2. 142,000,000 Source: RADAR 92 (March 2007) Daypart Usage Report / All Radio Stations Average Daily Cume, Mon.-Fri., 6-10 a.m. / Persons 12+

3. 194,000,000 Source: RADAR 91 (December 2006) Daypart Usage Report / All Radio Stations / Average Daily Cume, Mon.-Fri., 24-hours / Persons 12+

4. 196,000,000 Source: RADAR 92 (March 2007) Daypart Usage Report / All Radio Stations / Average Daily Cume, Mon.-Fri., 24-hours / Persons 12+

6. MobileWireless

7. High Tech High Touch High ROI

8. Explosion of new media Shifting consumer habits Melding of all media

9. Media Mutation

13. Consumers will find… Content they want Where they want it When they want it

14. Radio?

16. 230,000,000 Reaches over… People every week Source: RADAR 92 (March 2007) Daypart Usage Report / All Radio Stations / Average Weekly Cume, Mon.-Sun., 24-hours / Persons 12+

17. Reaches 30 million streaming listeners a week. Source: Arbitron Inc./Edison Media Research 2006 study “The Infinite Dial: Radio’s Digital Platforms”) HD Radio is available to 80% of the U.S. Source: HD Radio Aliance

20. Radio

21. Radio = Sponsored Audio Content

22. Share Knowledge Drive Revenue Facilitate Consensus

23. Share Knowledge Drive Revenue Facilitate Consensus

24. Key Advertiser Focus

26. Changed Experiences = Changed Perceptions

27. Radio A New Case for

28. 93% Radio is Ubiquitous Weekly reach Source: RADAR 92 (March 2007) Daypart Usage Report / All Radio Stations Average Weekly Cume, Mon.-Sun., 24-hours / Persons12+

29. 86% Radio is Relevant TSL retention since 1996 Source: Arbitron Summer 1996-Summer 2006 TSL (based on # of quarter hours) – Persons 12+ Mon.-Sun., 6 a.m.-Midnight, Total U.S., Continuously Measured Markets.

30. 2007 Projected Media Time 41 days of listening Source: U.S. Census Bureau, Statistical Abstract of the United States: 2007, December 2006 Radio NewspaperInternet

31. 92% Radio is Receptive Retention of lead-in audience during breaks Source: “What Happens When the Spots Come On,” by Arbitron, Media Monitors, & Coleman Research, 2006

32. Reach Relevance Receptivity A New Case for Radio

34. Audio + Visual

42. Audio Engages

43. Radio’s Growth Opportunity Share of Media Consumption by Consumer Source: Veronis Suhler Stevenson, Communications Industry Forecast, 2006-2010

44. Radio’s Growth Opportunity Share of Advertiser Investment Source: Universal McCann, Insider’s Report, December 2006

45. Radio’s Growth Opportunity 29% Consumer Time Source: Veronis Suhler Stevenson, Communications Industry Forecast, 2006-2010 and Universal McCann, Insider’s Report, December 2006 I 7% Advertiser Investment