Supplemental Condensed Consolidated Financial Information

At September 30, 2016, Cumulus (the "Parent Guarantor") and certain of its 100% owned subsidiaries (such subsidiaries, the “Subsidiary Guarantors”) provided guarantees of the obligations of Cumulus Holdings (the "Subsidiary Issuer") under the 7.75% Senior Notes. These guarantees are full and unconditional (subject to customary release provisions) as well as joint and several. Certain of the Subsidiary Guarantors may be subject to restrictions on their respective ability to distribute earnings to Cumulus Holdings or the Parent Guarantor. Not all of the subsidiaries of Cumulus and Cumulus Holdings guarantee the 7.75% Senior Notes (such non-guaranteeing subsidiaries, collectively, the “Subsidiary Non-guarantors”).

The following tables present (i) unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015, (ii) unaudited condensed consolidated balance sheets as of September 30, 2016 and December 31, 2015, and (iii) unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2016 and 2015, of each of the Parent Guarantor, Cumulus Holdings, the Subsidiary Guarantors, and the Subsidiary Non-guarantors.

Investments in consolidated subsidiaries are held primarily by the Parent Guarantor in the net assets of its subsidiaries and have been presented using the equity method of accounting. The “Eliminations” entries in the following tables primarily eliminate investments in subsidiaries and intercompany balances and transactions. The columnar presentations in the following tables are not consistent with the Company’s business groups; accordingly, this basis of presentation is not intended to present the Company’s financial condition, results of operations or cash flows on a consolidated basis.

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended September 30, 2016

(Dollars in thousands)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Net revenue	$	—		$	—		$	286,136		$	—		$	—		$	286,136
Operating expenses:
Content costs	—			—			115,348			—			—			115,348
Selling, general & administrative expenses	—			—			116,706			681			—			117,387
Depreciation and amortization	—			400			21,557			—			—			21,957
LMA fees	—			—			2,481			—			—			2,481
Corporate expenses (including stock-based compensation expense of $735)	—			9,960			—			—			—			9,960
Gain on sale of assets or stations	—			—			(94,014		)	—			—			(94,014		)
Total operating expenses	—			10,360			162,078			681			—			173,119
Operating (loss) income	—			(10,360		)	124,058			(681		)	—			113,017
Non-operating (expense) income:
Interest (expense) income, net	(2,178		)	(32,704		)	139			(47		)	—			(34,790		)
Other income, net	—			—			882			—			—			882
Total non-operating (expense) income, net	(2,178		)	(32,704		)	1,021			(47		)	—			(33,908		)
(Loss) income before income taxes	(2,178		)	(43,064		)	125,079			(728		)	—			79,109
Income tax (expense) benefit	937			19,816			(53,834		)	293			—			(32,788		)
Earnings (loss) from consolidated subsidiaries	47,562			70,810			(435		)	—			(117,937		)	—
Net income (loss)	$	46,321		$	47,562		$	70,810		$	(435	)	$	(117,937	)	$	46,321

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Nine Months Ended September 30, 2016

(Dollars in thousands)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Net revenue	$	—		$	165		$	841,694		$	—		$	—		$	841,859
Operating expenses:
Content costs	—			—			312,526			—			—			312,526
Selling, general & administrative expenses	—			—			350,719			1,755			—			352,474
Depreciation and amortization	—			1,219			66,804			—			—			68,023
LMA fees	—			—			10,351			—			—			10,351
Corporate expenses (including stock-based compensation expense of $2,403)	—			34,028			—			—			—			34,028
Gain on sale of assets or stations	—			—			(97,155		)	—			—			(97,155		)
Impairment of intangible assets and goodwill	—			—			1,816			—			—			1,816
Total operating expenses	—			35,247			645,061			1,755			—			682,063
Operating (loss) income	—			(35,082		)	196,633			(1,755		)	—			159,796
Non-operating (expense) income:
Interest (expense) income, net	(6,533		)	(97,221		)	364			(142		)	—			(103,532		)
Other income, net	—			—			1,598			—			—			1,598
Total non-operating (expense) income, net	(6,533		)	(97,221		)	1,962			(142		)	—			(101,934		)
(Loss) income before income taxes	(6,533		)	(132,303		)	198,595			(1,897		)	—			57,862
Income tax benefit (expense)	2,613			51,219			(79,438		)	702						(24,904		)
Earnings (loss) from consolidated subsidiaries	36,878			117,962			(1,195		)	—			(153,645		)	—
Net income (loss)	$	32,958		$	36,878		$	117,962		$	(1,195	)	$	(153,645	)	$	32,958

