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TOWNSQUARE MEDIA radio stations have attracted an average of 31.5% of all radio listeners between 25 and 54 years of age for the past four years…63.7% of the listeners of the fourteen stations airing commercials.*TOWNSQUARE MEDIA radio stations have attracted an average of 31.5% of all radio listeners between 25 and 54 years of age for the past four years…63.7% of the listeners of the fourteen stations airing commercials.* Great local talent.Great local talent. In June our websites reachedIn June our websites reached 58,914 people. 7,437 people listened to our radio stations online 38,580 times for a total of 61,340 hours in June.

Our Integrated Audience JUNE

Contemporary Hit Radio Adults Weekly On-Air Cume: 14,355 Website Visitors (JUNE): 11,237 Pageviews (JUNE): 22,050 Hot Adult Contemporary Adults Weekly On-Air Cume: 13,975 Website Visitors (JUNE): 7,853 Pageviews (JUNE): 19,165 News/Talk Adults Weekly On-Air Cume: 12,700 Website Visitors (JUNE): 4,219 Pageviews (JUNE): 17,436 Album Adult Alternative Adults Weekly On-Air Cume: 6,138 Website Visitors (JUNE): 13,796 Pageviews (JUNE): 43,626 Country Music Adults, Weekly On-Air Cume: 17,102 Website Visitors (JUNE): 21,852 Pageviews (JUNE): 84,227 All website data pulled from Google Analytics

Townsquare Media Bozeman – Website Audience (June’13) In June, our 5 radio station websites reached a total of 58,914 people who looked at a total of 186,315 pages. STATION UNIQUE VISITORS PAGEVIEWS 21,85284,227 7,85319,165 13,79643,626 11,23722,050 4,21917,436 NETWORK TOTAL58,914186,315 All website data pulled from Google Analytics

Bozeman Streaming Audience 7,437 people listened to our radio stations online 38,580 times for a total of 61,340 hours in June. June Streaming Sessions Number of connections to our online radio stream. 10,820 4,757 7,045 5,239 10,719

VIP members (15,164 total) StationTotal VIP Members 7,403 2,022 2,331 2,

728x90 Leaderboard $250/mo$150/mo$100/mo 300X250 Top Right Tile Ad $250/mo$150/mo$100/mo 300x250 Bottom Right Tile Ad$200/mo$100/mo$50/mo Skin daily rate (minimum # of days to be sold) $132 (2 days) $77 (4 days) $35 (7 days) $35 (7 days) $35 (7 days) :30 Streaming Commercials with companion banner $3/spot Pre Roll Video (25% SOV OF NETWORK – 4 avails) $250/moIncluded included Push Down (7 days) Exclusive$300$200$100$125$200 Newsletter (per blast) – Banner $75$40 $25 Bozeman Digital Rates

Logos Source: Google Analytics and Copal. Note: All stats include Cumulus and exclude Bloomington/Peoria beginning in August 2012 (except FB which includes Cumulus and excludes Bloomington/Peoria in July 2012). (1) Quarter represents average month. Includes community sites. (2) Represents actual total referrals over the quarters of Q1 ’ 11‐Q2 ’ 12 and July and August. Dotted line represents a run-rate Q3 estimate. (3) Represents total fans at the end of the quarter. Millennium fans included beginning Nov (4) Based on 12+ pop. Copy and paste logos from this page into your presentation slides.

Website Screen Shots

(XX) thirty-second radio commercials on XXXX, XXXX, XXXX (6a-mid) Expanding Pencil Ad – 7 days – XXXX, XXXX, XXXX 200 Streaming Spots/Station with Banner Ads (total of XXXX spots) Inclusion in 1 Newsletter sent to XXXX, XXXX, XXXX VIPS (Banner Ad) Integrated Marketing Components: Total Investment: $XXX Signature: ____________________________________ Date: ____________ Townsquare Media does not discriminate on the basis of race, sex or ethnicity in placement, scheduling and completion of purchase of advertising. Any order of advertising that includes any such restriction will not be accepted. Terms: Net 30 – upon credit approval**

Individual Digital Product Value Prop Sheets pick and choose slides that will help you explain products included in your package to the client.

Banner Ads A clickable form of advertising on a website designed to drive a broad, general awareness of an advertisers brand. Great compliment to on-air commercials and other digital products. Banner Ads are interactive, measurable, and have the ability to change create at any time throughout the campaign. Our websites have 728x90 (leaderboard) and 300x250 (top right tile, bottom right tile) ad units that serve on all pages of the website. Our banner ads run on a Share of Voice model which allows our advertisers to own a % of our total page views. Our creative services team will build your banner ad for free or you can supply your own creative.

Streaming Commercials What are streaming spots? :30 or :60 audio spots that air during our live radio stream. Streaming spots include a companion banner that displays while your audio commercial plays. Our streaming inventory is completely separate from our On-Air inventory. Why are streaming spots valuable? Reach the most engaged listeners (P1) Listeners can take immediate action on advertisements (companion banner) Affordable and great compliment to radio advertising

Online Radio Listeners take action. Drive our online radio listeners to your Website, Facebook Page or other online destination with clickable companion banners. Listeners are in a great position to take action while on a computer. When paired with Radio on a corresponding station – listeners are 8x more likely to respond to your message.

Online Radio Listeners look at the streaming player.

WHAT is a gateway pre roll? 15 or 30 second mandatory audio or video commercial that plays before the live station stream begins. The spot cannot be skipped! WHY is the gateway pre roll so effective? Mandatory and cannot be skipped Captive audience You own a percentage of our pre roll plays at one fixed price! Only one pre roll per listener – ITS EXCLUSIVE! Pre Roll can be a video commercial or audio commercial with synchronized graphic Gateway Videos

Pushdown Ads WHAT are pushdown ads? A clickable form of high impact advertising on our station websites. WHY are pushdown ads valuable? High impact Premium placement above the fold Creative flexibility EXPANDED PUSHDOWN 1020x380 NON EXPANDED PUSHDOWN 1020x76

WHAT are site skins? A clickable form of high impact advertising on our station websites. WHY are site skins valuable? Highest possible impact Cover our entire website with your brand Most powerful way to message your brand Measurable (full performance reporting) Site Skins

9 Proprietary & Confidential Align your brand with one of the most popular features on our website Deliver your message to our most active listeners. Listen to the station anytime, on any computer Dominate the entire player with your brand Listen Live 2.0 Exclusive Title Sponsor of the Listen Live Player receives: Clickable and persistent Presented By Logo on player (100% EXCLUSIVE) Custom player skin (100% EXCLUSIVE) plus 300x250 default ad (except during commercials)