Radio. It’s On. Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

A mass medium delivering audio content to passionate and loyal listeners across multiple platforms RADIO Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO TODAY RADIO LiveLocalMobilePersonalSocialInteractiveExperiential Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

On Air A mass medium capable of easily delivering your message to many people Targetable assuring the right people are exposed to your message A trusted medium and always available especially during times of crisis Online Digital capabilities offering interactive opportunities Complements and enhances on air campaign by reaching consumers using multiple touch points Delivers content wherever and whenever listeners want it On Target An environment that delivers consumers who are engaged and passionate about the content Offering companionship and information Exposure to the message when and where consumers are ready to buy or shop RADIO. IT’S ON. Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO’S INCREDIBLE REACH

RADIO BOASTS HIGHEST MASS REACH AMONG POPULAR MEDIA Source: Nielsen Comparable Metrics Report Q Weekly Reach (% of Population) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults 18+ Source: Scarborough USA+, 2015 Release 2 Adults 18+ (August 2014 – October 2015) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: Scarborough USA+, 2015 Release 2 Adults (August 2014 – October 2015)

HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: Scarborough USA+, 2015 Release 2 Adults (August 2014 – October 2015)

CONSISTENT REACH LEVELS Source: Nielsen Audio, RADAR® , March December 2015, March 2016 (Monday-Sunday 24-Hour Cume Estimates, All Radio) A MEDIUM FOR ALL SEASONS Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO PEAKS DURING THE WORKDAY How to read: Each week in the 3-7p daypart, radio reaches 83% of Adults Source: Nielsen Audio, RADAR 128, March 2016 (Persons 18+, and 35-64, Monday-Sunday 24-Hour Weekly Cume Estimates, All Radio) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved 6-10A10A-3P3-7P7P-12M6-10A10A-3P3-7P7P-12M6-10A10A-3P3-7P7P-12M 6-10A10A-3P3-7P7P-12M

PEOPLE LISTEN AND LISTEN

REACH AND TIME SPENT ACROSS DEMOS Weekly Reach: 90.5% Weekly TSL: 11hrs:47min Best Daypart: 3-7p Reach: 79.1% Adults Weekly Reach: 93.7% Weekly TSL: 14hrs:21min Best Daypart: 3-7p Reach: 83.9% Adults Weekly Reach: 93.3% Weekly TSL: 15hrs:59min Best Daypart: 10a-3p Reach: 84.1% Adults Weekly Reach: 93.1% Weekly TSL: 13hrs:59min Best Daypart: 10a-3p Reach: 83.2% Hispanic 18+ Weekly Reach: 91.3% Weekly TSL: 14hrs:27 min Best Daypart: 10a-3p Reach: 79.8% African- American 18+ Source: Nielsen Audio RADAR 128, March 2016 (Monday-Sunday 24-Hour TSL and Cume Estimates; Monday-Sunday Daypart Cume Estimates) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

Source: Nielsen Total Audience Report Q Adults HRS Live TV + DVR/Time Shifted TV 60.2 HRS AM/FM Radio 41.8 HRS Using the Internet on Computer 48.5 HRS Using any App/Web on Smartphone GREATER HOURLY USE VS. DIGITAL DEVICES A18+ monthly hours of usage Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

CONSISTENT TIME SPENT WITH RADIO VS. OTHER DEVICES ACROSS ALL GROUPS Source: Nielsen Comparable Metrics Report Q Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved HRS:MIN

AN IMPORTANT PART IN TWEENS’ AND TEENS’ DAY Avg Time Among All % Who Use Avg Time Among Who Use TweenTeenTweenTeenTweenTeen Total Time Spent Listening to Music :511:5457%81%1:292:20 Computer:02:163%12%---2:11 Smartphone:10:4112%40%1:251:41 Tablet:06:0710%8%:571:36 Radio:20:2734% :581:20 CDs:04:055%6%1:131:16 iPod/MP3 Player:09:1812%17%1:171:46 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: The Common Sense Consensus: Media Use by Tweens and Teens, 2015 Tween: 8-12 yrs Teen: yrs

DAYTIME IS RADIO’s PRIME TIME Weekday (M-F) Overall Media Usage: P18+ May 2015 Share of Average Audience *TV Connected Devices (DVD, Game Console, Multimedia Device, VCR) Source: Nielsen Total Audience Report Q Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

2011 highlights 93% retention 2006 highlights 92% retention No time shifting No below the fold No load times Sources: 2011 Nielsen Audio, Media Monitors, and Coleman Insights NO COMMERCIAL SKIPPING Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO IS IMPORTANT TO LISTENERS

MOST USED SOURCE FOR MUSIC DISCOVERY Source: The Infinite Dial 2016 – Edison Research / Triton Digital Base: Those saying it is “Very Important” or “Somewhat Important” to Keep Up-To-Date With New Music Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO PLAYS A LEADING ROLE IN MUSIC DISCOVERY FOR MILLENNIALS Note: Radio is AM/FM or Satellite Source: Nielsen Music Report Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Which of the following are ways you discover new music? Base: Gen Pop, Millennials

AMERICANS TURN TO RADIO FOR NEWS Source: The Media Insights Project, 2014; based on a nationally representative telephone survey of 1,492 adults, Jan 9 -Feb 16, 2014 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO IN-CAR

RADIO OUTRANKS PERSONAL DEVICES FOR MUSIC IN-CAR Source: Nielsen Music Report Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Thinking about the past 12 months, how do you typically listen to music while in car? Base: Listens to music while in car, Millennials

