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<SEC-DOCUMENT>0001157523-10-001520.txt : 20100311
<SEC-HEADER>0001157523-10-001520.hdr.sgml : 20100311
<ACCEPTANCE-DATETIME>20100311170435
ACCESSION NUMBER:		0001157523-10-001520
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100311
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100311
DATE AS OF CHANGE:		20100311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CC 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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53354
		FILM NUMBER:		10674743

	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:	C C Media Holdings Inc
		DATE OF NAME CHANGE:	20070730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BT Triple Crown Capital Holdings III, Inc.
		DATE OF NAME CHANGE:	20070524
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6211543.htm
<DESCRIPTION>CC MEDIA HOLDINGS, INC.  8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <font style="font-size: 11pt">UNITED STATES</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">Washington,
      D.C. 20549</font>
    </p>
    <p style="text-align: center">
      &#160;<font style="font-size: 11pt">Form 8-K</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 11pt">Current Report</font><br><font style="font-size: 11pt">Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font><br><br><font style="font-size: 11pt">Date
      of Report (Date of Earliest Event Reported):&#160;&#160;3/11/2010</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 11pt">&#160;CC MEDIA HOLDINGS, INC.</font><br><font style="font-size: 11pt">(Exact
      Name of Registrant as Specified in its Charter)</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 11pt">&#160;Commission File Number:&#160;&#160;000-53354</font>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          Delaware
        </td>
        <td style="text-align: center; white-space: nowrap; width: 50%; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          26-0241222
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="top">
          (State or Other Jurisdiction of
        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          (I.R.S. Employer
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="top">
          Incorporation or Organization)
        </td>
        <td style="text-align: center; width: 50%; padding-left: 0.0px" valign="bottom">
          Identification No.)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      200 E. Basse Road<br>San Antonio, TX 78209<br>(Address of Principal
      Executive Offices, Including Zip Code)
    </p>
    <p style="text-align: center">
      &#160;210-822-2828<br>(Registrant&#8217;s Telephone Number, Including Area
      Code)
    </p>
    <p>
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):
    </p>
    <p style="white-space: nowrap">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>&#160;&#160;Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)<br><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>&#160;&#160;Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)<br><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>&#160;
      Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17CFR240.14d-2(b))<br><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>&#160;
      Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17CFR240.13e-4(c))
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      Items to be Included in this Report
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 12%; padding-left: 0.0px" valign="top">
          Item 2.02
        </td>
        <td style="text-align: left; width: 88%; padding-left: 0.0px" valign="top">
          RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      On March 11, 2010, CC Media Holdings, Inc. (the &#8220;Company&#8221;) issued a
      press release announcing its earnings for the quarter and year ended
      December 31, 2009.
    </p>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      The information contained in Exhibit 99.1 is incorporated herein by
      reference. The information in this Current Report is being furnished and
      shall not be deemed &quot;filed&quot; for the purposes of Section 18 of the
      Securities Exchange Act of 1934, as amended, or otherwise subject to the
      liabilities of that Section. The information in this Current Report
      shall not be incorporated by reference into any registration statement
      or other document pursuant to the Securities Act of 1933, as amended.
    </p>
    <p style="white-space: nowrap">
      <br>

    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 12%; padding-left: 0.0px" valign="top">
          Item 9.01.
        </td>
        <td style="text-align: left; width: 88%; padding-left: 0.0px" valign="top">
          FINANCIAL STATEMENTS AND EXHIBITS.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (d) Exhibits
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      99.1 Press Release of CC Media Holdings, Inc. issued March 11, 2010.
    </p>
    <p>
      <br>
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      Signature(s)
    </p>
    <p style="text-indent: 30.0px; font-family: Times New Roman; font-size: 10pt">
      Pursuant to the Requirements of the Securities Exchange Act of 1934, the
      Registrant has duly caused this Report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 40%">

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="top">
          CC MEDIA HOLDINGS, INC.
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 56%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 40%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Date: March 11, 2010
        </td>
        <td style="text-align: left; width: 4%; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="text-align: left; width: 56%; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          /S/ HERBERT W. HILL, JR.
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; width: 56%; padding-left: 0.0px" valign="top">
          Herbert W. Hill, Jr.
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; width: 56%; padding-left: 0.0px" valign="top">
          Sr. Vice President and Chief Accounting Officer
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left; white-space: nowrap; margin-left: 300.0px">

    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      INDEX TO EXHIBITS
    </p>
    <p>

    </p>
    <p>
      99.1 Press Release of CC Media Holdings, Inc. issued March 11, 2010.
    </p>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6211543-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CC Media
      Holdings, Inc. Reports Fourth Quarter and Full Year 2009 Results</b></font>
    </p>
    <p>
      SAN ANTONIO--(BUSINESS WIRE)--March 11, 2010--CC Media Holdings, Inc.
      (OTCBB: CCMO) today reported results for its fourth quarter and year
      ended December 31, 2009.
