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

2. TODAY’S MEDIA LANDSCAPE

3. 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

4. RADIO TODAY RADIO LiveLocalMobilePersonalSocialInteractiveExperientialEngagingEmotionalImmediate Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

5. 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

8. RADIO’S INCREDIBLE REACH

9. RADIO BOASTS HIGHEST MASS REACH AMONG POPULAR MEDIA Source: Nielsen Comparable Metrics Report Q4 2015 Weekly Reach (% of Population) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

10. 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

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

12. HIGHEST REACH AMONG ALL MEDIA OPTIONS Adults 25-54 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: Scarborough USA+, 2015 Release 2 Adults 25-54 (August 2014 – October 2015)

14. CONSISTENT REACH LEVELS Source: Nielsen Audio, RADAR® 125-129, June 2015 - 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

15. RADIO PEAKS DURING THE WORKDAY How to read: Each week in the 3-7p daypart, radio reaches 83% of Adults 25-54. Source: Nielsen Audio, RADAR 129, June 2016 (Persons 18+, 18-34, 25-54 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

16. PEOPLE LISTEN AND LISTEN

19. REACH AND TIME SPENT ACROSS DEMOS Weekly Reach: 90.5% Weekly TSL: 11hrs:50min Best Daypart: 3-7p Reach: 79.2% Adults 18-34 Weekly Reach: 93.7% Weekly TSL: 14hrs:25min Best Daypart: 3-7p Reach: 84.0% Adults 35-49 Weekly Reach: 93.4% Weekly TSL: 16hrs:08min Best Daypart: 10a-3p Reach: 84.2% Adults 50-64 Weekly Reach: 93.3% Weekly TSL: 14hrs:09min Best Daypart: 10a-3p Reach: 83.5% Hispanic 18+ Weekly Reach: 91.4% Weekly TSL: 14hrs:37 min Best Daypart: 10a-3p Reach: 80.1% African- American 18+ 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

20. Source: Nielsen Total Audience Report Q4 2015 Adults 18+ 163.6 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 MONTHLY USE VS. DIGITAL DEVICES A18+ monthly hours of usage Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

21. RADIO’S TSL IS CONSISTENT ACROSS ETHNIC GROUPS WEEKLY TIME SPENT – ELECTRONIC DEVICES Source: Nielsen Comparable Metrics Report Q4 2015 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved HRS:MIN Weekly

22. RADIO IS AN IMPORTANT PART OF TWEENS’ AND TEENS’ DAILY MEDIA 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: 13-18 yrs

25. 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 LISTENERS ARE RECEPTIVE TO ADS

26. RADIO IS IMPORTANT TO LISTENERS

27. How to read: Among those who listen to Broadcast Radio more than two hours a day, 69% use Facebook daily. Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: NuVoodoo, Based on 1,100 respondents 14-54 in PPM markets, 2015 RADIO LISTENERS USE SOCIAL MEDIA HEAVY RADIO LISTENERS ARE FACEBOOK FANS, TOO

28. LISTENERS FAVOR RADIO OVER FACEBOOK Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

29. 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, 2016 – All Rights Reserved

31. RADIO: 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

33. 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

34. Prizes 13% Sports 18% Charitable Events 20% Traffic 24% Weather 26% Music Surprises 28% Talk Shows 32% Emergency Info 33% Escape Life’s Pressures 33% RADIO’S EQUATION Main Reason for Listening to Radio MUSIC + INFO + EMOTION Source: Jacobs TechSurvey 12, 2016, n-39503 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Discover New Music 33% What’s Going On Locally 36% Get in a Better Mood 40% News 41% Keeps Me Company 47% In the Habit 51% Like to Work with Radio 55% DJs/ Hosts/ Shows 58% Hear Favorite Songs 64%

35. RADIO IN-CAR

36. 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

42. RADIO OUTRANKS PERSONAL DEVICES FOR MUSIC IN-CAR AMONG MILLENNIALS Source: Nielsen Music 360 2015 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

