Financial highlights for the third quarter of 2023 as compared to the same period of 2022, including financial highlights excluding movements in foreign exchange rates (“FX”)1:

1This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

2Financial highlights exclude results of discontinued operations. See “Dispositions and Discontinued Operations” section herein for more information.

3Segment Adjusted EBITDA is a GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

•On March 31, 2023, we sold our business in Switzerland to Goldbach Group AG for cash proceeds, net of customary closing adjustments and cash sold, of $89.4 million.

•On May 31, 2023, we sold our business in Italy to a subsidiary of JCDecaux for cash proceeds, net of customary closing adjustments and cash sold, of $5.1 million.

•In May 2023, we entered into an agreement to sell our business in Spain to a subsidiary of JCDecaux for cash consideration of approximately $64.3 million. This transaction is expected to close in 2024, upon satisfaction of regulatory approval and other customary closing conditions.

•In July 2023, we entered into exclusive discussions with Equinox Industries (“Equinox”) related to our business in France, and in October 2023, we entered into a share purchase agreement with Equinox to sell our business in France. The sale was subsequently completed on October 31, 2023, and in accordance with that share purchase agreement, we delivered our business in France to Equinox with approximately €42 million of cash, subject to adjustment for related customary items, tax and other costs, to support ongoing operations of the business, and Equinox assumed the €28.125 million state-guaranteed loan held by Clear Channel France.

1Excludes movements in FX

2Excludes results of discontinued operations

1Excludes movements in FX

2Excludes results of discontinued operations

3This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

Expected results and estimates may be impacted by factors outside of the Company’s control, and actual results may be materially different from this guidance. See “Cautionary Statement Concerning Forward-Looking Statements” herein.

1This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

America: Revenue down 1.9%:

•Driven by weaknesses in Media/Entertainment vertical and San Francisco/Bay Area market

•Decrease driven by print-formats; digital revenue of $97.6 million up 0.1%

•National sales comprised 32.7% of America revenue, compared to 37.8% in the prior year

Airports: Revenue up 21.2%:

•Driven by increased demand due to recovery of air travel after COVID-19 and investment in digital infrastructure

•Digital revenue up 15.6% to $41.8 million from $36.1 million

•National sales comprised 56.8% of Airports revenue, compared to 55.0% in the prior year

Europe-North: Revenue up 10.2%; excluding movements in FX, up 4.5%:

•Higher revenues in the U.K., Belgium and Denmark; partially offset by lower revenues in Sweden and Norway

•Digital revenue up 15.1% to $83.8 million from $72.8 million; digital revenue, excluding movements in FX, up 8.5% to $79.0 million

Other: Revenue up 8.4%; excluding movements in FX, down 1.2%:

•Lower revenue related to termination of public bicycle rental program

Direct Operating and SG&A Expenses1:

1“Direct operating and SG&A expenses” as presented throughout this earnings release refers to the sum of direct operating expenses (excluding depreciation and amortization) and selling, general and administrative expenses (excluding depreciation and amortization).

2Certain costs that were historically allocated to the Company’s Europe-South segment and reported within SG&A expenses, totaling $1.1 million and $3.8 million during the three and nine months ended September 30, 2022, respectively, have been deemed to be costs of continuing operations and are now reported within corporate expenses for all periods presented.

3Includes restructuring and other costs of $0.3 million and $0.4 million during the three months ended September 30, 2023 and 2022, respectively, and $0.8 million and $1.4 million during the nine months ended September 30, 2023 and 2022, respectively.

4This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

America: Direct operating and SG&A expenses up 1.7%:

•Site lease expense up 10.4% to $90.1 million from $81.6 million driven by lease renewals and amendments, as well as lower rent abatements

•Partially offset by lower property taxes related to legal settlement and lower credit loss expense

Airports: Direct operating and SG&A expenses up 27.0%:

•Site lease expense up 47.9% to $47.2 million from $31.9 million driven by lower rent abatements and higher revenue

Europe-North: Direct operating and SG&A expenses up 8.8%; excluding movements in FX, up 3.7%:

•Higher electricity prices, rental costs for additional digital displays and higher property taxes

•Site lease expense up 3.2% to $55.6 million from $53.9 million; site lease expense, excluding movements in FX, down 0.7% to $53.5 million driven by a contract renegotiation

Other: Direct operating and SG&A expenses up 8.2%; excluding movements in FX, down 0.9%:

•Lower expenses related to termination of public bicycle rental program

Corporate Expenses1:

1Certain costs that were historically reported within SG&A expenses have been reclassified to corporate expenses for all periods presented. See the “Direct Operating and SG&A Expenses” discussion above for more details.