    </p>
    <p>
      CC Media Holdings reported revenues of $5.6 billion for 2009, a decline
      of 17% as compared to 2008. The decline in the Company&#8217;s revenues
      resulted from the global economic downturn and related decrease in
      advertising spend worldwide. In 2009, CC Media Holdings undertook a
      restructuring of its businesses partly in response to the decline in
      advertising revenues, and reduced total operating expenses to $4.0
      billion for 2009, a 14% decrease compared to 2008.
    </p>
    <p>
      CC Media Holdings reported revenues of $1.5 billion for the fourth
      quarter of 2009, a decline of 6% compared to $1.6 billion for the fourth
      quarter of 2008. The fourth quarter decline, as compared to the same
      period of 2008, was an improvement over larger declines in each of the
      first three quarters of 2009 when compared to the same periods in 2008.
      Mark Mays, President and CEO of CC Media Holdings, commented: &#8220;We began
      to see encouraging trends in the global advertising environment during
      the fourth quarter, as our overall revenues demonstrated sequential
      improvement in the final three months of the year.&#8221;
    </p>
    <p>
      Mark Mays further noted: &#8220;During the past year, we have implemented a
      concerted plan to achieve significant cost efficiencies across our
      operations. We have also strengthened our management team and sales
      organization and made considerable progress in developing our content
      distribution and advertising capabilities. These efforts will continue
      in 2010 as we seek to maximize our performance. We have a world-leading
      platform in the out-of-home media market, which enables us to deliver
      what we believe is an exceptional value proposition to advertisers. As
      we drive revenue growth across our operations, we believe we will
      increasingly benefit from our improved operating leverage, resulting in
      increased returns for our shareholders.&#8221;
    </p>
    <p>
      <u><b>Fourth Quarter 2009 Results</b></u>
    </p>
    <p>
      CC Media Holdings reported revenues of $1.5 billion in the fourth
      quarter of 2009, a decrease of 6% from the $1.6 billion reported for the
      fourth quarter of 2008, and revenues would have declined 8% excluding
      the effects of movements in foreign exchange rates.<sup>1</sup>
    </p>
    <p>
      The Company&#8217;s operating expenses decreased 12% to approximately $1.1
      billion during the fourth quarter of 2009 compared to the fourth quarter
      of 2008, and would have declined 14% excluding the effects of movements
      in foreign exchange rates.<sup>1</sup> Also included in the Company&#8217;s
      fourth quarter 2009 operating and corporate expenses are approximately
      $51.1 million of restructuring and other non-recurring charges related
      to our restructuring program and $11.3 million of non-cash compensation
      expense.
    </p>
    <p>
      The Company&#8217;s income before discontinued operations in the fourth
      quarter of 2009 increased to $149.7 million compared to a loss before
      discontinued operations of $5.0 billion for the same period in 2008.
    </p>
    <p>
      CC Media Holdings&#8217; OIBDAN (defined as Operating Income before
      Depreciation and Amortization, Impairment charge, Non-cash compensation
      expense, Merger expenses and Other operating income (expense) &#8211; net) was
      $360.3 million in the fourth quarter of 2009, a 16% increase from the
      fourth quarter of 2008.<sup>1</sup>
    </p>
    <p>
      <u><b>Full Year 2009 Results</b></u>
    </p>
    <p>
      For the full year, CC Media Holdings reported revenues of $5.6 billion,
      a decrease of 17% from the $6.7 billion reported for the same period in
      2008. Excluding the effects of foreign exchange, the decline would have
      been 15%.<sup>1</sup>
    </p>
    <p>
      The Company&#8217;s operating expenses decreased 14% to $4.0 billion during
      the year compared to 2008, and excluding the effects of movements in
      foreign exchange rates the decline would have been 12%.<sup>1</sup> Also
      included in the Company&#8217;s 2009 operating and corporate expenses were
      approximately $39.8 million of non-cash compensation expense and
      approximately $164.4 million of restructuring charges.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The Company&#8217;s loss before discontinued operations for the full year 2009
      was $4.0 billion compared to a loss before discontinued operations of
      $4.6 billion for 2008. CC Media Holdings&#8217; OIBDAN was $1.3 billion in
      2009, a 29% decrease from 2008.<sup>1</sup>
    </p>
    <p>
      <u><b>Revenue, Operating Expenses, and OIBDAN by Division</b></u>
    </p>
    <p>
      The discussion of the Company&#8217;s 2008 results in this release is
      presented on a combined basis for the pre-merger and the post-merger
      period for 2008. The 2008 pre-merger and post-merger results are
      presented below in Table 1, but are not discussed separately in this
      release. The Company believes that the discussion on a combined basis is
      more meaningful as it allows the results of the operations to be
      analyzed and compared to comparable periods in 2009.
