INVESTOR & ANALYST DAY

JULY 15, 2010

Forward Looking Statements
Certain statements in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forwardlooking statements, including but not limited to operational challenges in achieving strategic objectives and executing on our plans, the risk that our markets do not evolve as anticipated, the potential impact of any general economic slowdown, competition in the industry and challenges associated with the integration of Live Nation and Ticketmaster. We refer you to the documents that we file from time to time with the SEC, specifically the section titled “Risk Factors” of our most recent Annual Report filed on Form 10-K and Quarterly Reports on Form 10-Q, which contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All subsequent written and oral forward-looking statements by or concerning Live Nation Entertainment are expressly qualified in their entirety by the cautionary statements above. We do not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

2

LIVE NATION ENTERTAINMENT OPPORTUNITY
JULY 15, 2010

KEY METRICS

Market Share Ticketmaster Down (11%) Per Head Spend Live Nation Down (4%) Sponsorship Fixed Down Ticket Sales
“AA” International Festivals Under 5000

4

DO YOU REMEMBER YOUR FIRST CONCERT?

5

WE’RE SELLING A POWERFUL, EMOTIONAL SOCIAL EXPERIENCE

A captivating moment in life, where fans can...

Drop Their Inhibitions… Celebrate Their Lives... Relive Their Past... Feel Exhilarated…

…a Memorable Moment They Want to Live, Relive and Share with the People They Care About Over and Over Again.
Source: 2009 Live Nation Hotspex Study 6

…AND IT’S A UNIVERSAL GLOBAL NEED…

CONCERTS ARE CONSUMED IN EVERY CORNER OF THE GLOBE – LNE CURRENTLY OPERATES IN 28 MARKETS AND COUNTING

7

…AND AN INDUSTRY THAT HAS BEEN GROWING FOR YEARS…
Concert Industry Ticket Sales
$4.6 09 $5.0 $3.9 07 $4.2 08

Industry Revenue ($Billions)

$1.4

$1.1

$1.0

$1.0

$0.0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Source: Pollstar 2009 Year End Business Analysis Report Note: All Pollstar figures are estimates for major concerts tickets sold in North America.

$0.8

$0.9

$1.0

$1.1

$1.3

$1.3

$1.5

$2.0

$1.7

$1.8

$2.1

$2.5

$3.0

$2.8

$3.1

C

8% R+ AG

$3.6

$4.0

8

…AND LIVE NATION ENTERTAINMENT HAS GROWN WITH IT
LNE Combined Gross Revenue
$B

LNE 2003-2009 CAGR +11%

$6.0 $5.0 $4.0

$5.5 $4.9 $4.3 $3.0 $3.1
$0.7 $2.4 $1.2 $4.1 $3.6 $3.2 $1.4

$5.5
$1.3

$3.4
$0.9 $2.5

$1.1

$4.2

$3.0 $2.0 $1.0 $0.0

$0.7 $2.3

2003

2004

2005

2006
Live Nation

2007
Ticketmaster

2008

2009

2010B

Source: Live Nation – Historical 10K and 2010 Budget Note: Live Nation – 2010 and 2009 reported at 09 FX rates. Includes Ticketmaster merger impacts. Excludes Front Line above. 9

WHAT DOES THE FUTURE HOLD – YEARS OF GROWTH
$8.0 $7.0 $6.0
Industry Revenue ($ Billions)

$1.4

$1.3

$1.1

$1.0

$1.0 $0.0

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

Source: 1990-2009 – Pollstar 2009 Year End Business Analysis Report.

$0.8

$0.9

$1.0

$1.1

$1.3

$2.0

$1.5

$1.7

$1.8

$2.1

$3.0

$2.5

$2.8

$3.1

$4.0

$3.6

$3.9

$4.2

$5.0

$4.6

10

IT WILL GROW BECAUSE…

► More Markets and Venues are Opening Up to Play Around the Globe ► More Tickets are Sold as Technology Empowers Marketing, Discovery, Access and Conversion ► More Bands are On the Road

11

MORE MARKETS
U.S. / UK Business
1980 30
 USA - 20  Canada - 3  USA - 30  Canada - 7  Western Europe - 25  Pacific Rim - 5  Latin America - 3

Global Business
2000 70 2010 113
 USA - 45  Canada - 10  Western Europe - 30  Eastern Europe - 10  Pacific Rim - 10  Latin America - 5  Middle East - 2  Africa - 1