MOST CHOSEN IN-CAR FEATURE Source: Ipsos In-Car Audio Study, February 2015 Q: Disregarding any associated costs, if you could select only up to 3 of the following options to be available on your next car entertainment systems, which 3 would you select? Preference for Entertainment Options in Next Car Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

THE BATTLE FOR THE DASH All major auto brands offered factory-installed HD Radio Technology as of Source: iBiquity Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO ACROSS PLATFORMS AND DEVICES

Source: comScore / Millennial Media, 2015: USC, Annenberg School for Communication & Journalism, PSI Study Released June 2012, Woodley, P. and Movius, L. People With a Favorite Radio Personality in LA; Scarborough USA+ Release 2 of LISTENERS TAKE THEIR AUDIO ON THE GO On-demand content delivering sports, music, information and entertainment downloads whenever and wherever the listener wants it Adults 18+ spend 79% of their online time on Smartphones listening to streaming radio every week 55% of listeners said they listen to their favorite personalities on computers or mobile devices when away from a radio Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

TECHNOLOGY DELIVERS RADIO BEYOND THE DIAL Expanding Radio’s delivery platforms to create an interactive, engaging and highly communicative environment via devices and apps Image Source: Tune-In and iHeartRadio Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

FM-ENABLED SMARTPHONES Source: NextRadio + TagStation Insights – For additional updates : Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved To date: Over 6.5 million app downloads Over 12,800 FM radio stations tuned to from the app Over 13.9 million hours of listening through NextRadio And 4/5 in Google Play Store user rating

“Content cards” provide information and highly relevant interactive tools: Click to buy (song or other related content) Upcoming concerts and album releases for artist currently playing Recent station playlist DELIVERS RELEVANT INTERACTIVITY Source: NextRadio + TagStation Insights – For additional updates : Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

MORE TECHNOLOGY THAT CONVERTS LISTENING TO ENGAGEMENT Technology converts radio listening into an engaging user experience, empowering listeners to see what they hear and take action. Image Source: Clip Interactive Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

PULLING DIGITAL CONTENT ONTO DEVICES Click here Click here to view Clip Interactive case studies Image Source: Clip Interactive Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

HD Radio 25.1MM Vehicles equipped with HD Radio Podcasts 98MM Americans have listened to a podcast Streaming Nearly 7900 streaming stations in 2015 RADIO’S DIGITAL PLATFORMS ARE STEADILY GROWING Source: HD Radio stat from iBiquity/HD Radio, 2016; The Infinite Dial 2016 – Edison Research / Triton Digital; Inside Radio / M Street Corp., September 2015; No Canadian or Mexican stations are included Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

PODCAST LISTENER PROFILE Age Composition 2x More Likely to Listen to Online Radio Vs. U.S. Population U.S Population Listening to Online Radio = 11% % Listening to Online Radio Past Week* Source: The Infinite Dial 2015 – Edison Research / Triton Digital *Online Radio defined as AM/FM Streams & Internet –Only Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO VS. OTHER AUDIO OPTIONS

HEAVY PANDORA USERS ARE HEAVY BROADCAST RADIO LISTENERS Source: NuVoodoo study based on 1,110 respondents in PPM markets - released 2014 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

CHANGING VIEWS OF PANDORA LISTENERS Source: Jacobs TechSurvey 11, 2015 NA Among those listening less Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO DELIVERS RESULTS

RADIO DRIVING INFLUENCE AND BEHAVIOR Radio Advertising topped Television, Social Media, and Direct Mail and was 2x as effective as Newspapers in influencing Healthcare choices. As a consumer gets closer to buying a vehicle, advertising influence goes up with Radio edging out all others in last 30 days. Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

Radio Payback per $1 Investment RETAIL (B) DEPT STORES MASS MERCH TELCORETAIL (A) HOME IMPRVT SNACKS (A) BEERSOFT DRINK (A) CANDYQSR SOFT DRINK (C) SNACKS (B) BFAST BAR SOFT DRINK (B) Gray represents results from 2014 Catalina studies; other colors represent studies done in 2015 based on 2014/2013 comparisons RADIO HAS POSITIVE IMPACT ON PRODUCT SALES Copyright ©2016 The Nielsen Company

RADIO REACHES YOUR TARGET

REACHING MAIN STREET CONSUMERS 94 % A18+ who are Small Business Owners / or Work at home A18+ whose household plans to buy/lease a full size car or luxury vehicle next year 93 % A18+ whose household used online investing/ stock-trading service past year A18+ whose household has/uses mobile banking 92 % A21+ who drank any imported/ domestic/domestic light beer past month A18+ who household plans to buy a smartphone next year Source: Scarborough USA Release 2 (August 2014 – October 2015) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO AND ITS PERSONALITIES A Friend Within the Community

POSITIVE RESPONSE TO RADIO ADS 91% Provides meaningful information about consumer product use 90% Useful information about new products or services 91% Advertising on radio is amusing 91% Provides useful information about bargains Source: Scarborough USA Release 2 (August 2012 – September 2013) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

In only one week, radio delivered nearly a QUARTER of the reach that TV did in 14 weeks Cable Drama Premier: Promo Campaign Personality Endorsement Radio excels at driving tune in for TV programs Source: Nielsen Audio Data – Tune-in Study; Live +7. % of campaign reach by platform

On Air A mass medium capable of easily delivering your message to many people Targetable assuring the right people are exposed to your message A trusted medium and always available especially during times of crisis Online Digital capabilities offering interactive opportunities Complements and enhances on air campaign by reaching consumers using multiple touch points Delivers content wherever and whenever listeners want it On Target An environment that delivers consumers who are engaged and passionate about the content Offering companionship and information Exposure to the message when and where consumers are ready to buy or shop RADIO. IT’S ON. Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved