(a).</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">
    <I>&#147;Closing&#148; </I>shall have the meaning set forth in
    <U>Section&#160;2.02.</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">
    <I>&#147;Closing Date&#148; </I>shall have the meaning set forth
    in <U>Section&#160;2.02.</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">
    <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 -->
<!-- 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 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>&#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: 4%; 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: 4%; 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>
</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>&#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: 4%; 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>
</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>&#147;Company Disclosure Schedule&#148; </I>shall have the
    meaning set forth in <U>Article&#160;IV.</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">
    <I>&#147;Company Employees&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.11(a).</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">
    <I>&#147;Company ESPP&#148; </I>shall have the meaning set forth
    in <U>Section&#160;3.03(d).</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">
    <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: 4%; 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: 4%; 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>
</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>&#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: 4%; 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: 4%; 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>
</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>&#147;Company Recommendation&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.04.</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">
    <I>&#147;Company SEC Documents&#148; </I>shall have the meaning
    set forth in <U>Article&#160;IV.</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">
    <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 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>&#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: 4%; 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>
</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>&#147;Compliant&#148; </I>shall have the meaning set forth in
    <U>Section&#160;6.13(b).</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">
    <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: 4%; 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: 4%; 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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;D&#038;O Insurance&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.08(c).</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">
    <I>&#147;Debt Commitment Letters&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.07(a).</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">
    <I>&#147;Debt Financing&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.07(a).</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">
    <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: 4%; 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>
</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>&#147;Debt Tender Offer Documents&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.14(b).</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">
    <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: 4%; 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>
</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>&#147;Divestiture&#148; </I>shall have the meaning set forth
    in <U>Section&#160;6.05(b).</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">
    <I>&#147;Divestiture Notice&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.05(b).</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">
    <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: 4%; 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>
</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>&#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: 4%; 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>
</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>&#147;Equity Financing&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.07(a).</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">
    <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: 4%; 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: 4%; 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>
</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>&#147;Estimated Additional Per Share Consideration Resolution
    Period&#148; </I>shall have the meaning set forth in
    <U>Section&#160;3.09(b).</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">
    <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: 4%; 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>
</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 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>&#147;Excluded Competing Proposal&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.07(a).</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">
    <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: 4%; 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: 4%; 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>
</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>&#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: 4%; 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: 4%; 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: 4%; 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>
</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>&#147;Financing Agreements&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.13(a).</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">
    <I>&#147;Financing Commitments&#148; </I>shall have the meaning
    set forth in <U>Section&#160;5.07(a).</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">
    <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: 4%; 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: 4%; 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: 4%; 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: 4%; 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: 4%; 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: 4%; 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: 4%; 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>
</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>&#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: 4%; 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 -->
<!-- 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 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>&#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: 4%; 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: 4%; 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: 4%; 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: 4%; 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>
</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>&#147;Master Agreement&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.01(q).</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">
    <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: 4%; 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>
</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>&#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: 4%; 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>
</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>&#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: 4%; 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>
</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>&#147;Mergerco Disclosure Schedule&#148; </I>shall have the
    meaning set forth in <U>Article&#160;V.</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">
    <I>&#147;Mergerco Equity Interests&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09.</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">
    <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: 4%; 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>
</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 -->
<!-- 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 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>&#147;Mergerco Shares&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.09.</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">
    <I>&#147;Mergerco Termination Fee&#148; </I>shall have the
    meaning set forth in <U>Section&#160;8.02(b).</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">
    <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: 4%; 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>
</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>&#147;New Plans&#148; </I>shall have the meaning set forth in
    <U>Section&#160;6.11(c).</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">
    <I>&#147;No-Shop Period Start Date&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.07(a).</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">
    <I>&#147;Notice Period&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.07(e).</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">
    <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: 4%; 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: 8%; 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: 13%; 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: 13%; 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: 13%; 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: 13%; 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: 13%; 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: 13%; 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: 13%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-50
</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 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>&#147;Option Cash Payment&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.03(a).</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">
    <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: 4%; 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: 4%; 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: 4%; 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: 4%; 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>
</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>&#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: 4%; 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: 4%; 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: 4%; 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>
</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>&#147;Renewal Application&#148; </I>shall have the meaning
    set forth in <U>Section&#160;6.05(d).</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">
    <I>&#147;Renewal Station&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.05(d).</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">
    <I>&#147;Representatives&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.06(a).</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">
    <I>&#147;Required Financial Information&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.13(b).</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">
    <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: 4%; 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>
</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>&#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: 4%; 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: 4%; 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>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-51
</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 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>&#147;Secretary of State&#148; </I>shall have the meaning set
    forth in <U>Section&#160;2.03(a).</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">
    <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: 4%; 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: 4%; 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>
</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>&#147;Short-Dated Notes&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.14(a).</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">
    <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: 4%; 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: 4%; 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>
</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>&#147;Surviving Corporation&#148; </I>shall have the meaning
    set forth in <U>Section&#160;2.01.</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">
    <I>&#147;Surviving Corporation Common Stock&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(c).</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">
    <I>&#147;Superior Proposal&#148; </I>shall have the meaning set
    forth in <U>Section&#160;6.07(i).</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">
    <I>&#147;Supplemental Indentures&#148; </I>shall have the
    meaning set forth in <U>Section&#160;6.14(b).</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">
    <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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-52
</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 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>&#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
    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: 4%; 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: 4%; 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: 4%; 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>
</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>&#147;Termination Date&#148; </I>shall have the meaning set
    forth in <U>Section&#160;8.01(b).</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">
    <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: 4%; 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>
</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>&#147;Total Option Cash Payments&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.03(a).</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">
    <I>&#147;WARN Act&#148; </I>shall mean the Worker Adjustment and
    Restraining Notification (WARN) Act of 1988.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-53
</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 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">SUMMARY
    OF CONTENTS OF</FONT></B>
</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">
    <B>COMPANY DISCLOSURE SCHEDULE</B>
</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">
    <B>to</B>
</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">
    <B>AGREEMENT AND PLAN OF MERGER</B>
</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">
    <B>dated as of</B>
</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">
    <B>November&#160;16, 2006</B>
</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">
    <B>By and among</B>
</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">
    <B>BT TRIPLE CROWN MERGER CO., INC.,</B>
</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">
    <B>B TRIPLE CROWN FINCO, LLC,</B>
</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">
    <B>T TRIPLE CROWN FINCO, LLC,</B>
</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">
    <B>and</B>
</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">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-54
</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">
    The following is a summary of the disclosure schedules delivered
    by the Company in connection with the Agreement and Plan of
    Merger dated as of November&#160;16, 2006 by and among
    BT&#160;Triple Crown Merger Co., Inc., B&#160;Triple Crown
    Finco,&#160;LLC, T&#160;Triple Crown Finco,&#160;LLC, and Clear
    Channel Communications, Inc. (the &#147;Agreement&#148;). To the
    extent not defined below, capitalized terms used herein are as
    defined in the Agreement.*
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;3.03(a).
    Stock Options and Other Awards.</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">
    List of outstanding options to purchase shares of common stock
    of the Company, for which consent may be required for
    consummation of the transactions contemplated by
    Section&#160;3.03 of the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.01(a).
    Material Subsidiaries.</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">
    List of material subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.02.
    Articles of Incorporation and Bylaws.</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">
    List of material subsidiaries for which articles of
    incorporation and bylaws were not made available to Mergerco or
    the Parents.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.03(b).
    Capitalization.</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">
    List of certain outstanding warrants and disclosure of
    information relating to outstanding shares of common stock
    reserved for issuance under certain equity incentive plans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.05(a).
    No Conflicts; Required Filings and Consents.</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">
    List of agreements that the transactions contemplated by the
    Agreement may conflict with or require the making of a filing or
    the obtaining of a consent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.06(b).
    Permits and Licenses; Compliance with Laws.</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">
    List of television and radio stations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.11.
    Taxes.</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">
    Disclosure of information regarding disputes over taxes, audits,
    examinations and other tax matters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;4.14.
    Employee Benefits and Labor Matters.</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">
    Disclosure of information relating to the Company&#146;s
    employee benefits plans, including potential liabilities under
    outstanding plans upon the consummation of the transactions
    contemplated by the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.07(c).
    Available Funds.</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">
    List of entities with which the Parents may not enter into
    discussions, negotiations, arrangements, understandings or
    agreements with respect to Equity Financing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.01(i).
    Permitted Divestitures.</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">
    Disclosure of information regarding divestitures of assets of
    the Company permitted under the Agreement. Listing of pending
    sales agreements.
</DIV>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Company Disclosure Schedule to the Agreement and Plan of
    Merger to the Securities and Exchange Commission upon request.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-55
</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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;6.01(j).
    Tax Settlements.</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">
    Disclosure of tax settlements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.01(l).
    Compensation.</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">
    Disclosure of potential increases in compensation to directors
    or senior executives in excess of the limitations set forth in
    the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.01(m).
    Capital Expenditures.</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">
    Disclosure of capital expenditures in excess of the limitations
    set forth in the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.01(n).
    Investments.</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">
    Disclosure of investments in excess of the limitations set forth
    in the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.05(d).
    Pending Renewal Applications.</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">
    List of renewal applications pending with the Federal
    Communications Commission.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.11(b).
    Severance Benefits.</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">
    Disclosure of the Company&#146;s severance policy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Schedule&#160;A.
    Knowledge Persons.</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">
    List of persons whose knowledge constitutes the Company&#146;s
    knowledge for purposes of the Agreement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-56
</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 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">SUMMARY
    OF CONTENTS OF</FONT></B>
</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">
    <B>MERGERCO DISCLOSURE SCHEDULE</B>
</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">
    <B>to</B>
</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">
    <B>AGREEMENT AND PLAN OF MERGER</B>
</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">
    <B>dated as of</B>
</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">
    <B>November&#160;16, 2006</B>
</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">
    <B>By and among</B>
</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">
    <B>BT&#160;TRIPLE CROWN MERGER CO., INC.,</B>
</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">
    <B>B&#160;TRIPLE CROWN FINCO, LLC,</B>
</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">
    <B>T&#160;TRIPLE CROWN FINCO, LLC,</B>
</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">
    <B>and</B>
</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">
    <B>CLEAR CHANNEL COMMUNICATIONS, INC.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-57
</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">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with the Agreement and Plan of Merger
    dated as of November&#160;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. (the
    &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement.*
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;3.08.
    Rollover Shares.</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">
    Stating that between the date of the Agreement and the date of
    Closing, the Parents and Mergerco will agree with each
    shareholder entitled to rollover shares of common stock of the
    Company the number of shares, if any, to be rolled over and the
    conversion ratio.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.05.
    FCC Matters.</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">
    Disclosing that certain investment funds have an Attributable
    Interest that may conflict with the Federal Communications
    Commission media ownership guidelines.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.07(a).
    Available Funds.</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">
    List of executed debt and equity commitment letters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.09.
    Capitalization of Mergerco.</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">
    Disclosure of the entities who hold the authorized capital stock
    of Mergerco on the date of the Agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;6.14.
    Actions With Respect to Existing Debt.</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">
    List of certain agreements that potentially conflict with the
    transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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.
    Definitions.</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">
    List of persons whose knowledge constitutes the Parents&#146;
    and Mergerco&#146;s knowledge for the purposes of the Agreement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Mergerco Disclosure Schedule to the Agreement and Plan of
    Merger to the Securities and Exchange Commission upon request.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    A-58
</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 -->
<A name='272'>


<!-- link1 "ANNEX B" -->


<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&#160;B</FONT></B>
</DIV>
</A>
<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">AMENDMENT
    NO.&#160;1<BR>
    TO<BR>
    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 Amendment No.&#160;1 (the
    <B><I>&#160;&#147;Amendment&#148;</I></B>), dated as of
    April&#160;18, 2007, to the Agreement and Plan of Merger, dated
    as of November&#160;16, 2006, by and among BT 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
    &#147;<B><I>Company</I></B>&#148;).
</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>, Section&#160;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;&#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>, the parties hereto desire to amend the Agreement
    as provided herein.
</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, 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 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;1<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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;
    References.</I>&#160;&#160;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&#160;16, 2006.
</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;2<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">AMENDMENT TO
    AGREEMENT
    </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>Amendment
    to Section&#160;3.01(b) of the
    Agreement.</I>&#160;&#160;Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Additional
    Representations and Warranties of the
    Company.</I>&#160;&#160;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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Authority Relative to Amendment.</I>&#160;&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-1
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I>Additional Representations.</I>&#160;&#160;Each of
    the representations and warranties contained in
    Sections&#160;4.04(b)(ii) and (iii)&#160;is true and accurate as
    if made anew as of the date of this Amendment.
</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;<I>Opinion of Financial Advisors.</I>&#160;&#160;The
    Board of Directors of the Company has received an oral opinion
    of Goldman Sachs&#160;&#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&#160;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&#160;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&#160;&#038; Co. 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;2.03.&#160;&#160;<I>Additional
    Representations and Warranties of Parents and
    Mergerco.</I>&#160;&#160;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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Authority Relative to Amendment.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to Section&#160;5.07 of the
    Agreement.</I>&#160;&#160;Section&#160;5.07 (a)&#160;is amended
    and restated in its entirety to read 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">
    &#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 <B><I>&#147;Amendment Disclosure
    Letter&#148;</I></B>) 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&#160;6.13(a), 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><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 <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 the Amendment Disclosure Letter
    (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>).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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">
    Each of the representations and warranties contained in
    Section&#160;5.07(b) is true and accurate as if made anew as of
    the date of this Amendment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to Section&#160;6.01 of the
    Agreement.</I>&#160;&#160;Section&#160;6.01(f) (iv) (z)&#160;is
    amended by deleting the words, &#147;date hereof&#148; and
    replacing them with the words, &#147;date of the Amendment.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-2
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to Section&#160;6.03 of the Agreement.</I>&#160;&#160;The
    following paragraph shall be added to the Agreement as
    Section&#160;6.03(e):
</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">
    &#147;(e) Within five (5)&#160;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&#160;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)&#160;days after
    the Proxy supplement prepared in accordance with
    <U>Section&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.07.&#160;&#160;<I>Amendments
    to Section&#160;6.04 of the Agreement.</I>&#160;&#160;Subject to
    any actions taken by the SEC, as contemplated by
    Section&#160;2.05 above, the Shareholders Meeting referred to in
    Section&#160;6.04 of the Agreement shall be postponed, convened
    and held on May&#160;8, 2007.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.08.&#160;&#160;<I>Amendment
    to Section&#160;8.02 of the
    Agreement.</I>&#160;&#160;Section&#160;8.02(c) of the Agreement
    shall be renumbered as Section&#160;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&#160;8.02(c):
</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">
    &#147;(c) If this Agreement is terminated pursuant to
    <U>Section&#160;8.01(c)</U>, <U>Section&#160;8.01(d)</U> or
    <U>Section&#160;8.01(g)</U> and within twelve (12)&#160;months
    after such termination of this Agreement (i)&#160;the Company or
    any of its subsidiaries consummates, (ii)&#160;the Company or
    any of its subsidiaries enters into a definitive agreement with
    respect to, or (iii)&#160;one or more Contacted Parties or a
    Qualified Group commences a tender offer with respect to, and,
    in the case of each of clause&#160;(ii) and (iii)&#160;above,
    subsequently consummates (whether during or after such twelve
    (12)&#160;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&#160;8.01(d)</U> or
    <U>Section&#160;8.01(g)</U>, no such fee shall be payable under
    this Section&#160;8.02(c) if a Company Termination Fee is
    payable pursuant to <U>Section&#160;8.02(a)</U> hereof. In the
    event the fee provided for in this <U>Section&#160;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&#160;8.02(c)</U> is in addition to any reimbursement
    of expenses provided for in <U>Section&#160;8.02(a)</U>
    above.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.09.&#160;&#160;<I>Amendment
    to Appendix&#160;A.</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 definition of <B><I>&#147;Additional Per Share
    Merger Consideration&#148;</I></B> is amended by deleting
    &#147;$37.60&#148; and replacing such amount with
    &#147;$39.00.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 following definition of <B><I>&#147;Contacted
    Parties&#148;</I></B> is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Confidentiality
    Agreement&#148;</I></B>:
</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>&#147;Contacted Parties&#148;</I> shall mean and include
    (i)&#160;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&#160;6.07(a) of the
    Agreement during the period commencing on November&#160;16, 2006
    and ending on December&#160;7, 2006 and (ii)&#160;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&#160;(i).&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 following definition of <B><I>&#147;Contacted
    Parties Proposal&#148;</I></B> is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Contacted
    Parties&#148;</I></B>:
</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>&#147;Contacted Parties Proposal&#148;</I> shall mean:
    (i)&#160;any transaction in which one or more of the Contacted
    Parties, either acting alone or as a &#147;group&#148; (as
    defined in Section&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-3
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#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 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&#160;(i) above 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 Contacted Party or
    Qualified Group acting in concert would acquire assets,
    securities or businesses in the minimum percentage described in
    clause&#160;(i) 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&#160;(i) above.
</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;3<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">MISCELLANEOUS
    </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>No
    Further Amendment.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Effect
    of Amendment.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Governing
    Law.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Counterparts.</I>&#160;&#160;This
    Amendment 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 same
    agreement.
</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">[Remainder
    of This Page&#160;Intentionally Left Blank]
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-4
</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">
    <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 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:</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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</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
</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:</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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</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
</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
</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>T 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</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
</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:</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>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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</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
</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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-5
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</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">SUMMARY
    OF CONTENTS OF</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">AMENDMENT
    DISCLOSURE LETTER</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">to</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">AMENDMENT
    NO.&#160;1</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</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">April&#160;18,
    2007</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">to
    the</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">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">dated as
    of</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">November&#160;16,
    2006</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">BT TRIPLE
    CROWN MERGER CO., INC.,<BR>
    B TRIPLE CROWN FINCO, LLC,<BR>
    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">CLEAR
    CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-6
</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">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with Amendment No.&#160;1 dated as of
    April&#160;18, 2007 to the Agreement and Plan of Merger dated as
    of November&#160;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. (the
    &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement. *
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.07(a).
    Available Funds.</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    List of executed debt and equity commitment letters.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    *&#160;</TD>
    <TD align="left">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Amendment Disclosure Letter to Amendment No.&#160;1 to the
    Agreement and Plan of Merger to the Securities and Exchange
    Commission upon request.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    B-7
</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 -->
<A name='273'>


