2015 First Quarter Results

April 30, 2015

Safe Harbor Statement

2

Forward Looking Language Certain statements in this presentation constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries, including iHeartMedia Capital I, LLC, iHeartCommunications, Inc. and Clear Channel Outdoor Holdings, Inc., to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this presentation include, but are not limited to: the impact of the Company’s substantial indebtedness, including the effect of the Company’s leverage on its financial position and earnings; the Company’s ability to generate sufficient cash from operations and other liquidity-generating transactions to make payments on its indebtedness; weak or uncertain global economic conditions; changes in business, political and economic conditions in the United States and in other countries in which the Company currently does business; industry conditions, including competition; the level of expenditures on advertising; legislative or regulatory requirements; fluctuations in operating costs; technological changes and innovations; changes in labor conditions; changes in capital expenditure requirements; risks of doing business in foreign countries fluctuations in exchange rates and currency values; the outcome of pending and future litigation; taxes and tax disputes; changes in interest rates; shifts in population and other demographics; access to capital markets and borrowed indebtedness; the Company’s ability to implement its business strategies; risks relating to the successful integration of the operations of acquired businesses; and risks that the Company may not achieve or sustain anticipated cost savings from strategic revenue and efficiency initiatives. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this presentation may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this presentation. Other key risks are described in the Company’s reports filed with the U.S. Securities and Exchange Commission, including in the section entitled “Item 1A. Risk Factors” of iHeartMedia, Inc.’s, Clear Channel Outdoor Holdings, Inc.’s, iHeartCommunications, Inc.’s and iHeartMedia Capital I, LLC’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as otherwise stated in this presentation, the Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. Non-GAAP Financial Measures This presentation includes information that does not conform to generally accepted accounting principles (GAAP), such as OIBDAN and operating results on a constant dollar basis (excluding the impacts of movements in foreign exchange rates). These measures should not be viewed as an alternative to GAAP measures of performance. Furthermore, these measures may not be consistent with similar measures provided by other companies. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q, and 8-K. These reports are available on the Investor Relations page of www.iheartmedia.com and www.clearchanneloutdoor.com. Reconciliations of non-GAAP measures to GAAP measures are included at the end of this presentation. The Company uses OIBDAN, among other things, to evaluate the Company's operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of the Company's operational strength and performance of its business because it provides a link between profitability and net income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. The Company believes the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by the Company's management. The Company believes it helps improve investors’ ability to understand the Company's operating performance and makes it easier to compare the Company's results with other companies that have different capital structures, equity compensation structures or tax rates. In addition, the Company believes this measure is also among the primary measures used externally by the Company's investors, analysts and peers in its industry for purposes of valuation and comparing the operating performance of the Company to other companies in its industry. In addition, because a significant portion of the Company’s advertising operations are conducted in foreign markets, principally the Euro area, the U.K. and China, management reviews the operating results from its foreign operations on a constant dollar basis. A constant dollar basis (in which a foreign currency adjustment is made to show the actual foreign revenues, expenses and OIBDAN for a given period at average foreign exchange rates for the comparable period in the prior year) allows for comparison of operations independent of foreign exchange rate movements. This presentation should be read in conjunction with the 2015 First Quarter earnings releases of iHeartMedia, Inc. and Clear Channel Outdoor Holdings, Inc. and Form 10-Q filings of iHeartMedia, Inc., iHeartMedia Capital I, LLC, iHeartCommunications, Inc. and Clear Channel Outdoor Holdings, Inc. available at www.iheartmedia.com and www.clearchanneloutdoor.com Numbers may not sum due to rounding.

