Radio. It’s On. For African-Americans 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 LiveLocalMobilePersonalSocialInteractiveExperientialEngagingEmotionalImmediate 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 HIGH REACH

CONSISTENT REACH OF AFRICAN AMERICANS Source: Nielsen Audio, RADAR® , June December 2015, June 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

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

HIGHEST REACH AMONG ALL MEDIA OPTIONS Source: Scarborough USA+, 2015 Release 2 Black/African Americans (August 2014 – October 2015) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Black/ African-American Adults 18-34

HIGHEST REACH AMONG ALL MEDIA OPTIONS Source: Scarborough USA+, 2015 Release 2 Black/African-American (August 2014 – October 2015) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Black/ African-American Adults 18-34

PEOPLE LISTEN AND LISTEN

RADIO PEAKS FOR AFRICAN-AMERICANS DURING THE WORKDAY How to read: Each week in the 3-7p daypart, radio reaches 81% of African- Americans Source: Nielsen Audio, RADAR 129, June 2016 (African Americans 18+, 18-34, and 35-64, Monday-Sunday 24-Hour Weekly Cume Estimates, All Radio) 6-10A 10A-3P3-7P 7P-12M 6-10A 10A-3P3-7P 7P-12M 6-10A 10A-3P3-7P 7P-12M 6-10A 10A-3P3-7P 7P-12M Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

REACH AND TIME SPENT ACROSS AFRICAN AMERICAN LISTENERS Weekly Reach: 90.9% Weekly TSL: 13hrs:56min Best Daypart: 10a-3p Reach: 78.8% African Americans 12+ Weekly Reach: 91.4% Weekly TSL: 14hrs:37min Best Daypart: 10a-3p Reach: 80.1% African Americans 18+ Weekly Reach: 90.0% Weekly TSL: 11hrs:55min Best Daypart: 3-7p Reach: 75.7% African Americans Weekly Reach: 92.8% Weekly TSL: 14hrs:30min Best Daypart: 3p-7p Reach: 81.2% African Americans Weekly Reach: 93.3% Weekly TSL: 16hrs:07min Best Daypart: 10a-3p Reach: 83.4% African Americans Source: Nielsen Audio RADAR 129, June 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 African American Adults HRS Live TV + DVR/Time Shifted TV 62.3 HRS AM/FM Radio 48.3 HRS Using the Internet on Computer 56.4 HRS Using any App/Web on Smartphone GREATER MONTHLY USE VS. DIGITAL DEVICES African American A18+ MONTHLY HOURS OF USAGE Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

Source: Nielsen Comparable Metrics Report Q Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved HRS:MIN Weekly RADIO’S TSL IS CONSISTENT ACROSS ETHNIC GROUPS WEEKLY TIME SPENT – ELECTRONIC DEVICES

RADIO: A SIGNIFICANT PART IN THEIR WEEK Source: Nielsen Comparable Metrics Report Q African American Adults 18+ Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO IS IMPORTANT TO LISTENERS

AFRICAN-AMERICAN LISTENERS INTERACT WITH RADIO Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: Jacobs TechSurvey 12, 2016, n-39503

SOURCES MOST USED BY AFRICAN AMERICANS 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 ACROSS PLATFORMS AND DEVICES

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 RADIO EXPERIENCE ON SMARTPHONES Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved  Delivers real-time view of what’s playing on-air  Live interaction with favorite local radio stations  Use 3x less battery and 20x less data compared to streaming radio apps Source: NextRadio + TagStation Insights – For additional updates :

Source: NextRadio + TagStation Insights – For additional updates : Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved As of June 2016: Over 7.5 million app downloads Over 12,800 FM radio stations tuned to from the app Over 16.9 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 ever 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 CONSUMPTION IS HIGHER AMONG AFRICAN-AMERICANS VS. GENERAL MARKET % ever listened to a podcast% listened to a podcast in the last month Source: The Infinite Dial 2016 – Edison Research / Triton Digital Base: U.S. Population 12+ Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO IN-CAR

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 REACHES YOUR TARGET

REACHING AFRICAN AMERICAN CONSUMERS 94 % A18+ African American households who plans to buy/lease a new luxury vehicle next year A18+ African American households who has an auto loan / home mortgage 93 % A18+ African American households who used online investing/stock- trading service past year A18+ African American households who has home improvement loan or home equity loan 92 % A18+ African American households who used any auto dealership Web site/app to gather info to shop for new/used vehicle past year A18+ African American households who ate out at any upscale restaurant past month Source: Scarborough USA Release 2 Total (August October 2015) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

Sources: 2011 Arbitron, Media Monitors, and Coleman Insights – “What Happens When The Spots Come On” NO COMMERCIAL SKIPPING High audience levels among Black Listeners and Urban Music stations Delivers 94% of lead-in audience and 92% on Urban music stations Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

RADIO DELIVERS RESULTS

19% Black consumers show higher response to campaign exposure Source: Nielsen Catalina Solutions Studies of 3 radio ad campaigns, March 26, 2014 indexed to general market share point gains from study Black radio average dollar share point gain by advertiser

TV Show Rating (AA W12+) Not Exposed to Radio Campaign Exposed to Radio Campaign Radio advertising drives Television Tune-In In a 2014 Nielsen study for a major cable network, African- American women tuned into a season premiere at a higher rate after being exposed to that network’s radio campaign. Nielsen Audio Data – Tune-in Study; Live +7 conducted May 2015 for OWN Master Class Premiere

Black Radio racks up ROAS for retailers DEPARTMENT STORES $17 of incremental sales for every $1 spent on radio Blacks 18+ who were exposed to the radio campaign increased their total spend in department stores by 10% 2015 Nielsen Department Store Study Q Four brands - Compared to same time prior year

Not Exposed to Radio Campaign Exposed to Radio Campaign Source: Ipsos, Black consumers exposed to radio are 40% more likely to consider switching brand Radio advertising drives Brand Consideration Consideration to Switch to Wireless Provider (AA Adults 18-54)

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