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended September 30, 2015

(Dollars in thousands)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations		Total Consolidated
Net revenue	$	—		$	125		$	289,316		$	—		$	—	$	289,441
Operating expenses:
Content costs	—			—			94,829			—			—		94,829
Selling, general & administrative expenses	—			—			115,126			436			—		115,562
Depreciation and amortization	—			384			25,163			—			—		25,547
LMA fees	—			—			2,515			—			—		2,515
Corporate expenses (including stock-based compensation expense of $12,304)	—			34,253			—			—			—		34,253
Gain on sale of assets or stations	—			—			57			—			—		57
Impairment on intangible assets and goodwill	—			—			565,584			—			—		565,584
Impairment charges - equity interest in Pulser Media Inc.	—			—			18,308			—			—		18,308
Total operating expenses	—			34,637			821,582			436			—		856,655
Operating loss	—			(34,512		)	(532,266		)	(436		)	—		(567,214		)
Non-operating (expense) income:
Interest (expense) income, net	(2,184		)	(33,460		)	22			(47		)	—		(35,669		)
Other loss, net	—			—			(151		)	—			—		(151		)
Total non-operating expense, net	(2,184		)	(33,460		)	(129		)	(47		)	—		(35,820		)
Loss before income taxes	(2,184		)	(67,972		)	(532,395		)	(483		)	—		(603,034		)
Income tax benefit (expense)	704			(171,978		)	233,254			(1,125		)	—		60,855
(Loss) earnings from consolidated subsidiaries	(540,699		)	(300,749		)	(1,608		)	—			843,056		—
Net (loss) income	$	(542,179	)	$	(540,699	)	$	(300,749	)	$	(1,608	)	$	843,056	$	(542,179	)

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Nine Months Ended September 30, 2015

(Dollars in thousands)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations		Total Consolidated
Net revenue	$	—		$	375		$	859,479		$	—		$	—	$	859,854
Operating expenses:
Content costs	—			—			286,655			—			—		286,655
Selling, general & administrative expenses	—			—			348,919			1,498			—		350,417
Depreciation and amortization	—			1,000			75,582			—			—		76,582
LMA fees	—			—			7,585			—			—		7,585
Corporate expenses (including stock-based compensation expense of $20,047)	—			60,211			—			—			—		60,211
Loss on sale of assets or stations	—			—			792			—			—		792
Impairment of intangible assets and goodwill	—			—			565,584			—			—		565,584
Impairment charges - equity interest in Pulser Media Inc.	—			—			19,364			—			—		19,364
Total operating expenses	—			61,211			1,304,481			1,498			—		1,367,190
Operating loss	—			(60,836		)	(445,002		)	(1,498		)	—		(507,336		)
Non-operating (expense) income:
Interest (expense) income, net	(6,552		)	(99,394		)	407			(141		)	—		(105,680		)
Other income, net	—			—			12,601			—			—		12,601
Total non-operating (expense) income, net	(6,552		)	(99,394		)	13,008			(141		)	—		(93,079		)
Loss before income taxes	(6,552		)	(160,230		)	(431,994		)	(1,639		)	—		(600,415		)
Income tax benefit (expense)	2,438			(120,572		)	193,389			(16,735		)	—		58,520
(Loss) earnings from consolidated subsidiaries	(537,781		)	(256,979		)	(18,374		)	—			813,134		—
Net (loss) income	$	(541,895	)	$	(537,781	)	$	(256,979	)	$	(18,374	)	$	813,134	$	(541,895	)

