iHeartMedia, Inc.

WARRANT EXCHANGE FREQUENTLY ASKED QUESTIONS (“FAQs”)

The answers to the questions provided below are for informational purposes only. Some of the answers are based upon the Warrant Agreement, dated May 1, 2019 (the “Warrant Agreement”), between iHeartMedia, Inc. (“iHeartMedia”), and Computershare, Inc. and its wholly-owned subsidiary Computershare Trust Company, N.A. (together with Computershare, Inc., “Computershare”). In the event of a conflict between the FAQs and the Warrant Agreement, the Warrant Agreement will control.

What happened in the Exchange?

In the Exchange, iHeartMedia issued shares of Class A and Class B Common Stock to holders of iHeartMedia Warrants.

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When did the Exchange occur?

The Exchange occurred on January 8, 2021.

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Why did iHeart conduct the Exchange?

iHeart conducted the Exchange as required by the Warrant Agreement following receipt of the Declaratory Ruling from the Federal Communications Commission (“FCC”) approving an increase in iHeartMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling.  A copy of the Declaratory Ruling is accessible here.

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How do I know if I received shares of iHeartMedia Common Stock in the Exchange?

Holders can receive updated account information by logging into their Computershare accounts or by contacting the Computershare Call Center at (800) 736-3001 within the United States, or at +1 (781) 575-3100 outside of the United States.

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What do I do if I did not receive shares of iHeartMedia Common Stock in the Exchange and I want to exercise my Warrants for shares of iHeartMedia Common Stock?

Holders can request the exercise of Warrants for shares of iHeartMedia Common Stock by contacting the Computershare Call Center at (800) 736-3001 within the United States, or at +1 (781) 575-3100 outside of the United States.

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Where can I obtain a copy of the Warrant Agreement?

The Warrant Agreement was incorporated by reference to Exhibit 4.5 of iHeart’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 2, 2019 and is available here.

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What should I do if I have other questions?

Please contact the Computershare Call Center at (800) 736-3001 within the United States, or outside of the United States +1 (781) 575-3100.

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