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In accordance with the terms of the Stipulation of Settlement, dated
July 8, 2013, among Clear Channel Outdoor Holdings, Inc. (the “Company”)
CCO, a special litigation committee consisting of certain
independent directors of the Company, Clear Channel Communications, Inc.
(“CCU”), the Company's indirect parent company, and the other parties
thereto, the Company announced today (i) that it notified CCU of its
intent to make a demand (the “Demand”) for repayment on November 8, 2013
of $200,000,000 outstanding under the Revolving Promissory Note, dated
as of November 10, 2005, between CCU, as maker, and the Company, as
payee (as amended by the first amendment dated as of December 23, 2009,
the “Due from CCU Note”), and (ii) that its board of directors declared
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