iHeartRadio.com 2,000+ live stations

& custom radio

Social 75+ million Facebook likes

& Twitter followers

Personality & Local Station Sites

Approx. 87 million average monthly reach

via 900+ websites

Mobile 575+ million app

downloads & upgrades

National Spot & Network Radio 5,900+ affiliate broadcast stations

Local Broadcast 850+ stations & 150+ local markets

Traffic & Weather 99.6% of commuter coverage

National & Local Personalities 98 syndicated properties

Airports

Transit & Street Furniture

Traditional Billboards

Digital Outdoor

iHeartRadio Music Festival & Village

Jingle Ball, Country Festival, Awards, Pool Party & Fiesta Latina

iHeartRadio Theaters New York & Los Angeles

Local Market Festivals & Concerts 20,000+ events a year

Network TV

3

Q1 2015 Key Financial Highlights (Excluding Impact of FX)

4

•  Revenue: $1.4 billion (+4% year over year)

•  +4% at iHM

•  +7% at International outdoor

•  +3% at Americas outdoor

•  Expenses: $1.0 billion (+3% year over year)

•  OIBDAN: $280 million (+7.5% year over year)

•  +9% at iHM

•  +19% at International outdoor

•  +4% at Americas outdoor

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

Key Non-Financial Highlights: iHeartMedia

5

•  Surpassed 63 million iHeartRadio registered users (34% growth YOY)

•  Total listening hours up 17% in Q1 (mobile represented 62% of iHeartRadio’s TLH in Q1’15)

•  Reached 80% consumer brand awareness in April (up from 75% at the end of 2014)

Key Initiatives

Events

•  Announced the launch of a programmatic and automated ad buying solution for our broadcast radio stations, enabling our sales groups to more deeply partner with advertisers

•  Added iHeartRadio in BMW and MINI vehicles, providing easy access to favorite Live and Custom iHeartRadio stations and podcasts directly from BMW ConnectedDrive and MINI Connected services

The second annual iHeartRadio Music Awards, broadcast live on NBC:

•  Generated 14 billion social media impressions

•  Was Twitter’s #1 trending show of the night

•  Rated #1 for the night in 18-49’s across the Big 4 broadcast networks

•  Won the Nielsen TV social ratings for the night and entire week

Key Non-Financial Highlights: Outdoor

6

Key Announcements

Digital

•  Named Bob Pittman CEO of Clear Channel Outdoor Holdings, Inc. in addition to his continued responsibility as Chairman

•  Named Scott Wells Chief Executive Officer of Americas Outdoor, overseeing U.S., Canada and Latin America

•  Named William Eccleshare Chairman and CEO of International Outdoor, leading International Outdoor’s global efforts and intensifying focus on the increasing potential of the international outdoor advertising market

•  18 new digital billboards for an end of quarter total of 1,193 across 38 markets in North America

•  143 new digital displays for an end of quarter total of more than 4,900 across 21 markets

iHeartMedia: Financial Results

7

•  Revenue:

-  Revenue +4%

-  Key Drivers: Traffic and weather and syndication businesses, as well as events

-  Top Advertiser Categories: Auto, Food & Beverage, Entertainment

•  Expenses:

-  Expenses +2%

-  Key Drivers: Costs related to music licenses and performance royalties

•  OIBDAN:

-  OIBDAN +8.6%

Three Months Ended March 31,2015 2014 VAR

Revenue $698 $670 4.1%Operating Expenses $475 $465 2.1%OIBDAN $223 $205 8.6%

Americas Outdoor: Financial Results

8

Three Months Ended March 31,Reported Excluding FX

2015 2014 VARRevenue $296 $291 1.8%Operating Expenses $202 $200 1.1%OIBDAN $94 $91 3.4%

Three Months Ended March 31,Excluding FX

2015 2014 VAR$300 $291 3.1%$205 $200 2.6%$95 $91 4.0%

•  Revenue:

-  Revenue +3%

-  Key Drivers: Digital billboards, as well as higher revenues from our Time Square spectaculars

-  Top Advertiser Categories: Retail, Electronic Equipment, Government agencies

•  Expenses:

-  Expenses +2.6%

-  Key Drivers: Increase in site lease expenses related to higher revenues

•  OIBDAN:

-  OIBDAN +4% (second consecutive quarter of year over year growth)

International Outdoor: Financial Results

9

Three Months Ended March 31,Reported Excluding FX

2015 2014 VARRevenue $319 $345 (7.4%)Operating Expenses $288 $315 (8.4%)OIBDAN $31 $30 3.5%

Three Months Ended March 31,Excluding FX

2015 2014 VAR$369 $345 7.1%$334 $315 6.0%$36 $30 19.2%

•  Revenue:

-  Revenue +7%

-  Key Drivers: Growth in Europe (Sweden, Italy and Norway), Australia, and China, due to new contracts and higher occupancy

•  Expenses:

-  Expenses +6%

-  Key Drivers: Higher variable costs and compensation expense associated with higher revenue

•  OIBDAN:

-  OIBDAN +19%

Items Impacting Comparability at iHeartMedia, Inc.

10

CCOH: Latin America operations included within Americas Outdoor Other: iHM reorganized a portion of its Katz Media business (included in “Other”) such that the expenses of sales personnel for iHeartMedia radio stations are now included in the iHM segment. Note: Company has recast the corresponding segment disclosures for prior periods to include Latin America within the Americas outdoor segment and has also recast the corresponding segment disclosures to reflect selling expenses for iHM stations as direct expenses of iHM.

Segment Reporting Strategic Revenue and Efficiency

Initiatives

~$10 million of costs incurred in c o n n e c t i o n w i t h i m p r o v i n g o u r businesses (down $3 million YOY)

Key drivers:

•  iHeartMedia: $2 million (up $1 million YOY)

•  Americas Outdoor: <$1 million (down $1 million YOY)

•  International Outdoor: <$1 million

•  Corporate: $4 million (down $6 million YOY)

Expenses

Capital Expenditures

11

iHeartMedia, Inc.

Clear Channel Outdoor Holdings, Inc.

Key Drivers: •  Americas Outdoor: Digital

billboards •  International Outdoor:

billboard and street furniture advertising structures

2015 Full-Year Capex

Guidance •  $300 million - $350 million

for iHeartMedia, Inc.

Quarter EndedMarch 31,

OutdoorAmericasInternational

Total OutdooriHeartMediaCorporate and Other

Total Capex

Quarter EndedMarch 31,

2015 2014 % $

$17 $16 2% $0.3$25 $21 20% $4.2$42 $37 12% $4.5$12 $10 16% $1.6

$3 $20 (86%) ($17.1)

$56 $67 (16%) ($11.0)

Quarter EndedMarch 31,

AmericasInternationalCorporate

Total Capex

Quarter EndedMarch 31,

2015 2014 % $

$17 $16 2% $0.3$25 $21 20% $4.2

$0 $1 (99%) ($1.3)

$42 $39 8% $3.2

Debt

12

•  Total Debt: $20.5 billion

•  Cash interest requirements of ~$1.3 billion for remainder of 2015

Upcoming Key Maturities

•  2016: $195.5 million

•  2018: $909.3 million

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

Maturity $ ChangeiHeartCommunications, Inc.Term Loan B 2016 - $916 (916)Term Loan C 2016 - $15 (15)Term Loan D 2019 $5,000 $5,000 - Term Loan E 2019 $1,300 $1,300 - Receivables Based Facility 2017 $120 - 120Priority Guarantee Notes - 9.00% 2019 $2,000 $2,000 - Priority Guarantee Notes - 9.00% 2021 $1,750 $1,750 - Priority Guarantee Notes - 11.25% 2021 $575 $575 - Priority Guarantee Notes - 9.00% 2022 $1,000 $1,000 - Priority Guarantee Notes - 10.625% 2023 $950 - 950Other Secured Subsidiary Debt $17 $19 (2)Senior Notes - 14.00% 2021 $1,678 $1,662 16Senior Notes - 5.50% 2016 $193 $193 - Senior Notes - 10.00% 2018 $730 $730 - Senior Notes - 6.875% 2018 $175 $175 - Senior Notes - 7.25% 2027 $300 $300 -

Clear Channel Outdoor Holdings, Inc.

