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<SEC-DOCUMENT>0001157523-10-003019.txt : 20100510
<SEC-HEADER>0001157523-10-003019.hdr.sgml : 20100510
<ACCEPTANCE-DATETIME>20100510160124
ACCESSION NUMBER:		0001157523-10-003019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100510
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100510
DATE AS OF CHANGE:		20100510

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:		10816214

	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>a6284625.htm
<DESCRIPTION>CC MEDIA HOLDINGS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
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  </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;5/10/2010</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></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 cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          Delaware
        </td>
        <td style="padding-right: 0.0px; width: 50%; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          26-0241222
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          (State or Other Jurisdiction of
        </td>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="bottom">
          (I.R.S. Employer
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: center; padding-left: 0.0px" valign="top">
          Incorporation or Organization)
        </td>
        <td style="width: 50%; text-align: center; 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>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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 cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          Item 2.02
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On May 10, 2010, CC Media Holdings, Inc. (the &#8220;Company&#8221;) issued a press
      release announcing its earnings for the quarter ended March 31, 2010.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      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 &#8220;filed&#8221; 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>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          Item 9.01.
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          FINANCIAL STATEMENTS AND EXHIBITS.
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>

    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      (d) Exhibits
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      99.1 Press Release of CC Media Holdings, Inc. issued May 10, 2010.
    </p>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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">
      Signature(s)
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px; font-family: Times New Roman">
      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 cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

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

        </td>
        <td style="width: 56%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 40%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date: May 10, 2010
          </p>
        </td>
        <td style="width: 4%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 56%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /S/ SCOTT D. HAMILTON
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

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

        </td>
        <td style="width: 56%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Scott D. Hamilton
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 40%">

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

        </td>
        <td style="width: 56%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Accounting Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 300.0px; text-align: left">

    </p>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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 May 10, 2010.
    </p>
    <p>