2010+ 210
 USA - 60  Canada - 15  Western Europe - 45  Eastern Europe - 25  Pacific Rim - 20  Latin America - 10  Middle East - 10  Asia - 20  Africa - 5

Number of Viable  UK - 5 Markets on  Germany - 2 Annual Basis / International Artists

UNTIL 2000, THE BUSINESS WAS CONCENTRATED IN NORTH AMERICA, UK AND GERMANY

12

MORE MARKETS HAVE DRIVEN LNE GROWTH
Outside North America AOI
Live Nation Ticketmaster Live Nation Entertainment 0% 0% 0% 1990 5% 21% 7% 2000 53% 14% 29% 2010 65% 40% 50% 2010+

13

TECHNOLOGY WILL ENABLE US TO SELL MORE TICKETS BECAUSE WE CAN IDENTIFY OUR KEY CUSTOMERS
196.9MM U.S. Population 18 to 64 Years Old U.S. Concert Admissions
27% CONCERT-GOERS 42 Million ANNUAL TICKETS PER CONCERT-GOER 2.9
Admissions: 2009 Tickets Sold 121MM 33MM

Concert Attendee 21%

Non-Concert Attendee 79%

196MM U.S. Population 18 to 64 Years Old

1 Concert 37%

18.0 Avg. Concerts

10+ Concerts 7% 5-9 Concerts 9%

6.0 Avg. Concerts

2-4 Concerts 47%

2.7 Avg. Concerts

Source: 2009 Live Nation Concert Attendance Study, n=5,511; U.S. Census Note: Concert is defined as a live music event in a Bar, Club, Theater, Amphitheater, Arena, Stadium, Major Festival and/or Local Street Festivals that requires paid admission. 14

TECHNOLOGY WILL SELL MORE TICKETS BECAUSE WE CAN DIRECTLY COMMUNICATE WITH FANS
% of People Who Would Have Attended a Show but Didn’t Know About It

Where Fans Hear About Shows

Missed Show

Friends/ Family Online/ Email Did Not Miss Show

31%

29%

53%

69%

Print Radio

13%

2%

TV

3%
Source: “% of People Who Would Have Attended a Show but Didn’t Know About It” – 2009 Live Nation Post Show Survey, n=216,900; “Where Fans Hear About Shows” – 2009 Live Nation In-Venue Study, n=7,007 (Q: How did you hear about this concert?) Note: Concert is defined as a live music event in a Bar, Club, Theater, Amphitheater, Arena, Stadium, Major Festival and/or Local Street Festivals that requires paid admission. 15

MORE BANDS ARE ON THE ROAD

16,000 14,000 12,000 10,000
# of Concerts

2,500

2000-2007 Concerts – 17% CAGR Bands – 16% CAGR

2,000

1,500

# of Bands

8,000 6,000 4,000 500 2,000 19 93 19 94 19 95 19 96 19 97 19 98 19 99 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07

1,000

-

Total Concerts (LHS)

Total Bands (RHS)

Source: Goldman Sachs Research Estimates

16

MORE BANDS ARE ON THE ROAD FASTER NOW
Old Model
2 – 5 Years

New Model
th Mon 3 s

Write Song

Get Label

Make Album

Play Clubs

Make Video

Play Make Theater Another Album

Sell Out Arena

Post Song/Video Online

Sign Promoter Deal

Sell Out Arena

17

MORE BANDS ARE ON THE ROAD BECAUSE IT’S WHERE THE MONEY IS
Top Earning Musical Acts of 2009
$0 U2 Bruce Springsteen Britney Spears Elton John/Billy Joel AC/DC Taylor Swift Kenny Chesney Jonas Brothers Dave Matthews Band
Album Sales (in millions) Tour Gross (in millions)

$20

$40

$60

$80

$100

$120

$140

50-90% ANNUAL ARTIST REVENUE
Source: Pollstar; Los Angeles Times 18

GLOBALIZATION WILL INCREASE LNE’S MARKET OPPORTUNITY AND GROWTH
19

► #1 E-Commerce Site in the Music Industry and #3 in the World ► #1 Concert Promoter in the World ► #1 Ticket Provider in the World ► #1 Management Company in the World ► #1 Music Sponsorship Company in the World ► #1 Music Brand in the World

DIRECT TRANSACTIONS WITH 400MM FANS WORLDWIDE…

THE WORLD’S LARGEST SOCIAL MUSIC NETWORK
20

LNE HAS THREE LEADING GLOBAL MUSIC BRANDS
Very Familiar Somewhat Familiar Not Very Familiar Not At All Familiar/Unaware

