Supplemental Condensed Consolidated Financial Information

At March 31, 2018, 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”).

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.

The following tables present (i) unaudited condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017, (ii) unaudited condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, and (iii) unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017, of each of the Parent Guarantor, Cumulus Holdings, the Subsidiary Guarantors, and the Subsidiary Non-guarantors.

CUMULUS MEDIA INC.

(Debtor-In-Possession)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2018

(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	$	—		$	—		$	263,679		$	—		$	—		$	263,679
Operating expenses:
Content costs	—			—			99,815			—			—			99,815
Selling, general and administrative expenses	—			—			114,481			653			—			115,134
Depreciation and amortization	—			249			11,732			—			—			11,981
Local marketing agreement fees	—			—			1,107			—			—			1,107
Corporate expenses (including stock-based compensation expense of $166)	—			10,487			—			—			—			10,487
Loss on sale or disposal of assets or stations	—			—			11			—			—			11
Total operating expenses	—			10,736			227,146			653			—			238,535
Operating (loss) income	—			(10,736		)	36,533			(653		)	—			25,144
Non-operating (expense) income:
Reorganization items, net	—			(30,167		)	—			—			—			(30,167		)
Interest (expense) income, net	(2,184		)	2,056			29			—			—			(99		)
Other income, net	—			—			3			—			—			3
Total non-operating (expense) income, net	(2,184		)	(28,111		)	32			—			—			(30,263		)
(Loss) income before income taxes	(2,184		)	(38,847		)	36,565			(653		)	—			(5,119		)
Income tax benefit (expense)	629			11,188			(11,887		)	188			—			118
(Loss) earnings from consolidated subsidiaries	(3,446		)	24,213			(465		)	—			(20,302		)	—
Net (loss) income	$	(5,001	)	$	(3,446	)	$	24,213		$	(465	)	$	(20,302	)	$	(5,001	)

CUMULUS MEDIA INC.

(Debtor-In-Possession)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2017

(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	$	—		$	—		$	264,030		$	—		$	—		$	264,030
Operating expenses:
Content costs	—			—			101,780			—			—			101,780
Selling, general and administrative expenses	—			—			113,795			595			—			114,390
Depreciation and amortization	—			303			15,979			—			—			16,282
Local marketing agreement fees	—			—			2,707			—			—			2,707
Corporate expenses (including stock-based compensation expense of $538)	—			10,955			—			—			—			10,955
Gain on sale of assets or stations	—			—			(2,606		)	—			—			(2,606		)
Total operating expenses	—			11,258			231,655			595			—			243,508
Operating (loss) income	—			(11,258		)	32,375			(595		)	—			20,522
Non-operating (expense) income:
Interest (expense) income, net	(2,184		)	(32,196		)	37			317			—			(34,026		)
Other income, net	—			—			83			—			—			83
Total non-operating (expense) income, net	(2,184		)	(32,196		)	120			317			—			(33,943		)
(Loss) income before income taxes	(2,184		)	(43,454		)	32,495			(278		)	—			(13,421		)
Income tax benefit (expense)	998			19,753			(14,852		)	127			—			6,026
(Loss) earnings from consolidated subsidiaries	(6,209		)	17,492			(151		)	—			(11,132		)	—
Net (loss) income	$	(7,395	)	$	(6,209	)	$	17,492		$	(151	)	$	(11,132	)	$	(7,395	)

CUMULUS MEDIA INC.