    </p>
  </body>
</html>
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     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6284625ex99_1.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 First Quarter 2010 Results</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-Revenues
      increase 5%</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-OIBDAN
      increases 50% with increases across all divisions</b></font>
    </p>
    <p>
      SAN ANTONIO--(BUSINESS WIRE)--May 10, 2010--CC Media Holdings, Inc.
      (OTCBB: CCMO) today reported results for its first quarter March 31,
      2010.
    </p>
    <p>
      <u><b>First Quarter 2010 Results</b></u>
    </p>
    <p>
      Mark Mays, President and CEO of CC Media Holdings, commented: &quot;The
      advertising rebound continued in the first quarter, with business trends
      improving across many of our markets. As our top line returns to growth,
      we are demonstrating significant improvement in our operating margin due
      to the positive impact of our restructuring program.&#8221;
    </p>
    <p>
      Mark Mays further noted, &#8220;Advertisers are increasingly recognizing the
      need to target their core audiences as consumer purchasing activity
      rebounds and brand competition increases. Our global platform is second
      to none in delivering highly effective and efficient advertising
      campaigns in the out-of-home media market. As the economic outlook
      continues to brighten, we believe we can maximize returns from our
      businesses as a result of the steps we have taken to strengthen our
      management team, execute our cost restructuring program and
      strategically build our digital infrastructure. Given our strategic
      position and evolving market dynamics, we remain optimistic about our
      outlook in the year ahead.&#8221;
    </p>
    <p>
      CC Media Holdings reported revenues of $1.26 billion in the first
      quarter of 2010, an increase of 5% from the $1.21 billion reported for
      the first quarter of 2009, and revenues would have increased 2%
      excluding the effects of movements in foreign exchange rates.<sup>1</sup>
    </p>
    <p>
      The Company&#8217;s operating expenses decreased 5% during the first quarter
      of 2010 compared to the first quarter of 2009, and would have declined
      7% excluding the effects of movements in foreign exchange rates.<sup>1</sup>
      Also included in the Company&#8217;s first quarter 2010 operating and
      corporate expenses are approximately $19.3 million of restructuring
      charges related to the Company&#8217;s restructuring program and $8.1 million
      of non-cash compensation expense.
    </p>
    <p>
      The Company&#8217;s consolidated net loss in the first quarter of 2010
      decreased to $179.6 million compared to a consolidated net loss of
      $428.0 million for the same period in 2009.
    </p>
    <p>
      CC Media Holdings&#8217; OIBDAN (defined as Operating income before
      Depreciation and amortization, Non-cash compensation expense, and Other
      operating income (expense) &#8211; net) was $260.8 million in the first
      quarter of 2010, a 50% increase from the first quarter of 2009.<sup>1</sup>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>Revenue, Operating Expenses, and OIBDAN by Division</b></u>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; 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" valign="top">
          Three Months Ended
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          March 31,
        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: center; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenue<sup>1</sup>
        </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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          623,199
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          603,622
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          270,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          270,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          337,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          312,029
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52,046
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          41,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          25
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (20,235
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (19,649
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </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">
          <b>Consolidated revenue</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,263,778</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,207,987</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>5</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses<sup> 1,2</sup>
        </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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          429,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          465,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (8
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %)
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          181,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          191,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (5
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %)
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          305,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          302,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          45,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50,569
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (9
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %)
          </p>
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (20,235
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (19,649
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </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">
          <b>Consolidated Operating expenses</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>942,261</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>990,990</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(5</b>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>%)</b>
          </p>
        </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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          194,091
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          138,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          41
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          89,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78,636
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31,936
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          254
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,268
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (8,771
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (60,763
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (42,759
          </p>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </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">
          <b>Consolidated OIBDAN</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>260,754</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>174,238</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>50</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
      </tr>
    </table>
    </div>
    <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 SG&amp;A expenses, but exclude non-cash compensation expenses
      associated with the Company&#8217;s stock option grants and restricted stock
      awards.
    </p>
    <p>
      In the fourth quarter of 2008, the Company initiated a 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 March 31, 2010, the
      Company had incurred a total of $279.6 million of costs in conjunction
      with this restructuring program. The results of this program were a
      contributing factor to the overall decline in the Company&#8217;s operating
      expenses which decreased 5% for the first quarter of 2010 compared to
      2009 or 7% when excluding the effects of movements in foreign exchange
      rates.<sup>1</sup>
    </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>
      <u><b>Radio Broadcasting</b></u>
    </p>
    <p>
      Radio broadcasting revenue increased $19.6 million during the first
      quarter of 2010 compared to the same period of 2009, driven primarily by
      increased national advertising. The increase in national advertising
      revenue was primarily a result of increased average rates. Increases in
      national advertising occurred across various markets and advertising
      categories including retail, automotive, food and beverage, and
      healthcare.
    </p>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>
      Operating expenses decreased $36.6 million primarily related to a $12.3
      million decline in programming expenses and a $9.9 million decline in
      compensation expenses. The declines in programming and compensation
      expenses were primarily a result of cost savings from the Company&#8217;s
      restructuring plan. There was also a decrease of approximately $7.9
      million in bad debt expense. During the first quarter of 2009, the
      Company recorded additional bad debt expense related to specific
      accounts considered at risk because of the economic environment at the
      time.
    </p>
    <p>
      Radio broadcasting OIBDAN for the first quarter of 2010 increased 41% to
      $194.1 million from $138.1 million for the same period of 2009.
    </p>
    <p>
      <u><b>Americas Outdoor Advertising</b></u>
    </p>
    <p>
      The Company&#8217;s Americas revenues remained flat in the first quarter of
      2010 compared to the same period of 2009. During the first quarter of
      2010, revenue from posters increased $3.1 million, driven by an increase
      in occupancy. The Company also saw an increase in airport revenues of
      approximately $4.8 million as a result of the Vancouver Olympics.
      Digital displays also contributed to revenue growth. Partially
      offsetting the increase was a decrease in revenues related to Taxi Media
      (details regarding Taxi Media&#8217;s 2009 quarterly and annual revenues and
      expenses are provided at the end of the release).
    </p>
    <p>
      Operating expenses decreased $10.0 million during the first quarter of
      2010 compared to the same period of 2009. The decline in operating
      expenses was a result of the disposition of Taxi Media, partially offset
      by an increase in site-lease expenses associated with the increase in
      revenue from posters and airports.
    </p>
    <p>
      The Company&#8217;s Americas OIBDAN for the first quarter of 2010 increased
      13% to $89.2 million from $78.6 million for the first quarter of 2009.
      Excluding the effects of movements in foreign exchange rates<sup>1</sup>,
      the increase in OIBDAN was also 13%.
    </p>
    <p>
      <u><b>International Outdoor Advertising</b></u>
    </p>
    <p>
      International outdoor revenue increased approximately $25.8 million
      during the first quarter of 2010 compared to the same period of 2009,
      primarily as a result of a $25.1 million increase in foreign exchange. A
      stronger revenue performance from street furniture across countries as
      well as increased revenues from billboards in the UK were offset by
      revenue declines in Belgium, primarily due to a contract for a specific
      event in 2009, and the exit from businesses in Greece, India and the UK
      Taxi business.
    </p>
    <p>
      Operating expenses increased $2.8 million primarily due to a $22.5
      million increase from movements in foreign exchange. The Company saw a
      decline in operating expenses, excluding the impact of foreign currency,
      primarily as a result of lower site lease expense associated with cost
      savings from the Company&#8217;s restructuring program.
    </p>
    <p>
      The Company&#8217;s International OIBDAN for the first quarter of 2010
      increased 254% to $31.9 million from $9.0 million for the first quarter
      of 2009. Excluding the effects of movements in foreign exchange rates<sup>1</sup>,
      the increase in OIBDAN was 225%.
    </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
      800-260-0702 and the pass code is 155090. The teleconference will also
      be available via a live audio cast on the investor section of the Clear
      Channel Outdoor website, located at <u>http://www.clearchanneloutdoor.com/corporate/investor_relations.htm</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 155090. 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-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <i>(In thousands)</i>
        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Three Months Ended