40% 22% 22% 20% 19% 16% 15% 15% 14% 13% 10% 10% 8% 4% 5% 5% 7% 8% 7% 6% 12% 13% 14% 14% 13% 12%
10% 20% 30% 40% 50%

29% 27% 22% 24% 26% 22% 25% 25% 20% 18% 20% 17% 20% 20% 17% 73% 73% 73% 75% 78%
60% 70%

14% 33% 35% 36% 35% 42% 42% 40% 53% 40% 51% 61%

17%

18% 21% 20% 20%

16% 16% 19%

4% 6%
0%

80%

90%

100%

Q.I How familiar are you with the following brands for obtaining information about live events (such as concerts, theater, comedy events) that are coming to venues in your city?. Mar 2008 n=4,668; April 2009 n=6,090; May 2010 n=1,817 21

BUSINESS MODEL = 4 LEVER EVENT MODEL
E-Commerce/ Ticketing = 57%
 Tickets  Clients  Products  Royalty Costs

Onsite Ancillary = 18%

 Attendance  Markets/Venues  Events

Event / Concert
 Tickets  Talent Costs  Marketing Costs

Management = 9%

Sponsorship = 16%

 Clients

28 Markets = LNE Profit

 Fans  Online Traffic

Note: Figures based on 2009 Adjusted Operating Income (AOI).

22

WHERE WILL GROWTH COME FROM?
E-Commerce Revenue Live Ancillary

Ticketing

Sponsorship

75 Global Markets

Event
Management Online Advertising

Note: Figures based on 2009 Revenue.

23

OUR COMPETITIVE ADVANTAGE
E-Commerce Revenue Concerts

Labels

Advertising LNE IS THE ONLY MUSIC COMPANY TO COMBINE CONTENT, E-COMMERCE AND ADVERTISING
24

LNE STRATEGY
1. Replicate 4 Lever Event Model in International Markets or Complete Levers in Current Markets Underserved 2. Build the World’s Leading Music Database/CRM Skill Set to Drive Purchase Transaction and Sponsorship CPM 3. Sell More Tickets Through More Effective Pricing and Marketing, Driven by CRM, Lower Talent Fees 4. Grow Sponsorship by Leveraging LNE Fan CPM 5. Stop Decline at Ticketmaster and Redefine its Growth Potential

25

BIG GOALS

150 Markets

28 Markets

2007

2008

2009

2010

26

HOW ARE WE ORGANIZED

Board of Directors

Live Nation Entertainment CEO/President M. Rapino

Strategy

Live Nation Entertainment Executive Chairman I. Azoff

Corporate Functions

Sponsorship

Ticketing

E-Commerce

Concerts

Artist Nation

27

FINANCIAL UPDATE
July 15, 2010

The combined company has a strong revenue history
$MM

2003 – 2009 LNE CAGR = +11.0%
$7,000

Revenue
$6,000 $4,875 $5,000 $4,000 $3,026 $3,000 $2,302 $2,000 $1,000 $0 2003 2004 Live Nation 2005 2006 Ticketmaster 2007 Frontline $724 $748 $929 $1,063 $3,416 $2,487 $4,264 $3,635 $3,201 $3,145 $2,397

$5,540

$5,667

$4,085

$4,181

$1,240

$1,409

$1,294 $192

$46

2008 LNE

2009

Source: Historical financials 10-K. Note: Frontline acquisition of controlling interest as of Oct. 29, 2008. Includes pre-merger TM Revenue for historical comparisons.

29

With fixed cost in line with revenue growth
$MM

- House of Blues - Merchandise companies - International Acquisitions

2003 – 2009 LNE CAGR = +11.5%
- TicketsNow - Paciolan

$1,400

Fixed Costs
$1,200 $1,000 $800 $597 $600 $404 $400 $193 $200 $199 $234 $387 $391 $586 $719 $625 $461 $333 $258 $571 $904

$1,109

$1,147

$637 $464

$659 $435

$8 $0 2003 2004 Live Nation 2005 2006 Ticketmaster 2007 Frontline 2008 LNE

$53

2009

Source: Historical financials 10-K. Note: Frontline acquisition of controlling interest as of Oct. 29, 2008. Includes pre-merger TM Fixed Costs for historical comparisons.