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(In thousands)</i>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenue:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          711,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          788,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,736,404
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,293,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (17
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          339,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          342,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,238,171
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,430,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          423,175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          443,337
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,459,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,859,029
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          58,660
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,385
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          200,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          209,965
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Eliminations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (21,628
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (24,942
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (82,986
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (104,443
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Consolidated revenue</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,512,084</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,608,805</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(6</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>5,551,909</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>6,688,683</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(17</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses<sup>2</sup>:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          468,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          585,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,827,028
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,124,146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (14
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          219,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          240,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          802,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          891,950
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          368,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          383,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,296,801
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,585,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          188,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          186,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Eliminations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (21,628
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (24,942
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (82,986
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (104,443
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Consolidated Operating expenses</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,081,824</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,235,522</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(12</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>4,031,191</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>4,683,997</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(14</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          OIBDAN<sup>1</sup>:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          243,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          203,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          909,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,169,728
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (22
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          120,350
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          101,901
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          435,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          538,308
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (19
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,457
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          163,052
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          273,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (40
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,416
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,545
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (69,935
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (63,912
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (232,843
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (199,004
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <b>Consolidated OIBDAN</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>360,325</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>309,371</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>16</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,287,875</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 3.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 3.0px; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>1,805,682</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(29</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
    </table>
    </div>
    <p>
      In 2008 and 2009, the global economic downturn adversely affected
      advertising revenues across the Company&#8217;s businesses. In the fourth
      quarter of 2008, the Company initiated an ongoing, company-wide
      strategic review of its costs and organizational structure to identify
      opportunities to maximize efficiency and realign expenses with its
      current and long-term business outlook. As of December 31, 2009, the
      Company had incurred a total of $260.3 million of costs in conjunction
      with this restructuring program. The Company estimates the benefit of
      the restructuring program was an approximate $441.3 million aggregate
      reduction to fixed operating and corporate expenses in 2009 and that the
      benefit of these initiatives will be fully realized by 2011.
    </p>
    <p>
      No assurance can be given that the restructuring program will achieve
      all of the anticipated cost savings in the timeframe expected or at all,
      or that the cost savings will be sustainable. In addition, the Company
      may modify or terminate the restructuring program in response to
      economic conditions or otherwise.
    </p>
    <p>
      <sup>1</sup>See reconciliations of revenue and operating and corporate
      expenses excluding the effects of foreign exchange to revenue and
      excluding foreign exchange and non-cash compensation expense to direct
      operating expenses, SG&amp;A and corporate expenses and the reconciliation
      of OIBDAN to net income at the end of this press release.
    </p>
    <p>
      <sup>2</sup>The Company&#8217;s operating expenses include Direct operating
      expenses and Selling, general and administrative expenses, but excludes
      non-cash compensation expenses associated with the Company&#8217;s stock
      option grants and restricted stock awards.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Radio Broadcasting</b></u>
    </p>
    <p>
      The Company&#8217;s radio broadcasting revenues declined approximately $557.5
      million during 2009 compared to 2008, driven by decreases in local and
      national revenues of $388.5 million and $115.1 million, respectively.
      Local and national revenues were down across markets and advertising
      categories as a result of an overall weakness in advertising and the
      economy. The decline in advertising demand led to declines in total
      minutes sold and yield per minute in 2009 compared to 2008.
    </p>
    <p>
      Direct operating and SG&amp;A expenses declined approximately $326.6
      million. Compensation expense declined approximately $55.0 million
      primarily as a result of cost savings from the Company&#8217;s restructuring
      program. Non-renewals of sports contracts resulted in a decrease in
      expense of $9.1 million. The Company also experienced a $43.3 million
      decline in marketing and promotional expenses, a $122.9 million decline
      in commission and compensation expenses related to the decline in
      revenue and cost savings from the restructuring program, and an $18.3
      million decline in bad debt expense. The declines were partially offset
      by an increase of approximately $9.4 million in programming expenses
      primarily related to new contract talent payments in the Company&#8217;s
      national syndication business and an increase of $34.1 million in
      expense primarily associated with severance costs related to the
      restructuring program.
    </p>
    <p>
      <u><b>Americas Outdoor Advertising</b></u>
    </p>
    <p>
      The Company&#8217;s Americas revenue decreased approximately $192.1 million
      during 2009 compared to 2008. The decrease resulted primarily from
      declines in bulletin, poster and transit revenues due to cancellations
      and non-renewals from larger national advertisers as a result of the
      overall weakness in advertising and the economy. The decline in
      bulletin, poster and transit revenues was also impacted by a decline in
      rate compared to 2008.
    </p>
    <p>
      Direct operating and SG&amp;A expenses decreased $90.1 million during 2009
      compared to 2008, primarily from a $25.3 million decrease in site-lease
      expenses associated with cost savings from the Company&#8217;s restructuring
      program, as well as a decline in variable expenses related to revenues.
      A $26.0 million decline in commissions associated with a decline in
      revenues and cost savings and a $16.2 million decline in bad debt
      expense as a result of accounts collected and an improvement in the
      aging of the Company&#8217;s accounts receivable in 2009 also contributed to
      the decrease.