<!-- link1 "ANNEX C" -->


<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&#160;C</FONT></B>
</DIV>
</A>
<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">AMENDMENT
    NO.&#160;2<BR>
    TO<BR>
    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 Amendment No.&#160;2 (the <B><I>&#147;Second
    Amendment&#148;</I></B>), dated as of May&#160;17, 2007, to the
    Agreement and Plan of Merger, dated as of November&#160;16,
    2006, as amended on April&#160;18, 2007 (as amended, the
    <B><I>&#147;Agreement&#148;</I></B>), by and among BT 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>), BT
    Triple Crown Capital Holdings&#160;III, Inc. a Delaware
    corporation <B>(<I>&#147;New Holdco&#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>, <U>Section&#160;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;&#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>, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>, the parties hereto desire to amend the Agreement
    as provided herein.
</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, 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 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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;
    References.</I>&#160;&#160;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 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&#160;18, 2007, and each reference to the &#147;date of
    this Agreement&#148; or similar references shall refer to
    November&#160;16, 2006.
</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">AMENDMENT TO
    AGREEMENT
    </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>Addition
    of a New Party.</I>&#160;&#160;New Holdco shall be added as a
    party to the 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;2.02.&#160;&#160;<I>Amendment
    to Third Whereas Clause.</I>&#160;&#160;The third whereas clause
    shall be amended by adding a reference to &#147;, New
    Holdco&#148; after the reference to &#147;Parents&#148;.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-1
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to Section&#160;2.02.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to Article&#160;III of the
    Agreement.</I>&#160;&#160;Article&#160;III of the Agreement
    shall be deleted and replaced in its entirety with the following:
</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">
    <FONT style="font-variant: SMALL-CAPS">&#147;Section&#160;3.01&#160;&#160;</FONT><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: 8%; 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 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 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">
    (b)&#160;<I><U>Conversion of Company Securities</U>.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Except as otherwise provided in this Agreement, each
    Public Share issued and outstanding immediately prior to the
    Effective Time shall, subject to <U>Section&#160;3.01(c)</U> and
    <U>Section&#160;3.01(g)</U>, be cancelled and converted into the
    right to receive either (A)&#160;an amount equal to $39.20 in
    cash without interest, plus the Additional Per Share
    Consideration, if any (the <B><I>&#147;Cash
    Consideration&#148;</I></B>) or (B)&#160;one validly issued,
    fully paid and non assessable share of the New Holdco Common
    Stock valued at $39.20&#160;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><I>&#147;Stock Consideration&#148;</I></B>). The Cash
    Consideration or Stock Consideration, as applicable shall be
    referred to herein as the <B><I>&#147;Merger
    Consideration&#148;</I></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&#160;3.01(j)</U>;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;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 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 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">
    (c)&#160;<I><U>Election
    Procedures</U>.</I>&#160;&#160;(i)&#160;Each Person who is a
    record holder of Public Share(s) on the Election
    Form&#160;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&#160;(as defined below) shall be entitled to
    make an election&#160;(the <B><I>&#147;Elections&#148;</I></B>),
    with respect to each Public Share held by it as of such time, to
    receive the Cash Consideration (a <B><I>&#147;Cash
    Election&#148;</I></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><I>&#147;Stock
    Election&#148;</I></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><I>&#147;Stock Election
    Share&#148;</I></B>). All such Elections shall be made on a form
    (a <B><I>&#147;Form of Election&#148;</I></B>) in compliance
    with the terms of this <U>Section&#160;3.01(c)</U> and
    <U>Section&#160;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><I>&#147;Shares&#160;Representative&#148;</I></B>) may submit
    a separate Form of Election on or before the Election Deadline
    with respect to each beneficial owner for whom such
    Shares&#160;Representative holds Public Share(s);
    <U>provided</U> <U>that</U> such Shares&#160;Representative
    certifies that such Form of Election covers all of the Public
    Share(s) held by such Shares&#160;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&#160;3.01</U> shall be deemed (i)&#160;to have
    elected to receive the Cash Consideration for each such
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-2
</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: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Public Share and (ii)&#160;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&#160;3.03(a)(i)</U>). New Holdco may, in its sole
    discretion reject all or any part of a Stock Election made by
    (i)&#160;a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Person</FONT>
    if New Holdco determines that such rejection would be reasonable
    in light of the requirements of Article&#160;VIII,
    Section&#160;6 of the Company&#146;s by-laws or Article&#160;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)&#160;made in
    contravention of an agreement entered into pursuant to
    <U>Section&#160;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)&#160;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)&#160;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&#160;(such
    that the Company Option(s) related to each such share will be
    treated in accordance with <U>Section&#160;3.03(a)(i)</U>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each Person (other than an Affiliated Holder) who is a
    holder of a Company Option on the Election Form&#160;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&#160;3.01</U> and <U>Section&#160;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&#160;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&#160;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&#160;3.01(c)(ii)</U>
    is referred to as the <B><I>&#147;Gross Electing Option
    Shares&#148;</I></B>, and the <B><I>&#147;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&#160;3.01(c)</U> in order
    to be eligible to receive the Stock Consideration.
</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">
    (d)&#160;<I><U>Mailing of Form of Election; Election Deadline,
    Shareholder Notification</U>.</I>&#160;&#160;Mergerco and
    New&#160;Holdco shall prepare and direct the Paying Agent to
    mail a Form of Election, which form shall (i)&#160;include a
    Letter of Transmittal and (ii)&#160;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><I>&#147;Election Form&#160;Record Date&#148;</I></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&#160;p.m. New York City time on the business day
    immediately preceding the Shareholders&#146; Meeting (the
    <B><I>&#147;Election Deadline&#148;</I></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&#160;3.01(g)</U> and related acceptance and rejection
    of Elections as provided in <U>Section&#160;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&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    Company Options to which such Final Stock
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-3
</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: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;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)&#160;for Book Entry
    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)&#160;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&#160;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&#160;days of receipt of the Final Stock Election Notice shall
    be deemed to have elected to (i)&#160;receive the Cash
    Consideration for each Final Stock Election Share that is not so
    delivered
    <FONT style="white-space: nowrap">and/or</FONT>
    (ii)&#160;have each Company Option that is not so delivered
    treated in accordance with <U>Section&#160;3.03(a)(i)</U> and
    (iii)&#160;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)&#160;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)&#160;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&#160;3.03(a)(i)</U>).
</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">
    (e)&#160;<I><U>Ability to Revoke Stock
    Elections</U>.</I>&#160;&#160;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 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">
    (f)&#160;<I><U>Determination of Paying Agent
    Binding</U>.</I>&#160;&#160;The determination of the Paying
    Agent shall be binding as to whether Forms of Election have been
    properly made pursuant to <U>Section&#160;3.01(c)</U> and
    <U>Section&#160;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&#160;3.01(b)</U> and such Company Options
    for which an Irrevocable Option Election was made will be
    treated in accordance with <U>Section3.03(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&#160;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&#160;3.01</U> for the implementation of the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-4
</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: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Elections and Irrevocable Option Elections provided for herein
    as shall be necessary or desirable fully to effect such
    elections.
</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">
    (g)<I>&#160;<U>Proration and Individual
    Cutbacks</U>.</I>&#160;&#160;Notwithstanding anything in this
    Agreement to the contrary, (x)&#160;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><I>&#147;Maximum Stock Election
    Number&#148;</I></B>) and (y)&#160;the parties will use
    reasonable efforts to ensure that, upon consummation of the
    Merger, no holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT> 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><I>&#147;Individual Cap&#148;</I></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&#160;3.01(b)</U>, in the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;<I><U>No Proration</U>.</I>&#160;&#160;If the total
    number of Stock Election Shares is equal to or less than the
    Maximum Stock Election Number then, subject to
    <U>Section&#160;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&#160;3.01(b)</U> and <U>Section&#160;3.01(c)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;<I><U>Proration</U>.</I>&#160;&#160;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&#160;3.01(b)</U>, in the following manner:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;A proration factor (the <B><I>&#147;Proration
    Factor&#148;</I></B>) shall be determined by dividing the
    Maximum Stock Election Number by the total number of Stock
    Election Shares;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;Subject to <U>Section&#160;3.01(g)(iii)</U>, with
    respect to each Form of Election validly submitted and signed by
    a record holder of Public Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    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)&#160;the Proration Factor times (y)&#160;the total number of
    Stock Election Shares reflected on such Form of
    Election&#160;(the result of such calculation the
    <B><I>&#147;First Allocation Distributable
    Shares&#148;</I></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><I>&#147;First
    Prorated Returned Shares&#148;</I></B>;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (C)&#160;All First Allocation Distributable Shares shall be
    subject to cutback pursuant to <U>Section&#160;3.01(g)(iii)</U>.
    Subject to <U>Section&#160;3.01(g)(iv)</U> and
    <U>Section&#160;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&#160;3.01(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;<I><U>Individual Cutback</U>.</I>&#160;&#160;In the
    event that the number of First Allocation Distributable Shares
    (or Stock Election Shares if no proration is required pursuant
    to <U>Section&#160;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
    <B><I>&#147;Capped Holder&#148;</I></B>), 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 <B><I>&#147;First Individual Cutback
    Shares&#148;</I></B>). If there has been a cutback in accordance
    with this <U>Section&#160;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 <B><I>&#147;Second
    Allocation Shares&#148;</I></B>) shall be reallocated pro rata
    to holders of First Prorated Returned Shares reflected on Forms
    of Election which do not constitute Capped Holders (a
    <B><I>&#147;Second Allocation Participant&#148;</I></B>) in a
    second allocation in accordance with
    <U>Section&#160;3.01(g)(iv)</U> (the <B><I>&#147;Second
    Allocation&#148;</I></B>). The number of <B><I>&#147;First
    Allocation Stock Election Shares&#148;</I></B> relating to a
    holder&#146;s Form of Election shall equal (1)&#160;the Stock
    Election Shares reflected on such Form of Election, minus
    (2)&#160;the First Prorated Return Shares (if any)
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-5
</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: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    determined pursuant to <U>Section&#160;3.01(g)(ii)(B)</U>, minus
    (3)&#160;the First Individual Cutback Shares (if any) determined
    pursuant to <U>Section&#160;3.01(g)(iii)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;<I><U>Second Allocation</U>.</I>&#160;&#160;A Second
    Allocation proration factor (the <B><I>&#147;Second Allocation
    Proration Factor&#148;</I></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&#160;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&#160;3.01(b)</U> and <U>Section&#160;3.01(c)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (A)&#160;Subject to <U>Section&#160;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)&#160;the
    Second Allocation Proration Factor times (x)&#160;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><I>&#147;Second Allocation Distributable
    Shares&#148;</I></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><I>&#147;Second Prorated Stock Election Shares</I>&#148;.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 17%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (B)&#160;All Second Allocation Distributable Shares shall be
    subject to cutback pursuant to <U>Section&#160;3.01(g)(v)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;<I><U>Second Cutback</U>.</I>&#160;&#160;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><I>&#147;Second Individual Cutback
    Shares&#148;</I></B>). The <B><I>&#147;Second Allocation Stock
    Election Shares&#148; </I></B>for any Second Allocation
    Participant shall be: (1)&#160;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)&#160;the number of Second
    Prorated Stock Election Shares if such participant&#146;s Second
    Allocation is subject to proration, but not cutback.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;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&#160;3.01(g)(iv)</U> and
    <U>Section&#160;3.01(g)(v)</U> (subject to this
    <U>Section&#160;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)&#160;the Maximum Stock Election Number is
    reached or (y)&#160;the Stock Election Shares reflected on each
    Form of Election submitted has reached its Individual Cap.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of <B><I>&#147;Final Stock Election Shares&#148;
    </I></B>for each holder shall be: (x)&#160;if there is no Second
    Allocation, the First Allocation Stock Election Shares;
    (y)&#160;if there is a Second Allocation, but no additional
    allocations pursuant to <U>Section&#160;3.01(g)(vi</U>), the
    Second Allocation Stock Election Shares, and (z)&#160;if there
    is a Second Allocation and additional allocations pursuant to
    <U>Section&#160;3.01(g)(vi)</U>, the sum of (1)&#160;the Second
    Allocation Stock Election Shares and (2)&#160;any additional
    shares allocated pursuant to <U>Section&#160;3.01(g)(vi)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-6
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of <B><I>&#147;Final Return Shares&#148; </I></B>for
    each holder shall be the difference between (1)&#160;such
    holder&#146;s Stock Election Shares and (2)&#160;such
    Holder&#146;s Final Stock Election Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;All Final Stock Election Shares shall be converted
    into the right to receive the Stock Consideration in accordance
    with the terms of <U>Section&#160;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&#160;3.01(b)</U>.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;Any Stock Election subject to proration or cutback
    pursuant to <U>Section&#160;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><I>&#147;Final Stock Election&#148;</I></B>).
</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">
    (h)&#160;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&#160;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 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&#160;3.01(b)</U> of this Agreement, the Merger
    Consideration.
</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;<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;2.4</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(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&#160;3.01</U>.
</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">
    (j)&#160;<I><U>No Fractional
    Shares</U>.</I>&#160;&#160;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 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">
    (k)<I>&#160;<U>Adjustments</U>.</I>&#160;&#160;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&#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); provided that in no event shall the Stock
    Consideration be adjusted in a manner that increases the Maximum
    Stock Election Number.
</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">
    <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: 4%; 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, New Holdco
    and Mergerco shall designate a paying agent and exchange 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>and
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-7
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <U>Section&#160;3.01(g)</U>. On the Closing Date, promptly
    following the Effective Time, the Surviving Corporation and New
    Holdco shall (i)&#160;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)&#160;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)&#160;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&#160;3.01(j)</U>, and (iv)&#160;deposit, or cause to
    be deposited with the Paying Agent the Total Option Cash
    Payments (together, 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>,
    <U>Section&#160;3.01(g)</U>, <U>Section&#160;3.01(j)</U>, and
    <U>Section&#160;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)&#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>,
    <U>Section&#160;3.01(g)</U>, <U>Section&#160;3.01(j)</U>, and
    <U>Section&#160;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 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;<I><U>Letter of Transmittal</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 and New Holdco 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 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)&#160;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&#160;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)&#160;the Certificate so surrendered shall be
    properly endorsed or shall otherwise be in proper form for
    transfer and (ii)&#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 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&#160;3.01(d)</U> or 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 Payment, 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: 4%; 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 twenty (20)&#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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-8
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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: 4%; 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 (i)&#160;if cash,
    the Surviving Corporation or (ii)&#160;if shares of New Holdco
    Common Stock, New&#160;Holdco, in each case, upon demand, and
    any such holders prior to the Merger who have not theretofore
    complied with this <U>Section&#160;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)&#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: 4%; 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, 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 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;<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>Section&#160;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)&#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;&#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 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">
    <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: 4%; 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, New
    Holdco and a holder of Company Options with respect to such
    holder&#146;s Company Options:
</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;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)&#160;the excess, if any, of the Cash
    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 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
    Payment&#148;</I></B>). ;&#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">
    (ii)&#160;each Company Option which is subject to a valid
    Irrevocable Option Election, subject to
    <U>Section&#160;3.01(c)</U> and <U>Section&#160;3.01(g)</U>,
    shall be converted into Merger Consideration in accordance with
    <U>Section&#160;3.01(b)</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">
    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&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-9
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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: 4%; 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 Cash Consideration or the Stock Consideration, in
    accordance with <U>Section&#160;3.01(b)</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">
    (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, 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&#160;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&#160;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 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;<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 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&#160;3.01(b)</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">
    <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 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>.
</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">
    <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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-10
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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">
    <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: 4%; 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, 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 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">
    <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 New Holdco calculated in accordance with Section&#160;3.08 of
    the Second Amended Disclosure Letter (which shall be identical
    to Section&#160;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&#160;3.08</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">
    <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: 4%; 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: 4%; 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 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,
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-11
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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: 4%; 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: 4%; 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: 4%; 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;20,
    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.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to Introductory Paragraph of Article&#160;IV.</I>&#160;&#160;The
    introductory paragraph of Article&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Amendment
    to
    Section&#160;4.04(a).</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.07.&#160;&#160;<I>Amendment
    to
    Section&#160;4.04(b).</I>&#160;&#160;<U>Section&#160;4.04(b)</U>
    shall be amended by adding a reference to &#147;and
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.08.&#160;&#160;<I>Amendment
    to Section&#160;4.12.</I>&#160;&#160;Section&#160;4.12 shall be
    deleted and replaced in its entirety with the following:
</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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;4.12&#160;&#160;</FONT><I>Information
    Supplied.</I>&#160;&#160;None of the information supplied by the
    Company for inclusion in or incorporation by reference in
    (i)&#160;the registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    as amended or supplemented, the
    <B><I><FONT style="white-space: nowrap">&#147;Form&#160;S-4&#148;</FONT></I></B>)
    will, at the time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    is filed with the SEC and at any time it is amended or
    supplemented or at the time it becomes
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-12
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;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
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    the Proxy Statement and such filings, 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
    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;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.09.&#160;&#160;<I>Amendment
    to Section&#160;4.18.</I>&#160;&#160;Section&#160;4.18 shall be
    amended by adding a reference to, &#147;New&#160;Holdco&#148;
    after the reference to &#147;Mergerco&#148; in the second
    sentence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.10.&#160;&#160;<I>Additional
    Representations and Warranties of the
    Company.</I>&#160;&#160;The Company hereby represents and
    warrants to Mergerco, New Holdco and the Parents 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;<I><U>Authority Relative to Second
    Amendment</U>.</I>&#160;&#160;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 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;<I><U>Additional
    Representations</U>.</I>&#160;&#160;Each of the representations
    and warranties contained in <U>Section&#160;4.04(b)(ii)</U> and
    <U>Section&#160;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 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;<I><U>Opinion of Financial
    Advisors</U>.</I>&#160;&#160;The Board of Directors of the
    Company has received an opinion of Goldman, Sachs&#160;&#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&#160;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&#160;&#038; Co. 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;2.11.&#160;&#160;<I>Amendments
    to introductory paragraph of Article&#160;V.</I>&#160;&#160;The
    introductory paragraph of Article&#160;V shall be deleted and
    replaced in its entirety with the following:
</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">
    &#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><I>&#147;Mergerco
    Disclosure Schedule&#148; </I></B>or, with respect to
    New&#160;Holdco the <B><I>&#147;Second Amendment Disclosure
    Letter&#148;</I></B>) (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 and Mergerco hereby jointly and severally represent and
    warrant to the Company as follows:&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-13
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.12.&#160;&#160;<I>Amendment
    to Section&#160;5.01.</I>&#160;&#160;The following provisions
    shall be added to the end of Section&#160;5.01.
</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">
    &#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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.13.&#160;&#160;<I>Amendment
    to Section&#160;5.02.</I>&#160;&#160;The current
    Section&#160;5.02 shall be numbered subsection&#160;(a)&#160;and
    the following provisions shall be added as a new
    subsection&#160;(b):
</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">
    &#147;Included as Section&#160;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><I>&#147;New Holdco Organizational
    Documents&#148;</I></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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.14.&#160;&#160;<I>Amendment
    of Section&#160;5.04.</I>&#160;&#160;Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.15.&#160;&#160;<I>Amendment
    of Section&#160;5.06.</I>&#160;&#160;Section&#160;5.06 shall be
    amended by adding a reference to &#147;, New Holdco&#148; after
    the second reference to &#147;Parents&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.16.&#160;&#160;<I>Amendment
    of Section&#160;5.07.</I>&#160;&#160;Section&#160;5.07 of the
    Agreement is amended and restated in its entirety to read 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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;5.07&#160;&#160;</FONT><I>Available
    Funds.</I>
</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;<U>Section&#160;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 commitment
    letters from the parties listed in <U>Section&#160;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&#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>). <U>Section&#160;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><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 <U>Section&#160;5.07(a)</U> of the Second Amendment
    Disclosure Letter (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: 4%; 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 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)&#160;conditions precedent to the respective
    obligations of the Investors to fund the full
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-14
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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, 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)&#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, New Holdco or
    Mergerco 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, 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 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: 4%; 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, 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&#160;5.07(c)</U> of
    the Company Disclosure Schedule.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.17.&#160;&#160;<I>Amendment
    to Section&#160;5.09.</I>&#160;&#160;Section&#160;5.09 shall be
    deleted and replaced in its entirety with the following:
</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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;5.09&#160;&#160;</FONT><I>Capitalization
    of Mergerco and New Holdco.</I>&#160;&#160;As of the Closing
    Date and immediately prior to Effective Time and the exchange of
    Rollover Shares contemplated by <U>Section&#160;3.08</U>,
    (i)&#160;the capital stock of Mergerco (the <B><I>&#147;Mergerco
    Shares&#148;</I></B>) then outstanding will be wholly owned,
    directly or indirectly, by New Holdco, (ii)&#160;the capital
    stock of each New Holdco subsidiary, other than Mergerco (the
    <B><I>&#147;New Holdco Subsidiaries&#148;</I></B> and the
    <B><I>&#147;New Holdco Subsidiaries Shares&#148;</I></B>) then
    outstanding will be wholly owned, directly or indirectly, by New
    Holdco and (iii)&#160;the capital stock of New Holdco (the
    <B><I>&#147;New Holdco Shares&#148;</I></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&#160;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><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>). 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&#160;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)&#160;there are no outstanding
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-15
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>), or the New Holdco Subsidiaries
    Shares or any capital stock equivalent or other nominal interest
    in New Holdco Subsidiaries (the <B><I>&#147;New Holdco
    Subsidiaries Equity Interests&#148;</I></B>) or the New Holdco
    Shares or any capital stock equivalent or other nominal interest
    in New Holdco (the <B><I>&#147;New Holdco Equity
    Interests&#148;</I></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)&#160;there
    are no contracts or commitments to which Mergerco, any 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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.18.&#160;&#160;<I>Amendment
    to Section&#160;5.10.</I>&#160;&#160;The current
    Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.19.&#160;&#160;<I>Amendment
    to Section&#160;5.11.</I>&#160;&#160;Section&#160;5.11 shall be
    deleted and replaced in its entirety with the following:
</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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;5.11&#160;&#160;</FONT><I>
    Information Supplied.</I>&#160;&#160;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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.20.&#160;&#160;<I>Amendment
    to Section&#160;5.12.</I>&#160;&#160;Section&#160;5.12 shall be
    amended by adding a reference to &#147;, New Holdco&#146;s&#148;
    after the first reference to &#147;Parents&#148;&#146; and a
    reference to &#147;and New Holdco&#148; after the reference to
    &#147;the Surviving Corporation&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.21.&#160;&#160;<I>Amendment
    to Section&#160;5.13.</I>&#160;&#160;Section&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.22.&#160;&#160;<I>Additional
    Representations and Warranties of Parents, Mergerco and New
    Holdco.</I>&#160;&#160;The Parents, Mergerco and New Holdco
    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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I><U>Authority Relative to Second
    Amendment</U>.</I>&#160;&#160;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-16
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.23.&#160;&#160;<I>Amendment
    to Section&#160;6.01 of the Agreement.</I>&#160;&#160;The
    introductory paragraph of <U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.24.&#160;&#160;<I>Amendment
    to Section&#160;6.01(f) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.25.&#160;&#160;<I>Amendment
    to Section&#160;6.03(a).</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 following sentence shall be added as the second
    sentence to <U>Section&#160;6.03(a)</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">
    &#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
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    including the Proxy Statement.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 following sentence shall be added as the
    penultimate sentence of <U>Section&#160;6.03(a)</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">
    &#147;None of the information with respect to the Company or its
    subsidiaries to be included in the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (and any amendments or supplements thereto) is filed, or at the
    time the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.26.&#160;&#160;<I>Amendment
    to Section&#160;6.03(b).</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;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 following clause shall be added as the final
    sentence of Section&#160;6.03(b):
</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">
    &#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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (and any amendments or supplements thereto) is filed, and at the
    time such
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.27.&#160;&#160;<I>Amendment
    to Section&#160;6.03(c).</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 clause &#147;and the
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    shall be added after the first and second references to
    &#147;Proxy Statement&#148; and the clause &#147;,
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    shall be added after the third reference to &#147;Proxy
    Statement&#148; Section&#160;6.03(c).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-17
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 following sentence shall be added as the final
    sentence to such Section:
</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">
    &#147;The Company and Parents shall use reasonable best efforts
    to have the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    declared effective by the SEC under the Securities Act as
    promptly as reasonably practicable after the date of the Second
    Amendment.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.28.&#160;&#160;<I>Amendment
    to Section&#160;6.03(d).</I>&#160;&#160;Section&#160;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
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the third reference to &#147;Proxy Statement&#148; and a
    reference to &#147;or the
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the fourth and fifth references to &#147;Proxy
    Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;2.29.&#160;&#160;<I>Amendment
    to Section&#160;6.03(e).</I>&#160;&#160;Section&#160;6.03(e) is
    hereby deleted and replaced in its entirety with the following:
</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">
    &#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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    and proxy supplement in accordance with the provisions of
    <U>Section&#160;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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    declared effective by the SEC as soon as reasonably practicable
    after it is filed with the SEC. In connection with the Proxy
    Statement and
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    contemplated by this <U>Section&#160;6.03(e)</U>, the Company,
    Parents and New Holdco shall (i)&#160;respond as promptly as
    reasonably practicable to any comments of the SEC;
    (ii)&#160;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
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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)&#160;consult with one another prior to
    responding to any such comments or filing any such amendment or
    supplement; (iv)&#160;provide each other with copies of all
    correspondence between any of such parties or their
    Representatives and the SEC; and (v)&#160;within five
    (5)&#160;days after the Proxy Statement and
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    prepared in accordance with <U>Section&#160;6.03(b)</U> and this
    <U>Section&#160;6.03(e)</U> has been cleared by the SEC and the
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    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
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.30.</FONT>&#160;&#160;<I>Amendments
    to Section&#160;6.04 of the Agreement.</I>&#160;&#160;Subject to
    any actions taken by the SEC, as contemplated by
    <U>Section&#160;2.05 </U>above, the Shareholders&#146; Meeting
    referred to in <U>Section&#160;6.04</U> of the Agreement shall
    be postponed, convened and held as set forth in
    <U>Section&#160;6.03(e)</U> 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">
    <FONT style="font-variant: SMALL-CAPS">Section&#160;2.31.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.05(b) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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&#160;(ii).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.32.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.07(d) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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&#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&#160;2.33.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.07(h) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.34.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.09 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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&#160;(i) of the first sentence.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-18
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.35.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.12(a) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.12(a)</U> of the
    Agreement is deleted and hereby replaced in its entirety with
    the following:
</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">
    &#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)&#160;would be likely to prevent or materially delay the
    consummation of the transactions contemplated hereby or
    (ii)&#160;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&#160;5.09 of this Agreement to be untrue or
    inaccurate at the Effective Time&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.36.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;6.13 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;6.13</U> of the
    Agreement is deleted and hereby replaced in its entirety with
    the following:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">ARTICLE&#160;1
    &#147;SECTION&#160;6.13 FINANCING.</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">
    (a)&#160;Mergerco and 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;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&#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 any offering or issuance of any high yield debt
    securities contemplated by the Financing Commitments or any
    alternative debt securities therefor (collectively, the
    <B><I>&#147;High Yield Financing&#148;</I></B>), 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 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&#160;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 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 <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 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 <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 or replaced 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 twenty-five
    (25)&#160;consecutive business days throughout which
    (A)&#160;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&#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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-19
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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)&#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 any High Yield Financing, all
    as may be reasonably requested by Mergerco or 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, 2007 (together with the materials
    in clause&#160;(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 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 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)&#160;taking all actions reasonably necessary to permit the
    prospective lenders involved in the 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-20
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <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 (including the High Yield Financing) contemplated
    by the Debt Commitment Letters.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.37.</FONT>&#160;&#160;<I>Addition
    of Section&#160;6.18.</I>&#160;&#160;The following shall be
    added as Section&#160;6.18 of the 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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.18&#160;&#160;</FONT><I><U>Tax
    Free Qualification for Stock
    Election</U>.</I>&#160;&#160;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&#160;(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&#160;351 of the Code.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.38.</FONT>&#160;&#160;<I>Addition
    of Section&#160;6.19.</I>&#160;&#160;The following shall be
    added as Section&#160;6.19 of the 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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.19&#160;&#160;</FONT><I><U>Fees</U>.</I>&#160;&#160;The
    transaction fees payable to Parents or their Affiliates at or
    prior to the Closing will not exceed $87.5&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.39.</FONT>&#160;&#160;<I>Addition
    of Section&#160;6.20.</I>&#160;&#160;The following shall be
    added as Section&#160;6.20 of the 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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.20&#160;&#160;</FONT><I><U>Board
    of Directors</U>.</I>&#160;&#160;Immediately following the
    Closing, the board of directors of the Company will include at
    least two (2)&#160;Independent Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.40.&#160;&#160;</FONT><I>Addition
    of Section&#160;6.21.</I>&#160;&#160;The following shall be
    added as Section&#160;6.21 of the 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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;6.21&#160;&#160;</FONT><I><U>Registration</U>.</I>&#160;&#160;New
    Holdco agrees that it will use reasonable efforts to maintain
    the registration of the New Holdco Common Stock under
    Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.41.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;7.02 of the Agreement.</I>&#160;&#160;The
    introductory sentence of <U>Section&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.42.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;7.03(a) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.43.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;7.03(b) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.44.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.01(e) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.45.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.01(f) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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&#160;(ii).
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-21
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.46.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.01(g) of the Agreement.</I>&#160;&#160;The
    clause &#147;by the Parents if they and Mergerco&#148; in
    <U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.47.</FONT>&#160;&#160;<I>Amendment
    to
    Section&#160;8.01(i).</I>&#160;&#160;<U>Section&#160;8.01(i)</U>
    shall be amended by adding a reference to &#147;and
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.48.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(a) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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&#160;8.02(a)</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&#160;2.49.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(b)(i) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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;,&#160;New&#160;Holdco&#146;s&#148; after
    the second and fourth reference to &#147;Mergerco&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.50.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(b)(ii) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.51.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(b) of the Agreement.</I>&#160;&#160;The
    final paragraph of <U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.52.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.02(d) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.53.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;8.04 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.54.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.02 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.55.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.05 of the
    Agreement.</I>&#160;&#160;<U>Section&#160;9.05</U> is hereby
    deleted and replaced in its entirety with the following:
</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">
    &#147;<FONT style="font-variant: SMALL-CAPS">Section&#160;9.05&#160;&#160;</FONT><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; <U>provided</U>, <U>that</U> (i)&#160;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)&#160;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)&#160;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)&#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, New Holdco
    <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.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.56.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.08(a)(i) of the
    Agreement.</I>&#160;&#160;<U>Section&#160;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&#160;9.08(a)(iv)</U> of
    the Agreement. <U>Section&#160;9.08(a)(iv)</U> is hereby amended
    by adding a reference to &#147;, New Holdco&#148; after
    &#147;Mergerco&#148; in clause&#160;(iv).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.57.</FONT>&#160;&#160;<I>Amendment
    to Section&#160;9.08(b), (c)&#160;and (d)&#160;of the
    Agreement.</I>&#160;&#160;<U>Section&#160;9.08(b)</U>,
    <U>Section&#160;9.08(c)</U> and <U>Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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&#160;2.58.</FONT>&#160;&#160;<I>Amendment
    to Appendix&#160;A.</I>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-22
</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">
    (a)&#160;The definition of <B><I>&#147;Additional Per Share
    Consideration&#148;</I></B> is amended by deleting
    &#147;$39.00&#148; and replacing such amount with
    &#147;$39.20.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 following definition of <B><I>&#147;Affiliated
    Holder&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;affiliate&#148;</I></B>:
</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>&#147;Affiliated Holder&#148; </I>shall mean each Person
    listed on Schedule&#160;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&#160;3.01(b)(ii)</U> 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">
    (c)&#160;The following definition of <B><I>&#147;Alien
    Entity&#148; </I></B>shall be added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;Agreement&#148;</I></B>:
</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>&#147;Alien Entity&#148; </I>shall have the meaning set forth
    in the definition of
    <FONT style="white-space: nowrap">Non-U.S.&#160;Person.</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">
    (d)&#160;The following definition of <B><I>&#147;Book Entry
    Share&#148; </I></B>shall replace the definition of Book Entry
    Share in Appendix&#160;A:
</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>&#147;Book Entry Share&#148; </I>means a book-entry share
    which immediately prior to the Effective Time represented a
    share of Company Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;The following definition of <B><I>&#147;Capped
    Holder&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;business
    day&#148;</I></B>:
</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>&#147;Capped Holder&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)(iii)</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">
    (f)&#160;The following definition of <B><I>&#147;Cash
    Consideration&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Capped
    Holder&#148;</I></B>:
</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>&#147;Cash Consideration&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(b)(i)</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">
    (g)&#160;The following definition of <B><I>&#147;Cash
    Consideration Share&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Cash
    Consideration&#148;</I></B>:
</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>&#147;Cash Consideration Share&#148; </I>shall mean each
    share of Company Common Stock for which Parents pay Cash
    Consideration pursuant to <U>Section&#160;3.01(b)</U> and
    <U>Section&#160;3.01(g)</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">
    (h)&#160;The following definition of <B><I>&#147;Cash
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Cash Consideration
    Share&#148;</I></B>:
</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>&#147;Cash Election&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(c)(i)</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">
    (i)&#160;The following definition of
    <B><I>&#147;Certificate&#148; </I></B>shall replace the
    definition of Certificate in Appendix&#160;A:
</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>&#147;Certificate&#148; </I>means a certificate which
    immediately prior to the Effective Time represented a share of
    Company Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;The definition of <B><I>&#147;Competing
    Proposal&#148;</I></B> is amended by adding a reference to
    &#147;, New Holdco&#148; after the reference to 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">
    (k)&#160;The definition of <B><I>&#147;Contacted Parties
    Proposal&#148;</I></B> is amended by adding a reference to
    &#147;, New Holdco&#148; after the reference to 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">
    (l)&#160;The following definition of <B><I>&#147;Election
    Deadline&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Election Deadline&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(d)</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">
    (m)&#160;The following definition of <B><I>&#147;Election
    Form&#160;Record Date&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Election
    Deadline&#148;</I></B>:
</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>&#147;Election Form&#160;Record Date&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(d)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-23
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;The following definition of <B><I>&#147;Elections&#148;
    </I></B>is added to Appendix&#160;A immediately following the
    definition of <B><I>&#147;Election Form&#160;Record
    Date&#148;</I></B>:
</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>&#147;Elections&#148; </I>shall have the meaning set forth in
    <U>Section&#160;3.01(c)(i)</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">
    (o)&#160;The definition of <B><I>&#147;Expenses&#148; </I></B>in
    Appendix&#160;A shall be amended by adding a reference to
    &#147;and
    <FONT style="white-space: nowrap">Form&#160;S-4&#148;</FONT>
    after the reference to &#147;Proxy Statement&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (p)&#160;The following definition of <B><I>&#147;Final Return
    Shares&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Financing
    Commitments&#148;</I></B>:
</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>&#147;Final Return Shares&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(g)(vi)</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">
    (q)&#160;The following definition of <B><I>&#147;Final Stock
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Final Return
    Shares&#148;</I></B>:
</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>&#147;Final Stock Election&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(g)(viii)</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">
    (r)&#160;The following definition of <B><I>&#147;Final Stock
    Election Notice&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Final Stock
    Election&#148;</I></B>:
</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>&#147;Final Stock Election Notice&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(d)</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">
    (s)&#160;The following definition of <B><I>&#147;Final Stock
    Election Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Final Stock
    Election Notice&#148;</I></B>:
</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>&#147;Final Stock Election Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)(vi)</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">
    (t)&#160;The following definition of <B><I>&#147;First
    Allocation Distributable Shares&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Final Stock Election Shares&#148;</I></B>:
</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>&#147;First Allocation Distributable Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(ii)</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">
    (u)&#160;The following definition of <B><I>&#147;First
    Allocation Stock Election Shares</I>&#148;</B> is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;First Allocation Distributable Shares&#148;</I></B>:
</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>&#147;First Allocation Stock Election Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(iii)</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">
    (v)&#160;The following definition of <B><I>&#147;First
    Individual Cutback Shares&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;First Allocation Stock Election Shares&#148;</I></B>:
</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>&#147;First Individual Cutback Shares&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(g)(iii)</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">
    (w)&#160;The following definition of <B><I>&#147;First Prorated
    Returned Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;First
    Individual Cutback Shares&#148;</I></B>:
</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>&#147;First Allocation Returned Shares&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(g)(ii)</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">
    (x)&#160;The following definition of <B><I>&#147;Form of
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Foreign Antitrust
    Laws&#148;</I></B>:
</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>&#147;Form of Election&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(c)(i)</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">
    (y)&#160;The following definition of
    <B><I><FONT style="white-space: nowrap">&#147;Form&#160;S-4&#148;</FONT>
    </I></B>is added to Appendix&#160;A immediately following the
    definition of <B><I>&#147;Form of Election&#148;</I></B>:
</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><FONT style="white-space: nowrap">&#147;Form&#160;S-4&#148;</FONT>
    </I>shall have the meaning set forth in <U>Section&#160;4.12</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">
    (z)&#160;The following definition of <B><I>&#147;Gross Electing
    Option Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Governmental
    Authority&#148;</I></B>:
</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>&#147;Gross Electing Option Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(ii)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-24
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (aa)&#160;The following definition of <B><I>&#147;Independent
    Directors&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Indenture&#148;</I></B>:
</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>&#147;Independent Directors&#148; </I>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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (bb)&#160;The following definition of <B><I>&#147;Individual
    Cap&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Independent
    Director&#148;</I></B>:
</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>&#147;Individual Cap&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)</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">
    (cc)&#160;The following definition of <B><I>&#147;Irrevocable
    Option Election&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Individual
    Cap&#148;</I></B>:
</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>&#147;Irrevocable Option Election&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(ii)</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">
    (dd)&#160;The following definition of <B><I>&#147;Letter of
    Transmittal&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;Law&#148;</I></B>:
</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>&#147;Letter of Transmittal&#148; </I>means a letter prepared
    by the Paying Agent, with reasonable approval of New Holdco and
    the Company, which shall, among other things, (x)&#160;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&#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 New Holdco and the Company may reasonably specify
    and (y)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ee)&#160;The following definition of <B><I>&#147;Maximum Stock
    Election Number&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;LMA&#148;</I></B>:
</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>&#147;Maximum Stock Election Number&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)</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">
    (ff)&#160;The following definition of <B><I>&#147;Merger
    Consideration&#148; </I></B>shall replace the definition of
    <B><I>&#147;Merger Consideration&#148; </I></B>in
    Appendix&#160;A:
</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>&#147;Merger Consideration&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(b)(i)</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">
    (gg)&#160;The following definition of <B><I>&#147;Net Electing
    Option Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of
    <B><I>&#147;Multiemployer Plan&#148;</I></B>:
</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>&#147;Net Electing Option Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(ii)</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">
    (hh)&#160;The following definition of <B><I>&#147;New Holdco
    Common Stock&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Debt
    Financing Commitments&#148;</I></B>:
</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>&#147;New Holdco Common Stock&#148; </I>shall mean the
    Class&#160;A Common Stock, par value $0.001 per share, of New
    Holdco.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;The following definition of <B><I>&#147;New Holdco
    Equity Interests&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Debt
    Financing Commitments&#148;</I></B>:
</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>&#147;New Holdco Equity Interests&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-25
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (jj)&#160;The following definition of <B><I>&#147;New Holdco
    Material Adverse Effect</I>&#148;</B> shall replace the
    definition of <B><I>&#147;Mergerco Material Adverse Effect&#148;
    </I></B>in Appendix&#160;A and all references to
    <B><I>&#147;Mergerco Material Adverse Effect&#148;</I></B> shall
    be replaced with reference to <B><I>&#147;New Holdco Material
    Adverse Effect&#148;</I></B>:
</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>&#147;New Holdco 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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (kk)&#160;The following definition of <B><I>&#147;New Holdco
    Organizational Documents&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;New Holdco Common Stock&#148;</I></B>:
</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>&#147;New Holdco Organizational Documents&#148; </I>shall
    have the meaning set forth in <U>Section&#160;5.02(b)</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">
    (ll)&#160;The following definition of <B><I>&#147;New Holdco
    Shares&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;New Holdco
    Organizational Documents&#148;</I></B>:
</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>&#147;New Holdco Shares&#148; </I>shall have the meaning set
    forth in <U>Section&#160;5.09</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">
    (mm)&#160;The following definition of <B><I>&#147;New Holdco
    Subsidiaries&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Holdco
    Shares&#148;</I></B>:
</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>&#147;New Holdco Subsidiaries&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09</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">
    (nn)&#160;The following definition of <B><I>&#147;New Holdco
    Subsidiaries Equity Interests&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;New Holdco Shares&#148;</I></B>:
</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>&#147;New Holdco Subsidiaries Equity Interests&#148;
    </I>shall have the meaning set forth in <U>Section&#160;5.09</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">
    (oo)&#160;The following definition of <B><I>&#147;New Holdco
    Subsidiaries Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;New Holdco
    Subsidiaries Equity Interests&#148;</I></B>:
</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>&#147;New Holdco Subsidiaries Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;5.09</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">
    (pp)&#160;The following definition of
    <B><I><FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Person&#148;</FONT></I></B>
    is added to Appendix&#160;A immediately following the definition
    of <B><I>&#147;No-Shop Period Start Date&#148;</I></B> in
    Appendix&#160;A:
</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><FONT style="white-space: nowrap">&#147;Non-U.S.&#160;Person&#148;</FONT>
    </I>means any Person who:
</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;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;&#160;or
</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;is not a natural person and is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;a foreign government;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;a partnership, limited liability company, corporation,
    joint-stock company or association controlled directly or
    indirectly by one or more of the above,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (Any person or entity described in paragraphs&#160;1 or 2
    (a)-(c) above is referred to hereafter as an &#147;Alien
    Entity.&#148;)
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;has direct or indirect ownership by Alien Entities
    that, in the aggregate, exceeds 25%, <U>or</U>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 13%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;has voting or other control rights exercised directly
    or indirectly by Alien Entities that, in the aggregate, exceed
    25%.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-26
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (qq)&#160;The following definition of <B><I>&#147;Option Cash
    Payment&#148; </I></B>shall replace the definition of
    <B><I>&#147;Option Cash Payment&#148; </I></B>in Appendix&#160;A:
</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>&#147;Option Cash Payment&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.03(a)</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">
    (rr)&#160;The following definition of <B><I>&#147;Proration
    Factor&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;person&#148;</I></B>:
</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>&#147;Proration Factor&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)(ii)</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">
    (ss)&#160;The following definition of <B><I>&#147;Public
    Share&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Proxy
    Statement&#148;</I></B>:
</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>&#147;Public Share&#148; </I>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&#160;3.01(a)</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">
    (tt)&#160;The following definition of <B><I>&#147;Second
    Allocation&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;SEC
    Filings&#148;</I></B>:
</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>&#147;Second Allocation&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(g)(iii)</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">
    (uu)&#160;The following definition of <B><I>&#147;Second
    Allocation Distributable Shares&#148;</I></B> is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Allocation&#148;</I></B>:
</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>&#147;Second Allocation Distributable Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(iv)</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">
    (vv)&#160;The following definition of <B><I>&#147;Second
    Allocation Participant&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Second
    Allocation Distributable Shares&#148;</I></B>:
</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>&#147;Second Allocation Participant&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)(iii)</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">
    (ww)&#160;The following definition of <B><I>&#147;Second
    Allocation Shares&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Second
    Allocation Participant&#148;</I></B>:
</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>&#147;Second Allocation Shares&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(g)(iii)</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">
    (xx)&#160;The following definition of <B><I>&#147;Second
    Allocation Stock Election Shares&#148;</I></B> is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Allocation Shares&#148;</I></B>:
</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>&#147;Second Allocation Stock Election Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(v)</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">
    (yy)&#160;The following definition of <B><I>&#147;Second
    Amendment Disclosure Letter&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Allocation Stock Election
    Shares&#148;</I></B>:
</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>&#147;Second Amendment Disclosure Letter&#148; </I>shall have
    the meaning set forth in the introductory paragraph of
    Article&#160;V.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (zz)&#160;The following definition of <B><I>&#147;Second
    Individual Cutback Shares&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Second Amendment Disclosure Letter&#148;</I></B>:
</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>&#147;Second Individual Cutback Shares&#148; </I>shall have
    the meaning set forth in <U>Section&#160;3.01(g)(v)</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">
    (aaa) The following definition of <B><I>&#147;Second Prorated
    Stock Election Shares&#148;</I></B> is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Second
    Individual Cutback Shares&#148;</I></B>:
</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>&#147;Second Prorated Stock Election Shares&#148; </I>shall
    have the meaning set forth in <U>Section&#160;3.01(g)(iv)</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">
    (bbb) The following definition of <B><I>&#147;Shares&#148;
    </I></B>is added to Appendix&#160;A immediately following the
    definition of <B><I>&#147;Senior Executive&#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">
    (ccc)&#160;The following definition of
    <B><I>&#147;Shares&#160;Representative&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Shares&#148;</I></B>:
</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>&#147;Shares&#160;Representative&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.01(c)(i)</U>.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-27
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ddd)&#160;The following definition of <B><I>&#147;Stock
    Consideration&#148; </I></B>is added to Appendix&#160;A
    immediately following the definition of <B><I>&#147;Short-Dated
    Notes&#148;</I></B>:
</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>&#147;Stock Consideration&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(b)(i)</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">
    (eee) The following definition of <B><I>&#147;Stock
    Election&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Stock
    Consideration&#148;</I></B>:
</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>&#147;Stock Election&#148; </I>shall have the meaning set
    forth in <U>Section&#160;3.01(c)(i)</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">
    (fff) The following definition of <B><I>&#147;Stock Election
    Share&#148; </I></B>is added to Appendix&#160;A immediately
    following the definition of <B><I>&#147;Stock
    Election&#148;</I></B>:
</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>&#147;Stock Election Share&#148; </I>shall have the meaning
    set forth in <U>Section&#160;3.01(c)(i)</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">
    (ggg) The following definition of <B><I>&#147;Total Option Cash
    Payment&#148; </I></B>shall replace the definition of
    <B><I>&#147;Total Option Cash Payment&#148; </I></B>in
    Appendix&#160;A:
</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>&#147;Total Option Cash Payment&#148; </I>shall have the
    meaning set forth in <U>Section&#160;3.03(a)</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">
    (hhh) The following definition of
    <B><I>&#147;U.S.&#160;Person&#148; </I></B>is added to
    Appendix&#160;A immediately following the definition of
    <B><I>&#147;Total Option Cash Payment&#148;</I></B>:
</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>&#147;U.S.&#160;Person&#148; </I>means any Person that is not
    an
    <FONT style="white-space: nowrap">Non-U.S.&#160;Person.</FONT>
</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">MISCELLANEOUS
    </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>No
    Further Amendment.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Effect
    of Amendment.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Governing
    Law.</I>&#160;&#160;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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Counterparts.</I>&#160;&#160;This
    Second Amendment 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 same agreement.
</DIV>