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

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2010
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2009
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Revenue
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,263,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,207,987
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating expenses:
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Direct operating expenses (excludes depreciation<br>and
            amortization)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          597,347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          618,349
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Selling, general and administrative expenses<br>(excludes
            depreciation and amortization)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          349,296
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          377,536
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          181,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          175,559
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Corporate expenses (excludes depreciation<br>and amortization)
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          64,496
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          47,635
        </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 style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,772
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,894
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Operating income (loss)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          75,077
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (13,986
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          385,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          387,053
        </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 style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,188
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </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 style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          58,035
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,180
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Loss before income taxes
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (250,812
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (408,407
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Income tax benefit (expense)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          71,185
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (19,592
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Consolidated net loss
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (179,627
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (427,999
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </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 style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,213
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (9,782
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          Net loss attributable to the Company
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (175,414
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (418,217
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
    </table>
    </div>
    <p>
      The Company&#8217;s revenue and direct operating and SG&amp;A expenses increased
      approximately $27.0 million and $23.9 million, respectively, due to the
      effects of foreign exchange movements during the first quarter of 2010
      as compared to the same period of 2009.
    </p>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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 March 31, 2010 and December 31,
      2009 was:
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31, 2010
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31, 2009
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <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">
          Cash
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,482.3
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,168.4
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net Property, Plant and Equipment
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,259.7
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          17,400.0
        </td>
        <td>

        </td>
        <td>

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

        </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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,089.0
        </td>
        <td>

        </td>
        <td>

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

        </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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          20,376.9
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Shareholders&#8217; Deficit
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (7,054.8
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (6,844.7
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>TABLE 3 &#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 cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <i>(In millions)</i>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12.5
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          12.9
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2.6
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3.2
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7.1
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          Corporate
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2.9
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          7.8
        </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="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          19.3
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          33.6
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>TABLE 4 &#8211; Total Debt</b></u>
    </p>
    <p>
      At March 31, 2010 and December 31, 2009, CC Media Holdings had total
      debt of:
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          March 31,

