Settlements and Verdicts

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San Antonio, TX: (May-13-08) Shareholders brought a lawsuit against Clear Channel Communications, Inc., over the company's previously announced merger. In a recent development in the case, sources stated that Clear Channel Communications, entities sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P., and a bank syndicate consisting of Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, Royal Bank of Scotland and Wachovia, reached a settlement agreement, in which the parties have agreed to enter into a third amendment to the merger agreement.

Under the terms of the deal valued at $17.9 billion, company officials stated that Clear Channel shareholders will receive $36.00 in cash for each share they own. Also, as an alternative to receiving the $36 per share cash consideration, the company's shareholders will stand to be offered the opportunity on a purely voluntary basis to exchange some or all of their shares of Clear Channel common stock on a one-for-one basis for shares of Class A common stock in CC Media Holdings, Inc. That is the new corporation sponsored by the private equity group to acquire Clear Channel. [BUSINESS WIRE: CLEAR CHANNEL COMMUNICATIONS ANNOUNCES SETTLEMENT OF LITIGATION AND AMENDED MERGER AGREEMENT]

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