CORPORATE EVENT: Clear Channel Communication ("CCU")

On July 24, 2008, Shareholders of Clear Channel Communications, Inc. ("CCU") voted concerning a proposed merger with a company formed by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P.  The merger was approved and susequently consummated on July 30, 2008.  As a result, CCU Non-electing Common Shares will be converted into $36.00 Cash for each CCU Common Share.

This action will be coordinated with the Options Clearing Corporation.

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