X0306 4 2016-01-19 0 0001334978 Clear Channel Outdoor Holdings, Inc. CCO 0001472175 Eccleshare Christopher William C/O CLEAR CHANNEL OUTDOOR HOLDINGS, INC. 200 EAST BASSE ROAD, SUITE 100 SAN ANTONIO TX 78209 0 1 0 0 See Remarks Class A Common Stock 2016-01-19 4 A 0 38138 0.00 A 414365 D The reported item represents a restricted stock unit award, which vest as follows: 22,883 units on January 24, 2016, and the remaining units in equal installments on March 1, 2016 and March 1, 2017. Upon vesting of the units, the reporting person shall be entitled to receive a number of shares of Class A Common Stock equal to the number of units then vesting. The reporting person received the restricted stock unit award under the issuer's 2012 Stock Incentive Plan. On January 7, 2016, the issuer paid a special cash dividend of $0.6026 to its stockholders. In connection with the dividend, the company issued restricted stock units to persons, including the reporting person, who previously had been granted restricted stock units, as an anti-dilution adjustment. The award to the reporting person is reported herein. Chairman and Chief Executive Officer of Clear Channel International /s/ Robert H. Walls, Jr, as Attorney-in-Fact on behalf of Christopher William Eccleshare 2016-01-21