Shareholder Arnhold and S. Bleichroeder Advisers, LLC Communicates Belief that CCO Shares are Undervalued

Business Wire, Nov 16, 2006

NEW YORK -- Arnhold and S. Bleichroeder Advisers, LLC today announced that it has sent the following letter to the Board of Directors of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO):

November 16, 2006

The Board of Directors
Clear Channel Outdoor Holdings, Inc.
200 East Basse Road
San Antonio, TX 78209

Members of the Board:

Arnhold and S. Bleichroeder Advisers, LLC and Good Hope Advisers, LLC are related investment management firms that currently hold 2.0 million shares of Clear Channel Outdoor Holdings, Inc. ("CCO"). We are enthusiastic about the growth potential of the outdoor billboard business and acquired the shares to benefit over the long term.

With the announcement today of the execution of a merger agreement between several private equity firms and Clear Channel Communications, Inc. ("CCU"), the majority shareholder of CCO, we are concerned about the lack of specifics regarding CCU's future plans for CCO.

Also, with respect to the possibility of the "going private" transaction mentioned in the announcement, we are writing to inform you that we believe that the fair value of our CCO shares is far above the current stock price. Other companies in the industry appear to share our view as both Lamar Advertising Company and JC Decaux SA have expressed their interest in CCO's assets. While it may be early in the formation of any decision regarding CCO, we expect to realize the fair value of the CCO shares, whether through a transaction or by remaining long-term shareholders.

Yours truly,

Colin Morris                  Ren Richmond
Arnhold and S. Bleichroeder Advisers, LLC and Good Hope Advisers, LLC