    </p>
    <p>
      <u><b>International Outdoor Advertising</b></u>
    </p>
    <p>
      The Company&#8217;s International revenue decreased approximately $399.2
      million in 2009 compared to 2008, with approximately $118.5 million from
      movements in foreign exchange rates. The revenue decline occurred across
      most countries, with the most significant decline in France of $75.5
      million due to weak advertising demand. Other countries with significant
      declines included the U.K. and Italy, which declined $30.4 million and
      $28.3 million, respectively, due to weak advertising markets.
    </p>
    <p>
      Direct operating and SG&amp;A expenses decreased $288.9 million during 2009
      compared to 2008, including a decrease of $109.3 million from movements
      in foreign exchange. In addition, cost savings from the restructuring
      program and decline in revenue resulted in a decrease of $146.4 million
      in site lease expenses, $34.3 million in compensation expense and $25.8
      million in administrative expenses.
    </p>
    <p>
      <u><b>Conference Call</b></u>
    </p>
    <p>
      Clear Channel Outdoor Holdings, Inc., a publicly traded subsidiary of CC
      Media Holdings, will be hosting a teleconference to discuss its results
      today at 5:00 p.m. Eastern Time. The conference call number is
      866-254-5934 and the pass code is 148441. Please call ten minutes in
      advance to ensure that you are connected prior to the presentation. The
      teleconference will also be available via a live audio cast on the
      investor section of the Clear Channel website, located at <u>www.clearchannel.com/Investors/</u>.
      A replay of the call will be available after the live conference call,
      beginning at 7:00 p.m. Eastern Time, for a period of one week. The
      replay numbers are 800-475-6701 (U.S. callers) and 320-365-3844
      (International callers) and the pass code is 148441. The audio cast will
      also be archived on the website and will be available beginning 24 hours
      after the call for a period of one week.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>TABLE 1 - Financial Highlights of CC Media Holdings, Inc. and
      Subsidiaries</b></u>
    </p>
    <p>
      The discussion in this release is presented on a combined basis of the
      pre-merger and post-merger periods for 2008. The 2008 combined
      post-merger and pre-merger results are presented below, but are not
      discussed separately. The Company believes that the discussion on a
      combined basis is more meaningful as it allows the results of the
      operations to be analyzed to comparable periods in 2009. See
      reconciliation of combined results below.
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <i>(In thousands)</i>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="top">
          Post-merger
        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Post-merger
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Change
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Post-merger
        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Combined
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Change
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,512,084
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,608,805
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6%)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,551,909
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,688,683
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (17%)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Direct operating expenses (excludes depreciation and amortization)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          695,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          724,607
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,583,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,904,444
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Selling, general and administrative expenses (excludes depreciation
          and amortization)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          391,444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          515,318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,466,593
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,829,246
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          191,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          239,901
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          765,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          696,830
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Corporate expenses (excludes depreciation and amortization)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          76,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,881
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          253,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          227,945
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Merger expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          155,769
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Impairment charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77,672
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,118,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other operating income (expense) - net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (17,830)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          12,363
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (50,837)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          28,032
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,264,482)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,687,146)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,366,377)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          359,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          434,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,500,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          928,978
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Gain (loss) on marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (116,552)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,371)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (82,290)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Equity in earnings (loss) of nonconsolidated affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,707
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,689)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100,019
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Other income &#8211; net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          29,985
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          142,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          679,716
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          126,393
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Loss before income taxes and discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (267,811)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,669,197)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,542,356)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,151,233)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income tax benefit:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Current
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          118,895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          76,129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49,449
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Deferred
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          298,583
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          624,902
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          417,191
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          474,591
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income tax benefit
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          417,478
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          663,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          493,320
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          524,040
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,005,783)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,049,036)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,627,193)
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income (loss) from discontinued operations, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (832)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          638,391
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Consolidated net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,006,615)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,049,036)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,988,802)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Amount attributable to noncontrolling interest
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2,277
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (9,349)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (14,950)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          16,671
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Net income (loss) attributable to the Company
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          147,390
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (4,997,266)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (4,034,086)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (4,005,473)
        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <i>(In thousands)</i>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Post-merger
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Pre-merger
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Combined
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Period from
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            July 31 through
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,<br>2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Period From
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            January 1
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            through July 30,<br>2008
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Twelve Months
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ended
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,<br>2008
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,736,941
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,951,742
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,688,683
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Direct operating expenses (excludes depreciation and amortization)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,198,345
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,706,099
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,904,444
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Selling, general and administrative expenses (excludes depreciation
          and amortization)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          806,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,022,459
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,829,246
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          348,041
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          348,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          696,830
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Corporate expenses (excludes depreciation and amortization)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          102,276
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          125,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          227,945
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Merger expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          87,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          155,769
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Impairment charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Other operating income (expense) - net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          13,205
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          14,827
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          28,032
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,042,246)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          675,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,366,377)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          715,768
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          213,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          928,978
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) on marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (116,552)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34,262
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (82,290)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Equity in earnings of nonconsolidated affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          94,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100,019
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Other income (expense) &#8211; net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          131,505
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (5,112)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          126,393
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before income taxes and discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,737,257)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          586,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,151,233)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income tax benefit (expense):
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Current
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          76,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (27,280)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49,449
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Deferred
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          619,894
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (145,303)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          474,591
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income tax benefit (expense)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          696,623
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (172,583)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          524,040
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,040,634)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          413,441
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,627,193)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income (loss) from discontinued operations, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,845)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          640,236
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          638,391
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Consolidated net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,042,479)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,053,677
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,988,802)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Amount attributable to noncontrolling interest
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (481)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          17,152
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          16,671
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Net income (loss) attributable to the Company
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (5,041,998)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          1,036,525
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (4,005,473)
        </td>
      </tr>
    </table>
    </div>
    <p>
      The Company was formed in May 2007 by private equity funds sponsored by
      Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. for the
      purpose of acquiring the business of Clear Channel Communications, Inc.