30

And a growing adjusted operating income
$MM

2003 – 2009 LNE CAGR = +7.0%
$500 $445 $398 $352 $295 $300 $281 $249 $171 $124 $100 $17 $0 2003 2004 2005 2006 Ticketmaster 2007 2008 Frontline 2009 LNE $191 $121 $149 $165 $295 $294 $241 $224 $415 $407

AOI
$400

$200

$90

$103

$103

$56

Live Nation

Source: Historical financials 10-K. Note: Frontline acquisition of controlling interest as of Oct. 29, 2008. Includes pre-merger TM AOI for historical comparisons.

31

Our AOI has grown despite ticketing challenges
$415
$MM

$407

$445 $97

$90 $40

$96 $41 $39

$229 $283 $227

$24 $2 $78 ($78) $110

$64 $100

($89)

($86)

2007
LNE Artist Nation

2008
Sponsorship Concerts E-Commerce

2009
Ticketing Corporate / Other

Source: Historical financials 10-K and internal estimates. Note: Frontline acquisition of controlling interest as of Oct. 29, 2008. Acquisition transaction expenses are excluded.

32

Merger impacts have been positive and meaningful
$MM

Purchase Accounting +$40mm
Artist Nation +$2mm Concerts +$4mm

Synergy Savings +$40mm
Sponsorship +$1mm

E-Commerce +$5mm

Global Ticketing +$16mm

Ticketing +$40mm

Corporate/Other +$12mm

 Recharacterize/revalue NonRecoupable Contract Advances  Revalue Sports Contracts  Revalue/timing of Deferred Revenue  Net Income increase is + $10M

 Headcount Reductions  Consulting & Contract Services declines  Combining employee benefit programs  Procurement and Insurance savings

Source: Live Nation internal estimates.

33

2010 Full Year AOI Walk
($MM) Paciolan Divestiture & AEG New Deal

Synergy Savings

-$23mm

Sponsorship Growth

Ticketing

+$9mm

+$40mm
-$43mm
One-Time Costs

-$5mm Purchase Accounting

Concerts -$25mm
Concerts: Artist Reserve

+$40mm

-$13mm
U2 Tour Delay -$6mm Other/ Divestiture -$14mm

2009 Full Year

MERGER RELATED IMPACTS
$

BUSINESS OPERATIONS

445

+$52mm

($92mm)

2010 Full Year Outlook $

405
34

Source: 2009 10-K, 2010 estimated. Note: Acquisition transaction expenses are excluded. 2010 figures at constant currency.

Proforma comparison 2009 vs 2010
($MM)

2009

2009 Full Year Divestitures $445
Pre-Merger Period

2009 Proforma

<$20mm>

<$16mm>

$409

2010

2010 Full Year Outlook
Pre-Merger Period

2010 Comparable

$405

<$5mm>

$400

Source: 2009 10-K, Q1 2010 as reported, internal estimates. Note: Acquisition transaction expenses are excluded in 2009 and 2010. 2010 figures at constant currency.

35

Ticket Sales Update
Industry: Top 100 Touring Act Ticket Sales (First Half of Year)
18.0
(MM)
1

Down 12%

15.9

Potential additional decline in 2nd half of year of 15%

2009
LN Ticket Sales (First Half of Year) (excluding Stadiums)

2010
TM Ticket Sales (First Half of Year) 61

24.4

Down 3%
23.7

Down 11%
55

2009

2010

2009

2010

Last Half of Year Risk: Artists not touring due to bad economic climate and Industry continues to trend down

1

Source: Pollstar

36

Down Case Scenario – 2010 Full Year AOI
($MM) 2010 Full Year Outlook AOI

$405

Concerts:
Ticket Sales Risk for Q3/Q4 (1mm tix)

<$25mm> Ticketing:
Ticket Sales Risk for Q3/Q4 (4mm tix)

