Clear Channel Outdoor Holdings (CCO)

As a creditor of Clear Channel Communications we are subject to certain risks associated with the ability of Clear Channel Communications to repay amounts owed to us.

We are a creditor of Clear Channel Communications, including in connection with the amounts owed to us by Clear Channel Communications under the CCU Cash Management Note. Our claim under the CCU Cash Management Note is unsecured. If Clear Channel Communications were to become insolvent, the notes would not be accelerated, and we would be an unsecured creditor of Clear Channel Communications with respect to any amounts owed to us under the CCU Cash Management Note. Moreover, we will not have any control over the use of any amounts by Clear Channel Communications after the CCU Intercompany Note is prepaid.

As a creditor of Clear Channel Communications we are subject to certain risks associated with the ability of Clear Channel Communications to repay amounts owed to us.

We are a creditor of Clear Channel Communications, including in connection with the $529.0 million owed to us by Clear Channel Communications under the cash management note as of September 30, 2009. Our claim under the cash management note is unsecured. If Clear Channel Communications were to become insolvent, the notes would not be accelerated and we would be an unsecured creditor of Clear Channel Communications with respect to any amounts owed to us under the cash management note. Moreover, we intend to loan the $750 million proceeds of the offering to CCOI which will, in turn, use such amounts to repay a portion of the CCU Intercompany Note due to Clear Channel Communications and pay the Initial Purchasers’ discount and the fees and expenses of the offering. Neither we nor CCOI will have any control over the use of such amounts by Clear Channel Communications after the CCU Intercompany Note is repaid.