RADIO. IT’S ON.

TODAY’S MEDIA LANDSCAPE

RADIO A mass medium delivering audio content to passionate and loyal listeners across multiple platforms

RADIO TODAY RADIO Live Local Mobile Personal Social Interactive Experiential Engaging Emotional Immediate Radio is live, local. It is the original mobile and social medium. It creates interaction between listener and station and offers the opportunity to experience and sample products and services.

RADIO. IT’S ON. On Air Online On Target 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’s incredible reach

RADIO BOASTS HIGHEST MASS REACH AMONG TRADITIONAL MEDIA Weekly Reach (% of Population) Source: Nielsen Comparable Metrics Report Q4 2016

HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults 18+ Source: Scarborough USA+, 2016 Release 1 Adults 18+ (February 2015 – October 2016)

HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults 18-34 Source: Scarborough USA+, 2016 Release 1 Adults 18+ (February 2015 – October 2016)

HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults 25-54 Source: Scarborough USA+, 2016 Release 1 Adults 18+ (February 2015 – October 2016)

CONSISTENT REACH LEVELS A MEDIUM FOR ALL SEASONS Source: Nielsen Audio, RADAR® 129-133, June 2016 – June 2017 (Monday-Sunday 24-Hour Cume Estimates, All Radio)

RADIO PEAKS DURING THE WORKDAY How to read: Each week in the 3-7p daypart, radio reaches 83% of Adults 25-54. 6-10A 10A-3P 3-7P 7P-12M 6-10A 10A-3P 3-7P 7P-12M 6-10A 10A-3P 3-7P 7P-12M 6-10A 10A-3P 3-7P 7P-12M Source: Nielsen Audio, RADAR 133, June 2017 (Persons 18+, 18-34, 25-54 and 35-64, Monday-Sunday 24-Hour Weekly Cume Estimates, All Radio)

People listen and listen

TSL IS 13+ HOURS ACROSS ALL GROUPS WEEKLY TIME SPENT – ELECTRONIC DEVICES HRS:MIN Weekly Source: Nielsen Comparable Metrics Report Q4 2016

RADIO IS AN IMPORTANT PART OF TWEENS’ AND TEENS’ DAILY MEDIA Avg Time Among All % Who Use Among Who Use Tween Teen Total Time Spent Listening to Music :51 1:54 57% 81% 1:29 2:20 Computer :02 :16 3% 12% --- 2:11 Smartphone :10 :41 40% 1:25 1:41 Tablet :06 :07 10% 8% :57 1:36 Radio :20 :27 34% :58 1:20 CDs :04 :05 5% 6% 1:13 1:16 iPod/MP3 Player :09 :18 17% 1:17 1:46 Tween: 8-12 yrs Teen: 13-18 yrs Source: The Common Sense Consensus: Media Use by Tweens and Teens , 2015 Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

NO COMMERCIAL SKIPPING RADIO LISTENERS ARE RECEPTIVE TO ADS 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 Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

Radio is important to Listeners

RADIO LISTENERS USE SOCIAL MEDIA HEAVY RADIO LISTENERS ARE FACEBOOK FANS, TOO How to read: Among those who listen to Broadcast Radio more than two hours a day, 69% use Facebook daily. Source: NuVoodoo, Based on 1,100 respondents 14-54 in PPM markets, 2015 Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

LISTENERS FAVOR RADIO OVER FACEBOOK Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

BROADCAST RADIO PLAYS MORE “LIKED” SONGS THAN PANDORA Source: NuVoodoo, Based on 1,100 respondents 14-54 in PPM markets, 2014 Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

RADIO: MOST USED SOURCE FOR MUSIC DISCOVERY Base: Those saying it is “Very Important” or “Somewhat Important” to Keep Up-To-Date With New Music Source: The Infinite Dial 2017– Edison Research / Triton Digital

THE LEADER IN MUSIC DISCOVERY

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

Main Reason for Listening to Radio RADIO’S EQUATION MUSIC + INFO + EMOTION What’s Going on Locally 35% News 39% Get in a Better Mood 42% Keeps Me Company 48% In the Habit 51% Like to Work with Radio 55% DJs/ Hosts/ Shows 56% It’s Free 57% Hear Favorite Songs 66% Prizes 14% Sports 17% Charitable Events 19% Traffic 24% Weather 27% Emergency Info 33% Escape Life’s Pressures 35% Main Reason for Listening to Radio Source: Jacobs TechSurvey 13, 2017, n-51,760

Radio In-Car

MOST CHOSEN IN-CAR FEATURE 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 Source: Ipsos In-Car Audio Study, February 2015

TIME SPENT LISTENING IN-CAR Source: Edison Research: Sharing the Road: The Changing In-Car Audio Space, 2016

RADIO IN-CAR HAS GREATEST SHARE Source: Edison Research: Sharing the Road: The Changing In-Car Audio Space, 2016

MOST USED IN-CAR AUDIO SOURCE WEEKDAYS Among those who spend at least some time in a car 93% AM/FM Radio 42% Personal Music 25% Talking on phone 23% Satellite Radio 14% Pandora 9% Other streaming services 7% Podcasts 5% Audio Books average weekday – multiple answers allowed Source: Jacobs TechSurvey 12, 2016 Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

THE BATTLE FOR THE DASH All major auto brands offered factory-installed HD Radio Technology as of 2014 Source: iBiquity

Radio across Platforms and devices

LISTENERS TAKE THEIR AUDIO ON THE GO On-demand content delivering sports, music, information and entertainment downloads whenever and wherever the listener wants it 87% of smartphone owners ages 18-29 have listened to an online radio or music service on their phone.1 Source: 1) Pew Research Center, January 2016