      The acquisition was consummated on July 30, 2008.
    </p>
    <p>
      The information in Table 1 is presented for two periods: post-merger and
      pre-merger. The financial reporting periods are presented as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        The period from January 1, 2009 through December 31, 2009 and from
        July 31 through December 31, 2008 includes the post-merger period of
        the Company, reflecting the purchase accounting adjustments related to
        the merger.
      </li>
      <li style="margin-bottom: 10.0px">
        The period from January 1, 2008 through July 30, 2008 includes the
        pre-merger period of the Company. The consolidated financial
        statements for all pre-merger periods were prepared using Clear
        Channel&#8217;s historical basis of accounting. As a result of the merger
        and the associated preliminary purchase accounting, the consolidated
        financial statements of the post-merger periods are not comparable to
        periods preceding the merger.
      </li>
    </ul>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>TABLE 2 - Selected Balance Sheet Information</b></u>
    </p>
    <p>
      Selected balance sheet information for 2009 and 2008 was:
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(In millions)</i>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          December 31, 2009
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          December 31, 2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Cash
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,884.0
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          239.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total Current Assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,658.8
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,066.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net Property, Plant and Equipment
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,332.4
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,548.2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          18,047.1
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          21,125.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current Liabilities (excluding current portion of long-term debt)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,145.4
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,283.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-Term Debt (including current portion of long-term debt)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          20,701.9
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          19,503.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders&#8217; Deficit
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6,844.7)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,916.2)
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>TABLE 3 - Capital Expenditures</b></u>
    </p>
    <p>
      Capital expenditures for the full year of 2009 and 2008 were:
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(In millions)</i>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          December 31, 2009
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          December 31, 2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Non-revenue producing
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          95.0
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          157.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Revenue producing
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          128.8
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          272.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px" valign="top">
          Total capital expenditures
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          223.8
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          430.5
        </td>
      </tr>
    </table>
    </div>
    <p>
      The Company defines non-revenue producing capital expenditures as those
      expenditures that are required on a recurring basis. Revenue producing
      capital expenditures are discretionary capital investments for new
      revenue streams, similar to an acquisition.
    </p>
    <p>
      <u><b>TABLE 4 &#8211; Restructuring Program Costs</b></u>
    </p>
    <p>
      The Company incurred the following costs in conjunction with its
      restructuring program:
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <i>(In millions)</i>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13.5
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          53.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          67.8
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          53.7
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Outdoor Advertising
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          48.4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          34.0
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2.2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12.6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6.9
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6.3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          35.6
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6.3
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 30.0px" valign="top">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          51.1
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          95.9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          164.4
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          95.9
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>TABLE 5 &#8211; Total Debt</b></u>
    </p>
    <p>
      At December 31, 2009 and December 31, 2008, CC Media Holdings had total
      debt of:
    </p>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(in thousands)</i>
        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,<br>2009
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,<br>2008
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Senior Secured Credit Facilities
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,928,111
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,925,488
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Other secured debt
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          5,225
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,604
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Total Consolidated Secured Debt
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,933,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,932,092
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Senior Cash Pay and Senior Toggle Notes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,711,450
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,310,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Clear Channel Senior Notes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,267,549
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,306,440
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Subsidiary Senior Notes
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,500,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Other long-term debt
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          69,260
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Purchase accounting adjustments and original issue (discount) premium
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (788,087
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,114,172
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          Total long term debt (including current portion of long-term debt)
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          20,701,905
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          19,503,620
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <i><b>Liquidity and Financial Position</b></i>
    </p>
    <p>
      For the year ended December 31, 2009, cash flow from operating
      activities was $181.2 million, cash flow used by investing activities
      was $141.7 million, and cash flow provided by financing activities was
      $1,604.7 million for a net increase in cash of $1,644.2 million.
    </p>
    <p>
      The Company&#8217;s senior secured credit facilities currently require the
      Company to comply with a maximum consolidated senior secured net debt to
      adjusted EBITDA (as calculated in accordance with the senior secured
      credit facilities, maximum of 9.5:1) ratio. Secured Leverage, defined
      under the senior secured credit facilities as secured debt, net of cash,
      divided by the trailing 12-month consolidated adjusted EBITDA<sup>2</sup>,
      was 7.4:1 at December 31, 2009.