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2016

(Dollars in thousands, except for share and per share data)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	157,601		$	—		$	—		$	—		$	157,601
Restricted cash	—			4,550			—			—			—			4,550
Accounts receivable, less allowance for doubtful accounts of $5,207	—			—			—			220,423			—			220,423
Trade receivable	—			—			4,959			—			—			4,959
Asset held for sale	—			—			30,150			—			—			30,150
Prepaid expenses and other current assets	—			13,167			22,908			—			—			36,075
Total current assets	—			175,318			58,017			220,423			—			453,758
Property and equipment, net	—			3,334			159,358			—			—			162,692
Broadcast licenses	—			—			—			1,577,001			—			1,577,001
Other intangible assets, net	—			—			128,432			—			—			128,432
Goodwill	—			—			703,354			—			—			703,354
Investment in consolidated subsidiaries	152,446			3,836,217			1,040,038			—			(5,028,701		)	—
Intercompany receivables	—			101,463			1,762,903			—			(1,864,366		)	—
Other assets	—			23,325			98,286			412			(95,996		)	26,027
Total assets	$	152,446		$	4,139,657		$	3,950,388		$	1,797,836		$	(6,989,063	)	$	3,051,264
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	—		$	30,685		$	76,068		$	—		$	—		$	106,753
Trade payable	—			—			4,757			—			—			4,757
Total current liabilities	—			30,685			80,825			—			—			111,510
Long-term debt, excluding 7.75% Senior Notes	—			1,806,879			—			—			—			1,806,879
7.75% Senior Notes	—			603,204			—			—			—			603,204
Other liabilities	—			3,963			33,346			—			—			37,309
Intercompany payables	101,051			1,542,480			—			220,835			(1,864,366		)	—
Deferred income taxes										536,963			(95,996		)	440,967
Total liabilities	101,051			3,987,211			114,171			757,798			(1,960,362		)	2,999,869
Stockholders’ equity (deficit):
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,054 shares issued and 29,224,867 shares outstanding	292			—			—			—			—			292
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding	1			—			—			—			—			1
Treasury stock, at cost, 2,806,187 shares	(229,310		)	—			—			—			—			(229,310		)
Additional paid-in-capital	1,624,298			273,691			4,152,764			2,017,769			(6,444,224		)	1,624,298
Accumulated (deficit) equity	(1,343,886		)	(121,245		)	(316,547		)	(977,731		)	1,415,523			(1,343,886		)
Total stockholders’ equity (deficit)	51,395			152,446			3,836,217			1,040,038			(5,028,701		)	51,395
Total liabilities and stockholders’ equity (deficit)	$	152,446		$	4,139,657		$	3,950,388		$	1,797,836		$	(6,989,063	)	$	3,051,264

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2015

(Dollars in thousands, except for share and per share data)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Assets
Current assets:
Cash and cash equivalents	$	—		$	31,657		$	—		$	—		$	—		$	31,657
Restricted cash	—			7,981			—			—			—			7,981
Accounts receivable, less allowance for doubtful accounts of $4,923	—			—			—			243,428			—			243,428
Trade receivable	—			—			4,146			—			—			4,146
Asset held for sale	—			—			45,157			—			—			45,157
Prepaid expenses and other current assets	—			6,375			20,531			—			—			26,906
Total current assets	—			46,013			69,834			243,428			—			359,275
Property and equipment, net	—			3,685			165,752			—			—			169,437
Broadcast licenses	—			—			—			1,578,066			—			1,578,066
Other intangible assets, net	—			—			174,530			—			—			174,530
Goodwill	—			—			703,354			—			—			703,354
Investment in consolidated subsidiaries	110,550			3,784,551			1,056,150			—			(4,951,251		)	—
Intercompany receivables	—			95,072			1,650,829			—			(1,745,901		)	—
Other assets	—			27,491			95,716			554			(106,035		)	17,726
Total assets	$	110,550		$	3,956,812		$	3,916,165		$	1,822,048		$	(6,803,187	)	$	3,002,388
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	—		$	31,997		$	86,399		$	—		$	—		$	118,396
Trade payable	—			—			4,374			—			—			4,374
Total current liabilities	—			31,997			90,773			—			—			122,770
Long-term debt, excluding 7.75% Senior Notes	—			1,801,416			—			—			—			1,801,416
7.75% Senior Notes	—			601,485			—			—			—			601,485
Other liabilities	—			3,963			40,841			—			—			44,804
Intercompany payables	94,518			1,407,401			—			243,982			(1,745,901		)	—
Deferred income taxes	—			—			—			521,916			(106,035		)	415,881
Total liabilities	94,518			3,846,262			131,614			765,898			(1,851,936		)	2,986,356
Stockholders’ equity (deficit):
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 31,987,862 shares issued and 29,182,118 shares outstanding	292			—			—			—			—			292
Class C common stock, par value $0.01 per share; 80,609 shares authorized, issued and outstanding	1			—			—			—			—			1
Treasury stock, at cost, 2,805,743 shares	(229,310		)	—			—			—			—			(229,310		)
Additional paid-in-capital	1,621,893			268,673			4,219,060			2,032,686			(6,520,419		)	1,621,893
Accumulated (deficit) equity	(1,376,844		)	(158,123		)	(434,509		)	(976,536		)	1,569,168			(1,376,844		)
Total stockholders’ equity (deficit)	16,032			110,550			3,784,551			1,056,150			(4,951,251		)	16,032
Total liabilities and stockholders’ equity (deficit)	$	110,550		$	3,956,812		$	3,916,165		$	1,822,048		$	(6,803,187	)	$	3,002,388