<DIV style="margin-top: 6pt; 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">

    <FONT style="font-family: 'Times New Roman', Times">[Remainder
    of This Page&#160;Intentionally Left Blank]
    </FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-28
</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">
    <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 style="margin-top: 18pt; 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:</B>
</DIV>

<DIV style="margin-top: 6pt; 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: 36pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</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 M. Sperling
</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
</DIV>

<DIV style="margin-top: 18pt; 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>NEW HOLDCO:</B>
</DIV>

<DIV style="margin-top: 6pt; 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 CAPITAL HOLDINGS,&#160;III, INC.</B>
</DIV>

<DIV style="margin-top: 36pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</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 M. Sperling
</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
</DIV>

<DIV style="margin-top: 18pt; 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:</B>
</DIV>

<DIV style="margin-top: 6pt; 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: 36pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;John
    Connaughton</DIV>
</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
</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
</DIV>

<DIV style="margin-top: 18pt; 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>T TRIPLE CROWN FINCO, LLC</B>
</DIV>

<DIV style="margin-top: 36pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</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 M. Sperling
</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
</DIV>

<DIV style="margin-top: 18pt; 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:</B>
</DIV>

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

<DIV style="margin-top: 36pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Mark
    P. Mays</DIV>
</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
</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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-29
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</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">SUMMARY
    OF CONTENTS OF</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">SECOND
    AMENDMENT DISCLOSURE LETTER</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">to</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">AMENDMENT
    NO.&#160;2</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</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">May&#160;17,
    2007</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">to
    the</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">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">dated as
    of</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">November&#160;16,
    2006</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">BT TRIPLE
    CROWN MERGER CO., INC.,<BR>
    B TRIPLE CROWN FINCO, LLC,<BR>
    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">CLEAR
    CHANNEL COMMUNICATIONS, INC.</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-30
</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">
    The following is a summary of the disclosure schedules delivered
    by Mergerco in connection with Amendment No.&#160;2 dated as of
    May&#160;17, 2007 to the Agreement and Plan of Merger dated as
    of November&#160;16, 2006 by and among BT&#160;Triple Crown
    Merger Co., Inc., B&#160;Triple Crown Finco, LLC, T&#160;Triple
    Crown Finco,&#160;LLC, and Clear Channel Communications, Inc.
    (the &#147;Agreement&#148;). To the extent not defined below,
    capitalized terms used herein are as defined in the Agreement. *
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;3.08.
    Rollover by Shareholders.</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">
    Stating that between the date of the Agreement and the date of
    Closing, the Parents and Mergerco will agree with each
    shareholder entitled to rollover shares of common stock of the
    Company the number of shares, if any, to be rolled over and the
    conversion ratio.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.02.
    New Holdco Organizational Documents.</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">
    Attaching the certificate of incorporation and bylaws of New
    Holdco.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.07(a).
    Available Funds.</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">
    List of executed debt and equity commitment letters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">Section&#160;5.09.
    Capitalization of Mergerco.</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">
    Disclosure of the entities who hold the authorized capital stock
    of Mergerco on the date of the Agreement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    the Second Amendment Disclosure Letter to Amendment No.&#160;2
    to the Agreement and Plan of Merger to the Securities and
    Exchange Commission upon request.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-31
</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 -->
<A name='274'>