    </p>
    <p>
      <sup>2</sup>Clear Channel&#8217;s consolidated adjusted EBITDA of $1.6 billion
      is calculated as the trailing twelve months operating income before
      depreciation and amortization, impairment charge, other operating
      (expense)-net, all as shown on the consolidated statement of operations
      plus non-cash compensation, and is further adjusted for certain items,
      including: (i) an increase for expected cost savings (limited to $100.0
      million in any twelve month period) of $100.0 million; (ii) an increase
      of $20.9 million for cash received from nonconsolidated affiliates;
      (iii) an increase of $24.6 million for non-cash items; (iv) an increase
      of $164.4 million related to expenses incurred associated with our cost
      savings program; and (v) an increase of $38.8 million for various other
      items.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>Supplemental Disclosure Regarding Non-GAAP Financial Information</b>
    </p>
    <p>
      <b>Operating Income (Loss) before Depreciation and Amortization (D&amp;A),
      Non-cash Compensation Expense and Other Operating Income &#8211; Net (OIBDAN)</b>
    </p>
    <p>
      The following tables set forth the Company&#8217;s OIBDAN for the three months
      and years ended December 31, 2009 and 2008. The Company defines OIBDAN
      as consolidated net income (loss) adjusted to exclude non-cash
      compensation expense and the following line items presented in its
      Statement of Operations: Income (loss) from discontinued operations;
      Income tax benefit (expense); Other income (expense) - net; Equity in
      earnings (loss) of nonconsolidated affiliates; Gain (loss) on marketable
      securities; Interest expense; Other operating income (expense) &#8211; net;
      D&amp;A Impairment charge; and Merger expenses.
    </p>
    <p>
      The Company uses OIBDAN, among other things, to evaluate the Company's
      operating performance. This measure is among the primary measures used
      by management for planning and forecasting of future periods, as well as
      for measuring performance for compensation of executives and other
      members of management. This measure is an important indicator of the
      Company's operational strength and performance of its business because
      it provides a link between profitability and cash flows from operating
      activities. It is also a primary measure used by management in
      evaluating companies as potential acquisition targets.
    </p>
    <p>
      The Company believes the presentation of this measure is relevant and
      useful for investors because it allows investors to view performance in
      a manner similar to the method used by the Company's management. It
      helps improve investors&#8217; ability to understand the Company's operating
      performance and makes it easier to compare the Company's results with
      other companies that have different capital structures, stock option
      structures or tax rates. In addition, the Company believes this measure
      is also among the primary measures used externally by the Company's
      investors, analysts and peers in its industry for purposes of valuation
      and comparing the operating performance of the Company to other
      companies in its industry.
    </p>
    <p>
      Since OIBDAN is not a measure calculated in accordance with GAAP, it
      should not be considered in isolation of, or as a substitute for, net
      income as an indicator of operating performance and may not be
      comparable to similarly titled measures employed by other companies.
      OIBDAN is not necessarily a measure of the Company's ability to fund its
      cash needs. As it excludes certain financial information compared with
      operating income and net income (loss), the most directly comparable
      GAAP financial measures, users of this financial information should
      consider the types of events and transactions which are excluded.
    </p>
    <p>
      In addition, because a significant portion of the Company&#8217;s advertising
      operations are conducted in foreign markets, principally the Euro area,
      the United Kingdom and China, management reviews the operating results
      from its foreign operations on a constant dollar basis. A constant
      dollar basis (in which a foreign currency adjustment is made to show the
      2009 actual foreign revenues and expenses at average 2008 foreign
      exchange rates) allows for comparison of operations independent of
      foreign exchange movements.
    </p>
    <p>
      As required by the SEC, the Company provides reconciliations below to
      the most directly comparable amounts reported under GAAP, including (i)
      OIBDAN for each segment to consolidated operating income; (ii) Revenue
      excluding foreign exchange effects to revenue; (iii) Expense excluding
      foreign exchange effects to expenses; (iv) Expense excluding non-cash
      compensation expense to expenses; and (v) OIBDAN to net income.