44. 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 Source: Jacobs TechSurvey 12, 2016 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved average weekday – multiple answers allowed

46. THE BATTLE FOR THE DASH All major auto brands offered factory-installed HD Radio Technology as of 2014 2010 2011 2012 2013 2014 185+ 35 76 166 33 67 154 28 61 109 21 36 86 16 Source: iBiquity Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

47. RADIO ACROSS PLATFORMS AND DEVICES

48. Source: 1) Pew Research Center, January 2016 ;Pew Research Center 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 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

50. 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 : http://tagstation.com/news/insights/http://tagstation.com/news/insights/

51. Source: NextRadio + TagStation Insights – For additional updates : http://tagstation.com/news/insights/http://tagstation.com/news/insights/ 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

52. “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 : http://tagstation.com/news/insights/http://tagstation.com/news/insights/ Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

53. 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

54. 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

55. 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

57. 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

61. RADIO VS. OTHER AUDIO OPTIONS

63. HEAVY PANDORA USERS ARE HEAVY BROADCAST RADIO LISTENERS Source: NuVoodoo study based on 1,110 respondents 14-54 in PPM markets - released 2014 Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

64. 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

65. Radio is Better than Pandora at Delivering The Opportunity Vote “Opportunity Voters” are 5x more likely to agree that Radio is an appropriate place for political advertising than Pandora Source: Nielsen study commissioned by Katz Media Group. Analysis based on 1,007 registered voters across the states of Colorado, Texas and Virginia. January 25 – February 5. % Likely to Agree Radio

66. RADIO DELIVERS RESULTS

67. 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 Source: Automotive and Healthcare F.C.T. Reports 2013 & 2014, Radio Advertising Bureau and Presslaff Interactive

68. 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. 2016.

73. RADIO REACHES YOUR TARGET

74. 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+ 2015 Release 2 (August 2014 – October 2015) Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved

76. Radio Is #1 At Delivering The Opportunity Vote – And Provides Local, Real-Time Delivery Of Messages Radio leads all other media in reaching the critical “Opportunity Vote,” followed by Internet via Computer, Broadcast TV, Cable TV, and Mobile Internet Weekly Reach of Radio & TV; Monthly Reach of Internet Source: Nielsen study commissioned by Katz Media Group. Analysis based on 2,000 registered voters across the states of Florida, Illinois, Missouri, North Carolina and Ohio, February 11 – 22, 2016.

77. Radio is #1 at Delivering The Opportunity Vote Radio leads all other media in reaching the critical “Opportunity Vote,” followed by Broadcast Television, Cable TV, Internet via Computer, and Mobile Internet Weekly Reach of Radio & TV; Monthly Reach of Internet Source: Nielsen study commissioned by Katz Media Group. Analysis based on 1,007 registered voters across the states of Colorado, Texas and Virginia. January 25 – February 5.

78. Radio is Best for Building Message Frequency and Receptivity Among The Opportunity Vote Radio has the highest consistency of time spent with a medium – average user is exposed to only 7 stations/week vs 20 stations/channels for TV Consistency of exposure means greatest opportunity to build frequency of message exposure to a target Radio’s emotional connection with listeners means voters are more likely to be receptive to these messages One out of three “Opportunity Voters” spend more time listening to Radio than watching Television. On average, these voters listen to nearly 2 hours of Radio daily, while watching less than 1 hour of TV. Radio 1 Hr 52 Min Television 52 Min Source: Nielsen study commissioned by Katz Media Group. Analysis based on 1,007 registered voters across the states of Colorado, Texas and Virginia. January 25 – February 5.

79. RADIO AND ITS PERSONALITIES A Friend Within the Community

82. 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… Presentation courtesy of the Radio Advertising Bureau, 2016 – All Rights Reserved Source: Healthcare F.C.T. Report 2014, Radio Advertising Bureau and Presslaff Interactive

83. 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

84. 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