<!-- link1 "ANNEX D CONFORMED COPY" -->


<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&#160;D</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CONFORMED COPY</B>
</DIV>
</A>
<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">VOTING
    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>VOTING AGREEMENT </B>(&#147;<U>Agreement</U>&#148;), dated as
    of May&#160;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&#160;III, Inc. a Delaware corporation (&#147;<U>New
    Holdco</U>&#148;); and Highfields Capital I LP, a Delaware
    limited partnership (&#147;<U>Highfields I</U>&#148;),
    Highfields Capital&#160;II LP, a Delaware limited partnership
    (&#147;<U>Highfields&#160;II</U>&#148;), Highfields
    Capital&#160;III LP, an exempted limited partnership organized
    under the laws of the Cayman Islands, B.W.I.
    (&#147;<U>Highfields&#160;III</U>&#148;), and Highfields Capital
    Management LP, a Delaware limited partnership
    (&#147;<U>Highfields Management</U>&#148; and, together with
    Highfields&#160;I, Highfields&#160;II and Highfields&#160;III,
    &#147;<U>Stockholders</U>&#148;) 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>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)&#160;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&#160;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)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>, 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,
    <FONT style="white-space: nowrap">split-up</FONT> 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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;&#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>, 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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, THEREFORE</B>, in consideration of the premises, the
    mutual covenants and agreements contained herein and other good
    and valuable consideration, the receipt of which are hereby
    acknowledged the Stockholders, New Holdco, Mergerco and the
    Parents agree 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">
    1.&#160;<I><U>Agreement to Vote</U>.</I>&#160;&#160;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; 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;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;&#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">
    (b)&#160;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)&#160;in
    favor of adoption and approval of the Agreement and Plan of
    Merger and the transactions contemplated thereby, including the
    Merger; (ii)&#160;against any extraordinary corporate
    transaction (other than the Merger or pursuant to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-1
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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)&#160;in favor of any proposal to adjourn a
    Shareholders&#146; Meeting which New Holdco and the Parents
    support.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<I><U>Expiration Date</U>.</I>&#160;&#160;As used in
    this Agreement, the term &#147;<U>Expiration Date</U>&#148;
    shall mean the earliest to occur of (i)&#160;the Effective Time;
    (ii)&#160;such date as the Agreement and Plan of Merger is
    terminated pursuant to Article&#160;VIII thereof; or
    (iii)&#160;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)&#160;Sections&#160;6, and 9 through 19 shall survive any
    such expiration if the Effective Time shall have occurred, and
    (ii)&#160;such termination or expiration shall not relieve any
    party from liability for any willful breach of this Agreement
    prior to termination 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">
    3.&#160;<I><U>Agreement to Retain Covered
    Shares</U>.</I>&#160;&#160;From and after the date hereof until,
    (A)&#160;in the case of clause&#160;(i) below, the Expiration
    Date, and (B)&#160;in the case of clause&#160;(ii) 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)&#160;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 or (ii)&#160;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)&#160;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)&#160;as the Parents may otherwise agree in writing in their
    sole discretion.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;<I><U>Representations and Warranties of the
    Stockholders</U>.</I>&#160;&#160;Each of the Stockholders hereby
    represents and warrants to New Holdco, Parents and Mergerco 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;such Stockholder has the power and the right to enter
    into, deliver and perform the terms 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">
    (b)&#160;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);
</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 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;
</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;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;
</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;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;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-2
</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 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;such Stockholder acknowledges and confirms that
    (a)&#160;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)&#160;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)&#160;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;&#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">
    (g)&#160;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.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;<I><U>Representations and Warranties of the Parents,
    Mergerco and New Holdco</U>.</I>&#160;&#160;Each of the Parents,
    Mergerco and New Holdco hereby represents and warrants to the
    Stockholders 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;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;
</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;this Agreement has been duly and validly executed and
    delivered by the Parents, Mergerco and New&#160;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);
</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 have heretofore cancelled, and will not
    accept or enter into, any subscription agreements or
    understandings to acquire equity securities of New Holdco from
    (a)&#160;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)&#160;any
    other investment funds that (i)&#160;were, as of the date of
    execution of such agreement, stockholders of the Company,
    (ii)&#160;were not limited partners or shareholders in an
    investment fund managed by one of the Sponsors, and
    (iii)&#160;executed such agreements after January&#160;31, 2007;
    <U>provided</U>, <U>however</U>, that the foregoing shall not
    apply to either (x)&#160;the public employee benefit plan
    investor that has previously been specifically identified to one
    or more of the Stockholders, or (y)&#160;subscription agreements
    executed by financing sources prior to January&#160;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.
</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;Immediately following the effective time, the Articles
    of Incorporation and Bylaws of New Holdco will be in the form
    attached hereto as <U>Exhibit&#160;A</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;New Holdco, Mergerco, Bain Capital Fund&#160;IX, L.P.
    and Thomas H. Lee Equity Fund&#160;VI, L.P. have entered into or
    will enter into an agreement in the form attached hereto as
    <U>Exhibit&#160;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.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-3
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;<I><U>Directors</U>.</I>
</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;Immediately following the Effective Time, the Board of
    Directors of New Holdco shall establish the size of the Board of
    Directors at twelve (12)&#160;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&#160;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)&#160;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)&#160;recommend
    the election of such candidates, (iii)&#160;solicit proxies for
    the election of such candidates, and (iv)&#160;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.
</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;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&#160;(a)&#160;above.
</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;Until the Termination Date, (i)&#160;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)&#160;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.
</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;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.&#160;persons.
</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;(i)&#160;Highfields Management acknowledges that, as a
    result of the rights granted under this Section&#160;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&#160;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&#160;6(a) and (b)&#160;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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-4
</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: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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;Highfields Management represents (a)&#160;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)&#160;that none of
    (i)&#160;Highfields Management, (ii)&#160;any person holding an
    attributable interest in or through Highfields Management, or
    (iii)&#160;any person nominated or designated by Highfields
    Management to serve on the Board of New Holdco holds or will
    hold either (A)&#160;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)&#160;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)&#160;and (B)&#160;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)&#160;calendar days or such lesser period as
    may be necessary to avoid delay in obtaining necessary
    regulatory approvals) by which a party shall (A)&#160;divest or
    cause the divestiture of any Conflicting Interest,
    (B)&#160;render the Conflicting Interest non-attributable;
    (C)&#160;render any interest of such party in New Holdco, the
    Company, and their affiliates non-attributable, or
    (D)&#160;relinquish any rights under Section&#160;6(a) and
    (b)&#160;to the extent necessary to render non-attributable any
    interest of such party in New Holdco, the Company, or their
    affiliates.
</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">
    (iii)&#160;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; 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">
    a.&#160;certify to New Holdco in writing (a)&#160;that such
    Highfields Management affiliate is legally qualified to hold
    such an attributable interest in a broadcast licensee under FCC
    regulations and (b)&#160;that none of (i)&#160;such Highfields
    Management affiliate or (ii)&#160;any person holding an
    attributable interest in or through such Highfields Management
    affiliate holds or will hold a Conflicting Interest;&#160;or
</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">
    b.&#160;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.
</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">
    (iv)&#160;New Holdco shall cooperate with Highfields Management
    and any affiliate of Highfields Management, subject to their
    compliance with this Section&#160;6(e), to minimize any request
    for information pursuant to Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;<I><U>No Solicitation</U>.</I>&#160;&#160;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&#160;14A under the Securities Exchange Act
    of 1934)&#160;in opposition to the solicitation of proxies by
    the
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-5
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;1 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">
    8.&#160;<I><U>Survival of Representations and
    Warranties</U>.</I>&#160;&#160;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&#160;5(e) 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;<I><U>Specific Enforcement</U>.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;<I><U>Counterparts</U>.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;<I><U>No waivers</U>.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.&#160;<I><U>Entire Agreement</U>.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    13.&#160;<I><U>Notices</U>.</I>&#160;&#160;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&#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 Section):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;if to the Stockholders:
</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">
    Highfields Capital Management<BR>
    200 Clarendon Street<BR>
    Boston, MA 02117<BR>
    Attn: Joseph F. Mazzella<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;850-7500</FONT><BR>
    Facsimile:
    <FONT style="white-space: nowrap">(617)&#160;850-7620</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">
    with a copy 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">
    Goodwin Procter LLP<BR>
    Exchange Place<BR>
    Boston, Massachusetts<BR>
    02109 Attn: Joseph L.<BR>
    Johnson&#160;III<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;570-1633</FONT><BR>
    Facsimile:
    <FONT style="white-space: nowrap">(617)&#160;523-1231</FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-6
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;if to the Parents, New Holdco or Mergerco 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">
    Bain Capital Partners, LLC<BR>
    111 Huntington Avenue<BR>
    Boston, MA 02199<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;516-2000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;516-2010</FONT><BR>
    Attention: 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.<BR>
    100 Federal Street<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;227-1050</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;227-3514</FONT><BR>
    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 a copy 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;&#038; Gray LLP<BR>
    One International Place<BR>
    Boston, MA 02110<BR>
    Phone:
    <FONT style="white-space: nowrap">(617)&#160;951-7000</FONT><BR>
    Fax:
    <FONT style="white-space: nowrap">(617)&#160;951-7050</FONT><BR>
    Attn: David C. Chapin
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    14.&#160;<I><U>No Third Party
    Beneficiaries</U>.</I>&#160;&#160;This Agreement is not
    intended, and shall not be deemed, to confer any rights or
    remedies upon any person other than the parties hereto and
    their. respective successors and permitted assigns or to
    otherwise create any third-party beneficiary 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">
    15.&#160;<I><U>Assignment</U>.</I>&#160;&#160;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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.&#160;<I><U>Severability</U>.</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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-7
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    mutually acceptable manner in order that the transactions
    contemplated hereby 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">
    17.&#160;<I><U>Interpretation</U>.</I>&#160;&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.&#160;<I><U>Governing Law</U>.</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 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">
    19.&#160;<I><U>Waiver of Jury Trial</U>.</I>&#160;&#160;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)&#160;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)&#160;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&#160;19.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    20.&#160;<I><U>Headings</U>.</I>&#160;&#160;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 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">[SIGNATURE
    PAGE&#160;FOLLOWS]</FONT></B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-8
</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">
    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 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>STOCKHOLDERS:</B>
</DIV>

<DIV style="margin-top: 6pt; 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>HIGHFIELDS CAPITAL I LP</B>
</DIV>

<DIV style="margin-top: 6pt; 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>    By:&#160;
</TD>
    <TD align="left">
    Highfields Associates LLC, its General Partner
</TD>
</TR>

<TR style="line-height: 48pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</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;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Authorized Signatory
</TD>
</TR>

</TABLE>

<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>HIGHFIELDS CAPITAL&#160;II LP</B>
</DIV>

<DIV style="margin-top: 6pt; 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>    By:&#160;
</TD>
    <TD align="left">
    Highfields Associates LLC, its General Partner
</TD>
</TR>

<TR style="line-height: 48pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</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;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Authorized Signatory
</TD>
</TR>

</TABLE>

<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>HIGHFIELDS CAPITAL&#160;III LP</B>
</DIV>

<DIV style="margin-top: 6pt; 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>    By:&#160;
</TD>
    <TD align="left">
    Highfields Associates LLC, its General Partner
</TD>
</TR>

<TR style="line-height: 48pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</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;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Authorized Signatory
</TD>
</TR>

</TABLE>

<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>HIGHFIELDS CAPITAL MANAGEMENT LP</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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Joseph
    F. Mazzella</DIV>
</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;Joseph F. Mazzella
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Managing Director
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-9
</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 width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-left: 49%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MERGERCO:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<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:</B>
</DIV>

<DIV style="margin-top: 6pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;John
    Connaughton</DIV>
</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
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Managing Director
</TD>
</TR>

</TABLE>

<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>T 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<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>NEW HOLDCO:</B>
</DIV>

<DIV style="margin-top: 6pt; 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 CAPITAL HOLDINGS&#160;III, 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Scott
    Sperling</DIV>
</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
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    President
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-10
</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">
    The undersigned parties are executing this Agreement solely to
    evidence their agreement, as follows: (a)&#160;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)&#160;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 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><FONT style="font-variant: SMALL-CAPS">Bain Capital
    Fund&#160;IX, L.P.</FONT></B>
</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>    <FONT style="font-variant: SMALL-CAPS">By:&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-variant: SMALL-CAPS">Bain Capital Partners,
    IX, L.P., its General Partner
    </FONT>
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-variant: SMALL-CAPS">By:&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-variant: SMALL-CAPS">Bain Capital Investors,
    LLC, its General Partner
    </FONT>
</TD>
</TR>

</TABLE>

<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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;John
    P. Connaughton</DIV>
</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 P. Connaughton
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Managing Director
</TD>
</TR>

</TABLE>

<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>THOMAS H. LEE EQUITY FUND&#160;VI, L.P.</B>
</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>    <FONT style="font-variant: SMALL-CAPS">By:&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-variant: SMALL-CAPS">THL Equity Advisors VI,
    LLC, its general partner
    </FONT>
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-variant: SMALL-CAPS">By:&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-variant: SMALL-CAPS">Thomas H. Lee Partners,
    L.P., its sole member
    </FONT>
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-variant: SMALL-CAPS">By:&#160;
    </FONT>
</TD>
    <TD align="left">
    <FONT style="font-variant: SMALL-CAPS">Thomas H. Lee Advisors,
    LLC, its general partner
    </FONT>
</TD>
</TR>

</TABLE>

<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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</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 M. Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    Co-President
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    D-11
</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 -->
<A name='275'>


<!-- link1 "ANNEX E" -->


<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&#160;E</FONT></B>
</DIV>
</A>
<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">OPINION
    OF GOLDMAN, SACHS&#160;&#038; CO.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">PERSONAL
    AND CONFIDENTIAL</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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">
    May&#160;17, 2007
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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">
    Board of Directors
</DIV>

<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">
    Clear Channel Communications, Inc.
</DIV>

<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">
    200 East Basse Road
</DIV>

<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">
    San&#160;Antonio, TX 78209
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<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">
    Madame and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;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&#160;III,
    Inc. (&#147;New Holdco&#148;) and Clear Channel Communications,
    Inc. (the &#147;Company&#148;), as amended by Amendment
    No.&#160;1 thereto, dated as of April&#160;18, 2007, and
    Amendment No.&#160;2 thereto, dated as of May&#160;17, 2007 (the
    &#147;Agreement&#148;). We understand that holders of Public
    Shares may elect to receive one share of Class&#160;A common
    stock, par value $0.001&#160;per share (the &#147;New Holdco
    Class&#160;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&#160;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&#160;1, 2008, the
    holders of Public Shares will also receive the Additional Per
    Share Consideration (as defined in the Agreement) in cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, Sachs&#160;&#038; Co.&#160;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&#160;shares of Class&#160;A common stock,
    par value $0.01&#160;per share (the &#147;Outdoor Class&#160;A
    Common Stock&#148;), of Clear Channel Outdoor Holdings, Inc., a
    subsidiary of the Company (&#147;Outdoor&#148;), in November
    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 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&#160;&#038; Co., made available a financing
    package to the Investors in connection with a potential
    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">
    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 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 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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-1
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    2006, as co-financial advisor to Brenntag in connection with its
    sale in September 2006 and as financial advisor to Houghton
    Mifflin Holding Company, Inc., a former portfolio company of
    Bain, in connection with its sale in December 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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Goldman, Sachs&#160;&#038; Co.&#160;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&#160;&#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&#160;&#038; Co. have co-invested with each of the
    Investors and their respective affiliates from time to time and
    such affiliates of Goldman, Sachs&#160;&#038; Co. have invested
    and may invest in the future in limited partnership units of
    affiliates of each of the Investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 connection with this opinion, we have reviewed, among other
    things, the Agreement; annual reports to shareholders and Annual
    Reports on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of the Company for the five years ended December&#160;31, 2006
    and for Outdoor for the two years ended December&#160;31, 2006;
    Outdoor&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-1,</FONT>
    including the prospectus contained therein, dated
    November&#160;10, 2005, relating to the Outdoor Class&#160;A
    Common Stock; certain interim reports to shareholders and
    Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    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&#160;per share (the &#147;Company Common Stock&#148;), of
    the Company and the Outdoor Class&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-2
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are not expressing any opinion herein as to the value of the
    New Holdco Class&#160;A Common Stock or the prices at which the
    New Holdco Class&#160;A Common Stock may trade if and when they
    are issued or whether any market would develop for the New
    Holdco Class&#160;A Common Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 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">
    Very truly yours,
</DIV>

<DIV style="margin-top: 48pt; 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">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Goldman,
    Sachs&#160;&#038; Co.</DIV>
</DIV>

<DIV style="font-size: 2pt; margin-left: 49%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=0 -->

<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">
    (GOLDMAN, SACHS&#160;&#038; CO.)
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    E-3
</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 -->
<A name='276'>


<!-- link1 "ANNEX F" -->


<DIV style="margin-top: 16pt; 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&#160;F</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 8pt; 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">ARTICLE&#160;5.12
    OF THE TEXAS BUSINESS CORPORATIONS ACT</FONT></B>
</DIV>

<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" 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">5.12.
    Procedure for Dissent by Shareholders as to Said Corporate
    Actions</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;Any shareholder of any domestic corporation who has the
    right to dissent from any of the corporate actions referred to
    in Article&#160;5.11 of this Act may exercise that right to
    dissent only by complying with the following procedures:
</DIV>

<DIV style="margin-top: 8pt; 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">
    (1)&#160;(a)&#160;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)&#160;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)&#160;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)&#160;day
    period shall be bound by the action.
</DIV>

<DIV style="margin-top: 8pt; 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;With respect to proposed corporate action that is
    approved pursuant to Section&#160;A of Article&#160;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)&#160;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&#160;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&#160;A of Article&#160;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&#160;day period shall be bound by the
    action.
</DIV>

<DIV style="margin-top: 8pt; 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">
    (2)&#160;Within 20&#160;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&#160;(1)&#160;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&#160;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&#160;days after the date on which the action
    was effected, upon receipt of notice within 60&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-1
</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 style="margin-top: 8pt; 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">
    (3)&#160;If, within 60&#160;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&#160;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 style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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, within the period of 60&#160;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&#160;days after the expiration of the
    60&#160;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)&#160;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 style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;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 style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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&#160;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 style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;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
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-2
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 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 style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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;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&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    F-3
</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="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">PART&#160;II<BR>
    </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">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;20.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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 addition, pursuant to Section&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;21.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="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>Exhibits</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;2
</TD>
<TD nowrap align="left" valign="top">
    .1*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Agreement and Plan of Merger,
    dated as of November&#160;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&#160;A to the proxy statement/prospectus contained in this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;2
</TD>
<TD nowrap align="left" valign="top">
    .2*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Amendment No.&#160;1, dated
    April&#160;18, 2007, to the Agreement and Plan of Merger, dated
    as of November&#160;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&#160;B to the proxy statement/prospectus contained in this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;2
</TD>
<TD nowrap align="left" valign="top">
    .3*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Amendment No.&#160;2, dated as of
    May&#160;17, 2007, to the Agreement and Plan of Merger, dated as
    of November&#160;16, 2006, as amended on April&#160;18, 2007,
    among the Clear Channel Communications, Inc., BT&#160;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&#160;C to the proxy statement/prospectus
    contained in this registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;3
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">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.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;3
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Certificate of Amendment to the
    Second Amended and Restated Certificate of Incorporation of
    BT&#160;Triple Crown Capital Holdings&#160;III, Inc.
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</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"><FONT size="1">