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="16" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of OIBDAN for each segment to Consolidated
            Operating Income (Loss)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="16">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p>
            <i>(In thousands)</i>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Operating<br>income (loss)
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Non-cash<br>compensation<br>expense
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Depreciation<br>and<br>amortization
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Other operating<br>income<br>(expense) &#8211; net,<br>merger
            expenses<br>and impairment<br>charge
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          OIBDAN
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended December 31, 2009</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Radio Broadcasting
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          178,271
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,068
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            63,416
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          243,755
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          66,676
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          120,350
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6,359)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          606
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          60,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          54,457
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (2,263)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          13,961
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,698
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Impairment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (77,672)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77,672
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operating expense &#8211; net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (17,830)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          17,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Corporate and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (78,744)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,584
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2,225
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (69,935)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          62,079
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          11,264
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          191,480
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          95,502
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          360,325
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Three Months Ended December 31, 2008</b>
        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          128,407
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,101
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          73,295
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          203,803
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          47,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          52,394
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          101,901
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (32,194)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          91,304
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          59,568
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8,113)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16,056
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,011
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Impairment charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,268,858)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operating income &#8211; net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,363
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12,363)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (68,085)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Corporate and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (75,733)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,969
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,852
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (63,912)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (5,264,482)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          9,372
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          239,901
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          5,324,580
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          309,371
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Year Ended December 31, 2009</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          639,854
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,276
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          261,246
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          909,376
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          217,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          210,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          435,874
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (68,727)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          229,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          163,052
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (43,963)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          56,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          12,416
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Impairment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,118,924)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,118,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operating expense &#8211; net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (50,837)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          50,837
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Corporate and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (262,166)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          21,121
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          8,202
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (232,843)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (3,687,146)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          39,786
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          765,474
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          4,169,761
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1,287,875
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Year Ended December 31, 2008</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          979,121
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          37,785
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          152,822
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,169,728
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          322,210
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          8,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          207,633
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          538,308
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,221
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,167
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          264,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          273,105
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (31,419)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,276
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          53,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          23,545
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Impairment charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,268,858)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operating income &#8211; net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          28,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (28,032)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (155,769)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          155,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Corporate and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (245,915)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          28,941
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          17,970
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (199,004)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          (4,366,377)
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          78,634
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          696,830
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          5,396,595
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          1,805,682
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="21" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of Revenue excluding Foreign Exchange Effects to
            Revenue</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(In thousands)</i>
        </td>
        <td>

        </td>
        <td colspan="6" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Consolidated Revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,512,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,608,805
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (6
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,551,909
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          6,688,683
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (17
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Excluding: Foreign exchange (increase) decrease
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (27,442
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          124,886
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Revenue excluding effects of foreign exchange
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,484,642</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,608,805</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(8</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>5,676,795</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>$</b>
          </p>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>6,688,683</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(15</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          339,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          342,188
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (1
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,238,171
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,430,258
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Excluding: Foreign exchange (increase) decrease
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (243
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          6,377
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Americas Outdoor revenue excluding effects of foreign exchange
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>339,651</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>342,188</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(1</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,244,548</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>$</b>
          </p>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1,430,258</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(13</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          423,175
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          443,337
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,459,853
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,859,029
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Excluding: Foreign exchange (increase) decrease
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (27,199
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          118,509
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          International Outdoor revenue excluding effects of foreign exchange
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>395,976</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>443,337</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(11</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,578,362</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,859,029</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(15</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="21" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of Expense (Direct Operating and SG&amp;A Expenses)
            excluding Foreign Exchange Effects to Expense</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(In thousands)</i>
        </td>
        <td>

        </td>
        <td colspan="6" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Consolidated expense
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,086,504
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,239,925
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (12
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,049,856
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,733,690
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (14
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Excluding: Foreign exchange (increase) decrease
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (24,533
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          114,155
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Consolidated expense excluding effects of foreign exchange
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,061,971</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,239,925</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(14</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>4,164,011</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>$</b>
          </p>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>4,733,690</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(12</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor expense
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          221,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          242,063
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          810,274
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          900,415
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Excluding: Foreign exchange (increase) decrease
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (253
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,850
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Americas Outdoor expense excluding effects of foreign exchange
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>221,297</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>242,063</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(9</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>815,124</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>$</b>
          </p>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>900,415</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(9</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor expense
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          369,324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          384,227
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,299,213
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,588,091
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Excluding: Foreign exchange (increase) decrease
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (24,280
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          109,305
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8212;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          International Outdoor expense excluding effects of foreign exchange
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>345,044</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>384,227</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(10</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>1,408,518</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>$</b>