(Debtor-In-Possession)

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2018

(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	$	—		$	120,122		$	—		$	—		$	—		$	120,122
Restricted cash	—			9,004			—			—			—			9,004
Accounts receivable, less allowance for doubtful accounts of $4,286	—			—			212,010			—			—			212,010
Trade receivable	—			—			5,612			—			—			5,612
Prepaid expenses and other current assets	—			23,199			28,521			—			—			51,720
Total current assets	—			152,325			246,143			—			—			398,468
Property and equipment, net	—			20,550			172,772			—			—			193,322
Broadcast licenses	—			—			—			1,203,809			—			1,203,809
Other intangible assets, net	—			—			78,289			—			—			78,289
Goodwill	—			—			135,214			—			—			135,214
Investment in consolidated subsidiaries	—			3,305,567			984,681			—			(4,290,248		)	—
Intercompany receivables	—			114,148			1,800,706			—			(1,914,854		)	—
Other assets	—			6,455			14,317			—			—			20,772
Total assets	$	—		$	3,599,045		$	3,432,122		$	1,203,809		$	(6,205,102	)	$	2,029,874
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	—		$	29,819		$	56,842		$	—		$	—		$	86,661
Total current liabilities	—			29,819			56,842			—			—			86,661
Other liabilities	—			159			20			—			—			179
Intercompany payables	114,148			1,800,706			—			—			(1,914,854		)	—
Accumulated losses in consolidated subsidiaries	586,802			—			—			—			(586,802		)	—
Total liabilities not subject to compromise	700,950			1,830,684			56,862			—			(2,501,656		)	86,840
Liabilities subject to compromise	—			2,355,164			69,692			219,128			—			2,643,984
Total liabilities	700,950			4,185,848			126,554			219,128			(2,501,656		)	2,730,824
Stockholders’ (deficit) equity:
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding	320			—			—			—			—			320
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	1,626,594			280,606			4,173,435			2,204,098			(6,658,139		)	1,626,594
Accumulated deficit	(2,098,555		)	(867,408		)	(867,868		)	(1,219,417		)	2,954,693			(2,098,555		)
Total stockholders’ (deficit) equity	(700,950		)	(586,802		)	3,305,567			984,681			(3,703,446		)	(700,950		)
Total liabilities and stockholders’ equity (deficit)	—			3,599,045			3,432,122			1,203,809			(6,205,102		)	2,029,874

CUMULUS MEDIA INC.

(Debtor-In-Possession)

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31, 2017

(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	$	—		$	102,891		$	—		$	—		$	—		$	102,891
Restricted cash	—			8,999			—			—			—			8,999
Accounts receivable, less allowance for doubtful accounts of $4,322	—			—			235,247			—			—			235,247
Trade receivable	—			—			4,224			—			—			4,224
Prepaid expenses and other current assets	—			25,393			16,866			—			—			42,259
Total current assets	—			137,283			256,337			—			—			393,620
Property and equipment, net	—			14,404			177,200			—			—			191,604
Broadcast licenses	—			—			—			1,203,809			—			1,203,809
Other intangible assets, net	—			—			82,994			—			—			82,994
Goodwill	—			—			135,214			—			—			135,214
Investment in consolidated subsidiaries	—			3,323,713			984,559			—			(4,308,272		)	—
Intercompany receivables	—			111,964			1,800,539			—			(1,912,503		)	—
Other assets	—			6,507			13,571			—			—			20,078
Total assets	$	—		$	3,593,871		$	3,450,414		$	1,203,809		$	(6,220,775	)	$	2,027,319
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable and accrued expenses	$	—		$	8,653		$	27,504		$	—		$	—		$	36,157
Total current liabilities	—			8,653			27,504			—			—			36,157
Other liabilities	—			53			1			—			—			54
Intercompany payables	111,964			1,800,539			—			—			(1,912,503		)	—
Estimated losses on investment	584,151			—			—			—			(584,151		)	—
Total liabilities not subject to compromise	696,115			1,809,245			27,505			—			(2,496,654		)	36,211
Liabilities subject to compromise	—			2,368,777			99,196			219,250			—			2,687,223
Total liabilities	696,115			4,178,022			126,701			219,250			(2,496,654		)	2,723,434
Stockholders’ equity (deficit):
Class A common stock, par value $0.01 per share; 93,750,000 shares authorized; 32,031,952 shares issued and 29,225,765 shares outstanding	320			—			—			—			—			320
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	1,626,428			279,811			4,215,794			2,203,511			(6,699,116		)	1,626,428
Accumulated (deficit) equity	(2,093,554		)	(863,962		)	(892,081		)	(1,218,952		)	2,974,995			(2,093,554		)
Total stockholders’ (deficit) equity	(696,115		)	(584,151		)	3,323,713			984,559			(3,724,121		)	(696,115		)
Total liabilities and stockholders’ equity (deficit)	$	—		$	3,593,871		$	3,450,414		$	1,203,809		$	(6,220,775	)	$	2,027,319

CUMULUS MEDIA INC.