</FONT></DIV>

<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="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;3
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Bylaws of CC Media Holdings, Inc.
    to be in effect as of the effective time of the Merger.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Opinion of Ropes&#160;&#038; Gray
    LLP regarding the legality of the securities being registered.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;8
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Opinion of Ropes&#160;&#038; Gray
    LLP regarding certain federal income tax consequences discussed
    in this registration statement.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    &#160;9
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Voting Agreement, dated as of
    May&#160;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&#160;II LP, Highfields Capital&#160;III
    LP, and Highfields Capital Management LP (included as
    Annex&#160;D to the proxy statement/prospectus contained in this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Letter Agreement dated
    May&#160;17, 2007, between B&#160;Triple Crown Finco, LLC,
    T&#160;Triple Crown Finco, LLC, L.&#160;Lowry Mays, Mark
    P.&#160;Mays and Randall T.&#160;Mays.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Second Amended and Restated
    Commitment Letter, dated May&#160;17, 2007, from Citigroup
    Global Markets Inc., Deutsche Bank AG New York Branch, Deutsche
    Bank AG&#160;Cayman Islands Branch, Deutsche Bank Securities
    Inc., Morgan Stanley Senior Funding Inc., Credit Suisse, Cayman
    Islands Branch, Credit Suisse Securities (USA) LLC, The Royal
    Bank of Scotland plc, RBS&#160;Securities Corporation, Wachovia
    Bank National Association, Wachovia Investment Holdings, LLC and
    Wachovia Capital Markets, LLC.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Ernst&#160;&#038; Young
    LLP, Independent Registered Public Accounting Firm for Clear
    Channel Communications, Inc.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Ropes&#160;&#038; Gray
    LLP (included in the opinion filed as Exhibit&#160;5.1 to this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Powers of Attorney of Directors
    and Officers of the registrant (included on registration
    statement signature page).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Form of Clear Channel
    Communications, Inc. Proxy Card
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Form of Election (for use by
    holders of Clear Channel common stock)
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Goldman,
    Sachs&#160;&#038; Co.
    </FONT>
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    &#134;&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    any omitted schedule to the Securities and Exchange Commission
    upon request.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;22.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes:
</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">
    (1)&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</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;To include any prospectus required by
    section&#160;10(a)(3) of the Securities Act of 1933;
</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;To reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;
</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;To include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</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: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;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 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">
    (3)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant undertakes that in a primary offering
    of securities of the undersigned registrant pursuant to this
    registration statement, regardless of the underwriting method
    used to sell the securities to the purchaser, if the securities
    are offered or sold to such purchaser by means of any of the
    following communications, the undersigned registrant will be a
    seller to the purchaser and will be considered to offer or sell
    such securities to such purchaser:
</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;Any preliminary prospectus or prospectus of the
    undersigned registrant relating to the offering required to be
    filed pursuant to Rule 424;
</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;Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant;
</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">
    (iii)&#160;The portion of any other free writing prospectus
    relating to the offering containing material information about
    the undersigned registrant or its securities provided by or on
    behalf of the undersigned registrant;&#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">
    (iv)&#160;Any other communication that is an offer in the
    offering made by the undersigned registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;13(a) or Section&#160;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&#160;15(d) of the Securities Exchange Act of
    1934)&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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
    <FONT style="white-space: nowrap">Rule&#160;14a-3</FONT>
    or
    <FONT style="white-space: nowrap">Rule&#160;14c-3</FONT>
    under the Securities Exchange Act of 1934; and, where interim
    financial information required to be presented by Article&#160;3
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;145(c), the
    issuer undertakes that such reoffering prospectus will contain
    the information called for by the applicable registration form
    with respect to 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registrant undertakes that every prospectus: (i)&#160;that
    is filed pursuant to paragraph&#160;1 immediately preceding, or
    (ii)&#160;that purports to meet the requirements of
    Section&#160;10(a)(3) of the Securities Act of 1933 and is used
    in connection with an offering of securities subject to
    Rule&#160;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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to respond to
    requests for information that is incorporated by reference into
    the prospectus pursuant to Items&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</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="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">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</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">
    Pursuant to the requirements of the Securities Act, the
    registrant has duly caused this amendment no.&#160;3 to the
    registration statement to be signed on its behalf by the
    undersigned, thereunto duly authorized, in the City of Boston,
    State of Massachusetts, on July&#160;31, 2007.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; 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>CC&#160;Media Holdings, Inc.</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 28pt; 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>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;">/s/&#160;&#160;Scott
    M. Sperling</DIV>
</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 M. Sperling
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    President
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</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">
    Pursuant to the requirements of the Securities Act of 1933, this
    amendment no.&#160;3 to the registration statement has been
    signed by the following persons or Charles&#160;A. Brizius or Ed
    Han, as such persons true and lawful attorneys-in-fact, in the
    following capacities and on July&#160;31, 2007:
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="4%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="41%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="11%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 10pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;"><FONT style="font-size: 10pt">/s/&#160;&#160;Scott
    M. Sperling</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Scott
    M. Sperling
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">President and Director<BR>
    (Principal Executive Officer)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;"><FONT style="font-size: 10pt">/s/&#160;&#160;Scott
    M. Sperling</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Scott
    M. Sperling
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">President and Director <BR>
    (Principal Accounting Officer)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;"><FONT style="font-size: 10pt">/s/&#160;&#160;Scott
    M. Sperling</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Scott
    M. Sperling
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">President and Director <BR>
    (Principal Financial Officer)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-size: 10pt; font-variant: SMALL-CAPS">*</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->John
    Connaughton
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-size: 10pt; font-variant: SMALL-CAPS">*</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Steve
    Barnes
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <FONT style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;**<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Richard
    J. Bressler
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;"><FONT style="font-size: 10pt">/s/&#160;&#160;Charles
    A. Brizius</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Charles
    A. Brizius
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:left;"><FONT style="font-size: 10pt">/s/&#160;&#160;Ed
    Han</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Ed
    Han
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <DIV style="display:inline; text-align:center; width:90%"><FONT style="font-size: 10pt; font-variant: SMALL-CAPS">*</FONT></DIV><FONT style="font-size: 10pt"><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Ian
    K. Loring
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <FONT style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;**<DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Kent
    R. Weldon
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    <FONT style="font-size: 10pt">Director
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <FONT style="font-size: 10pt">*By:&#160;/s/ Ed Han<BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Ed
    Han<BR>
    Attorney-in-Fact<BR>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" valign="top">
    <FONT style="font-size: 10pt">**By:&#160;/s/ Charles A.
    Brizius<BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=184 length=0 -->Charles
    A. Brizius<BR>
    Attorney-in-Fact<BR>
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 10pt">July&#160;31, 2007
    </FONT>
</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"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</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="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">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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="3%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="91%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .1*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Agreement and Plan of Merger,
    dated as of November&#160;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&#160;A to the proxy statement/prospectus contained in this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .2*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Amendment No.&#160;1, dated
    April&#160;18, 2007, to the Agreement and Plan of Merger, dated
    as of November&#160;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&#160;B to the proxy statement/prospectus contained in this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2
</TD>
<TD nowrap align="left" valign="top">
    .3*&#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Amendment No.&#160;2, dated as of
    May&#160;17, 2007, to the Agreement and Plan of Merger, dated as
    of November&#160;16, 2006, as amended on April&#160;18, 2007,
    among the Clear Channel Communications, Inc., BT&#160;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&#160;C to the proxy statement/prospectus
    contained in this registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">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.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Certificate of Amendment to the
    Second Amended and Restated Certificate of Incorporation of
    BT&#160;Triple Crown Capital Holdings&#160;III, Inc.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .3*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Bylaws of CC Media Holdings, Inc.
    to be in effect as of the effective time of the Merger.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Opinion of Ropes&#160;&#038; Gray
    LLP regarding the legality of the securities being registered.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    8
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Opinion of Ropes&#160;&#038; Gray
    LLP regarding certain federal income tax consequences discussed
    in this registration statement.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    9
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Voting Agreement, dated as of
    May&#160;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&#160;II LP, Highfields Capital&#160;III
    LP, and Highfields Capital Management LP (included as
    Annex&#160;D to the proxy statement/prospectus contained in this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Letter Agreement dated
    May&#160;17, 2007, between B&#160;Triple Crown Finco,&#160;LLC,
    T&#160;Triple Crown Finco,&#160;LLC, L.&#160;Lowry Mays,
    Mark&#160;P. Mays and Randall&#160;T. Mays.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Second Amended and Restated
    Commitment Letter, dated May&#160;17, 2007, from Citigroup
    Global Markets Inc., Deutsche Bank AG New York Branch, Deutsche
    Bank AG&#160;Cayman Islands Branch, Deutsche Bank Securities
    Inc., Morgan Stanley Senior Funding Inc., Credit Suisse, Cayman
    Islands Branch, Credit Suisse Securities (USA) LLC, The Royal
    Bank of Scotland plc, RBS&#160;Securities Corporation, Wachovia
    Bank National Association, Wachovia Investment Holdings, LLC and
    Wachovia Capital Markets, LLC.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Ernst&#160;&#038; Young
    LLP, Independent Registered Public Accounting Firm for Clear
    Channel Communications, Inc.
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Ropes&#160;&#038; Gray
    LLP (included in the opinion filed as Exhibit&#160;5.1 to this
    registration statement).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Powers of Attorney of Directors
    and Officers of the registrant (included on registration
    statement signature page).
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Form of Clear Channel
    Communications, Inc. Proxy Card
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Form of Election (for use by
    holders of Clear Channel common stock)
    </FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="font-size: 10pt">Consent of Goldman,
    Sachs&#160;&#038; Co.
    </FONT>
</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"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=455 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    &#134;&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Pursuant to Item&#160;601(b)(2) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    the Registrant hereby agrees to furnish supplementally a copy of
    any omitted schedule to the Securities and Exchange Commission
    upon request.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END LOGICAL PAGE -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>d47142a3exv3w2.htm
<DESCRIPTION>CERTIFICATE OF AMENDMENT TO THE SECOND AMENDED AND RESTATED CERFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w2</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: 10pt"><b>EXHIBIT 3.2</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>STATE <I>of </I>DELAWARE</U>
</DIV>


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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 0pt"><B>TO THE<BR>
SECOND AMENDED AND RESTATED<BR>
CERTIFICATE OF INCORPORATION<BR>
OF<BR>
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. (the &#147;<U>Corporation</U>&#148;), a corporation
organized and existing under and by virtue of the General Corporation Law of the State of Delaware,
does hereby certify as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FIRST: </B>That the Board of Directors of the Corporation by unanimous written consent, adopted
the following resolution:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;RESOLVED, </B>that the Board of Directors hereby declares it advisable and in the best interest
of the Corporation that Article&nbsp;1, Section&nbsp;1.01 of the Second Amended and Restated Certificate of
Incorporation of the Corporation be amended to read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Section&nbsp;1.01. <U>Name</U>. The name of this corporation is CC Media Holdings, Inc. (the
&#147;<U>Corporation</U>&#148;).&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SECOND: </B>That the said amendment has been consented to and authorized by the stockholders of
the Corporation by written consent given in accordance with the provisions of Section&nbsp;228 of the
General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIRD: </B>That the aforesaid amendment was duly adopted in accordance with the applicable
provisions of Sections&nbsp;141, 228 and 242 of the General Corporation Law of the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, BT Triple Crown Capital Holdings III, Inc. has caused this Certificate of
Amendment to the Second Amended and Restated Certificate of Incorporation to be executed by Scott
Sperling, its President, this 30th day of July, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                                              /s/ Scott Sperling
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Scott Sperling, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>d47142a3exv8w1.htm
<DESCRIPTION>OPINION OF ROPES & GRAY LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>exv8w1</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 8.1</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">July&nbsp;31, 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CC Media Holdings, 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 special tax counsel to you 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
30, 2007, as amended by Amendments Nos.&nbsp;1 and 2 previously filed, and by Amendment No.&nbsp;3 filed the date hereof, 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;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In that connection, we have participated in the preparation of the discussion set forth in the
Registration Statement under the caption &#147;Material United States Federal Income Tax Consequences.&#148;
We hereby confirm our opinion set forth under the caption &#147;Material United States Federal Income Tax Consequences &#151; Material United States Federal Income Tax Consequences to U.S.
Holders&#148; in the Registration Statement.
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is rendered as of the date hereof based on the facts in existence on the date
hereof, and we undertake no, and hereby disclaim any, obligation to advise you of any changes or
any new developments, whether material or not material, which may be brought to our attention at a
later date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not express any opinion herein concerning any law other than the federal law of the
United States.
</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="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&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">Yours very truly,</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">/s/ Ropes &#038; Gray LLP</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">Ropes &#038; Gray LLP</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>d47142a3exv10w2.htm
<DESCRIPTION>SECOND AMENDED AND RESTATED COMMITMENT LETTER
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</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: 10pt"><B>EXHIBIT 10.2</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I><B>EXECUTION
COPY</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 align="center" valign="top"><B>Citigroup Global Markets Inc.<BR>
390 Greenwich Street</B> <BR>
<B>New York, NY 10013</B> <BR><BR><BR><BR><BR>
<B>Credit Suisse, Cayman Islands Branch<BR>
Credit Suisse Securities (USA)&nbsp;LLC<BR>
Eleven Madison Avenue<BR>
New York, NY 10010</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Deutsche Bank AG New York Branch<BR>
Deutsche Bank AG Cayman Island<BR>
Branch<BR>
Deutsche Bank Securities Inc.<BR>
60 Wall Street<BR>
New York, NY 10005</B><BR><BR>
<B>The Royal Bank of Scotland plc<BR>
RBS Securities Corporation<BR>
101 Park Avenue<BR>
10</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</B></SUP><B> Floor<BR>
New York, NY 10178</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Morgan Stanley Senior Funding Inc.<BR>
1585 Broadway<BR>
New York, New York 10036</B><BR><BR><BR><BR>
<BR>

<B>Wachovia Bank, National Association<BR>
Wachovia Investment Holdings, LLC<BR>
Wachovia Capital Markets, LLC<BR>
One Wachovia Center<BR>
301 South College Street<BR>
Charlotte, NC 28288-0737</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;17, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BT TRIPLE CROWN MERGER CO, INC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Bain Capital LLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 Huntington Avenue<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA 02199<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Steve Barnes

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Thomas H. Lee Partners L.P.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 Federal Street, 35th Floor<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA 02110<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Charles A. Brizius

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">B TRIPLE CROWN FINCO, LLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Bain Capital LLC<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 Huntington Avenue<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA 02199<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Steve Barnes

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">T TRIPLE CROWN FINCO, LLC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Thomas H. Lee Partners L.P.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 Federal Street, 35th Floor<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston, MA 02110<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: Charles A. Brizius

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Project Triple Crown</U>
</DIV>

