Clear Channel Outdoor Holdings (CCO)

Selling, General and Administrative Expenses (“SG&A”)

Our SG&A decreased $26.8 million during the first quarter of 2009 as compared to the same period of 2008. Our International SG&A expenses decreased $17.3 million, primarily attributable to $13.7 million from movements in foreign exchange. SG&A decreased $9.5 million in our Americas segment, principally related to a decline in bonus and commission expenses.

Selling, General and Administrative Expenses (SG&A)

2008 v. 2007

SG&A increased $68.4 million during 2008 compared to 2007. Approximately $23.7 million of this increase occurred during the fourth quarter primarily as a result of severance associated with the restructuring plan. Our International business contributed approximately $41.9 million to the increase primarily from movements in foreign exchange of $11.2 million and an increase in severance in 2008 associated with the restructuring plan of approximately $20.1 million. Our Americas business’ SG&A increased approximately $26.4 million largely from increased bad debt expense of $15.5 million and an increase in severance in 2008 associated with the restructuring plan of $4.5 million.

2007 v. 2006

SG&A increased $51.0 million during 2007 compared to 2006. International SG&A expenses increased $31.9 million primarily related to movements in foreign exchange. Americas SG&A expenses increased $19.1 million mostly attributable to sales expenses associated with the increase in revenue and $6.7 million from Interspace.

Selling, General and Administrative Expenses (SG&A)

2008 v. 2007

SG&A increased $68.4 million during 2008 compared to 2007. Approximately $23.7 million of this increase occurred during the fourth quarter primarily as a result of severance associated with the restructuring plan. Our International business contributed approximately $41.9 million to the increase primarily from movements in foreign exchange of $11.2 million and an increase in severance in 2008 associated with the restructuring plan of approximately $20.1 million. Our Americas business’ SG&A increased approximately $26.4 million largely from increased bad debt expense of $15.5 million and an increase in severance in 2008 associated with the restructuring plan of $4.5 million.

2007 v. 2006

SG&A increased $51.0 million during 2007 compared to 2006. International SG&A expenses increased $31.9 million primarily related to movements in foreign exchange. Americas SG&A expenses increased $19.1 million mostly attributable to sales expenses associated with the increase in revenue and $6.7 million from Interspace.

Selling, General and Administrative Expenses (SG&A)

FACE="Times New Roman" SIZE="2">2008 v. 2007

SG&A increased $68.4 million during 2008 compared to 2007. Approximately $23.7
million of this increase occurred during the fourth quarter primarily as a result of severance associated with the restructuring plan. Our International business contributed approximately $41.9 million to the increase primarily from movements in
foreign exchange of $11.2 million and an increase in severance in 2008 associated with the restructuring plan of approximately $20.1 million. Our Americas business’ SG&A increased approximately $26.4 million largely from increased bad debt
expense of $15.5 million and an increase in severance in 2008 associated with the restructuring plan of $4.5 million.

2007 v. 2006

SG&A increased $51.0 million during 2007 compared to 2006. International SG&A expenses increased $31.9 million primarily related to
movements in foreign exchange. Americas SG&A expenses increased $19.1 million mostly attributable to sales expenses associated with the increase in revenue and $6.7 million from Interspace.

Selling, General and Administrative Expenses (SG&A)

Three Months

Our SG&A increased $11.1 million, or 8%, during the third quarter of 2008 as compared to 2007. Our International SG&A expenses increased $8.0 million primarily attributable to $3.7 million from movements in foreign exchange. SG&A increased $3.2 million in our Americas segment principally related to an increase in bad debt expenses.

Nine Months

Our SG&A increased $44.7 million, or 11%, during the first nine months of 2008 as compared to 2007. Our International SG&A expenses increased $33.5 million primarily attributable to $21.0 million from movements in foreign exchange. SG&A increased $11.2 million in our Americas segment principally related to bad debt and other administrative expenses.

Selling, General and Administrative Expenses (SG&A)

Three Months

Our SG&A increased $16.5 million, or 12%, during the second quarter of 2008 as compared to 2007. Our International SG&A expenses increased $12.5 million primarily attributable to $8.7 million from movements in foreign exchange. SG&A increased $3.9 million in our Americas segment principally related to an increase in administrative expenses associated with various legal expenses.

Six Months

Our SG&A increased $33.6 million, or 13%, during the first six months of 2008 as compared to 2007. Our International SG&A expenses increased $25.5 million primarily attributable to $17.3 million from movements in foreign exchange. SG&A increased $8.1 million in our Americas segment principally related to various legal expenses.

Selling, General and Administrative Expenses (SG&A)

SG&A increased $17.1 million during the first quarter of 2008 compared to the same period of 2007. Our international SG&A expenses increased $12.9 million primarily attributable to $8.9 million from movements in foreign exchange. SG&A increased $4.1 million in our Americas segment principally related to an increase in commission expenses associated with increased revenue.

Selling, General and Administrative Expenses (SG&A)

SG&A increased $51.0 million during 2007 compared to 2006. International SG&A expenses increased $31.9 million primarily related to movements in foreign exchange. Americas SG&A expenses increased $19.1 million mostly attributable to sales expenses associated with the increase in revenue and $6.7 million from Interspace.

SG&A increased $8.7 million during 2006 compared to 2005. SG&A increased $20.6 million in our Americas segment principally related to an increase in bonus and commission expenses associated with the increase in revenue. Our International SG&A expenses declined $11.9 million primarily attributable to a $9.8 million reduction recorded in 2006 as a result of the favorable settlement of a legal proceeding, as well as $26.6 million related to restructuring our businesses in France recorded in the third quarter of 2005. Partially offsetting this decline in our International SG&A was $9.5 million from our consolidation of Clear Media. Included in our SG&A expense growth in 2006 was $3.9 million from increases in foreign exchange. Share-based payments included in SG&A associated with the adoption of FAS 123(R) were $1.7 million for 2006.

Selling, General and Administrative Expenses (SG&A)

SG&A increased $51.0 million during 2007 compared to 2006. International SG&A expenses increased $31.9 million primarily related to movements in foreign exchange. Americas SG&A expenses increased $19.1 million mostly attributable to sales expenses associated with the increase in revenue and $6.7 million from Interspace.

SG&A increased $8.7 million during 2006 compared to 2005. SG&A increased $20.6 million in our Americas segment principally related to an increase in bonus and commission expenses associated with the increase in revenue. Our International SG&A expenses declined $11.9 million primarily attributable to a $9.8 million reduction recorded in 2006 as a result of the favorable settlement of a legal proceeding, as well as $26.6 million related to restructuring our businesses in France recorded in the third quarter of 2005. Partially offsetting this decline in our International SG&A was $9.5 million from our consolidation of Clear Media. Included in our SG&A expense growth in 2006 was $3.9 million from increases in foreign exchange. Share-based payments included in SG&A associated with the adoption of FAS 123(R) were $1.7 million for 2006.

Selling, General and Administrative Expenses (SG&A)

Three Months

Our SG&A increased $12.8 million, or 11%, during the third quarter of 2007 as compared to the same period of 2006. International SG&A expenses increased $8.2 million primarily related to movements in foreign exchange. Americas SG&A expenses increased $4.6 million attributable to selling expenses primarily associated with the increase in revenue.

Nine Months

Our SG&A increased $40.3 million, or 11%, during the first nine months of 2007 as compared to the same period of 2006. International SG&A expenses increased $24.1 million principally related to movements in foreign exchange. Americas SG&A expenses increased $16.2 million attributable to $7.3 million from Interspace and the remainder primarily attributable to sales expenses associated with the increase in revenue.