2Includes restructuring and other costs (reversals) of $0.6 million and $(0.8) million during the three months ended September 30, 2023 and 2022, respectively, and $20.2 million and $9.7 million during the nine months ended September 30, 2023 and 2022, respectively.

3This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

Adjusted EBITDA1:

1This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

2Segment Adjusted EBITDA is a GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

3Certain costs that were historically included in Segment Adjusted EBITDA for the Europe-South segment have been deemed to be costs of continuing operations and have been reclassified to Adjusted Corporate expenses for all periods presented.

AFFO1:

1This is a non-GAAP financial measure. See “Supplemental Disclosures” section herein for more information.

1As of September 30, 2023, our America segment had presence in 28 U.S. DMAs.

2Billboards includes bulletins, posters, spectaculars and wallscapes.

3Other displays includes street furniture and transit displays.

4As of September 30, 2023, our Airports segment had displays across nearly 200 commercial and private airports in the U.S. and the Caribbean.

•CCIBV revenue increased 10.3% to $154.0 million from $139.6 million. Excluding the $7.9 million impact of movements in FX, CCIBV revenue increased 4.6%, primarily driven by higher revenue in our Europe-North segment, as described in the above “Results” section of this earnings release. Singapore represented approximately 3% of CCIBV revenue from continuing operations for the three months ended September 30, 2023.

•CCIBV operating income was $8.6 million compared to $3.4 million in the same period of 2022.

1Includes net cash used by discontinued operations of $18.2 million.

2Includes proceeds from the disposition of businesses, net of cash sold, of $94.4 million and capital expenditures for discontinued operations of $16.1 million.

3Includes the first quarterly principal repayment of €1.875 million on the state-guaranteed loan held by Clear Channel France. The remaining principal due on this loan was assumed by the buyer upon the sale of the business in France.

1Excludes depreciation and amortization.

2Loss from discontinued operations for the three and nine months ended September 30, 2023 includes a loss of $200.6 million recognized upon classification of the business in France as held for sale. During the nine months ended September 30, 2023, this was partially offset by gains of $96.4 million and $11.2 million from the sales of the former businesses in Switzerland and Italy, respectively. The remaining loss from discontinued operations reflects the net loss generated by operations of our Europe-South segment during the respective period and income tax expense driven by the sale of these businesses.

1Total current assets includes assets of discontinued operations of $41.4 million and $322.5 million at September 30, 2023 and December 31, 2022, respectively.

2Total assets includes assets of discontinued operations of $111.4 million and $538.1 million at September 30, 2023 and December 31, 2022, respectively.

3Current liabilities includes liabilities of discontinued operations of $267.2 million and $356.1 million at September 30, 2023 and December 31, 2022, respectively.

1The term loans under the Term Loan Facility amortize in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of such term loans, with the balance being payable on August 23, 2026. In accordance with these terms, we paid $10.0 million of the outstanding principal on the Term Loan Facility during the six months ended June 30, 2023. During the three months ended September 30, 2023, we made a prepayment, described in note (2) to this table, that satisfied the remaining quarterly payment obligations. As such, the entire remaining balance is due in 2026 and is classified as non-current at September 30, 2023.

2On August 22, 2023, we issued $750.0 million aggregate principal amount of 9.000% Senior Secured Notes due 2028. On the same date, we used a portion of the net proceeds from this issuance to prepay $665.0 million of outstanding principal on the Term Loan Facility, which we repurchased at a 1% discount.

3In June 2023, the Senior Secured Credit Agreement was amended, extending the maturity date of the Revolving Credit Facility to August 2026 and reducing the aggregate revolving credit commitments of the Revolving Credit Facility to $150.0 million. The full $150.0 million will be available through August 23, 2024, and $115.8 million will be available through August 23, 2026. As of September 30, 2023, we had $43.2 million of letters of credit outstanding and $106.8 million of excess availability under the Revolving Credit Facility.