<DIV align="center" style="font-size: 10pt"><U>Second Amended and Restated Commitment Letter</U></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Partners LLC and its affiliates (collectively, &#147;<U>Bain</U>&#148;), and Thomas H. Lee
Partners and its affiliates (collectively, &#147;<U>TH Lee</U>&#148; and, together with Bain, the
&#147;<U>Sponsors</U>&#148;) have
</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">advised Citigroup Global Markets Inc. (&#147;<U>CGMI</U>&#148;), Deutsche Bank AG New York Branch
(&#147;<U>DBNY</U>&#148;), Deutsche Bank AG Cayman Islands Branch (&#147;<U>DBCI</U>&#148;), Deutsche Bank Securities
Inc. (&#147;<U>DBSI</U>&#148; and, together with DBNY and DBCI, &#147;<U>DB</U>&#148;), Morgan Stanley Senior Funding
Inc. (&#147;<U>MSSF</U>&#148;), Credit Suisse, Cayman Islands Branch (&#147;<U>CS</U>&#148;), Credit Suisse
Securities (USA)&nbsp;LLC (together with its affiliates, &#147;<U>CS Securities</U>&#148;; and, together with CS,
&#147;<U>Credit Suisse</U>&#148;), The Royal Bank of Scotland plc (&#147;<U>Royal Bank</U>&#148;) and RBS Securities
Corporation (&#147;<U>RBS Securities</U>&#148; and, together with Royal Bank, &#147;<U>RBOS</U>&#148;), Wachovia
Bank, National Association (&#147;<U>Wachovia Bank</U>&#148;), Wachovia Investment Holdings, LLC
(&#147;<U>Wachovia Investments</U>&#148;), Wachovia Capital Markets, LLC (&#147;<U>Wachovia Securities</U>&#148; and,
together with Wachovia Bank and Wachovia Investments, &#147;<U>Wachovia;</U>&#148; and, together with CGMI,
DB, MSSF, Credit Suisse and RBOS, the &#147;<U>Commitment Parties</U>&#148;, &#147;<U>us</U>&#148; or &#147;<U>we</U>&#148;)
that the Sponsors, together with certain other Investors, intend to acquire the Company (as defined
in Exhibit&nbsp;A) and consummate the other transactions described on Exhibit&nbsp;A hereto. Capitalized
terms used but not defined herein are used with the meanings assigned to them on the Exhibits
attached hereto (such Exhibits, together with this letter, collectively, the &#147;<U>Commitment
Letter</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Transactions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;each of CGMI (on behalf of Citigroup (as defined below)), DBNY, MSSF, CS, Royal Bank and
Wachovia Bank (collectively, the &#147;<U>Initial Senior Lenders</U>&#148;) is pleased to advise you of its
several, but not joint, commitment to provide the percentage of the entire aggregate principal
amount of the Senior Secured Facilities, as set forth opposite such Initial Senior Lender&#146;s name
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="10%">&nbsp;</TD>
    <TD width="82%">&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><I>% of aggregate principal</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>amount of the Senior Secured</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B><I>Initial Senior Lender</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Facilities</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" nowrap><DIV style="margin-left:15px; text-indent:-15px">CGMI (on behalf of Citigroup)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">DBNY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">MSSF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">CS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.583</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">Royal Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.583</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">Wachovia Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.584</TD>
    <TD nowrap>%</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;(b)&nbsp;each of CGMI, DBNY, MSSF, CS, Royal Bank and Wachovia Bank (collectively, the
&#147;<U>Initial Receivables Lenders</U>&#148;) is pleased to advise you of its several, but not joint,
commitment to provide the percentage of the entire aggregate principal amount of the Receivables
Facility, as set forth opposite such Initial Receivables Lender&#146;s name below:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /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="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="82%">&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><I>% of aggregate principal</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>amount of the</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B><I>Initial Receivables Lender</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Receivables Facility</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" nowrap><DIV style="margin-left:0px; text-indent:-0px">CGMI (on behalf of Citigroup)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">DBNY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">MSSF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">CS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.583</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">Royal Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.583</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">Wachovia Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.584</TD>
    <TD nowrap>%</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;(c)&nbsp;each of DBCI, MSSF, CGMI (on behalf of Citigroup), CS, Royal Bank and Wachovia Investments
(collectively, the &#147;<U>Initial Bridge Lenders</U>&#148; and together with the Initial Senior Lenders
and the Initial Receivables Lenders, the &#147;<U>Initial Lenders</U>&#148;) is pleased to advise you of its
several, but not joint, commitment to provide the percentage of the entire aggregate principal
amount of the Senior Bridge Facility, as set forth opposite such Initial Bridge Lender&#146;s name
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="10%">&nbsp;</TD>
    <TD width="72%">&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><I>% of aggregate principal</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>amount of the Senior</I></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B><I>Initial Bridge Lender</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B><I>Bridge Facility</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">DBCI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">MSSF</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center" nowrap><DIV style="margin-left:15px; text-indent:-15px">CGMI (on behalf of Citigroup)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">CS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.583</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">Royal Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.583</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center"><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 align="center"><DIV style="margin-left:15px; text-indent:-15px">Wachovia Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">14.584</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case, upon the terms and conditions set forth in this letter and the Summaries of Terms and
Conditions, as applicable, attached as Exhibits B, C, D and E attached hereto (collectively, the
&#147;<U>Term Sheets</U>&#148;). For purposes of this Commitment Letter, &#147;<U>Citigroup</U>&#148; means CGMI,
Citibank, N.A., Citicorp USA, Inc., Citicorp North America, Inc. and/or any of their affiliates as
Citigroup shall determine to be appropriate to provide the services contemplated herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is agreed that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;Citigroup, DBSI and MSSF will act as co-lead arrangers and joint bookrunners for the
Senior Secured Facilities (acting collectively in such capacities, the &#147;<U>Senior</U>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /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"><U>Lead
Arranger</U>&#148;), (ii)&nbsp;DBSI and MSSF will act as co-syndication agents for the Senior Secured
Facilities, (iii)&nbsp;CS, Royal Bank and Wachovia Securities will act as co-documentation agents for
the Senior Secured Facilities and (iv)&nbsp;Citigroup will act as sole administrative agent for the
Senior Secured Facilities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i)&nbsp;Citigroup, DBSI and MSSF will act as co-lead arrangers and joint bookrunners for the
Receivables Facility (acting collectively in such capacities, the &#147;<U>Receivables Lead
Arranger</U>&#148;), (ii)&nbsp;DBSI and MSSF will act as co-syndication agents for the Receivables Facility,
(iii)&nbsp;CS, Royal Bank and Wachovia Securities will act as co-documentation agents for the
Receivables Facility and (iv)&nbsp;Citigroup will act as sole administrative agent for the Receivables
Facility; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i)&nbsp;DBSI, MSSF and Citigroup will act as co-lead arrangers for the Senior Bridge Facility
(acting collectively in such capacities, the &#147;<U>Bridge Lead Arranger</U>&#148; and, together with the
Senior Lead Arranger and the Receivables Lead Arranger, the &#147;<U>Lead Arrangers</U>&#148;), (ii)&nbsp;each of
DBSI, MSSF, Citigroup, CS Securities, RBS Securities and Wachovia Securities will act as joint
bookrunners for the Senior Bridge Facility; (iii)&nbsp;MSSF and Citigroup will act as co-syndication
agents for the Senior Secured Facilities, (iv)&nbsp;CS, Royal Bank and Wachovia Securities will act as
co-documentation agents for the Senior Bridge Facility and (v)&nbsp;DBCI will act as sole administrative
agent for the Senior Bridge Facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is further agreed that (A)&nbsp;Citigroup will have &#147;left&#148; placement and DBSI will have second
placement in any marketing materials or other documentation used in connection with the Senior
Secured Facilities, (B)&nbsp;Citigroup will have &#147;left&#148; placement and DBSI will have second placement in
any marketing material or other documentation used in connection with the Receivables Facility, and
(C)&nbsp;DBSI will have &#147;left&#148; placement and MSSF will have second placement in any marketing material
or other documentation used in connection with the Senior Bridge Facility. You agree that no other
agents, co-agents or arrangers will be appointed, no other titles will be awarded and no
compensation (other than that expressly contemplated by the Term Sheets and Fee Letter referred to
below) will be paid in connection with the Credit Facilities unless you and we shall so reasonably
agree; <U>provided</U>, that you may appoint one additional lead arranger and two additional
bookrunners for the Senior Bridge Facility and four additional agents or co-agents for each of the
Credit Facilities, in each case, with allocation of compensation to be determined by you as
appropriate for such roles and related commitments of such lead arrangers, bookrunners, agents or
co-agents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to syndicate the Credit Facilities to a group of lenders identified by us in
consultation with you and reasonably acceptable to you (together with the Initial Lenders, the
&#147;<U>Lenders</U>&#148;); <U>provided</U>, that we will not syndicate to those banks, financial
institutions or other institutional lenders identified to the Lead Arrangers by you prior to the
date hereof or those persons that are competitors of the Company and its subsidiaries and
identified to the Lead Arrangers or the Lenders by you from time to time (the &#147;<U>Disqualified
Institutions</U>&#148;). Notwithstanding any other provision of this Commitment Letter to the contrary,
(a)&nbsp;no Initial Lender shall be relieved or novated from its obligations hereunder (including its
obligation to fund the Credit Facilities on the Closing Date) in connection with any syndication,
assignment or participation of the Credit Facilities, including its commitments in respect thereof,
until after the Closing Date, (b)&nbsp;no assignment or novation shall become effective with respect to
all or any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /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">portion of any Initial Lender&#146;s commitments in respect of the Credit Facilities until
the initial funding of the Credit Facilities (except to the extent Senior Notes are issued in lieu
of the Senior
Bridge Facility or a portion thereof) on the Closing Date, and (c)&nbsp;unless the Borrower agrees
in writing, each Initial Lender shall retain exclusive control over all rights and obligations with
respect to its commitments in respect of the Credit Facilities, including all rights with respect
to consents, modifications, supplements and amendments, until the Closing Date has occurred. The
Lead Arrangers intend to commence syndication efforts promptly, and until the earlier to occur of
(i)&nbsp;a Successful Syndication (as defined in the Fee Letter) and (ii)&nbsp;sixty (60)&nbsp;days after the
Closing Date, you agree actively to assist the Lead Arrangers in completing a syndication
satisfactory to the Lead Arrangers and you. Such assistance shall include (A)&nbsp;using commercially
reasonable efforts to ensure that the syndication efforts benefit from the existing banking
relationships of the Sponsors and the Company, (B)&nbsp;direct contact between your senior management
and non-legal advisors and the proposed Lenders (and using your commercially reasonable efforts to
ensure such contact between senior management of the Company and the proposed Lenders), (C)&nbsp;your
assistance (and using your commercially reasonable efforts to cause the Company to assist) in the
preparation of one or more confidential information memoranda and other marketing materials to be
used in connection with the syndication, (D)&nbsp;the hosting, with the Lead Arrangers of one or more
meetings of prospective Lenders at times and locations to be mutually agreed (and using your
commercially reasonable efforts to cause the officers of the Company to be available for such
meetings), (E)&nbsp;using your commercially reasonable efforts to obtain ratings for the Credit
Facilities from each of Moody&#146;s Investors Service, Inc. (&#147;<U>Moody&#146;s</U>&#148;) and Standard &#038; Poor&#146;s
Ratings Group (&#147;<U>S&#038;P</U>&#148;) prior to the Closing Date, (F)&nbsp;using your commercially reasonable
efforts to facilitate the opportunity for a reasonable and customary accounts receivable collateral
field exam with respect to the Receivables Facility Collateral prior to the launch of syndication,
and (G)&nbsp;using your commercially reasonable efforts to provide that there shall be no competing
offering, placement or arrangement of any debt securities (other than the Senior Notes) or bank
financing (other than the Credit Facilities) by or on behalf of the Company or any of its
subsidiaries (it being understood that any indebtedness permitted under the Merger Agreement as in
effect on the date hereof, including any indebtedness for the purpose of refinancing the 3.125%
Senior Notes Due 2007, shall not be subject to this subclause (G)). Notwithstanding anything to
the contrary contained in this Commitment Letter or the Fee Letter, neither the commencement nor
completion of the syndication of the Credit Facilities shall constitute a condition precedent to
the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lead Arrangers, in their capacity as such, will manage, in consultation with you (and with
your consent, which will not be unreasonably withheld), all aspects of the syndication, including
decisions as to the selection of institutions to be approached and when they will be approached,
when the Lenders&#146; commitments will be accepted, which Lenders will participate, the allocation of
the commitments among the Lenders and the amount and distribution of fees among the Lenders. You
hereby acknowledge and agree that the Lead Arrangers, in such capacity, will have no responsibility
other than to arrange the syndication as set forth herein and in no event shall be subject to any
fiduciary or other implied duties in connection with the transactions contemplated hereby. To
assist the Lead Arrangers in their syndication efforts, you agree promptly to prepare and provide
to the Lead Arrangers (and use commercially reasonable efforts to cause the Company to provide to
the Lead Arrangers) all information with respect to the Company and its subsidiaries and the
Merger, including all financial information and Projections (as defined below), as the Lead
Arrangers may reasonably request in connection with
</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">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the arrangement and syndication of the Credit
Facilities. At the request of the Lead Arrangers, you agree to assist in the preparation of a
version of the information package and presentation
consisting exclusively of information and documentation with respect to the Company and its
subsidiaries and the Merger that is either publicly available or not material with respect to the
Sponsors, the Company, their respective affiliates, any of their respective securities and the
Merger for purposes of United States federal and state securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You hereby represent and warrant that to your knowledge (a)&nbsp;all written information, other
than the Projections and information of a general economic or industry specific nature (the
&#147;<U>Information</U>&#148;), that has been or will be made available to us by you, the Company or any of
your or their representatives in connection with the transactions contemplated hereby, when taken
as a whole, does not or will not, when furnished, contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements contained therein not
materially misleading in light of the circumstances under which such statements are made, as
supplemented and updated, and (b)&nbsp;the financial projections and other forward-looking information
(the &#147;<U>Projections</U>&#148;) that have been or will be made available to us by you, the Company or
any of your or their representatives in connection with the transactions contemplated hereby have
been or will be prepared in good faith based upon assumptions believed by you to be reasonable at
the time furnished (it being recognized by the Commitment Parties that such Projections are not to
be viewed as facts and that actual results during the period or periods covered by any such
Projections may differ from the projected results, and such differences may be material). You
agree that if, at any time prior to the Closing Date, you become aware that any of the
representations in the preceding sentence is incorrect, in any material respect, then you will use
commercially reasonable efforts to promptly supplement the Information and the Projections so that,
to your knowledge, such representations are correct, in all material respects, under those
circumstances. You understand that in arranging and syndicating the Credit Facilities we may use
and rely on the Information and Projections without independent verification thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As consideration for the commitments and agreements of the Commitment Parties hereunder, you
agree to cause to be paid the nonrefundable fees described in the Second Amended and Restated Fee
Letter dated the date hereof and delivered herewith (the &#147;<U>Fee Letter</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Commitment Party&#146;s commitments and agreements hereunder are subject to the conditions set
forth on Exhibit&nbsp;E. Notwithstanding anything in this Commitment Letter, the Fee Letter, the Credit
Facilities Documentation (as defined in Exhibit&nbsp;E) or any other letter agreement or other
undertaking concerning the financing of the transactions contemplated hereby to the contrary, (a)
the only representations relating to the Company and its subsidiaries and their respective
businesses, the accuracy of which shall be a condition to availability of the Credit Facilities on
the Closing Date, shall be (i)&nbsp;such of the representations made by the Company in the Merger
Agreement as are material to the interests of the Lenders, but only to the extent that MergerCo has
the right to terminate its obligations under the Merger Agreement as a result of a breach of such
representations in the Merger Agreement (the &#147;<U>Merger Agreement Representations</U>&#148;) and (ii)
the Specified Representations (as defined below), and (b)&nbsp;the terms of the Credit Facilities
Documentation shall be in a form such that they do not impair availability of the Credit Facilities
on the Closing Date if the conditions set forth in this Commitment Letter are
</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">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">satisfied (it being
understood that, to the extent any guarantee or collateral (including the creation or perfection of
any security interest) referred to in the Term Sheets is not or cannot be
provided on the Closing Date (other than the pledge and perfection of domestic assets with
respect to which a lien may be perfected solely by the filing of a financing statement under the
Uniform Commercial Code (&#147;<U>UCC</U>&#148;)) after your use of commercially reasonable efforts to do so
or without undue burden or expense, then the provision of any such guarantee and/or collateral
shall not constitute a condition precedent to the availability of the Credit Facilities on the
Closing Date, but may instead be provided after the Closing Date pursuant to arrangements to be
mutually agreed). For purposes hereof, &#147;<U>Specified Representations</U>&#148; means the
representations and warranties set forth in the Term Sheets relating to corporate power and
authority, due authorization, execution and delivery and the enforceability of the Credit
Facilities Documentation, in each case as they relate to the entering into and performance of the
Credit Facilities Documentation, Federal Reserve margin regulations, the Investment Company Act and
status of the Senior Secured Facilities and the guaranties thereof as senior debt. Notwithstanding
anything in this Commitment Letter, the Fee Letter, the Credit Facilities Documentation or any
other letter agreement or other undertaking concerning the financing of the transactions
contemplated hereby to the contrary, the only conditions to availability of the Credit Facilities
on the Closing Date are set forth in each of the relevant Term Sheets under the heading &#147;<I>Initial
Conditions</I>&#148; and in Exhibit&nbsp;E. This paragraph, and the provisions herein, shall be referred to as
the &#147;<U>Certain Funds Provision</U>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You agree (a)&nbsp;to indemnify and hold harmless the Commitment Parties, their affiliates and
their respective directors, employees, advisors, and agents (each, an &#147;<U>indemnified person</U>&#148;)
from and against any and all losses, claims, damages and liabilities to which any such indemnified
person may become subject arising out of or in connection with this Commitment Letter, the Credit
Facilities, the use of the proceeds thereof and the Merger or any claim, litigation, investigation
or proceeding (a &#147;<U>Proceeding</U>&#148;) relating to any of the foregoing, regardless of whether any
indemnified person is a party thereto, and to reimburse each indemnified person upon demand for any
reasonable legal or other out-of-pocket expenses incurred in connection with investigating or
defending any of the foregoing by one counsel to such indemnified persons taken as a whole and, in
the case of a conflict of interest, one additional counsel to the affected indemnified persons
taken as a whole (and, if necessary, of one local counsel in any jurisdiction), <U>provided</U>
that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims,
damages, liabilities or related expenses to the extent they arise from the willful misconduct, bad
faith or gross negligence of, or breach of this Commitment Letter or the Fee Letter by, such
indemnified person (or any of its related parties) or to any disputes solely among indemnified
persons and not involving the Borrower, the Sponsors, the Company or any of their affiliates, and
(b)&nbsp;if the Closing Date occurs, to reimburse each Commitment Party and its affiliates on the
Closing Date for all reasonable out-of-pocket expenses that have been invoiced in a reasonable
period of time prior to the Closing Date (including due diligence expenses, syndication expenses,
travel expenses, and reasonable fees, charges and disbursements of one counsel to the Commitment
Parties (and, if necessary, of one local counsel and one regulatory counsel in any jurisdiction))
incurred in connection with the Credit Facilities and any related documentation (including this
Commitment Letter and the definitive financing documentation) or the administration, amendment,
modification or waiver thereof. No indemnified person shall be liable for any damages arising from
the use by others of Information or other materials obtained through electronic, telecommunications
or other
</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">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">information transmission systems, except to the extent any such damages arise from the
gross negligence, bad faith or willful misconduct of, or breach of this Commitment Letter or the
Fee
Letter by, such indemnified person (or any of its related parties), or for any special,
indirect, consequential or punitive damages in connection with the Credit Facilities. You shall
not be liable for any settlement of any Proceeding effected without your consent (which consent
shall not be unreasonably withheld or delayed), but if settled with your written consent, or if
there is a judgment against an indemnified person in any such Proceeding, you agree to indemnify
and hold harmless each indemnified person in the manner set forth above. You shall not, without
the prior written consent of an indemnified person (which consent shall not be unreasonably
withheld), effect any settlement of any pending or threatened Proceeding against an indemnified
person in respect of which indemnity could have been sought hereunder by such indemnified person
unless (i)&nbsp;such settlement includes an unconditional release of such indemnified person from all
liability or claims that are the subject matter of such Proceeding and (ii)&nbsp;does not include any
statement as to any admission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You acknowledge that each Commitment Party (or its affiliate) is a full service securities
firm and such person may from time to time effect transactions, for its own or its affiliates&#146;
account or the account of customers, and hold positions in loans, securities or options on loans or
securities of the Company and its affiliates and of other companies that may be the subject of the
transactions contemplated by this Commitment Letter. To its knowledge, no Commitment Party or its
respective affiliates is arranging capital or providing financial advisory services to other
persons in respect of which such Commitment Party has reason to believe you may have materially
conflicting interests as directly regarding the transactions described herein. In addition, of the
Commitment Parties and none of their respective affiliates will use confidential information
obtained from you or your affiliates or on your or their behalf by virtue of the transactions
contemplated hereby or any other relationships with you in connection with the performance by the
Commitment Parties and their respective affiliates of services for other companies or other persons
and none of the Commitment Parties or their respective affiliates will furnish any such information
to other companies or other persons. You also acknowledge that the Commitment Parties and their
respective affiliates have no obligation to use in connection with the transactions contemplated
hereby, or to furnish to you, confidential information obtained from other companies or other
persons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You further acknowledge and agree that (a)&nbsp;no fiduciary, advisory or agency relationship
between you and the Commitment Parties is intended to be or has been created in respect of any of
the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment
Parties have advised or are advising you on other matters, (b)&nbsp;the Commitment Parties, on the one
hand, and you, on the other hand, have an arm&#146;s length business relationship that does not directly
or indirectly give rise to, nor do you rely on, any fiduciary duty on the part of the Commitment
Parties, (c)&nbsp;you are capable of evaluating and understanding, and you understand and accept, the
terms, risks and conditions of the transactions contemplated by this Commitment Letter, and (d)&nbsp;you
have been advised that the Commitment Parties are engaged in a broad range of transactions that may
involve interests that differ from your interests and that the Commitment Parties have no
obligation to disclose such interests and transactions to you by virtue of any fiduciary, advisory
or agency relationship.
</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">&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;This Commitment Letter shall not be assignable by you (except to one or more of your
affiliates controlled, directly or indirectly, by the Sponsors to effect consummation of the Merger
and to the Company or one of its subsidiaries immediately prior to or otherwise substantially
concurrently with the consummation of the Merger) without the prior written consent of each
Commitment Party (and any purported assignment without such consent shall be null and void), is
intended to be solely for the benefit of the parties hereto and the indemnified persons and is not
intended to confer any benefits upon, or create any rights in favor of, any person other than the
parties hereto and the indemnified persons. This Commitment Letter may not be amended or waived
except by an instrument in writing signed by you and each Commitment Party. This Commitment Letter
may be executed in any number of counterparts, each of which shall be an original, and all of
which, when taken together, shall constitute one agreement. Delivery of an executed signature page
of this Commitment Letter by facsimile or electronic transmission shall be effective as delivery of
a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only
agreements that have been entered into among us and you with respect to the Credit Facilities and
set forth the entire understanding of the parties with respect thereto. This Commitment Letter
shall be governed by, and construed and interpreted in accordance with, the laws of the State of
New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Commitment Letter is delivered to you on the understanding that neither this Commitment
Letter nor the Fee Letter nor any of their terms or substance shall be disclosed, directly or
indirectly, to any other person except (a)&nbsp;MergerCo, the Sponsors and to your and their officers,
directors, employees, affiliates, members, partners, stockholders, attorneys, accountants, agents
and advisors and, on a confidential basis, those of the Company and the Company itself
(<U>provided</U> that any disclosure of the Fee Letter or its terms or substance to the Company or
its officers, directors, employees, attorneys, accountants, agents or advisors shall be redacted in
respect of the amount of fees set forth in numbered paragraphs 1 through 7 thereof, unless the Lead
Arrangers otherwise agree), (b)&nbsp;in any legal, judicial or administrative proceeding or as otherwise
required by law or regulation or as requested by a governmental authority (in which case you agree,
to the extent permitted by law, to inform us promptly in advance thereof), (c)&nbsp;this Commitment
Letter and the existence and contents hereof (but not the Fee Letter or the contents thereof other
than the existence thereof and the contents thereof as part of projections, pro forma information
and a generic disclosure of aggregate sources and uses to the extent customary in marketing
materials and other disclosures) may be disclosed in any proxy relating to the Merger, in any
prospectus or offering memoranda relating to the Senior Notes, in any syndication or other
marketing material in connection with the Credit Facilities or in connection with any public filing
requirement, and (d)&nbsp;the Term Sheets may be disclosed to potential Lenders and to any rating agency
in connection with the Merger; <U>provided</U>, that the foregoing restrictions shall cease to
apply in respect to the existence and contents of this Commitment Letter (but not in respect of the
Fee Letter and its terms and substance) after this Commitment Letter has been accepted by you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commitment Parties shall use all nonpublic information received by them in connection with
the Merger and the related transactions solely for the purposes of providing the services that are
the subject of this Commitment Letter and shall treat confidentially all such information;
<U>provided</U>, <U>however</U>, that nothing herein shall prevent any Commitment Party from
disclosing any such information (a)&nbsp;to rating agencies, (b)&nbsp;to any Lenders or participants or
prospective Lenders or participants, (c)&nbsp;in any legal, judicial, administrative proceeding or other
</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">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">compulsory process or otherwise as required by applicable law or regulations (in which case such
Commitment Party shall promptly notify you, in advance, to the extent permitted by law), (d)&nbsp;upon
the request or demand of any regulatory authority having jurisdiction over such
Commitment Party or its affiliates (in which case such Commitment Party shall promptly notify
you, in advance, to the extent lawfully permitted to do so), (e)&nbsp;to the employees, legal counsel,
independent auditors, professionals and other experts or agents of such Commitment Party
(collectively, &#147;<U>Representatives</U>&#148;) who need to know such information and are informed of the
confidential nature of such information and are or have been advised of their obligation to keep
information of this type confidential, (f)&nbsp;to any of its respective affiliates (<U>provided</U>
that any such affiliate is advised of its obligation to retain such information as confidential,
and such Commitment Party shall be responsible for its affiliates&#146; compliance with this paragraph)
solely in connection with the Merger and the related transactions, (g)&nbsp;to the extent any such
information becomes publicly available other than by reason of disclosure by such Commitment Party,
its affiliates or Representatives and (h)&nbsp;for purposes of establishing a &#147;due diligence&#148; defense;
<U>provided</U>, that the disclosure of any such information to any Lenders or prospective Lenders
or participants or prospective participants referred to above shall be made subject to the
acknowledgment and acceptance by such Lender or prospective Lender or participant or prospective
participant that such information is being disseminated on a confidential basis (on substantially
the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and each
Commitment Party, including, without limitation, as agreed in any confidential information
memorandum or other marketing materials) in accordance with the standard syndication processes of
such Commitment Party or customary market standards for dissemination of such type of information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You, the Sponsors and we hereby irrevocably and unconditionally submit to the exclusive
jurisdiction of any state or Federal court sitting in the City of New York over any suit, action or
proceeding arising out of or relating to the Transactions or the other transactions contemplated
hereby, this Commitment Letter or the Fee Letter or the performance of services hereunder or
thereunder. You, the Sponsors and we agree that service of any process, summons, notice or
document by registered mail addressed to you, the Sponsors or us shall be effective service of
process for any suit, action or proceeding brought in any such court. You, the Sponsors and we
hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit, action or
proceeding has been brought in any inconvenient forum. You, the Sponsors and we hereby irrevocably
agree to waive trial by jury in any suit, action, proceeding, claim or counterclaim brought by or
on behalf of any party related to or arising out of the Transactions, this Commitment Letter or the
Fee Letter or the performance of services hereunder or thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Commitment Parties hereby notifies you that, pursuant to the requirements of the
USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law on October&nbsp;26, 2001) (the
&#147;<U>PATRIOT Act</U>&#148;), it is required to obtain, verify and record information that identifies the
Borrower and each Guarantor, which information includes names, addresses, tax identification
numbers and other information that will allow such Lender to identify the Borrower and each
Guarantor in accordance with the PATRIOT Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification, jurisdiction and confidentiality provisions contained herein and in the
Fee Letter shall remain in full force and effect regardless of whether definitive financing
</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">&nbsp;</H5><P>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">documentation shall be executed and delivered and notwithstanding the termination of this
Commitment Letter or the commitments hereunder; <U>provided</U> that your obligations under this
Commitment Letter (other than your obligations with respect to (a)&nbsp;assistance to be provided in
connection with the syndication thereof and (b)&nbsp;confidentiality of the Fee Letter and the
contents thereof) shall automatically terminate and be superseded by the provisions of the Credit
Facilities Documentation upon the initial funding thereunder, and you shall automatically be
released from all liability in connection therewith at such time. You may terminate the Initial
Lenders&#146; commitments hereunder at any time subject to the provisions of the preceding sentence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By signing this Commitment Letter, each of the parties hereto hereby acknowledges and agrees
that (a)&nbsp;the Initial Senior Lenders are offering to provide the Senior Secured Facilities and the
Receivables Facility separate and apart from the Initial Bridge Lenders&#146; offer to provide the
Senior Bridge Facility and (b)&nbsp;the Initial Bridge Lenders are offering to provide the Senior Bridge
Facility separate and apart from the offer by the Initial Senior Lenders to provide the Senior
Secured Facilities and the Receivables Facility. You may, at your option, elect to accept this
Commitment Letter (and the applicable provisions of the Fee Letter) with respect to either (a)&nbsp;the
Senior Secured Facilities and the Receivables Facility or (b)&nbsp;the Senior Bridge Facility or both.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing correctly sets forth our agreement, please indicate your acceptance of the
terms of this Commitment Letter and the Fee Letter by returning to us executed counterparts of this
Commitment Letter and of the Fee Letter not later than 5:00 p.m., New York City time, on May&nbsp;21,
2007. This offer will automatically expire at such time if we have not received such executed
counterparts in accordance with the preceding sentence. In the event that the initial borrowing
under the Credit Facilities does not occur on or before the Expiration Date, then this Commitment
Letter and the commitments hereunder shall automatically terminate unless we shall, in our
discretion, agree to an extension. &#147;Expiration Date&#148; means the Termination Date (as defined in
Section&nbsp;8.01(b) of the Merger Agreement, which provides for such date initially to be twelve (12)
months from the FCC Filing Date (as defined in the Merger Agreement)); <U>provided</U>, that if
such Termination Date is extended pursuant to Section&nbsp;8.01(b) of the Merger Agreement (to the date
that is eighteen (18)&nbsp;months from the FCC Filing Date), the Expiration Date shall automatically be
extended to the expiry of such extended Termination Date.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /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;We are pleased to have been given the opportunity to assist you in connection with this
important financing.
</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="35%">&nbsp;</TD>
    <TD width="2%">&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">Very truly yours,</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">&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">CITIGROUP GLOBAL
MARKETS INC.</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">&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/ Barbara Matas</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Barbara Matas
</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Managing Director
</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">
    <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>
<!-- End Table Body -->
</TABLE>
</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="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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">DEUTSCHE BANK AG NEW YORK BRANCH</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David Mayhew</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>
</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">David Mayhew</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>
</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>
</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>
</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stephen Cayer</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>
</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">Stephen Cayer</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>
</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">Director</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>
</TR>
<!-- End Table Body -->
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David Mayhew</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>
</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">David Mayhew</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>
</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>
</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>
</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stephen Cayer</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>
</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">Stephen Cayer</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>
</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">Director</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>
</TR>
<!-- End Table Body -->
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">DEUTSCHE BANK SECURITIES 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>
    <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/ Vikrant Sawhney</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>
</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">Vikrant Sawhney</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>
</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>
</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>
</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jake Foley</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>
</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">Jake Foley</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>
</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>
</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><I>&#091;Commitment Letter Signature Page&#093;</I>

</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="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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">MORGAN STANLEY SENIOR FUNDING 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>
    <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/ Henry F. D&#146;Alessandro</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>
</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">Henry F. D&#146;Alessandro</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>
</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">Vice President</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><I>&#091;Commitment Letter Signature Page&#093;</I>

</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="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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">CREDIT SUISSE, CAYMAN ISLANDS BRANCH</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Judith E. Smith</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>
</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">Judith E. Smith</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>
</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">Director</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>
</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Doreen Barr</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>
</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">Doreen Barr</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>
</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">Vice President</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>
</TR>
<!-- End Table Body -->
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">CREDIT SUISSE SECURITIES (USA)&nbsp;LLC</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ SoVonna Day-Golns</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>
</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">SoVonna Day-Golns</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>
</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>
</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><I>&#091;Commitment Letter Signature Page&#093;</I>

</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="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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">ROYAL BANK OF SCOTLAND plc</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Steven F. Killilea</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>
</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">Steven F. Killilea</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>
</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">Director</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>
</TR>
<!-- End Table Body -->
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">RBS SECURITIES CORPORATION</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Steven F. Killilea</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>
</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">Steven F. Killilea</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>
</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">Director</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><I>&#091;Commitment Letter Signature Page&#093;</I>

</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="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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">WACHOVIA BANK, NATIONAL ASSOCIATION</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James D. Jeffries</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>
</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">James D. Jeffries</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>
</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>
</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>
</TR>
<!-- End Table Body -->
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">WACHOVIA INVESTMENT HOLDINGS, LLC</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James D. Jeffries</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>
</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">James D. Jeffries</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>
</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>
</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>
</TR>
<!-- End Table Body -->
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&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 colspan="3" valign="top" align="left">WACHOVIA CAPITAL MARKETS, LLC</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">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ James D. Jeffries</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>
</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">James D. Jeffries</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>
</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>
</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="Center" style="font-size: 8pt; margin-top: 6pt"><I>&#091;Commitment Letter Signature Page&#093;</I>