6.5% Series A Senior Notes 2022 $736 $736 - 6.5% Series B Senior Notes 2022 $1,989 $1,989 - 7.625% Series A Senior Sub Notes 2020 $275 $275 - 7.625% Series B Senior Sub Notes 2020 $1,925 $1,925 - Senior Revolving Credit Facility 2018 - - - Other Debt $12 $15 (3)Original Issue Discount ($6) ($6) - Total Debt $4,931 $4,934 (3)

Other Subsidiary Debt $0 $1 (1)Purchase Accounting Adjustments and OID ($227) ($235) 8Total Debt $20,486 $20,326 160Weighted Average Cost of Debt 8.4% 8.1%

3/31/15 12/31/14

Balance Sheet Information and Debt Ratios

13

Recent Transactions

•  I s sued $950 m i l l i on o f 10.625% Priority Guarantee Notes due 2023, and used the proceeds to primarily prepay all remaining $931 million outstanding of Term Loan B and C

•  Borrowed $120 million under the Receivables Based F a c i l i t y f o r g e n e r a l corporate purposes

March 31, December 31, Change2015 2014

iHeartCommunications, Inc.Cash & Equivalents $289 $457Total Debt $20,486 $20,326

Secured Leverage Ratio 6.4x 6.3x

Clear Channel Outdoor Holdings, Inc.Cash & Equivalents $207 $186Total Debt $4,931 $4,934

Senior Leverage Ratio 3.6x 3.6xConsolidated Leverage Ratio 6.4x 6.4x

Appendix

iHeartMedia, Inc. Reconciliation of OIBDAN to Operating Income (Loss)

15

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortization

Other operating income (loss),

netOther

Adjustments OIBDANThree Months Ended March 31, 2015

iHeartMedia 161,881$ - 60,742$ - 142$ 222,765$ Americas Outdoor 43,652 - 50,340 - - 93,992 International Outdoor (11,491) - 42,441 - - 30,950 Other (5,374) - 7,666 - - 2,292 Corporate (86,552) 2,524 9,264 - 755 (74,009) Other operating income (loss), net (8,974) - - 8,974 - - Consolidated 93,142$ 2,524$ 170,453$ 8,974$ 897$ 275,990$

Three Months Ended March 31, 2014iHeartMedia 144,732$ - 60,324$ - - 205,056$ Americas Outdoor 41,166 - 49,712 - - 90,878 International Outdoor (18,420) - 48,331 - - 29,911 Other (4,340) - 8,719 - - 4,379 Corporate (80,490) 3,036 7,785 - - (69,669) Other operating income (loss), net 165 - - (165) - - Consolidated 82,813$ 3,036$ 174,871$ (165)$ - 260,555$

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

16

(In thousands)Operating

income (loss)

Non-cash compensation

expenses

Depreciation and

amortization

Other operating income (loss),

net OIBDANThree Months Ended March 31, 2015Americas Outdoor 43,652$ - 50,340$ - 93,992$ International Outdoor (11,491) - 42,441 - 30,950 Corporate (30,066) 1,925 1,313 - (26,828) Other operating income (loss), net (5,444) - - 5,444 -

Consolidated (3,349)$ 1,925$ 94,094$ 5,444$ 98,114$

Three Months Ended March 31, 2014Americas Outdoor 41,166$ - 49,712$ - 90,878$ International Outdoor (18,420) - 48,331 - 29,911 Corporate (31,396) 2,010 699 - (28,687) Other operating income (loss), net 2,654 - - (2,654) -

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

iHeartMedia, Inc. Reconciliation of OIBDAN to Net Income (Loss)

17

(In thousands)