4In June 2023, the Receivables-Based Credit Agreement was amended, extending its maturity to August 2026 and increasing its aggregate revolving credit commitments to $175.0 million. (The borrowing limit of the Receivables-Based Credit Facility is equal to the lesser of $175.0 million and the borrowing base, which is calculated based on our accounts receivable balance each period in accordance with our Receivables-Based Credit Agreement.) As of September 30, 2023, we had $40.2 million of letters of credit outstanding and $111.1 million of excess availability under the Receivables-Based Credit Facility.

5In September 2023, we repurchased in the open market $5.0 million of the CCOH 7.750% Senior Notes and $10.0 million of the CCOH 7.500% Senior Notes at a discount, resulting in a gain on extinguishment of $3.2 million. The repurchased notes are to be held by a subsidiary of the Company and have not been cancelled.

6Other debt includes finance leases and various borrowings utilized for general operating purposes.

7The current portion of total debt was $0.6 million and $21.2 million as of September 30, 2023 and December 31, 2022, respectively. The decrease was due to a prepayment made on the Term Loan, as described in note (1) to this table.

8Amounts exclude balances related to discontinued operations for all periods presented, including the state-guaranteed loan held by Clear Channel France, for which the first principal repayment of €1.875 million was made in September 2023. The remaining principal balance of €28.125 million was assumed by the buyer upon the sale of the business in France.

•Adjusted EBITDA is defined as income (loss) from continuing operations, plus: income tax expense (benefit) attributable to continuing operations; all non-operating expenses (income), including other expense (income), gain on extinguishment of debt and interest expense, net; other operating expense (income), net; depreciation, amortization and impairment charges; share-based compensation expense included within corporate expenses; and restructuring and other costs included within operating expenses. Restructuring and other costs include costs associated with cost savings initiatives such as severance, consulting and termination costs and other special costs.

•As part of the calculation of Adjusted EBITDA, the Company also presents the non-GAAP financial measure of “Adjusted Corporate expenses,” which the Company defines as corporate expenses excluding share-based compensation expense and restructuring and other costs.

•The Company uses the National Association of Real Estate Investment Trusts (“Nareit”) definition of FFO, which is consolidated net income (loss) before: depreciation, amortization and impairment of real estate; gains or losses from the disposition of real estate; and adjustments to eliminate unconsolidated affiliates and noncontrolling interests. The Company defines AFFO as FFO excluding discontinued operations and before the following adjustments for continuing operations: maintenance capital expenditures; straight-line rent effects; depreciation, amortization and impairment of non-real estate; amortization of deferred financing costs and discounts; share-based compensation expense; deferred taxes; restructuring and other costs; transaction costs; foreign exchange transaction gain or loss; non-service related pension costs or benefits; and other items, including adjustment for unconsolidated affiliates and noncontrolling interest and nonrecurring infrequent or unusual gains or losses.

1Restructuring and other costs during the nine months ended September 30, 2023 and 2022 include liabilities of $19.0 million and $7.1 million, respectively, recorded for the resolution of the matter related to the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.

1Restructuring and other costs during the nine months ended September 30, 2023 and 2022 include liabilities of $19.0 million and $7.1 million, respectively, recorded for the resolution of the matter related to the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.

1Net loss on disposition of real estate for the three and nine months ended September 30, 2023 includes a loss of $200.6 million recognized upon classification of the business in France as held for sale. During the nine months ended September 30, 2023, this was partially offset by gains of $96.4 million and $11.2 million from the sales of the former businesses in Switzerland and Italy, respectively.

2Restructuring and other costs during the nine months ended September 30, 2023 and 2022 include liabilities of $19.0 million and $7.1 million, respectively, recorded for the resolution of the matter related to the investigation of the Company’s former indirect, non-wholly-owned subsidiary, Clear Media Limited.

3Other items for the three and nine months ended September 30, 2023 include expenses related to the CCOH 9.000% Senior Secured Notes issuance and Term Loan Facility prepayment in the third quarter of 2023.

Reconciliation of Loss from Continuing Operations Guidance1 to Adjusted EBITDA Guidance1

1Guidance excludes movements in FX

Reconciliation of Loss from Continuing Operations Guidance1 to AFFO Guidance1

1Guidance excludes movements in FX.