          </p>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1,588,091</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(11</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="24" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of Expense (Direct Operating and SG&amp;A Expenses
            excluding Non-cash compensation expense to Expense)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(In thousands)</i>
        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Year Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          470,296
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          587,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,835,304
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,161,931
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (15
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Less: Non-cash compensation expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,068
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,101
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (8,276
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (37,785
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          468,228
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          585,034
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,827,028
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          2,124,146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (14
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          221,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          242,063
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          810,274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          900,415
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="top">
          Less: Non-cash compensation expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,006
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,776
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (7,977
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (8,465
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          219,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          240,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          802,297
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          891,950
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (10
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          369,324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          384,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,299,213
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,588,091
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px" valign="top">
          Less: Non-cash compensation expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (606
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (458
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,412
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (2,167
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          368,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          383,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,296,801
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,585,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (18
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          188,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          187,696
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Less: Non-cash compensation expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (68
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (1,276
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          46,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          51,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (9
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          188,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          186,420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Eliminations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (21,628
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (24,942
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (82,986
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (104,443
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Plus: Non-cash compensation expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            4,680
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          4,403
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          18,665
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          49,693
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Consolidated divisional</b><br><b>operating expenses</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>1,086,504</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>1,239,925</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(12</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>4,049,856</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          <b>4,733,690</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>(14</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Reconciliation of OIBDAN to Net income</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <i>(In thousands)</i>
        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Three Months Ended<br>December 31,
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          Year Ended<br>December 31,
        </td>
        <td>

        </td>
        <td style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Change
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2008
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="bottom">
          Change
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          OIBDAN
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          360,325
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          309,371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          16
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,287,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,805,682
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (29
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Non-cash compensation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          11,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          9,372
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          39,786
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          78,634
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          191,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          239,901
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          765,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          696,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Merger costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          68,085
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          155,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Impairment charge
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          77,672
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          4,118,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          5,268,858
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other operating income (expense) &#8211; net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (17,830
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          12,363
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (50,837
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          28,032
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          62,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,264,482
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,687,146
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,366,377
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          359,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          434,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          1,500,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          928,978
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Gain (loss) on marketable securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (116,552
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (13,371
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (82,290
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Equity in earnings (loss) of nonconsolidated affiliates
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (8
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          3,707
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (20,689
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          100,019
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Other income (expense) &#8211; net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          29,985
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          142,419
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          679,716
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          126,393
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Loss before income taxes and discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (267,811
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,669,197
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,542,356
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,151,233
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income tax (expense) benefit:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Current
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          118,895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          38,512
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          76,129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          49,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Deferred
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          298,583
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          624,902
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          417,191
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          474,591
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income tax benefit (expense)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          417,478
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          663,414
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          493,320
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          524,040
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Income (loss) before discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,005,783
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,049,036
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,627,193
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income (loss) from discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (832
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          638,391
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Consolidated net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          149,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (5,006,615
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (4,049,036
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          (3,988,802
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Amount attributable to noncontrolling interest
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          2,277
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (9,349
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          (14,950
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; padding-right: 0.0px" valign="bottom">
          16,671
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Net Income (loss) attributable to the Company
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>147,390</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(4,997,266</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(4,034,086</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="text-align: right; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>(4,005,473</b>
        </td>
        <td style="text-align: left; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; padding-right: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>About CC Media Holdings, Inc.</b>
    </p>
    <p>
      CC Media Holdings, the parent company of Clear Channel Communications,
      is a global media and entertainment company specializing in mobile and
      on-demand entertainment and information services for local communities
      and premier opportunities for advertisers. The company's businesses
      include radio and outdoor displays.
    </p>
    <p>
      For further information contact: Lisa Dollinger, Chief Communications
      Officer, 210-832-3474, or visit the Company&#8217;s web site at <u>www.clearchannel.com</u>.
    </p>
    <p>
      <i><b>Certain statements in this release constitute &#8220;forward-looking
      statements&#8221; within the meaning of the Private Securities Litigation
      Reform Act of 1995. Such forward-looking statements involve known and
      unknown risks, uncertainties and other factors which may cause the
      actual results, performance or achievements of CC Media Holdings and its
      subsidiaries, including Clear Channel Communications, Inc. to be
      materially different from any future results, performance or
      achievements expressed or implied by such forward-looking statements.
      The words or phrases &#8220;guidance,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221;
      &#8220;estimates&#8221; and &#8220;forecast&#8221; and similar words or expressions are intended
      to identify such forward-looking statements. In addition, any statements
      that refer to expectations or other characterizations of future events
      or circumstances are forward-looking statements.</b></i>
    </p>
    <div style="width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i><b>Various risks that could cause future results to differ from those
      expressed by the forward-looking statements included in this release
      include, but are not limited to: changes in business, political and
      economic conditions in the U.S. and in other countries in which the
      Company currently does business (both general and relative to the
      advertising industry); fluctuations in interest rates; changes in
      operating performance; shifts in population and other demographics;
      changes in the level of competition for advertising dollars;
      fluctuations in operating costs; technological changes and innovations;
      changes in labor conditions; changes in governmental regulations and
      policies and actions of regulatory bodies; fluctuations in exchange
      rates and currency values; changes in tax rates; and changes in capital
      expenditure requirements; access to capital markets and changes in
      credit ratings. Other unknown or unpredictable factors also could have
      material adverse effects on the Company&#8217;s future results, performance or
      achievements. In light of these risks, uncertainties, assumptions and
      factors, the forward-looking events discussed in this release may not
      occur. You are cautioned not to place undue reliance on these
      forward-looking statements, which speak only as of the date stated, or
      if no date is stated, as of the date of this document. Other key risks
      are described in the Company&#8217;s reports filed with the U.S. Securities
      and Exchange Commission, including in the section entitled &#8220;Item 1A.
      Risk Factors&#8221; of CC Media Holdings&#8217; Annual Report on Form 10-K for the
      period ended December 31, 2008. Except as otherwise stated in this
      release, the Company does not undertake any obligation to publicly
      update or revise any forward-looking statements because of new
      information, future events or otherwise.</b></i>
    </p>
    <p>
      CONTACT:<br>CC Media Holdings, Inc.<br>Lisa Dollinger, 210-832-3474<br>Chief
      Communications Officer<br><u>www.clearchannel.com</u>
    </p>
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