ASOF II Holdings I, L.P. - 13 Jan 2023 Form 3 Insider Report for Clear Channel Outdoor Holdings, Inc. (CCO)

Footnote F1

This statement is being filed jointly by (i) ASOF II Holdings I, L.P. ("ASOF II Holdings I") and (ii) ASOF II A (DE) Holdings I, L.P. ("ASOF II A (DE) Holdings I," together with ASOF II Holdings I, the "Reporting Persons").

Footnote F2

The Reporting Persons directly beneficially own, or may be deemed to beneficially own, in the aggregate 321,168 shares of Common Stock as follows: (i) ASOF II Holdings I directly holds 272,126 shares of Common Stock and (ii) ASOF II A (DE) Holdings I directly holds 49,042 shares of Common Stock. The Reporting Persons are affiliates of the following persons: (i) ASSF IV AIV B Holdings III, L.P. ("ASSF IV AIV B Holdings"), (ii) ASSF IV AIV B, L.P. ("ASSF IV AIV B"), (iii) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (iv) ASOF Holdings I, L.P. ("ASOF I"), (v) ASOF Investment Management LLC ("ASOF Investment Management"), (vi) ACOF VI Holdings, L.P. ("ACOF VI"), (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (Continued in footnote 3)

Footnote F3

(viii) Ares Management LLC, (ix) Ares Management Holdings L.P. ("Ares Management Holdings"), (x) Ares Holdco LLC ("Ares Holdco"), (xi) Ares Management Corporation ("Ares Management"), (xii) Ares Voting LLC ("Ares Voting"), (xiii) Ares Management GP LLC ("Ares Management GP") and (xiv) Ares Partners Holdco LLC ("Ares Partners"). As of the date hereof, the Reporting Persons and these affiliates collectively beneficially own, or may be deemed to beneficially own, in the aggregate 51,001,580 shares of Common Stock.

Footnote F4

Ares Partners is the sole member of each of Ares Voting and Ares Management GP, which are respectively the holders of the Class B and Class C common stock of Ares Management, which common stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco, which is the general partner of Ares Management Holdings, which is the sole member of Ares Management LLC, which is: (a) the general partner of ASSF Operating Manager IV, which is the manager of each of ASSF IV AIV B Holdings and ASSF IV AIV B; (b) the sole member of ASOF Investment Management, which is the manager of ASOF I, ASOF II Holdings I and ASOF II A (DE) Holdings I; and (c) the sole member of ACOF Investment Management, which is the manager of ACOF VI.

Footnote F5

Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, Ryan Berry, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over Board Members' decisions.

Footnote F6

Each of the Reporting Persons and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 3 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.