Clear Channel Outdoor Holdings (CCO)

Principal, Maturity and Interest

The Issuer will issue $150,000,000 initial aggregate principal amount 2017 B Notes. The 2017 B Notes will mature on                     , 2017. Subject to compliance with the covenant described below under the caption “Certain Covenants in the 2017 B Indenture—Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock,” the Issuer may issue additional 2017 B Notes from time to time after this offering (such additional 2017 B Notes, the “Additional 2017 B Notes”). The 2017 B Notes offered by the Issuer and any Additional 2017 B Notes subsequently issued under the 2017 B Indenture will be treated as a single class for all purposes under the 2017 B Indenture, including waivers, amendments, redemptions and offers to purchase. Unless the context requires otherwise, for all purposes of the 2017 B Indenture and this “Description of the Series B Notes”, references to “2017 B Notes” include any Additional 2017 B Notes that are actually issued and references to “2017 A Notes” include any Additional 2017 A Notes that are actually issued.

Interest will accrue and be payable daily by the Issuer on the 2017 B Notes from the Issue Date, or from the most recent date to which interest has been paid or provided for. Interest will be payable by the Trustee semiannually using a 360-day year comprised of twelve 30-day months to Holders of record at the close of business on the                 or                  immediately preceding the interest payment date, on                  and                  of each year, commencing                 , 2010. If a payment date is not on a Business Day at the place of payment, payment may be made at the place on the next succeeding Business Day and no interest will accrue for the intervening period.

Not later than the Issue Date, the Issuer will cause the Trustee to establish an account (the “Trustee Account”) to be maintained by the Trustee for the benefit of the Holders with respect to payments of interest on the 2017 B Notes, over which the Trustee shall have sole control and dominion. Interest on the 2017 B Notes will accrue, and be payable by or on behalf of the Issuer to the Trustee, daily; provided that the failure by the Issuer to make or have made any such daily payment to the Trustee on any day will not constitute a Default so long as (a) (x) no payment or other transfer by the Company or any of its Restricted Subsidiaries shall have been made on such day under the Cash Management Arrangements or (y) the amount of funds on deposit in the Trustee Account on such day is equal to the amount of interest which has accrued up to and including such day and (b) on each

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semiannual interest payment date the aggregate amount of funds deposited in the Trustee Account is sufficient to pay the aggregate amount of interest on the 2017 B Notes that is payable by the Trustee to the Noteholders on such semiannual interest payment date. The Issuer or any Guarantor will not be the legal owners of the funds on deposit in the Trustee Account. Such amounts may be in cash in U.S. dollars, in Government Securities or in a combination thereof. Any interest earned on Government Securities held in the Trustee Account will be applied to pay fees and expenses of the Trustee and, to the extent of any excess, returned to the Company. Upon the making by or on behalf of the Issuer of any payment into the Trustee Account, the Issuer’s obligation to pay accrued interest shall be discharged to the extent of the amount so paid. If the Trustee fails to make an interest payment on the 2017 B Notes but the Issuer has deposited the funds with the Trustee, it will not be a Default.

Special Interest may accrue on the 2017 B Notes in certain circumstances pursuant to the 2017 B Registration Rights Agreement. All references in the 2017 B Indenture and this “Description of the Series B Notes”, in any context, to any interest or other amount payable on or with respect to the 2017 B Notes shall be deemed to include any Special Interest pursuant to the 2017 B Registration Rights Agreement for the 2017 B Notes. References to “accrued and unpaid interest” refer to interest that may be payable by the Issuer or the Trustee, as applicable.

Principal of, premium, if any, and interest on the 2017 B Notes will be payable at the office or agency of the Issuer maintained for such purpose or, at the option of the Issuer, may be made by check mailed to the Holders of the 2017 B Notes at their respective addresses set forth in the register of Holders; provided that all payments of principal, premium, if any, and interest with respect to the 2017 B Notes represented by one or more global notes registered in the name of or held by The Depositary Trust Company (“DTC”) or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders thereof. The Issuer’s office or agency will be the office of the Paying Agent maintained for such purpose.