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CC Media Holdings, Inc. Reports Results For 2013 Third Quarter

Liquidity and Financial Position

For the nine months ended September 30, 2013, cash flow used by operating activities was $1 million, cash flow used by investing activities totaled $28 million, cash flow used for financing activities was $483 million, and the effect of exchange rate changes on cash was $2 million, for a net decrease in cash of $514 million.

Capital expenditures for the nine months ended September 30, 2013 were approximately $197 million compared to $260 million for the same period in 2012.

On October 21, 2013, in accordance with the terms of the Stipulation of Settlement, dated July 8, 2013, among Clear Channel Outdoor Holdings, Inc. (“Outdoor”), a special litigation committee consisting of certain independent directors of Outdoor, Clear Channel Communications, Inc. (“CCU”), Outdoor’s indirect parent company, and the other parties thereto, Outdoor announced that (i) it notified CCU of its intent to make a demand (the “Demand”) for repayment on November 8, 2013 of $200,000,000 outstanding under the Revolving Promissory Note, dated as of November 10, 2005, between CCU, as maker, and Outdoor, as payee (as amended by the first amendment dated as of December 23, 2009, the “Due from CCU Note”), and (ii) its board of directors declared a special cash dividend payable in cash on November 8, 2013 to Class A and Class B stockholders of record at the closing of business on November 5, 2013, in an aggregate amount equal to $200,000,000 (or approximately $0.56 per share, based on shares outstanding at the close of business on September 30, 2013), conditioned only on CCU satisfying the Demand. As the indirect parent of Outdoor, CCU will be entitled to approximately 88% of the proceeds from the dividend through its wholly-owned subsidiaries. The remaining approximately 12% of the proceeds from the dividend, or approximately $24 million, will be paid to the public stockholders of Outdoor. Following satisfaction of the Demand, the balance outstanding under the Due from CCU Note will be reduced by $200,000,000. As of September 30, 2013, the outstanding balance of the Due from CCU Note was $944,628,469.

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