EBITDA (defined as operating cash flow less corporate expenses) increased 17 percent over the same period, to $556 million. Attributable EBITDA (defined as EBITDA including nonconsolidated affiliates) also increased 17 percent over the same period, to $585 million.

Commenting on the quarter, Lowry Mays, Chairman and Chief Executive Officer, stated, The tragic events of September 11th quickly revealed the strong character of our nation. We’re honored to have had the opportunity to serve the public interest with all-news radio and television programming in the ensuing days. Despite the challenges presented by the uncertain national and global economies, we’re committed to serving our constituencies. These financial results reaffirm the strength of our operating platform, the dedication of our employees and the caliber and stability of our customers.

Mark Mays, President and Chief Operating Officer of Clear Channel, said, Historically, during periods of slowing economic conditions like these, Clear Channel outperforms the industry and gains market share through sound strategies and prudent financial management. And we’re doing it again. Clear Channel’s unique collection of local media outlets with national coverage allows us to better serve our advertising clients. We will continue to focus significant resources on our sales initiatives. We have taken appropriate measures to fine tune operating expenses. We will continue to deploy capital prudently, preserving our strong financial position. Now we’re organized for success and have the very best management team to take advantage of the recovery.

After tax cash flow reported for the quarter was $443 million, an increase of 31 percent over the third quarter of 2000.

The Company’s after tax cash flow per share, which is the benchmark that the Company uses to measure its performance, as $0.71 compared to $0.72 for the third quarter of 2000, a decrease of 1 percent.

After tax cash flow is defined as diluted net income before unusual and non-recurring items plus non-cash items (including nonconsolidated affiliates). On a pro forma basis, third quarter net revenues were approximately flat with last year at $2.3 billion. Pro forma EBITDA declined 17 percent to $558 million from $673 million for the same period in 2000.

For the nine months ending September 30, 2001, the Company posted net revenues of $6.1 billion, an increase of 84 percent, and EBITDA of $1.6 billion, an increase of 44 percent over the nine months ending September 30, 2000. After tax cash flow was $1.2 billion or $1.97 per share, a decrease of less than 1 percent over last year’s $1.98 per share.

For the third quarter of 2001, Clear Channel Radio increased revenues 45 percent to $866 million and EBITDA to $354 million, an increase of 32 percent over the three months ending September 30, 2000. On a pro forma basis, net revenues for the third quarter of 2001 declined 8 percent and EBITDA declined 19 percent when compared to the same period in 2000.

The division is now organized along geographic lines or trading areas, so that radio stations, market clusters and geographic regions more closely model advertisers’ trade areas. The realignment also enables station general

managers to more easily share programming, promotional events, administrative tasks and other operational improvements

Respected industry veteran John Hogan was named Chief Operating Officer. Management increased the focus on sales with the addition of several hundred new sales people.

During the events of September 11, Clear Channel radio stations provided superior news coverage and played a major role in raising contributions to the Clear Channel Relief Fund. Clear Channel radio stations continue to reach more than 100 million consumers each week across the United States. This includes over 54 percent of adults in the U.S. between the ages of 18 and 49.