2015 2014

OIBDAN 275,990$ 260,555$ Non-cash compensation expense 2,524 3,036 Depreciation and amortization 170,453 174,871 Amortization of Deferred System Implentation Costs 897 - Other operating income, net (8,974) 165 Operating income 93,142 82,813 Interest expense 441,771 431,114 Gain on marketable securities 579 - Equity in earnings (loss) of nonconsolidated affiliates 331 (13,326) Gain (loss) of extinguishment of debt (2,201) (3,916) Other income, net 19,891 1,541 Loss before income taxes (330,029) (364,002) Income tax benefit (expense) (56,605) (68,388) Consolidated net loss (386,634) (432,390) Less: Amount attributable to noncontrolling interest (1,668) (8,200) Net (loss) income attributable to the Company (384,966)$ (424,190)$

Three Months EndedMarch 31,

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

18

(In thousands)

2015 2014

OIBDAN 98,114$ 92,102$ Non-cash compensation expense 1,925 2,010 Depreciation and amortization 94,094 98,742 Other operating income (expense), net (5,444) 2,654 Operating income (3,349) (5,996) Interest expense 89,416 89,262 Interest income on Due from iHeartCommunications, Inc. 15,253 14,673 Equity in earnings (loss) of nonconsolidated affiliates 522 (736) Other income (expense), net 19,938 1,898 Income (loss) before income taxes (57,052) (79,423) Income tax benefit (expense) 24,099 (16,946) Consolidated net income (loss) (32,953) (96,369) Less: Amount attributable to noncontrolling interest 565 501 Net income (loss) attributable to the Company (33,518)$ (96,870)$

Three Months EndedMarch 31,

iHeartMedia, Inc. Reconciliation excluding Effects of Foreign Exchange Rates

19

Three Months EndedMarch 31, Variance

2015 2014 % $Revenue:Consolidated Revenue 1,344,564$ 1,342,548$ 0.2% 2,016$ Excluding: Foreign exchange Impact 53,752 - Revenue excluding effects of foreign exchange 1,398,316$ 1,342,548$ 4.2% 55,768$

Americas Outdoor Revenue 295,863$ 290,610$ 1.8% 5,253$ Excluding: Foreign exchange Impact 3,689 - Americas Outdoor Revenue excluding effects of FX 299,552$ 290,610$ 3.1% 8,942$

International Outdoor Revenue 319,180$ 344,641$ -7.4% (25,461)$ Excluding: Foreign exchange Impact 50,063 - International Outdoor Revenue excluding effects of FX 369,243$ 344,641$ 7.1% 24,602$

Expenses:Consolidated Expense 994,707$ 1,012,324$ -1.7% (17,617)$ Excluding: Foreign exchange Impact 48,509 - Expense excluding effects of foreign exchange 1,043,216$ 1,012,324$ 3.1% 30,892$

Americas Outdoor Expense 201,871$ 199,732$ 1.1% 2,139$ Excluding: Foreign exchange Impact 3,140 - Americas Outdoor Expense excluding effects of FX 205,011$ 199,732$ 2.6% 5,279$

International Outdoor Expense 288,230$ 314,730$ -8.4% (26,500)$ Excluding: Foreign exchange Impact 45,369 - International Outdoor Expense excluding effects of FX 333,599$ 314,730$ 6.0% 18,869$

OIBDAN:Consolidated OIBDAN 275,990$ 260,555$ 5.9% 15,435$ Excluding: Foreign exchange Impact 4,068 - OIBDAN excluding effects of foreign exchange 280,058$ 260,555$ 7.5% 19,503$

Americas Outdoor OIBDAN 93,992$ 90,878$ 3.4% 3,114$ Excluding: Foreign exchange Impact 549 - Americas Outdoor OIBDAN excluding effects of FX 94,541$ 90,878$ 4.0% 3,663$

International Outdoor OIBDAN 30,950$ 29,911$ 3.5% 1,039$ Excluding: Foreign exchange Impact 4,694 - International Outdoor OIBDAN excluding effects of FX 35,644$ 29,911$ 19.2% 5,733$

