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Clear Channel Outdoor Holdings, Inc. Reports Results For Second Quarter 2012

Liquidity and Financial Position

For the quarter ended June 30, 2012, cash flow provided by operating activities was $65 million, cash flow used for investing activities was $84 million, cash flow used for financing activities was $18 million, and the effect of exchange rate changes on cash was $6 million, for a net decrease in cash of $43 million.

Capital expenditures for the quarter ended June 30, 2012 totaled approximately $75 million compared to $59 million for the quarter ended June 30, 2011.

The Clear Channel Worldwide Holdings, Inc. Senior Notes indentures restrict the Company’s ability to incur additional indebtedness but permit the Company to incur additional indebtedness based on an incurrence test. In order to incur additional indebtedness under this test, the Company’s debt to adjusted EBITDA ratios (as defined by the indentures) must be lower than 6.5:1 and 3.25:1 for total debt and senior debt, respectively. The Clear Channel Worldwide Holdings, Inc. Series B Senior Notes indenture permits the Company to pay dividends from the proceeds of indebtedness or the proceeds from asset sales if the Company’s debt to adjusted EBITDA ratios (as defined by the indenture) are lower than 6.0:1 and 3.0:1 for total debt and senior debt, respectively. If these ratios are not met, the Company has certain exceptions that allow the Company to pay dividends, including a $500 million exception for the payment of dividends.

Consolidated leverage ratio, defined as total debt divided by EBITDA for the preceding four quarters, was 6.05:1 at June 30, 2012, and senior leverage ratio, defined as senior debt divided by EBITDA for the preceding four quarters, was 3.24:1 at June 30, 2012. The Company’s adjusted EBITDA of $785.7 million is calculated as operating income (loss) before depreciation, amortization, impairment charges and other operating income (expense) – net, plus non-cash compensation, and is further adjusted for the following items: (i) an increase of $30.9 million for non-cash items; (ii) an increase of $48.1 million related to expenses incurred in connection with the closure and/or consolidation of facilities, retention charges, consulting fees and other permitted activities; and (iii) an increase of $9.3 million for various other items.

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