          <p style="margin-top: 0px; margin-bottom: 0px">
            2010
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            December 31,<br>2009
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Senior Secured Credit Facilities
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,941
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,928
        </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>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          5
        </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>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,947
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <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>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,580
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,028
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,268
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          70
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78
        </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
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (748
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (788
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 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>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          20,377
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          20,702
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>Liquidity and Financial Position</b></i>
    </p>
    <p>
      For the quarter ended March 31, 2010, cash flow provided by operating
      activities was $30.2 million, cash flow used for investing activities
      was $71.7 million, and cash flow used for financing activities was
      $360.3 million for a net decrease in cash of $401.7 million.
    </p>
    <p>
      During the first quarter of 2010, Clear Channel Investments, Inc., the
      Company&#8217;s indirect wholly-owned subsidiary, repurchased $185.2 million
      aggregate principal amount of Clear Channel&#8217;s outstanding senior toggle
      notes through the open market for $125.0 million.
    </p>
    <p>
      The senior secured credit facilities currently require Clear Channel to
      comply on a quarterly basis with a financial covenant limiting the ratio
      of Clear Channel&#8217;s consolidated secured debt, net of cash and cash
      equivalents, to Clear Channel&#8217;s consolidated adjusted EBITDA<sup>3</sup>
      for the preceding four quarters. The maximum ratio under this covenant
      is currently set at 9.5:1. At March 31, 2010, the Company&#8217;s ratio was
      7.3:1.
    </p>
    <p>
      <sup>3</sup>Clear Channel&#8217;s consolidated adjusted EBITDA for the
      preceding four quarters of $1.7 billion is calculated as operating
      income for the period 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
      million; (ii) an increase of $22.8 million for cash received from
      nonconsolidated affiliates; (iii) an increase of $42.0 million for
      non-cash items; (iv) an increase of $150.1 million related to expenses
      incurred associated with our cost savings program; and (v) an increase
      of $22.7 million for various other items.
    </p>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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 (Expense) &#8211; Net
      (OIBDAN)</b>
    </p>
    <p>
      The following tables set forth the Company&#8217;s OIBDAN for the three months
      ended March 31, 2010 and 2009. 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; Interest expense; Other operating
      income (expense) &#8211; net; and D&amp;A.
    </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
      2010 actual foreign revenues and expenses at average 2009 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-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>
      <b>Reconciliation of OIBDAN for each segment to Consolidated Operating
      Income (Loss)</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Operating<br>income (loss)
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" 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="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          Depreciation

          <p style="margin-top: 0px; margin-bottom: 0px">
            and
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            amortization
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Other operating<br>income<br>(expense) &#8211; net
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          OIBDAN
        </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 colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Three Months Ended March 31, 2010</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          128,410
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,749
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          63,932
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          194,091
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          37,741
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,030
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          49,451
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          89,222
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (20,925
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          52,258
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31,936
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (7,328
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          13,596
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          6,268
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operating income (expense) &#8211; net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,772
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (66,593
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,733
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,097
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (60,763
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          75,077
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,115
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          181,334
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,772
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          260,754
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </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 colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Three Months Ended March 31, 2009</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          79,269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,999
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          56,832
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          138,100
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          29,818
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          46,650
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78,636
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (46,882
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          55,258
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9,032
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (23,690
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          72
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          14,847
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8,771
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other operating income (expense) &#8211; net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,894
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (49,607
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,876
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,972
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (42,759
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Consolidated
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (13,986
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9,771
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          175,559
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2,894
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          174,238
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>
      <b>Reconciliation of Revenue excluding Foreign Exchange Effects to
      Revenue</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="6" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: center; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" 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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Consolidated Revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,263,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,207,987
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (27,032
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Revenue excluding effects of<br>foreign exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,236,746</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>1,207,987</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>2</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          270,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          270,187
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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<br>(increase) decrease
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,974
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Americas Outdoor revenue<br>excluding effects of<br>foreign
            exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>269,003</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>270,187</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>0</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          337,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          312,029
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (25,058
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            International Outdoor revenue<br>excluding effects of foreign<br>exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>312,733</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>312,029</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>0</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Reconciliation of Expense (Direct Operating and SG&amp;A Expenses)
      excluding Foreign Exchange Effects to Expense</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="6" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: center; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" 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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Consolidated expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          946,643
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          995,885
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (23,879
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Consolidated expense excluding<br>effects of foreign<br>exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>922,764</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>995,885</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(7</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          183,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          193,719
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,385
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Americas Outdoor expense<br>excluding effects of foreign<br>exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>182,400</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>193,719</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(6</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor expense
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          306,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          303,653
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (22,494
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            International Outdoor expense<br>excluding effects of foreign<br>exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>283,964</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>303,653</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(6</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>
      <b>Reconciliation of OIBDAN excluding Foreign Exchange Effects to OIBDAN</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="6" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: center; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" 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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Consolidated OIBDAN
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          260,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          174,238
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,153
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Consolidated OIBDAN excluding<br>effects of foreign exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>257,601</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>174,238</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>48</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Americas Outdoor OIBDAN
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          89,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          78,636
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (589
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Americas Outdoor OIBDAN<br>excluding effects of foreign<br>exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>88,633</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>78,636</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>13</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Outdoor OIBDAN
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          31,936
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9,032
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          254
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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<br>(increase) decrease
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,564
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            International Outdoor OIBDAN<br>excluding effects of foreign<br>exchange
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>29,372</b>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>9,032</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>225</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 4.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Reconciliation of Expense (Direct Operating and SG&amp;A Expenses
      excluding Non-cash compensation expense to Expense)</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Three Months Ended