Corporate OIBDAN (74,009)$ (69,669)$ 6.2% (4,340)$ Excluding: Foreign exchange Impact (1,175) - Corporate OIBDAN excluding effects of FX (75,184)$ (69,669)$ 7.9% (5,515)$

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

20

Three Months EndedMarch 31, Variance

2015 2014 % $Revenue:Consolidated Revenue 615,043$ 635,251$ -3.2% (20,208)$ Excluding: Foreign exchange Impact 53,752 - Revenue excluding effects of foreign exchange 668,795$ 635,251$ 5.3% 33,544$

Americas Revenue 295,863$ 290,610$ 1.8% 5,253$ Excluding: Foreign exchange Impact 3,689 - Americas Revenue excluding effects of FX 299,552$ 290,610$ 3.1% 8,942$

International Revenue 319,180$ 344,641$ -7.4% (25,461)$ Excluding: Foreign exchange Impact 50,063 - International Revenue excluding effects of FX 369,243$ 344,641$ 7.1% 24,602$

Expenses:Consolidated Expense 490,101$ 514,462$ -4.7% (24,361)$ Excluding: Foreign exchange Impact 48,509 - Expense excluding effects of foreign exchange 538,610$ 514,462$ 4.7% 24,148$

Americas Expense 201,871$ 199,732$ 1.1% 2,139$ Excluding: Foreign exchange Impact 3,140 - Americas Expense excluding effects of FX 205,011$ 199,732$ 2.6% 5,279$

International Expense 288,230$ 314,730$ -8.4% (26,500)$ Excluding: Foreign exchange Impact 45,369 - International Expense excluding effects of FX 333,599$ 314,730$ 6.0% 18,869$

OIBDAN:Consolidated OIBDAN 98,114$ 92,102$ 6.5% 6,012$ Excluding: Foreign exchange Impact 4,068 - OIBDAN excluding effects of foreign exchange 102,182$ 92,102$ 10.9% 10,080$

Americas OIBDAN 93,992$ 90,878$ 3.4% 3,114$ Excluding: Foreign exchange Impact 549 - Americas OIBDAN excluding effects of FX 94,541$ 90,878$ 4.0% 3,663$

International OIBDAN 30,950$ 29,911$ 3.5% 1,039$ Excluding: Foreign exchange Impact 4,694 - International OIBDAN excluding effects of FX 35,644$ 29,911$ 19.2% 5,733$

Corporate OIBDAN (26,828)$ (28,687)$ -6.5% 1,859$ Excluding: Foreign exchange Impact (1,175) - Corporate OIBDAN excluding effects of FX (28,003)$ (28,687)$ -2.4% 684$

iHeartMedia, Inc. Reconciliation of Revenues excluding Effects of Political Revenue to Revenues

21

Variance2015 2014 %

Consolidated revenue 1,344,564$ 1,342,548$ 0.2%Excluding: Political revenue (3,820) (6,597) Consolidated revenue excluding effects of political revenue 1,340,744$ 1,335,951$ 0.4%

iHeartMedia revenue 697,801$ 670,347$ 4.1%Excluding: Political revenue (2,576) (4,548) iHeartMedia Revenue excluding effects of political revenue 695,225$ 665,799$ 4.4%

Americas Outdoor revenue 295,863$ 290,610$ 1.8%Excluding: Political revenue (845) (247) Americas Outdoor Revenue excluding effects of political revenue 295,018$ 290,363$ 1.6%

Other revenue 35,462$ 41,495$ -14.5%Excluding: Political revenue (399) (1,802) Revenue excluding effects of political revenue 35,063$ 39,693$ -11.7%

Three Months EndedMarch 31,

Reconciliation of Corporate Expenses excluding Non-Cash Compensation Expenses

22

IHEARTMEDIA, INC.(In thousands)

