August 20, 2013 Summary

92% 242 million Broadcast Radio reaches over 92% or 242 million of the U.S. population every week! And its reach has remained consistent 1 Source: 1 = Radar 117 June Population / 2= USA TouchPoints persons 18=64 / 3 = USC Annenberg Study June 2012 people / 4 – Scarborough USA Plus Rel and Vision Critical 2013 utilize AM/FM Radio more Listeners utilize AM/FM Radio more than to any other audio source throughout the day! 2 Listeners have a personal connection with broadcast radio Listeners have a personal connection with broadcast radio through interaction with the radio station and its local personalities on air and via social media, community and local events, etc.! 3 Broadcast Radio is Thriving! Broadcast Radio is Thriving! Broadcast Radio has continued to evolve making it easier to access over multiple devises. Broadcast Radio remains the top choice to hear breaking new music, as well as reaching younger listeners. 4 Broadcast Radio Responds! Broadcast Radio Responds! Broadcast radio responds to community needs with specialized events and in times of crisis with important news and information.

The entertainment experience of listeners to Radio is very different from that of music-only platforms (like Pandora, Spotify, iPods, cds etc.) Radio listeners look for: Connections to personalities, on air and online with two-way communication A place to belong (a neighborhood, a community, etc) Content curated by a program directors who understands the needs/likes/values of the neighborhood and will surprise the listener Local information (gossip, news, traffic, weather, opinions, events, opportunities…) Community support and involvement with the charities people care about locally and information about disasters or other critical community news on the spot These are all advertiser and listener benefits that Pandora cannot match 3

4 Lower listening levels and much lower growth rate TLH (Total Listening Hours) is down by –8% in 2Q 2013 vs. 1Q 2013 ¹ Pandora daily minutes per user have been down year over year by single to double digit % for four consecutive months ( –12% in July 2013 vs. July 2012)² Increased spot load probably prompting lower ratings The audio ad load is up about 70% this quarter versus last quarter³ An 80% increase from last year in complaints about commercials by your users Pandora remains the service most associated with having commercials and pop-up ads: 77% of surveyed Pandora users associate it with commercials while 68% of them associate it with pop-up ads Increased competition on every level including the sales arena Source: 1 – Triton Digital Reports and Pandora / 2 -- (Source: Pandora.com) / ³(Source: July 2013, Ipsos Media CT, Base: who are Pandora users) / ³Source: Analyst Michael Graham August 18, 2013 Canaccord Genuity Growth Conference / ource: Jacobs Media TechSurvey 9; 78,111 radio listeners / January 29-February 19, 2013

Pandora claims that they reach 7+% of total audio listening... ALL Internet Streaming accounts for only 5% of total radio listening including digital, broadcast and satellite. Their 7% share is unsupported and unsupportable.¹ Pandora does not replace radio. 96% of monthly Pandora users listened to Radio in the past week.³ Pandora users listen to 50% more AM/FM radio than non-Pandora users. Pandora claims its users spend 20 hours a month … Pandora includes overnight and Premium subscriber (no ads) listening. That is 40 minutes a day or less with an average of 4-5 ads an hour. Commercial Radio offers more than 4 times more listening than that. Pandora claims that the reach of their network is as big or bigger than top rated local stations... In reality they are combining all their individual channels together to compete against an individual broadcast radio stations with a methodology that does not match Arbitron ratings. Consider Pandora claims they can target geographically….In reality, Pandora doesnt check to see if registrants have moved. Consider that 40% of and 30% of total population move within 3 years. Pandora cannot prove that a Pandora cannot prove that all the people on the site are actually listening to their streams (people might leave it on while they go out of the room or mute it when speaking with a live human being) Pandora has offers none of the live opportunities Broadcast Radio does. Pandora has no personalities, no local presence, no community connections, offers none of the live opportunities Broadcast Radio does. BOTTOMLINE: Pandora cant deliver what it says it does and Radio can. Sources: 1 – USA Touchpoints ; 2 – Scarborough USA Plus Rel ; 3 – Scarborough Rel markets 4 – U.S. Census

Sources: Broadcast Radio includes Internet Streams 6

Sources: Broadcast Radio includes Internet Streams * Can pull zips, gender and age but not eliminate coverage of each – which is value added ^ Doesnt update zips, 88% of people online use false or incomplete data per Blue Inc 2012; ^^USA Touchpoints ; **Bridge Ratings March

Because Pandora cant deliver what Broadcast Radio can.