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2016

(Dollars in thousands)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Cash flows from operating activities:
Net income (loss)	$	32,958		$	36,878		$	117,962		$	(1,195	)	$	(153,645	)	$	32,958
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	—			1,219			66,804			—			—			68,023
Amortization of debt issuance costs/discounts	—			7,183			—			142			—			7,325
Provision for doubtful accounts	—			—			1,188			—			—			1,188
Gain on sale of assets or stations	—			—			(97,155		)	—			—			(97,155		)
Impairment of intangible assets and goodwill	—			—			1,816			—			—			1,816
Deferred income taxes	(2,613		)	(51,219		)	79,620			(702		)	—			25,086
Stock-based compensation expense	—			2,403			—			—			—			2,403
(Earnings) loss from consolidated subsidiaries	(36,878		)	(117,962		)	1,195			—			153,645			—
Changes in assets and liabilities	—			295,419			(306,539		)	1,755			—			(9,365		)
Net cash (used in) provided by operating activities	(6,533		)	173,921			(135,109		)	—			—			32,279
Cash flows from investing activities
Proceeds from sale of assets or stations	—			—			106,935			—			—			106,935
Restricted cash	—			3,431			—			—			—			3,431
Capital expenditures	—			(868		)	(15,836		)	—			—			(16,704		)
Net cash provided by investing activities	—			2,563			91,099			—			—			93,662
Cash flows from financing activities:
Intercompany transactions, net	6,530			(50,540		)	44,010			—			—			—
Proceeds from exercise of warrants	3			—			—			—			—			3
Net cash provided by (used in) financing activities	6,533			(50,540		)	44,010			—			—			3
Increase in cash and cash equivalents	—			125,944			—			—			—			125,944
Cash and cash equivalents at beginning of period	—			31,657			—			—			—			31,657
Cash and cash equivalents at end of period	$	—		$	157,601		$	—		$	—		$	—		$	157,601

CUMULUS MEDIA INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2015

(Dollars in thousands)

(Unaudited)



	Cumulus Media Inc. (Parent Guarantor)			Cumulus Media Holdings Inc. (Subsidiary Issuer)			Subsidiary Guarantors			Subsidiary Non-guarantors			Eliminations			Total Consolidated
Cash flows from operating activities:
Net (loss) income	$	(541,895	)	$	(537,781	)	$	(256,979	)	$	(18,374	)	$	813,134		$	(541,895	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	—			1,000			75,582			—			—			76,582
Amortization of debt issuance costs/discount	—			6,970			—			142			—			7,112
Provision for doubtful accounts	—			—			2,417			—			—			2,417
Loss on sale of assets or stations	—			—			792			—			—			792
Impairment of intangible assets	—			—			565,584			—			—			565,584
Impairment charges - equity interest in Pulser Media Inc.	—			—			19,364			—			—			19,364
Deferred income taxes	(2,438		)	120,572			(193,389		)	16,735			—			(58,520		)
Stock-based compensation expense	—			20,047			—			—			—			20,047
(Earnings) loss from consolidated subsidiaries	537,781			256,979			18,374			—			(813,134		)	—
Changes in assets and liabilities	—			273,801			(278,592		)	1,497			—			(3,294		)
Net cash (used in) provided by operating activities	(6,552		)	141,588			(46,847		)	—			—			88,189
Cash flows from investing activities:
Proceeds from sale of assets or stations	—			—			3,055			—			—			3,055
Restricted cash	—			1,633			—			—			—			1,633
Capital expenditures	—			(2,244		)	(13,573		)	—			—			(15,817		)
Net cash used in investing activities	—			(611		)	(10,518		)	—			—			(11,129		)
Cash flows from financing activities:
Intercompany transactions, net	6,545			(63,907		)	57,362			—			—			—
Tax withholding payments on behalf of employees	—			(93		)	—			—			—			(93		)
Proceeds from exercise of warrants	7			—			—			—			—			7
Net cash provided by (used in) financing activities	6,552			(64,000		)	57,362			—			—			(86		)
Increase (decrease) in cash and cash equivalents	—			76,977			(3		)	—			—			76,974
Cash and cash equivalents at beginning of period	—			7,268			3			—			—			7,271
Cash and cash equivalents at end of period	$	—		$	84,245		$	—		$	—		$	—		$	84,245