Three Months EndedMarch 31,

2015 2014

Corporate Expense 77,288$ 72,705$ Less: Non-cash compensation expense (2,524) (3,036) Less: Amortization of deferred system implementation costs (755) -

74,009$ 69,669$

CLEAR CHANNEL OUTDOOR HOLDINGS, INC.(In thousands)

Three Months EndedMarch 31,

2015 2014

Corporate Expense 28,753$ 30,697$ Less: Non-cash compensation expense (1,925) (2,010)

26,828$ 28,687$

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

23

IHEARTMEDIA, INC.(In millions)

Four Quarters EndedMarch 31, 2015

Consolidated EBITDA (as defined by iHeartMedia, Inc.'s senior secured credit facilities) 1,947$ Less adjustments to consolidated EBITDA (as defined by iHeartMedia, Inc.'s senior secured credit facilities):

Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, andother permitted activities (74) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in the definitionof consolidated EBITDA in iHeartMedia, Inc.'s senior secured credit facilities) (30) Non-cash charges (30) Other items (13)

Less: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense (709) Operating income 1,092$ Plus: Depreciation and amortization, Impairment charges, Other operating income, net, and Share-based compensation expense 697 Less: interest expense (1,752) Less: Current income tax expense (22) Less: Other expense, net 28 Adjustments to reconcile consolidated net loss to net cash provided by operating activities (including Provision for 59 doubtful accounts, Amortization of deferred financing charges and note discounts, net and Other reconciling items, net)Change in assets and liabilities, net of assets acquired and liabilities assumed (0) Net cash provided by operating activities 101$

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

24

Clear Channel Outdoor Holdings, Inc.(In millions)

Four Quarters EndedMarch 31, 2015

Consolidated EBITDA (as defined by the CCWH Senior Notes indentures) 767$ Less adjustments to consolidated EBITDA (as defined by the CCWH Senior Notes indentures):

Cost incurred in connection with closure and/or consolidation of facilities, retention charges, consulting fees, andother permitted activities (31) Extraordinary, non-recurring or unusual gains or losses or expenses and severance (as referenced in thedefinition of consolidated EBITDA in the CCWH Senior Notes indentures) (14) Non-cash charges (17) Other items (8)

Less: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and share-based compensation expense (413) Operating income 285$ Plus: Depreciation and amortization, Impairment charges, Other operating income (expenses), net, and share-based compensation expense 406 Less: interest expense (353) Plus: Interest income on Due from iHeartCommunications, Inc. 61 Less: Current income tax benefit 44 Plus: Other income, net 33 Adjustments to reconcile consolidated net loss to net cash provided by operating activities (includingProvision for doubtful accounts, Amortization of deferred financing charges and note discounts, netand Other reconciling items, net) (16) Change in assets and liabilities, net of assets acquired and liabilities assumed (130) Net cash provided by operating activities 330$

25

About Clear Channel Outdoor Holdings, Inc. Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is one of the world’s largest outdoor advertising companies with more than 640,000 displays in over 40 countries across Asia, Australia, Europe, Latin America and North America. Reaching millions of people monthly, including consumers in 45 of the top 50 U.S. markets, Clear Channel Outdoor enables advertisers to engage with consumers through innovative advertising solutions. Clear Channel Outdoor is pioneering the integration of out-of-home with mobile and social platforms, and the company’s digital platform includes over 1,100 digital billboards across 38 markets in North America and over 4,900 digital displays in international markets.

www.clearchanneloutdoor.com www.clearchannelinternational.com

Investors | Effie Epstein | Vice President, Investor Relations | EffieEpstein@iheartmedia.com

About iHeartMedia, Inc. iHeartMedia, Inc. (OTCBB: IHRT), the parent company of iHeartMedia Capital I, LLC and iHeartCommunications, Inc., is one of the leading global media and entertainment companies. The company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The company is dedicated to using the latest technology solutions to transform the company’s products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 40 countries across five continents, connecting people to brands using innovative new technology.

www.iheartmedia.com