</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="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="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Accepted and agreed to as of</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">the date first above written:</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">BT TRIPLE CROWN MERGER CO, INC.</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Co-President
</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"><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 align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Commitment Letter Signature Page</I>&#093;
</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="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="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">B TRIPLE CROWN FINCO, LLC</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Managing Director
</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"><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 align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Commitment Letter Signature Page</I>&#093;
</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="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="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">T TRIPLE CROWN FINCO, LLC</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">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>Co-President</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"><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 align="center" style="font-size: 10pt; margin-top: 18pt">&#091;<I>Commitment Letter Signature Page</I>&#093;
</DIV>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>d47142a3exv23w1.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">Exhibit&nbsp;23.1
</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 CC Media Holdings, 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"><BR><BR>
/s/ Ernst &#38; Young LLP<BR>
&nbsp;<BR>
San Antonio, Texas<BR>
July&nbsp;30, 2007

</DIV>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>6
<FILENAME>d47142a3exv99w2.htm
<DESCRIPTION>FORM OF ELECTION
<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: 9pt"><b>Exhibit 99.2</b></DIV>


<P><DIV style="position: relative; float: left; width: 30%">
<DIV align="center" style="font-size: 3pt">&nbsp;</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">To make a valid election, this form must be received by &#091;Name of Paying Agent&#093; no later than 5:00
p.m., New York City time, on <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2007.
</DIV>


</DIV>

</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 30%">
<DIV align="center" style="font-size: 9pt">&nbsp;</DIV>
<DIV align="center" style="font-size: 9pt">&nbsp;</DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><FONT style="font-variant: SMALL-CAPS">Form of Election</FONT></B>
</DIV>

<DIV align="center" style="font-size: 9pt">Return this form to</DIV>


<DIV align="center" style="font-size: 9pt">&#091;Name of Paying Agent&#093; as follows:</DIV>


</DIV>
<DIV style="position: relative; float: right; width: 25%">
<P>
<DIV style="width: 70%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">Do you need <BR>assistance? <BR>Call Innisfree<BR>
M&#038;A<BR>
Incorporated<BR>
1-877-456-3427

</DIV>
</DIV>

</DIV>
<BR clear="all"><BR>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>By Mail:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>By Hand:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>By Overnight Delivery:</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#091;Name of Paying Agent&#093;<BR>
&#091;Address&#093;<BR>
&#091;Address&#093;<BR>
&#091;Address&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;Name of Paying Agent&#093;<BR>
&#091;Address&#093;<BR>
&#091;Address&#093;<BR>
&#091;Address&#093;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#091;Name of Paying Agent&#093;<BR>
&#091;Address&#093;<BR>
&#091;Address&#093;<BR>
&#091;Address&#093;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 12pt">1. <B>About You and Your Shares &#150; </B><B><I>INDICATE ADDRESS CHANGE AS NECESSARY BELOW.</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" 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"><U>CCU Account Number:</U></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><U>Certificate Number:</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><U>Number of Shares Evidenced by
Certificate:</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 9pt; margin-top: 18pt; margin-left: 60%">Total Shares: <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>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 12pt">2. <B>Type of Election and Required Signatures </B>&#150; <B><I>COMPLETE A &#038; B &#150; REVIEW INSTRUCTIONS BEFORE COMPLETING.</I></B>
</DIV>


<DIV align="left" style="font-size: 9pt; margin-top: 6pt">A) <B>Type of Election:</B>
</DIV>



<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Shares: <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>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
              <TD nowrap valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> 1.
</DIV></TD>
    <TD style="border-right: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000"><B>Cash Election:</B> Exchange the number of shares of CCU common stock set forth directly above
for all cash.</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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


<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 9%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of Shares: <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>
</DIV>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
              <TD nowrap valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> 2.
</DIV></TD>
    <TD style="border-right: 0px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000"><B>Stock Election:</B> Exchange the number of shares of CCU common stock set forth directly
above for shares of Holdings Class&nbsp;A common stock, subject to adjustment, proration and
cutback pursuant to the individual cap, with cash in lieu of fractional shares, which shares are subject to the Notice of Guaranteed Delivery in the form attached hereto.</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="6" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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


</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All elections may be revoked or modified prior to 5.00 p.m. New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2007, after which such elections become irrevocable.</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 12pt">B) <B>Required Signatures </B>&#150; <B><I>ALL CCU SHAREHOLDERS MUST SIGN BELOW.</I></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 12pt">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" 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">Signature of Stockholder
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date
</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>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" 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">Signature of Stockholder
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date</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>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" 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">Area Code and Daytime Phone</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 9pt"><!-- Folio --><!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><B>Notice of Guaranteed Delivery<BR>
For Stock Election<BR>
In connection with merger of Clear Channel Communications, Inc.<BR>
and CC Media Holdings, Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Notice of Guaranteed Delivery or a form substantially equivalent hereto, must accompany a
Form of Election electing a Stock Election and must guarantee delivery of each share of common
stock, par value $0.10 per share of Clear Channel Communications, Inc. (&#147;Clear Channel&#148;) for which
the holder has elected to receive Stock Consideration (each such share, an &#147;Electing Share&#148; and
collectively, the &#147;Electing Shares&#148;). This form must be delivered to the Paying Agent with the
Form of Election, pursuant to the procedures outlined in the accompanying instructions.
Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such
terms in the accompanying instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THIS NOTICE OF GUARANTEED DELIVERY WILL BE IRREVOCABLE AFTER 5:00 P.M. NEW YORK CITY TIME ON &#091;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#093;.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ladies and Gentlemen</B>: The undersigned owns and hereby guarantees to CC Media Holdings, Inc.
(&#147;Holdings&#148;) that, upon the terms and subject to the conditions set forth in the Agreement and Plan
of Merger, as amended, by and among Clear Channel, Holdings and certain other parties, dated as of
November&nbsp;16, 2006 (as amended, the &#147;Merger Agreement&#148;), the Form of Election and the accompanying
instructions, the receipt of which is hereby acknowledged, it will deliver a number of shares of
Clear Channel common stock equal to the number of Electing Shares for conversion into Holdings
Class&nbsp;A common stock, together with a duly executed letter of transmittal and any other documents
required by the letter of transmittal, to the Paying Agent at the address set forth in the Form of
Election within 30&nbsp;days of receipt of the Final Stock Election Notice and accompanying letter of
transmittal; provided that, if the number of Electing Shares is prorated or cutback by the Paying
Agent in accordance with the terms of the Merger Agreement, the undersigned will be obligated to
deliver the number of Electing Shares set forth in the Final Stock Election Notice:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name(s) of Record Holder(s):<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Number of Electing Shares:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certificate Number(s) (if available):<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Address(es):<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check if securities will be surrendered by book-entry transfer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name of institution surrendering book-entry shares:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Area Code and Telephone No.:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Signature(s): <U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Account No.:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Transaction Code No.:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:<U>&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;&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;</U>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GUARANTEE</B><BR>
(Not to be used for signature guarantee)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, a financial institution that is a participant in the Security Transfer Agent
Medallion Program, or any other &#147;eligible guarantor institution,&#148; as such term is defined in Rule
17Ad-15 and the Securities Exchange Act of 1934, as amended (the &#147;Eligible Institution&#148;), hereby
guarantees to deliver to the Paying Agent the certificates representing the Electing Shares
guaranteed hereby, in proper form for transfer at the address set forth in the Form of Election, or
to deliver such Electing Shares pursuant to the procedure for book-entry transfer into the Paying
Agent&#146;s account at the Depositary Trust Company, in any such case together with a properly
completed and duly executed letter of transmittal and any other documents required by the letter of
transmittal, within thirty days after receipt of the Final Stock Election Notice; provided that, if
the number of Electing Shares is prorated or cutback by the Paying Agent in accordance with the
terms of the Merger Agreement, the undersigned guarantees delivery of the number of Electing Shares
set forth in the Final Stock Election Notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Eligible Institution that completes this form must communicate the guarantee to the Paying
Agent and must deliver the properly completed and duly executed letter of transmittal or an Agent&#146;s
Message and certificates for the Electing Shares within the time period shown herein. Failure to
do so could result in a financial loss to such Eligible Institution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name of Firm:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Address:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Area Code and Tel. No.:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Name:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Title:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dated:<U>&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;&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;</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NOTE: DO NOT SEND CERTIFICATES FOR SHARES WITH THIS NOTICE, CERTIFICATES TOGETHER WITH A PROPERLY
COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL SHOULD BE SENT AFTER YOU RECEIVE THE FINAL STOCK
ELECTION NOTICE.</B>
</DIV>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>7
<FILENAME>d47142a3exv99w3.htm
<DESCRIPTION>CONSENT OF GOLDMAN, SACHS & CO.
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</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
99.3</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">July&nbsp;31, 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">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Amendment No.&nbsp;3 to Registration Statement on
Form&nbsp;S-4/A of CC Media Holdings, Inc. Filed on July&nbsp;31,
2007 (Registration No.&nbsp;333-143349)</TD>
</TR>
</TABLE>
</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"><U>/s/ Goldman, Sachs &#038; Co.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
(GOLDMAN, SACHS &#038; CO.)