          <p style="margin-top: 0px; margin-bottom: 0px">
            March 31,
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: center; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Change
        </td>
      </tr>
      <tr>
        <td style="text-align: left" valign="top">
          Radio Broadcasting
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          430,857
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          467,521
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Less: Non-cash compensation<br>expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,749
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (1,999
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          429,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          465,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (8
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Americas Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          183,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          193,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (5
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Less: Non-cash compensation<br>expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,030
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,168
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          181,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          191,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (5
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          International Outdoor
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          306,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          303,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Less: Non-cash compensation<br>expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (603
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (656
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          305,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          302,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          45,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50,641
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (10
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Less: Non-cash compensation<br>expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (72
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          45,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50,569
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (9
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Eliminations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (20,235
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (19,649
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Plus: Non-cash compensation<br>expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,382
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          4,895
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>946,643</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>995,885</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(5</b>
        </td>
        <td style="padding-right: 0.0px; text-align: left; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>%)</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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>
      <b>Reconciliation of OIBDAN to Net income</b>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          Three Months Ended<br>March 31,
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; text-align: center; padding-bottom: 2.0px; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2010
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="3" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          2009
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" 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>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          OIBDAN
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          260,754
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          174,238
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          50
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          8,115
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          9,771
        </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="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          181,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          175,559
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          3,772
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (2,894
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          75,077
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (13,986
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          385,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          387,053
        </td>
        <td>

        </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">
            Equity in earnings (loss) of<br>nonconsolidated affiliates
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,188
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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="top">
          Other income (expense) &#8211; net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          58,035
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (3,180
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (250,812
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (408,407
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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 tax benefit (expense)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          71,185
        </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="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (19,592
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (179,627
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (427,999
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 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">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Amount attributable to noncontrolling<br>interest
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (4,213
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          (9,782
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 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">
          Net loss attributable to the Company
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(175,414</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>(418,217</b>
        </td>
        <td style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <b>)</b>
        </td>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Disposition of Taxi Business</b>
    </p>
    <p>
      On December 31, 2009, the Company disposed of Clear Channel Taxi Media,
      LLC (&#8220;Taxis&#8221;), its taxi advertising business. 2009 quarterly revenues,
      Direct operating expenses and SG&amp;A expenses associated with the divested
      business are provided below.
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <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 style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Three Months<br>Ending<br>3/31/09
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Three Months<br>Ending<br>6/30/09
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Three Months<br>Ending<br>9/30/09
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Three Months<br>Ending<br>12/31/09
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Full Year
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2009
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenues
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 8.9
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 10.8
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 9.8
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 12.0
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 41.5
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Direct Oper. Expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 9.6
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 10.3
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 9.6
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 10.3
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 39.8
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          SG&amp;A Expenses
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 2.6
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 2.7
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 2.4
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 2.8
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: right; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $ 10.5
        </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-left: 0pt; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt">
      <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, 2009. 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>

    </p>
    <p>
      CONTACT:<br>CC Media Holdings, Inc.<br>Lisa Dollinger, 210-832-3474<br>Chief
      Communications Officer
    </p>
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