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Report of Independent Registered Public Accounting Firm
The Board of Directors and Member
Clear Channel Capital I, LLC
We have audited the accompanying consolidated balance sheets of Clear Channel Capital I, LLC (Clear Channel Capital I) as of
December 31, 2011 and 2010, the related consolidated statements of comprehensive loss, changes in member’s deficit, and cash flows
of Clear Channel Capital I for each of the three years in the period ended December 31, 2011. Our audits also include the financial
statement schedule listed in the index as Item 15(a)2. These financial statements and schedule are the responsibility of Clear Channel
Capital I’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of
Clear Channel Capital I at December 31, 2011 and 2010, the consolidated results of its operations and its cash flows for each of the
three years in the period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles. Also, in our
opinion, the related financial statement schedule, when considered in relation to the consolidated financial statements taken as a
whole, presents fairly in all material respects the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Clear
Channel Capital I’s internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control
— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated
February 21, 2012 expressed an unqualified opinion thereon.
San Antonio, Texas
February 21, 2012
63
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s/ Ernst & Youn
g
LLP