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

FM RADIO EXPERIENCE ON SMARTPHONES 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 : http://tagstation.com/news/insights/

Nearly 12.5 million app downloads As of May 2017: Nearly 12.5 million app downloads Nearly 16,700 FM radio stations tuned to from the app Over 32.4 million hours of listening through NextRadio And 4/5 in Google Play Store user rating Source: NextRadio + TagStation Insights – For additional updates : http://tagstation.com/news/insights/

DELIVERS RELEVANT INTERACTIVITY “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 Source: NextRadio + TagStation Insights – For additional updates : http://tagstation.com/news/insights/

MORE TECHNOLOGY THAT CONVERTS LISTENING TO ENGAGEMENT There are other options available to consumers like Clip Interactive. Clip Radio is an app that allows listeners to clip something they’ve heard on their favorite radio station and instantly places it on their smartphone. You can clip songs, enter to win, coupons, and even “buy it now”. The app listens when you listen to detect the station you’re listening to and delivers free music and exclusive offers from the radio station and their advertising partners. Technology converts radio listening into an engaging user experience, empowering listeners to see what they hear and take action. Image Source: Clip Interactive

PULLING DIGITAL CONTENT ONTO DEVICES This illustration shows the different ways that a listener can get content. They can listen to music, have the opportunity to win a contest, answers surveys, watch a video and receive offers. The listener is “pulling” the information that they hear and placing onto their device. There are some specific case studies on rab.com Click here to view Clip Interactive case studies Image Source: Clip Interactive Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

RADIO’S DIGITAL PLATFORMS ARE STEADILY GROWING HD Radio 36.2MM Vehicles equipped with HD Radio Podcasts 112MM Americans have ever listened to a podcast Streaming Nearly 7900 streaming stations Source: HD Radio stat from iBiquity/HD Radio, 2017; The Infinite Dial 2017 – Edison Research / Triton Digital; Inside Radio / M Street Corp., December 2016; No Canadian or Mexican stations are included

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* *Online Radio defined as AM/FM Streams & Internet –Only Source: The Infinite Dial 2015 – Edison Research / Triton Digital Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

Radio vs. other audio options

Over-the-Air Radio Dominates Share of Time Spent with Audio (Gross Minutes) P18-34 ADULTS 18+ P35-49 P50+ 9 out of every 10 minutes spent with audio is with over-the-air Radio vs. 1 in 10 for streaming audio 4% Source: Nielsen Comparable Metrics Report Q4 2016 / Adults = P18+ Note: Streaming Audio accounts for listening via PC, Smartphone, and Tablet to content providers such as Pandora, Spotify, iHeartRadio, etc

WANING USE OF PANDORA Listening by 12-24 year olds is on a steady decline Source: The Infinite Dial 2017 – Edison Research / Triton Digital

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. Source: Automotive and Healthcare F.C.T. Reports 2013 & 2014, Radio Advertising Bureau and Presslaff Interactive Presentation courtesy of the Radio Advertising Bureau, 2017 – All Rights Reserved

RADIO ADS BROUGHT IN MORE CUSTOMERS AND LIFTED MARKET SHARE +71% Not only did AM/FM Radio grow the client’s sales, Radio increased the number of new vs existing customers by 64% when the ads were running. +48% Exposed to Radio Ads Not Exposed to Radio Ads Exposed to Radio Ads Not Exposed to Radio Ads Source: Nielsen Buyer Insights (NBI), Sales Effectiveness Analysis, Auto Aftermarket Retailer, Persons 18+. Unexposed: 12,329; Exposed: 14,147. Pre-period = 3/1/15-6/30/15. Test period = 3/1/16-6/28/16.

RADIO HAS POSITIVE IMPACT ON PRODUCT SALES Radio Payback per $1 Investment Average ROAS on 15 studies conducted from 2014 to 2015: $8:$1 Details on new studies: Department Stores: 4 Brands Test Period: Q3 2014 Pre Period: Same Time Prior Year Mass Merchandises 2 Brands Test Period: Q4 2014 Home Improvement Test Period: Q2 2014 QSR/Fast Food 3 Brands Pre Period: 3 months prior Telcom 1 Brand Test Period: Q1 2014 Previous Studies: 10 case studies Based on various flights in various markets – see Nielsen Catalina study presentation April 2014 RETAIL (B) DEPT STORES MASS MERCH TELCO RETAIL (A) HOME IMPRVT SNACKS (A) SNACKS (B) BEER SOFT DRINK (A) CANDY QSR SOFT DRINK (C) BFAST BAR SOFT DRINK (B) Gray represents results from 2014 Catalina studies; other colors represent studies done in 2015 based on 2014/2013 comparisons Copyright ©2017 The Nielsen Company. 2017.

RADIO COMPLEMENTS OTHER MEDIA OPTIONS

Radio reaches your target

REACHING MAIN STREET LISTENERS 94% Household who used a tutoring service past year Household who installed a pool, hot tub or spa past year 93% A18+ whose household used a day spa in the past 3 months A18+ whose household plans to buy a SmartTV next year 92% Household remodeled a kitchen in past year Household used a personal injury attorney in the past year Source: Scarborough USA+ 2016 Release 1 (February 2015 - April 2016)

Radio and its personalities A Friend Within the Community Radio and its personalities

PERSONALITY TESTIMONIALS DRIVE RADIO LISTENER TRUST Does hearing one of your favorite radio station personalities provide testimonials for health care or medical products or services make you trust that product or service… Source: Healthcare F.C.T. Report 2014, Radio Advertising Bureau and Presslaff Interactive

RADIO. IT’S ON. On Air Online On Target 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