Clear Channel Outdoor Holdings (CCO)

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Operating Activities:

Net cash provided by operating activities of $55.2 million for the three months ended March 31, 2008 principally reflected net income of $88.9 million and depreciation and amortization of $105.1 million. In addition, we recorded a $75.6 million gain in equity in earnings of nonconsolidated affiliates related to the sale of our 50% interest in Clear Channel Independent based on the fair value of the equity securities received as consideration. Also offsetting the net cash provided by operating activities was a negative change in working capital of $74.4 million. Net cash provided by operating activities of $86.4 million for the three months ended March 31, 2007 principally reflected net income of $16.1 million and depreciation and amortization of $95.7 million. Net cash flow provided by operating activities was partially offset by a negative change in working capital of $24.3 million.

Investing Activities:

Net cash used in investing activities of $126.9 million for the three months ended March 31, 2008 mainly reflected capital expenditures of $73.3 million related to purchases of property, plant and equipment and $68.6 million related to acquisitions of

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Table of Contents

operating assets. Net cash used in investing activities of $49.4 million for the three months ended March 31, 2007 principally reflected capital expenditures of $47.3 million related to purchases of property, plant and equipment and $12.2 million related to acquisitions of operating assets.

Financing Activities:

Net cash provided by financing activities of $44.1 million for the three months ended March 31, 2008 reflected net transfers from Clear Channel Communications of $113.5 million, partially offset by a net reduction in debt of $71.1 million. Net cash used in financing activities of $33.6 million for the three months ended March 31, 2007 principally related to net reductions in debt of $31.1 million and a net transfer of cash from Clear Channel Communications of $7.8 million.

Anticipated Cash Requirements:

We expect to fund anticipated cash requirements (including payments of principal and interest on outstanding indebtedness and commitments, acquisitions and anticipated capital expenditures) for the foreseeable future with cash flows from operations, borrowing under the cash management note with Clear Channel Communications, and various externally generated funds.

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows

The following table summarizes our historical cash flows:

Cash Flows