THE INFORMATION CONTAINED THEREIN, MAY
NOT BE SUPPLIED TO THE PUBLIC IN BRAZIL, AS THE OFFERING OF SECURITIES IS NOT A
PUBLIC OFFERING OF SECURITIES IN BRAZIL, NOR USED IN CONNECTION WITH ANY OFFER
FOR SUBSCRIPTION OR SALE OF SECURITIES TO THE PUBLIC IN BRAZIL. THE COMPANY
ISSUING THE SECURITIES MAY BE ASKED BY THE INVESTOR TO COMPLY WITH PROCEDURAL
REQUIREMENTS TO EVIDENCE PREVIOUS TITLE TO THE SECURITIES AND MAY BE SUBJECT TO
BRAZILIAN TAX ON CAPITAL GAINS WHICH MAY BE WITHHELD FROM THE SALE PRICE.
PERSONS WISHING TO OFFER OR ACQUIRE THE SECURITIES WITHIN BRAZIL SHOULD CONSULT
WITH THEIR OWN COUNSEL AS TO THE APPLICABILITY OF THESE REGISTRATION
REQUIREMENTS OR ANY EXEMPTION THEREFROM.
22
FOR RESIDENTS OF CANADA ONLY
THESE SECURITIES ARE ONLY BEING OFFERED TO PERSONS WHO ARE EMPLOYEES OF CLEAR
CHANNEL COMMUNICATIONS, INC. THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE
QUALIFIED BY PROSPECTUS UNDER THE SECURITIES LAWS OF ANY PROVINCE OR TERRITORY
OF CANADA, AND ARE BEING MADE AVAILABLE PURSUANT TO AN EXEMPTION FROM THE
PROSPECTUS REQUIREMENTS OF CANADIAN SECURITIES LAWS. AS A RESULT, THESE
SECURITIES WILL BE SUBJECT TO RESALE RESTRICTIONS UNDER CANADIAN SECURITIES LAWS
AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT IN COMPLIANCE WITH THE PROSPECTUS
REQUIREMENTS OF CANADIAN SECURITIES LAWS OR AN AVAILABLE EXEMPTION FROM THOSE
REQUIREMENTS.
FOR RESIDENTS OF CHILE ONLY
THE SCHEME HAS NOT BEEN REGISTERED WITH THE SUPERINTENDENCIA DE VALORES Y
SEGUROS IN CHILE AND MAY NOT BE OFFERED OR SOLD PUBLICLY IN CHILE. NO OFFER,
SALES OR DELIVERIES OF THE SECURITY, OR DISTRIBUTION OF THE PROSPECTUS, MAY BE
MADE IN OR FROM CHILE EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE
WITH ANY APPLICABLE CHILEAN LAWS AND REGULATIONS.
FOR RESIDENTS OF DENMARK ONLY
THIS PRIVATE PROSPECTUS DOES NOT CONSTITUTE A PUBLIC PROSPECTUS UNDER ANY DANISH
LAWS OR REGULATIONS AND HAS NOT BEEN AND WILL NOT BE REGISTERED WITH OR APPROVED
BY THE DANISH FINANCIAL SUPERVISORY AUTHORITY (FINANSTILSYNET) AS THIS PRIVATE
PROSPECTUS HAS NOT BEEN PREPARED IN THE CONTEXT OF A PUBLIC OFFERING OF
SECURITIES IN DENMARK WITHIN THE MEANING OF THE DANISH SECURITIES TRADING ACT
(DANISH CONSOLIDATED ACT NO. 1077 OF 4 SEPTEMBER 2007 AS AMENDED) OR ANY
EXECUTIVE ORDERS ISSUED IN CONNECTION THERETO. THIS PRIVATE PROSPECTUS HAS NOT
AND WILL NOT BE OFFERED, SOLD OR DELIVERED DIRECTLY OR INDIRECTLY IN DENMARK BY
WAY OF A PUBLIC OFFERING, EXCEPT TO LESS THAN 100 INDIVIDUALS OR LEGAL ENTITIES,
WHO ARE NOT QUALIFIED INVESTORS OR OTHERWISE IN CIRCUMSTANCES WHICH WILL NOT
RESULT IN THE OFFER OF THE SHARES BEING SUBJECT TO THE DANISH PUBLIC PROSPECTUS
REQUIREMENTS OF PREPARING AND FILING A PUBLIC PROSPECTUS PURSUANT TO CHAPTER 6
OR 12 OF THE DANISH SECURITIES TRADING ACT (DANISH CONSOLIDATED ACT NO. 1077 OF
4 SEPTEMBER 2007 AS AMENDED), THE EXECUTIVE ORDER NO. 1232/2007 ON PUBLIC
PROSPECTUSES FOR SECURITIES ADMITTED FOR TRADING ON A REGULATED MARKET
AND PUBLIC OFFERS OF SECURITIES ABOVE EUR 2,500,000 AND EXECUTIVE ORDER NO.
1231/2007 ON PROSPECTUSES FOR PUBLIC OFFERS OF CERTAIN SECURITIES BETWEEN EUR
100,000 AND