Clear Channel Outdoor Holdings (CCO)

Selection and Notice

If the Issuer is redeeming less than all of the 2017 B Notes at any time, the Trustee or the Paying Agent will select the 2017 B Notes to be redeemed (a) if such 2017 B Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which such 2017 B Notes are listed or (b) on a pro rata basis to the extent practicable, or, if the pro rata basis is not practicable for any reason, by lot or by such other method as the Trustee or the Paying Agent shall deem appropriate.

Notices of purchase or redemption shall be mailed by first-class mail, postage prepaid, at least 30 but not more than 60 days before the purchase or redemption date to (x) each Holder of 2017 B Notes to be redeemed at such Holder’s registered address, (y) to the Trustee to forward to each Holder of 2017 B Notes to be redeemed at such Holder’s registered address, or (z) otherwise in accordance with the procedures of DTC, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the 2017 B Notes or a satisfaction and discharge of the 2017 B Indenture. If any 2017 B Note is to be purchased or redeemed in part only, any notice of purchase or redemption that relates to such 2017 B Note shall state the portion of the principal amount thereof that has been or is to be purchased or redeemed.

The Issuer will issue a new 2017 B Note in a principal amount equal to the unredeemed portion of the original 2017 B Note in the name of the Holder upon cancellation of the original 2017 B Note. 2017 B Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on 2017 B Notes or portions of them called for redemption.