THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

(CCO)

11/14/2005 424B4 Information

Each of Mark P. Mays, Randall T. Mays and L. Lowry Mays, our current directors, is an executive officer of Clear Channel Communications. We currently have issued three intercompany notes to Clear Channel Communications in the aggregate principal amount of approximately $4.0 billion, which represents in excess of five percent of our total consolidated assets at December 31, 2004 and September 30, 2005. In connection with this offering, approximately $1.5 billion of such indebtedness will be repaid or otherwise extinguished. Marsha McCombs Shields, one of our prospective directors, is the daughter of one of the founders and board members of Clear Channel Communications.

Ms. Shields is the daughter of one of the founders and board members of Clear Channel Communications.

Mr. Mays is the son of L. Lowry Mays, Clear Channel Communications' Chairman and one of our board members, and is the brother of Randall T. Mays, our Executive Vice President and Chief Financial Officer and one of our board members.