(Debtor-In-Possession)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31, 2018

(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	$	(5,001	)	$	(3,446	)	$	24,213		$	(465	)	$	(20,302	)	$	(5,001	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	—			249			11,732			—			—			11,981
Provision for doubtful accounts	—			—			1,105			—			—			1,105
Loss on sale of assets or stations	—			—			11			—			—			11
Deferred income taxes	(629		)	(11,188		)	11,887			(188		)	—			(118		)
Stock-based compensation expense	—			166			—			—			—			166
Loss (earnings) from consolidated subsidiaries	3,446			(24,213		)	465			—			20,302			—
Changes in assets and liabilities	(2,196		)	88,741			(46,970		)	653			—			40,228
Net cash (used in) provided by operating activities	(4,380		)	50,309			2,443			—			—			48,372
Cash flows from investing activities:
Capital expenditures	—			(6,395		)	(2,610		)	—			—			(9,005		)
Net cash used in investing activities	—			(6,395		)	(2,610		)	—			—			(9,005		)
Cash flows from financing activities:
Intercompany transactions, net	4,380			(4,547		)	167			—			—			—
Adequate protection payments on term loan	—			(22,131		)	—			—			—			(22,131		)
Net cash provided by (used in) financing activities	4,380			(26,678		)	167			—			—			(22,131		)
Increase in cash and cash equivalents and restricted cash	—			17,236			—			—			—			17,236
Cash and cash equivalents and restricted cash at beginning of period	$	—		$	111,890		$	—		$	—		$	—		$	111,890
Cash and cash equivalents and restricted cash at end of period	$	—		$	129,126		$	—		$	—		$	—		$	129,126

CUMULUS MEDIA INC.

(Debtor-In-Possession)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31, 2017

(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	$	(7,395	)	$	(6,209	)	$	17,492		$	(151	)	$	(11,132	)	$	(7,395	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	—			303			15,979			—			—			16,282
Amortization of debt issuance costs/discounts	—			2,463			—			47			—			2,510
Provision for doubtful accounts	—			—			709			—			—			709
Gain on sale of assets or stations	—			—			(2,606		)	—			—			(2,606		)
Deferred income taxes	(998		)	(19,753		)	14,848			(127		)	—			(6,030		)
Stock-based compensation expense	—			538			—			—			—			538
Loss (earnings) from consolidated subsidiaries	6,209			(17,492		)	151			—			11,132			—
Changes in assets and liabilities	—			108,895			(93,709		)	231			—			15,417
Net cash (used in) provided by operating activities	(2,184		)	68,745			(47,136		)	—			—			19,425
Cash flows from investing activities
Proceeds from sale of assets or stations	—			—			6,090			—			—			6,090
Restricted cash	—			—			—			—			—			—
Capital expenditures	—			(2,441		)	(3,295		)	—			—			(5,736		)
Net cash (used in) provided by investing activities	—			(2,441		)	2,795			—			—			354
Cash flows from financing activities:
Intercompany transactions, net	2,184			(46,525		)	44,341			—			—			—
Deferred financing costs	—			(94		)	—			—			—			(94		)
Net cash provided by (used in) financing activities	2,184			(46,619		)	44,341			—			—			(94		)
Increase in cash and cash equivalents	—			19,685			—			—			—			19,685
Cash and cash equivalents at beginning of period	—			139,284			—			—			—			139,284
Cash and cash equivalents at end of period	$	—		$	158,969		$	—		$	—		$	—		$	158,969