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Certain Noteholders of iHeartCommunications, Inc. Release Guarantors from Guarantees of Notes
[January 12, 2018]

Certain Noteholders of iHeartCommunications, Inc. Release Guarantors from Guarantees of Notes

Pursuant to a Notice of Release, dated January 12, 2018 (the "Notice of Release"), beneficial owners of an aggregate amount of approximately $670 million of 14.0% Senior Notes due 2021 (the "Notes" and such beneficial owners, the "Releasing Holders") issued under the Indenture, dated June 21, 2013 (the "Indenture"), among iHeartCommunications, Inc. (the "Issuer"), the guarantors party thereto (the "Guarantors") and Delaware Trust Company, as Trustee, released the Guarantors from all obligations, including but not limited to payment obligations, in respect of such Guarantors' guaantees of the Notes held or subsequently acquired by the Releasing Holders to the extent permitted by applicable law and not prohibited by the Indenture or certain other debt documents. For the avoidance of doubt, the Releasing Holders are not releasing the Issuer from any obligations, including payment obligations, under the Indenture or otherwise.

As set forth in the Notice of Release, the Releasing Holders took such action to improve the Issuer's financial condition in order to maximize the Releasing Holders' recoveries from the Issuer.

Any party interested in obtaining further details should contact the advisors to the Releasing Holders listed as contacts.

The Releasing Holders do not have or assume any fiduciary or other duties to any party. This press release is not intended as a solicitation to take any action or as an offer or sale of any security.

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