</DIV>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>d47142a3d4714201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 d47142a3d4714201.gif
M1TE&.#EAP`%@`<00`("`@$!`0/#P\````.#@X*"@H-#0T+"PL#`P,'!P<&!@
M8)"0D%!04"`@(!`0$,#`P/___P``````````````````````````````````
M`````````````````````````"'Y!`$``!``+`````#``6`!``7_("2.9&F>
M:*JN;#L^"$.X=&W?>*Z+Q/,L`(`B0"0BBLAD0!$$^&:[*$Z1.#RJ5RMV6TAL
MM>"L^#L&%QJ(8X,1")/?!X=R3J\[I/B\39`(&`X(`'J#A(4Y#P4`;$<,004^
M!C@&/@=!BP&-CP*&>0<U``V%`D.>(P=#4#0!A:N<KGAG!2,"H`^OM[@Z!HD!
M#0$)"P^IN#U``4<)!9&Y+J4N1,-2!@W.)3"RJJS,VRP&2YLE!-_<Y,P"#P#'
MC0_@Y2@_"L@'[>X0"C0""`O8>`<!T27R\6/1:E#!>MSX(+"5XD"#!0@C2CF0
MX`B`>1)=G$N'H`J];=564#1P#X\!!!]/_^0+F>)@'I<970&"R$+ALI@X41`H
MP*"!QYPXKAQ9`/`5RQ15("#`D^_F"@$-BIJ`*84J4#SB&*14X2W!UJOU""P8
M*A4LC9T,`I4=5++%4@@,G.9@,)`%C!96=^0UBZ-6C@4-ZO+=)J#`L0)?!]\H
MG'9!XGX:6Q6@J>/!7A3`"&I3O`.&H!VC_'#.15+M:$("QBI@6.CHB4H\&$2)
MNKC!8PB7<>0^;8(`F[4U/-_FC<,P`];$"3U0$+A0VQ4)6+_-4>!Y#2`K=MO0
MGAP``M<[QH)/7J,``@7`R4>AU0#`<!KC280:H4!N#=HY;*O@GDU]"N&<^/:/
M?S>8YQZ!M[!WX/]$+8A#PF2'6&<#`(*1P-\S"`:$"BX/M)<A"X`L^.$K[%5H
M@X0G0#B"@SC$M0,!TYUP(5XC0@"8B9QXAUR-$'B#'H^Y*+2C#?&)4%\)\^V1
MI`XNHC"C9AEV]1XA6:5'G(Y`<B-E#D4J94)T!5*F0Q<M;>:?31&%..))GV5)
MSEA#MH!B.+*5`)L-,DB13YF$/!G3&6(B1,M""(YEGYO,P-@F?"RH2((`,\:X
M0YXRFDF<.`I,F>@XR8V2*:(1]:$I!$4>:8*D=B60QSY.6CK:H''^^1!Q^00*
MJCN&'8K"G/)AUN4(%^5!4JM]$J=F#02,JF<?N@(ET*TQ3=.LG2L84*?_"135
M0"D>J(K@YWZG^;:M/TY,]A4#MI)P'A,,L*N,`@QX0D`Z!1#0AV,!O7625X-!
M.BVT6C;PKPCQL8I"MRD@G(-5W_*I&)8E!/!9.CCD\YG$$*0&`<4B/#!`QQ]C
MJ^H(-YK5%,`Y2<L"KR)L.]64D`X"YE2N7M6AB!9^YO&*R($S`P&I3`8%QA#,
MP#$$.R,=<@FFSK(A4`C@B+([WMP6G\(;_XK.(`9'7#-.`OS6DB!ACUP`8BB)
M(XC'0#C`T+9$BW!TTDF7@#"`,26PZ-1_7HO">,/^-W*CZ5:VM[=?9R1>=JOQ
M-/$,`=@2A`@A3[[G"'%OW%X0"H1<MRF#G^#=_Z^O6(:+M7[;&$#A((:N7F8I
ML-PU"DNJX,0@OE5:+%`P\)O=9P0,4,H!YDG^6>6".(K;HG-[OC1]_PIH)2?Y
M3!\%``,,A,#S-B2%8/4-[0?<@-;X8#X?__YP@EC+A!T)50T3&Q,?HN'5Y@""
M)/"^\93++8C+F6L>R!YU.;L$HAX`8!TAA%"01"RM!RJ`X`BPQIOEA"\%M3O!
M[$0`J0$$XPP#B)4("B`'$SR``2'D@0,\`;_$E2,6-2#:`QPP@P%L@E"3@P#R
MH!(QYA6$;L^K`LM,X)>$4'`0``@>0U83LK/E0P`$:$"F_/6#48@@<!\BGPEX
M=85NH`A[#($*#?=#%?^/#:E;\=-=1'PT*G]$9R0MTP>\KI"`'K3!7LD(W0$8
MT"1KM:%H][)7&WR@-^^=!1/*"H_4%HB;52`B:4G$C2T,(P)5);!'E22=8BSX
MFA0$BP7=`B/F\$?&$YB19J@T2$2$Q+?7Z(,9*-G&V@9@`%75C7B$@H#;#A`)
M`CA`*R(X(G$0!IX`O,=E<DNA"!K@073((C6W:Z0@*7/*C)T--QD#@@)DD<94
MEF,FK4P!*U^!Q5Q<;'5*J^3^Y,8$#H;-`0(HYX<,20)>"=-&@A%EQ@8PQB-P
MD)2X64,Z!C"R4_*!E,84S0&RUTVOE2,KB;P5&UVQP5M\AH2;2)H-E1)&!]#_
MA"8(J.4BD]-%;+W#=2FP%A&;:9X5>JL@`.W%"%`X@VKJ4!!+:%/4&FJA<A0Q
MG"V`H2&024YT;4(6TX2+'"GENT3`)I9`HHIKZ+D"5&&/"4XH"!%&$-."&,"#
M2F,-0I6).1<:PC-`W0.SS(J3P]VJ6W."JISDHD\OO92KYR0!*6TZUAWQM*RY
MD%Y:@]*1B"9L,.(:&(^DJA+^*&]C9-4J3//*55GP%:?9<Z@J<3&ZP?;H28#1
M9';Z%8QP,A9;;DU![DA05\GB]:XJS"A9$>H`_8SPKX@K72`,:Q*)^"DTUE/!
M/3U;#JJ@:&8TD%0"A`=8>SC``+080)ZV*C=L7%8I_]AKPQY9M%E#`)=ZR4`$
MNE#PW(@T[&:\S2UQK]*MHPR7/JS9XQ+>!@5Q#,`/?R05)BA4BEK^`F@+P(0W
M-"?=][%5!R4+D-M&H-);B!!<U_O.I(+KV2Z(5C>=#,B,$F&[!R^FA;L;Q)9<
M$8\2\$,8C^)!CQZ#XBLN@\,<9,<LXIDQ&:OW17RD,+!&FH?4Y)>#F-!QHFYX
M"WD:R00PKD',4E#1SK@5M]C4`YINX0"WUA("U4%:`R07B`3`,XKW@!0!#/`_
M00#``&3V5"2NN<U!`<:*U^(I6F]@Y%<,8$DD3*U$D(-20C29):O!`=:VIH?'
MWO@EA9Y5+@!:`F`JA86V,/^=)+'<BO]IX0ZBB40.6R$`&]X%:;)9QC0N+,Z?
M)I<;G6/-$-K4XJ(5+142C/$P6CT#Z&;L)N=H1TTY.!TTW\*VU+);#I#;F]1=
M+TY0[B:FTFL#GYQ@:9.+'-):(6U=[J2&=@+HY"0M26ZG0;$Z6/8G>)P'!A*,
M7!G+%';8!H`%.S&6Q!.``Q!#9KB8.6I>3D34L#R/+8>M$6SH40CC.0-FJX"3
M6Z03E_1LUY=L)=GK@=@VF'.",6X,(M*6=+4!`#N79BQ9)UG%Y*:!N4EP&K(>
MGHBB&Y1!5S@AA??`V+RFW;^-F1ERMC@.!/0&ETO3?-*F6XAE9)/#D'T,*M!P
M1;7_3?H@!:J@@&KDEOSTT+!CD<.7E-'8-HV$\Y]7VY>EB(<`-`81>=M\$_AQ
M9"L>$`G8D:@B*:\DN:6`T[AP$WB\J'D.<6D+!4"$0CJT!K4C'3F7%+WF',I+
M2)IV`[E^*>X-,O:A\>`G<0DY#P2`%X5H,HH#>+Y'1EU`7*Q%F<%U<$#)N&:'
M9$$21$!7])%HO>].]XOA0,7@+9AEG61^#TDC;^?KA!0B1.!Q*&J<\%\%AZ:/
MA_A;(*`LUGDO$<%S)RD8>O)5Z4LNUWL5H:I@C^9<YL7,K"I_Z%T0&R444>J)
M$HT=G^92+)HL#A]XW-N.X=5H\"'ZS.L\,+ZG(>8"Z,5]_WP1&O^R=:Z0&BZ"
M$?X@`S.4#(%A&0>`1V&S5/.R/?>5,0%P7\D">Z0G%J/'3%[!!W7D#SE'5(/P
M:1<D`@O@=*`D7+C7<M@7!=P1-EI$@'S1.XEQ,KPA%K,`>2D#;+M"`B@80XG1
M9#909S.H%RZP.#AX&DZX/@+#&^9A!9_7*2$%(NI"=SBR6CN@`,5T8#KXA+0B
M-B>@,J=!9NO7*?4C$@PV1"V`<"?P?+,!8=VE$FM%AN1Q,RB`AGHH8EDH)R0S
M=\*E`DE6'/RWA#J0%][WA^0A<23@#83HB`<WA<TP4Y?7:&7!0SI`APY#=6?(
M*92H'I9G`I"2B*/8`F,17,X@??],)C6`%Q1#!'&/`G>IF"%6QUJ>>(L:T2[*
M4A)RN`-*R$%"F%SC8RG@Q(L9`BLFM'+*V!#4@`.E$(M2=W\%`H>T"%'/."+B
M]BA/LXV/8H8W4`K&I`=-DC#@1HS#`7&F!HX9`BC-B#//V%DZ4!*N:(A.=Q*:
M\F-V2'4-4&5-$)`".9`$69`&>9`(F9`*N9`,V9`.^9`/Z66[2#+.>(L&PFR>
M4%*8)WDFQI$<A`U4@"%]8CXD69(F>9(HF9(JN9(L:9+^$($M&9,R.9,T69,M
MN16#,HE`=08_PB"?I`?"I``H8B\'))3]<8>@`@.?XHZSX!WRR'V%(469F'".
MAP?_AP+_Z=`.)Q0`SV241PF*4W.13#D+JI&.MV(O[6%_I@!U>7!]K]$>//EB
M^Q9#!P8DH*"3>KA'4:.6Q,$37,D)0!`($'F00U`OB-`#AIF8.Z$`#N``@MD+
MZ(*8DGF8E)F8FS.8!2F#M\(>I$:&\R)%G4D>I]`14UD3DV"3+#EF4`1=JMF:
M`<:5JWD^K<F:M+F:MCEFJ,F2@Y5Y2S>65U01;88HIP":T!*55^F;KN`-1>B.
M9#849FD6!B!Z/O&<Y$&43XF<''(>?$E<A1$/Z`*$&1&=WEDO*+.5>(F=A;9;
MZ!D.U8$,RG`5?Y`.4K0`U*D>QEF?ZSD()9*?IK0`0Q`#%P&>_R:!#O^Y#MN)
M6!5QG?Q9#GRP90NJ$^C0!T<@,10"">'F`XF0#L>04[PT6.;YH$#!FP**GN>0
M`%@U!'4P!Q.Z7PGD`P?:*7$)HF9A&3TIHP?SHL1EG3AJHWC0(;/'H['QH!\*
MI)PAED2*A.YXGT3*&SE)I%7)E#JZI.31H".JC%XXED,JI?XAHB"*I*FHI%KZ
M(31:FF3XI+<8I6'*(SZZHWQSI;R8I6F:)4;JF\F@C&`:IZ#2I+Y9C'^(IG@*
M,%3*E/KGB'#ZIU/#I=M8IW]XIX8*5&/ZC'RZ7G[:J)ZUIK<XJ&$1$X6*&I0:
M!13A@K"@GI2HJ(M!IEC&<+C`J(40!/]LZED:BC%_\``L$0STR8(_T#XM.'8+
M,G:HJ)_><9X`$ZFFV(*IP',NH(96L)0[@:JN,*FD(JOV,1;E6!C#=T40,G.4
M%IJIN!,CQ$WJ%(FJLB=7=CET2*NS0%4)$@]5*E$>20(P,FN-H!'ZP7;8$$^$
MQ@V;VB,CXQ(8X7=PL0D'`!$P@C2/-`LW**.9<@HC%#J;-B\70P`*"S3RV*N&
M("#XZ2:DNA^:P$%`D%ID9@6.02;0U2:5\(T)$J.8`9)'$1V<.+!U:@NNXP-$
M*G(Z<Q#^Z2WP@+,<1J](,W;"<+%1\*C<)TQ@YQ"V\'=ZQG'X<@5C9@40NPSW
M^@K..A4,D4/_#Z)V7&4/[!"=R3))A4&D`6MS'7,0`N$0R1(U9HMEDN,;7]MJ
M]>`0"CHUPT@"DE8=$RBV/>"V2L$/!F`T)T0JVY"O,E*U>P.Q^L!M1Z<,J;$<
M`C"!Z[J-/P)CR^$-O]`Q`V:Y!V$%\8(T0'$&S`HJZ+H^:_<+1-``/H$.T<1!
MS$$/292%CXL/*.L"@;8Q74`$-R$.W+4D[@%/G"NEG%9I1\%XC*<JGG,5>AI.
M1P0%\$895DM$)$B6NG1K4IN@B70GY7@"JO(6&BD6I@,T4GIE(S2R)E!+-T&^
M)+!^6%"`ZMI*<VLDGD!F530"UV1*@F""<G-4'<H)@NL"[K$+);`/_XV["?XK
M(B-S'$"[C<GBKO8!18\"$*::*&QPP*<1NLL8N\(($.?@%.<0#IWJH4OPP'QQ
MCP@JJAU,J7#;JO70OL2QOR7\IYZ+*!1,*Q;<PBU\O#4BPC@QM31,PZ.P?5$"
MASG(!L"ZPVEJL?.DK>Z@JD2\Q()7H^J!P^Z@PTP\Q::0ENJAPCC!PE2\Q5CF
M(<D1PV`SPUP\Q@'QJ\.D&%),QFK,`^O+&5CL#EJ\QG(L#@=[%6"<Q&(LQWIL
M2A\<PB%*O7L<R$%%PCCQQAPBQ(*<R$U8D1(!AA*AQ(H<R2IAQC&AF8$%R)*<
MR2R`J`BAL'",R)H<R@V2=/7@R`F1QZ*<RO]\[,3;8,F%D,:J',LF1LBXX,F'
M_)>RG,N+#*K^A\0U@<JZ',RF2,F_-KVT+,S(K%I#\+H@`L1!`<K)',VC7,>]
MC!K`+,W8;$)]3`BN;`.PG,W@/,MQ.XX4*X#0',[HK(J,G`/'J637G,[P7,9S
MN0-0_,WQ?,_NNLPZD"W/C,OX_,_'&F13\)R0#-`&_1_::0/O9<\'W=`/<LQ_
M4\Z@YL\.7='\VQPK\R\%;='+F)L>_=$@'=(>_9*/H));II)>-D@BO=(LW=(N
M_=(HG"&6@9DT7=,V?=,XG=,ZO=,\W=,^/9B]28E1R]%QFKJC.-1$':9&+=2?
MF]0@NM2$VM1.O:#_4/V'2"W303"!U;"LP="WD?@$X^NBU:(_1C(PIREC>:NW
MLW"(UO097JH+YB/!'(1F)#DPA:$S=LG,Y2G5G`$#^`((G+96\T)6+)B!)>``
MM`0BRM3.C9;8A<TZ?D0GK?#6"`96)E'`PO,#VWR&`:>O/%+5>GC55YQ9*U(G
M:4$/Q(8TB#T,(.0"A)U[SV-3H@,31^,*LJT#80,LS],YX#$W?#T8H$V&HDT>
MQY!P'A,2V/H"R_4<$L,]-A9C.L0:[9!KHA/;A,UVK'40?7LTNE8T<N%KD0@<
M-E53'Z'63.,,V!,Q=_`"[5#;$TD@P?V$PWTI!+4K&[4"!#H`4/`#Z4TP_X^@
M:-5Q!2GTPE@6'1)6`OT-,@QQ"N@0B!P#*;BD=JMP4($Y,F&S'.W1=YYGR:?4
M(8W@95!`$2?$*YW&6MRS`,Q%/!U"$[7-<2,2WS@XWQ7$:!'#/>^01`"5*?UM
M15BFWP.[3PQQ0+HD.<:6746P/;;`B1M3::U@RGU026NW40ME))\Q;SWR%@I4
M396+747S%@5@XZ9P$`D.,NY1$E]N-`>A@@@"XP0HXZ?A,:FU@7'X/U]F24U$
MH<QBK-'M+<`#>K1MW9-4$,&#YOL$+$P^0.F$&_LJ"+ZTG`K.YY"NYXG1XLZ-
M/X81!&M5VY\#WWH-,&Y^&M*%E8Y]<+/DGT93.?^N$S?*1#2U-"]_3K<I5-NQ
M[DC0=NB)GC1G@';[S4P,I^7CMSRY)^8G3DLNCN!I#N:/V.G0\NFCT3E;$3P4
M2VB],#+]/1:1N`1<Q1`8(V^;4-O)!.N3]#P;13$>`P4<PS%`1!]^QQ`%UVXX
MXNN0SD<IEB+"'C&K8.T,MN1TV\VCP>;<Q^R<X4O7FS$CLUS5\`C6<%'*U-]?
MA0V/L`"\VVGD.$N;\.0(#N@98^7Z)3>M4&65]!;H[CS=:@W8D!D9^^C`#NQ?
MC@T'@B^1N-[?KKJQU/`C)#DVVZZ\X>_K!?`!WQ.%-'N`T0B*L"/>$(WVT#';
M@R_+=038T`L<YP!>$0?_(0454N1ESW$2'K0)F3<`/S)J%"'`"!"-<4`%1,!+
M"+!"HY`]:3]_`]#VTG4.U,"X$,!,)4`27#\)<M`#>6\/`W`$L6?9%B)JVU-(
M=$$"2_^7)V'T6OOBRGXK//\J,GN&YHTLS]TCD8"34!L4S9)KFL)+IZDB8T8"
MG1EKF&1"SEPTE?\H4.8..D]<CZ_)/WY%<9*_KO">=!?3G-7X2?G;FBQO>.X:
M,8W=.X`8GZW[B/+ZO5\)&+'$K5^IO#_5V-G\'OK\T.^;TI]6R%_]8WG]CDK]
M2>KP+G;79T8P6:T3"9!!<%(T%J<#7O!9:X;[Z\7]X93]X#@*FX`OW+I/H9,&
M_]\'`@,TDL+PC`NYLFT;.,;1,)"@"*Z^\[W_`X/"(``U/"*32MX#L'Q"HU(>
M@S!JX`"!PVC@)`4"3%'K-(4`<H(OH79^P^.]HKQN=S7O^KWRX88D.!`0."1T
M?8V$E10`<(T\D(T<`!"801A803P0-&7:,!JL-&%"'(0*J)`P&/&UNO+0O<HN
MY<W:OBJD[GBM*$*T$=R(:48J%*"=""28+0PH3#JH!0@8.#`<%Z@P\BPHW'[S
MQ8*/[]22GY\UL.H,-(2%.0P;DS0<0S[^6>H;,<N[!:1RI.-!`W0&I8@[>,Z<
MPH9#+.U"!,&7`U8):MR#H`#1OB[\4"PHB,9-,P6>!O]&<JCR1\*5MABZC%EF
MG0M>8(8-$*B%6"*.'ST"%>#@6`!6!QP,'2-S:8N63/G`?!H3`<TR$GTA,#0B
M@9.,#/+]A-`1`J,%GE`H<\`$@=2G3MO:B0K7X<8>-A,-.YH#`@(K&0\,"%4I
MC=BP9@ZL>O!@+X.](G4`\#8WYMO)<.1:-DB`K0Y4`1B$*A7&40$&```(3A"@
M0`X`UK0<\)R`P((`:6JG,8"@P8#>7`!P1<TCP,G,"BL;EX(Y.;D$5;\5"&U#
MZP\#U)D?1(Z=EL3MZ!;L)1>#A('G+E!Y/VX^?9+E[&T)'`=@0!@&\7O<?P].
MN_X@[OL#V,,F`;;%'X%,**#_F((+,MB@@P]"&*&$$U)8H8478IBAAAMRV*&'
M'X)888(')D'`:2>BF****[+8HHLOPABCC#/26*.*`6QDHXX[\MBCCS\"N6)Q
M)!))H(%%(IFDDL8=N:233T+94)-14EFEE>&L=Z666W(YQ91=@AFFF"Q\.::9
M9U9IP$9#HMFFFTX2,$D`"#"P```,(&!;;&_RV:=^`C2!IVV+M2"`G'0ND*6?
MBS*JT`/=Y)G``6SN0$`!JB%@C'2-<MJI+)9BJJERD`8@*:6>HIKJ$89J@:BB
M4`!Z9YY%A*>JK;>R$.BL>\X29ZMUOHJKL&8:0&H"!9QZBP&7SGGLIL-"RV6<
MH2[P_ZQ+CRK@3B/)1MMM@+'.:5JP,<7*``VT>INN?H\*NFU_O@:`1:+JTCO7
ML@I$&IV2RR:0K[7U`CS.M'/F,BZ1[.[*;<`+OU$NG>B.">[#A#)<\:C9ZJFP
MF`-G.J_%'U=W*0)9Z7OKO?EJ#+*W\,IK,*H(ZUFKRM$Z+*[,"[,:;IDSHXEM
MI)/R[`*H!%<;=)_\$ERRT=49"_32TAX*[--/Z#KHS5,?+*O56+\!KZM<`U@L
MOJ4Z#?8=2&>JM-ES#=WQOVM#U73*<-^2\\2T%/!H`N7I,@1M#S`27=]++%O<
MWX'[0#$>?1L`@%F-F[7#)*R1,+G,@.O]K`&L'J`8FW$NYO]R9[K:3#<Y,#=R
M]1$)4.><6$@<,(TD3J3T1%$KQ+[7)#X4_4M-+-C6DUTT0;15Z^N4;,8-UY%P
MVB7Y+<%RP::W<G*IR'8]0'C4O/Y(>`..($`P],2'@@B;AT^Q`.+O9<6F%-].
MOB@VJ'_)]AH9P0D)M0<_47<SL:!XE=B>=)2Q/R,(H`&.H)CS`*$Z*/!K9,ZB
MWADX-KTZU.9WEA(``D*!`&4LA@$*2$`J#%"[+EPJ&@00PS0(T(#31`,2!5"`
M&#;8P8FPPH0M6.%$`%6(0!#``.K8C%D.D``!X`1X7^C?+HBWC@SJ8`''`,I6
MJL":&S9P`8.3`[:T538*`D%BI=O_PT[*`(C.!4\%7$&#1#(2P$0LYAA4P2$=
MR2`"23T@>/'C"0L$($?S&8^.MRN/";J@1.'QH'B%64$97;"*`S:/;'ET0@/]
M\(J:00R,N5I`N[[8B@(\9@4B&`9Y+D5)B51B2&2XW0%BAX+;W<Z.$P$>*U+9
M@E;&\A$L?*41\B;+7BSQ?P%TX@I`N8,]0H1UI!Q!)9?Y*2,2370@B^#UWN8*
MH:S#"B*PSP@V)P;G-1`,J.Q>41Y@"%CRLGO;=$0H]NB_%7#BG(#4A#SIV`AU
M'O*=B<SA(KN)37B2X!F0M($@N'D)-CZ">=^PW@27)CV/&:0`6_A%&DQ@*`7F
MK1IY-`GK_UB@&]:@8G/:X\L!:C,#\""`"RFUJ$5G<("\D70%'UU?M4S:`/",
M=#8QM4\;CI6,D9(@*R,0:O,X$SY+,,($O72"1+E@HN]]0:F:>*1+8=I1-$@S
M;IV<&Z[*=2[%.80VL5!,*#HQ@@+$!CR>ZR,C]E0>3"@FI#+@Q";(^@`#O%43
ME+B$8MB:.AM42P9B::7[^EHL\:7!%&0EC^?*`[Y?7*=!@&)0^^Q4%<DLZ"1F
MI6L.).,2,>YL45W,F,5..(5!P`$]0Z"<5"S8.U2AK:$@RR/T/BN$!SY%;"CK
MD]>DIDF>5>VO8'+8UG[+-;OY-DH^(QM7C1NTMHF*2-!5FW.KJ_\)N;$'N1"U
M+G?/$URPMB6XO.HN>7_0V^VNA`#XZ@T6@N3>]\(WOO*=+WWK:]_[VM=<O<D*
M;L<QV1`!.,`"'C"!-]2-`B,XP0I>L(?Z6]ZG_.?!$DY/A"=LX>14^,(:GDN&
M-^QAIG3XPR)>28A';.*#E/C$*AY'BE?LXEFT^,4RAHHP9VSC;\3XQCI^0XYW
M[&,H]/C'0D9"D(=L9"`4^<A*+D>-E^SD/C3YR5(60I*G[.0J6UG)6,ZRD;?,
M92%[^<L^#K.8=;R[,J.Y!*1K%WC3K&3=DK8$<FJ9FW_L6FMZ=(:[K?.)O3I&
M*+/9P7S^+4,]>=I#Y0+/@UZ;UQ(MBT+_-W?1#/NNH/?@YTQ*^F,,Q9Y+[ISI
M>N6,SI.!L[L^?2O4M=DXF,RJJ:]$S6-%VC(6I&ZKN:1=5E.X&UZ,=:W?@[KQ
M;DF,Z.UU@$`E05J;J6VR)39VA(WK+BU7N,P.KZYC1K.H#7O:FF%6VA0-K0B2
MS-O:O@-HGSTL5%=ZW$\@M:&G9K<+JCL*LQ8WV#;-ZVE?VMQ@HW2\70!G4YWX
MH?3F<Z-?:V-(?YITF!8"Z`HPQ8'WL7-H#<:]6V`M0P&NW7WLP?OB.KJ^DD!!
M,FOX%.'Y7SQ3/-U,QM.?N8SP)UR5$)Y!0FFD<8"Z1,&-9VV,#=SI;S?<;.8E
MR`D/`%,K$]PG_^9JP5TH`/,)T%A\CN`Y-+4@[N*'ZEL4H;2',W\@%$]P(IQ0
M2,G72:`_KRM4$\Y49*Y.6#R"%!.>7W#C#&YVNS7(X=\:7S&_XS#"%N21KPLP
MQ`T>X`TU@3(T!3!J\UBGP$M(JBL*3.-J4JH)<TXQ)8NW>.3)PH`$-,`0D4'#
M'"6ET\"+,DLZI^((_JX#!81&Y_4P%&)R$#_BD%OA6:?@JSE]!R:&7`Q:J0@!
MZKF%\#2R\:(IQ3'LN#X1/(`ML0/$)7[)S*Z_]'71MT$#RB,&U-?`>:@?*$H`
M*,X=/$;GMHF<:>B(AI+O8=X6?G>V[_!YP(N!*AZ7P1S=N0#&,U-7#/_#`S@=
M/@5>'AF>@A@2"?P?'C@=ZG'%`0Z#']7%^+$>'KC=.MP?.X1<2JQ&.0U(_(C=
M*XC-KE77KZD<'!A3KHC!TME`\0E2-@U`<8B?&&3?+T'?]Q7%'^1`2M@2[C2?
MVC%3WNC@"(2?``Z34I1`/WU"*+&`"[J1S`5`:-B>$0``_-5-$^C,[J4+N"W;
M."!`5*F5&-R?8D1&`BV&SUW$7D1'#4Y$=(R4+$D@!#@`%TQ=[:SA61G`:I@0
MH`Q#8\SA#$"`:?AA$I+`L8A")`!./YD(7XAA>(P('ZV0';8041A!%2C$=%F=
MMSC;2G"2%*T/(P2#`CQ2&TC1;%RAS"#&%0;_@Q;Y$24@X+$T@1D"#B6(H@&(
MD!5,`DVL(O;$8MXHD"F\HA5PTPCY@:7LU>RP%EE0QRLJQB1PCAF&QB<N(T5]
M0A$0(/*MQB5<X73$1+0!6[V`8PJFB@5&`5[!@2D<P=0Q12=&B[(A&\``0/?)
MA-55'#EX83SV2;GUFW&@()^,5JGUHW?0'Q>^A_P-)(GTWCTRQZHEI')QTJRD
MFG[H'4,^Y$'.&;QMAZ==))K8FV4T#@,@A9XP6$F:Y$FB9$JJY$JJI!8@A;@4
M"'[)Y$S2I'W14$WB9$[JY(YT)!-$64^:&)D!)1@)Y5!23U$:)=T@95*NS5(R
MY;[]Y%->F%-*Y=10_V55+LU58F70:.56SDQ7>N5L1658=A=8DF7%F.59+DQ:
MJB7`L&5;TLM;PF6ZR.5<=DM=,J5$O<->\F5?^N5?`F9@"N9@$F9A&N9A#N9N
M(.9B,F9C.N9C0N9C8J&PA%:JK$]3CF6G5*9=<H>W;"9GMD=F<LIG@N81X"61
MD&9I4IEH-DIJJB:2L2:CN.9K)DYL+LILTJ9/>J:^E8<59$)Y\!BA9,)DP@%P
M?MP(6"04Q(D25.-2D",YXH%M^LEG:D'>_)]:%(`#2.=YD&+G],LT*(!IG4%V
M"M,>.L?-O1`Y;%X2/%[#'$4=0B</.!PDY`EOP$/7/<)VBH)^OLEFSLD*"/\%
M(CV!4$36]XGG&0#?(Q!=\_`GCNV!+YQ!25T7,Y'!#>R`=5!-@[9)91;`#+)`
MT21H$F1+"WC#ZL5!B&(!B<*%G3PH?BX!!_D3A9('#T1B:.YF$NQ&H=A>5&5#
MG7035TPA176#(`R=9YD=,2!&(80/5UP#9-6)N935"`%`GK0/(]Q>=P#&9&:"
MG:@&"A2??60+6H$>X85$$X1>XU#IS)E(#5T$)]$C61B5%N4A&_W=`\2#$ZA7
M*A3?G1P160#$F")G<!#G39S5GX8>`PX>S_&.0LT'/#$`<?B!4?P!D6DHFE0F
M?1S3%^``,:!`1:#!X;D#*GS/7;2=EWIH^\$=(#3_0&>Y`9U<02JX@6OL*)FP
MW5EIA0E9`>CE0'8*QD@!1J].T>-E1$;HJD;4@(F0@>.,@'9"`!1Y:/\0Q!>L
MJA%Z@PFH0"6$PHC@W3%-X`!<:V"@02HPJP],%*V6ZG85$I3=*!)@J@X$3P*=
M""_L"0T):`?6F!N9`3IVZ/7QJSX%3^R<1GB^4G?,AWG,D1&*W@!&@AG@JQ$$
MS[`FZS"4449$PR-8@:'\@ADPT;^24A_VDQG@R<4.!REU1,5J@L:P7:.R`.C]
M3ZW"YKH>08ZZ*Q+VT0)`4[T>E9$FXD`YW+ZB@<0.0_\$SPCJ4^4,P*!"Q$Y,
M[,*B0,,*#\3VZ]+RT2:9_]#`GE_RF4%';,8`]"FW#M0)F*@/I.P)"47+XMII
MDDAESL?;/*P/\D4HE%&(3H0+MATDD1`?E5'<!M//`E2""L6DKH`#Z,+H22U0
M..T[02W?*NX]0$)Q(`90;*P3+`#=>FA'M$8\C.S7*H:'"H&GFNN'+L.S@*N-
M=DME"H7L5(X5](^WAD^B1"S.*BCSJ(#3,NSK*J[0=L7H"E:(SD=\^)%&D%*3
M%NXB'6[;2H+M%JX#>)8*K*[5"D\E&($049$9L`$9L&,OD.Q/*"\#=M-P3*;*
MFIT3X`D\'>@/H.V!;*9N($#>W!P7))!D+,-&-`8AF(:YI`$-Z,!1V`?@P%ZS
M@O^K":G`R`"'%[3!!PWB![TO]TD&`OP0X:5H4W"M&?8I!]F#9.!+"OPOT75H
M#@`P]Q&>-;`.Z^))#HRP_X9"A]K&I@8"#"4(#0DC_L+I^O2O"1T##;\AY!$#
MX";0M-JP#:/P&9KP#LQ0"S#`Z-J``9N`9]U<9Y:NN37./3W"8NE5R3U*,%""
M8UG3)`@'_?25R)E(*"0*7<'573E6$*T568R5%/M5Y"Q"+(CQ?_T7735M8ZV5
MB6R"8)"5&,LQ!Z=BZW)!]JW!'-]5-SG.7HB<%S>!0!0+@"X('(L<-[*6:NV`
M`8><@OSF@)2Q$5;<^1J)0;K8WKW!(A/9H/I'I9X);K[_V"82#BF70VVM)LSF
M)A>9LIF@<BP#WBR/22W;\G["\BZ?`2<'B"XG`6ZAPO4N`2L_!3*?1_CT$<@E
M9Q1PC_W8P$+@LI@(\Q$X7*7@0!@.:'BJFC<+0><`UEZ8)P%F2S4O01'?%:9F
M,XNA,YA<<SAO$2,YP?ID532'K7/&7OGN4)^:A(+&!]'>0O%IPS#8K#OWLBS`
MZ'!$E1,"P2--;5M`=#[K0"6H17BJP`.O@,Z"P]0)UE#%YQ0`,X#$,Q`,'CV[
MWCP.2A'3`3+>CHD,J2>4A#WDA$AJA1]]8JZ,4&ETGZY-$4[[*$PK`)$Z#HX,
MB$M[J>,,-9O,-)+:=/CTZ!:U_Y(-)-;1[E`*`,=+7P1ZBNFA?FE(U,.2WDD%
M<P65-BM`["H.H(\FK,#=XM@[=TE)_T"YGG479`*T1D*L1H,038,Q6P(DF*H5
M;"I@LX"K:H0!K^=@GP!?BRIPV``!#R(S[76H&G/J*6A@:T0.$#8LN.RE=).'
M%BNO9FP.!`(*+`,Q2MY0N<%-+>L79)_DN&@KC'1_R+78L@+&0B\B_85M1(;&
M"M-?,RV\G@:IZI/4"O=\.$'D"@_`]K;S-I&"'M!Q$S<$&RPKW-_P4B\I)86^
MKM+>HL'2=6WYO75"O\+;58LEX'4`OL!O&T'#FF,^2>U[,]&4#A4*$*W<6O;4
M@FULN_]`EK(#*RBMPD)2(_5/SW8W(@D%:W!TW8YW$X.#YY:"&Z#WW-DN<A9M
M?KNWVP)3OS*NVS(1$M7)%R2?ZOXD<!^0SG'+W^J`X#:/-V"W?9/2-MYM1N!N
M0-6#HM@I.,RV?M1V#VPC(DTX=!-#:.PN>POY(K$N8,&W@(M%*J`'$RU+VQ$Y
M%T!Y?I@X4"2Y).]`[P+H,="K$1[#BRLN!$QK[2(2$U4"?Q>JCL,UE_2X?'K6
M"KM&@B20&U1"-C,PZS@PX%[!L:!"!JN1,]R)S!SJ($YK,Y"VH#=&G:N".X1!
M*N1Y1S%Z(AAQG[-&,X1"!\?OH+-$!#?!!*^O)E@P9V!Z]?WMAJ<B(E^$X3*@
M1HHF<$!%9:K?PHZ_QYOS`"6CPA_;@P*6`CLR0O2J,7E0PG]='J$TP626\1[S
M^K%WDQ07BYU$QA3]>K,/,F`51^,$@P(^,K,'P2NR,52[,5DY<ES!QA93%!C?
M%1T_ED[U``#"6)MOB:U?Z#PWY*3^K@_<NUNHN0\L^(>J,H_!NY;(^X4J,]MX
M@6)D`Q#\^W[L.V20HJ+HHRO0.GL,?)*84ZEX\D&H%UT+05.!6,!?2<7;Y<2G
MA\C/)<E[A\G#)<IOA\JW)<MCA\NK)<PSAUY&YLWC?,[K_,[S?,_[_,]#9L'+
%0@@``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