<$15mm>

2010 Down Case Scenario AOI

$365
Notes: 2010 figures at constant currency. 37

2010 impacts will carry over to 2011

+$20mm
Incremental Synergies

+$6mm

2011 AOI
Potential AOI Impacts from 2010

+ -

U2 Tour

+$5mm
One-time Costs

-$5mm
Reduced impact from Purchase Accounting

-$12mm
AEG & Paciolan Impact

38

Here is where we make our money…by Segment
$MM

$3,704

AOI Margin 60%
Artist Management

49%

$1,261

44%

18%

9%
Without Gross Ticket Revenue

14%
Artist Services

Revenue AOI

5%

NA: 2% Int’l: 6%

3%

$459 $162 $97 $94 $64 $41

$229

$100

Ticketing

Concerts

Sponsorship

Artist Nation

E-Commerce
39

Source: 2009 financials

by Product Line…
REVENUE AOI

E-Commerce Artist Mgmt/ 2% Services 8% Sponsorship Onsite 9%

Other 2% Artist Mgmt/ Services

(Concert Promotion) E-Commerce 8% 11% Sponsorship 15% Onsite 18% Ticketing 48%

3%

Ticketing 23%

Concert Promotion 53%

Source: 2009 financials

40

…and by Geography

REVENUE

AOI

International 27%

International 29%

North America 73%

North America 71%

Source: 2009 financials

41

The 2nd and 3rd quarters generate most of our AOI
Live Nation Entertainment 3-Year Average Quarterly AOI Trend

44% 27% 8%
Q1 Q2 Q3 Q4

21%

Live Nation Entertainment 3-Year Quarterly AOI Trend
60% 45% 30% 15% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2007

2008

2009

Source: Historical financials 10-K.

42

Almost half of our business is generated outside the U.S.
$MM

Hedging Strategy
Other* 6% CAD ($) 10% We hedge:
• Artist contracts where payment currency ≠ ticket currency • A portion of AOI from foreign locations

GBP (£) 14%

EUR (€) 14%

USD ($) 56%

* Includes NOK, SEK, AUD and other currencies.

43

Our combined free cash flow is growing
$MM

$500 $400 $300 $200 $100 $0

AOI: $445
$63 $81 $108

$9

AOI: $405
$49 $50 $105

$7

$183

$194

FREE CASH FLOW

2009
Maintenance CapEx Cash Taxes Cash Interest Expense Free Cash Flow

2010

Distributions to/from noncontrolling Interest Partners

Source: Live Nation Entertainment internal calculation, adjusted for discontinued operations. Notes: 2010 figures at constant currency

44

Our CAPEX base has been consistent
$MM

Large Projects 2007
O2 Dublin (The Point) Venue Networking HOB Dallas Reading Festival Site

Large Projects 2008
O2 Dublin - Completion HOB Boston/Houston AMG Venues Ticket System Build Palladium (Hollywood)

$300 $250 $200 $164 $150 $100 $50 $0 2007 2008 2009 2010B
$88

$238
$182

$119

$101

$97
$56

$100
$50

$76

$56

$41

$50

Maintenance

Revenue Generating

Normalized without Large Projects

Source: Historical financials 10-K, 2010B estimated. Ticketmaster Maintenance / New Revenue split based on internal calculations. Notes: 2010 figures at constant currency.

45

Revenue Generating CAPEX enhances
$MM

Target Hurdle Rate = 12.5%
2010 FY Budget
$

System / Web Development
• • • • • Venue Management Tools Mobile Application Development Event Management System Upgrades Online Customer Enhancement 3D Seat Map Development

50mm
10%

Ticketing: New Venues / Outlets
• Ticketing Outlet Center expansions • Infrastructure for New Client Venues • Preparation for 2012 Olympics

55%

35%

Refurbished Venues
• • • • • Venue Renovation and Build-out Concessions Upgrades & Conversions Stage Improvements VIP Area Upgrades Sponsorship Enhancements

Source: Live Nation internal estimates.

46

Maintenance CAPEX protects and replaces
$MM

50%
2010 FY Budget
$

Venue Improvements

• Roof, Lawn & Concessions replacement • A/V upgrades • Stage Buildout • Furniture & Equipment • Office Lease Improvements • Computers, laptops, printers, servers & data warehouses • Financial & Other IT system improvements • Business Intelligence Tools

50mm

40%

Systems / IT

10%

Health & Safety

• HVAC • Fire Alarm & Emergency Lighting • Security & Camera Systems • Facility Upgrades

Source: Live Nation internal estimates.

47

We expect total CAPEX to remain at these levels
Future Revenue Generating Projects:
$MM

 Online Shopping Cart  Database Investment  Dynamic Pricing  Ticketing System improvements

$120 $100 $80 $60 $40 $20 $0 2010B

$100

$50

$50

2011 (est.)
Maintenance New Revenue

2012 (est.)

Source: Live Nation internal estimates.

48

Our current Capital Structure has improved
$MM Free Cash Revolving Credit Facility ($300mm capacity) Term Loan A Term Loan B Total Bank Debt New Senior Unsecured Notes Existing TM Senior Notes Total Guaranteed Debt Convertible Senior Notes Other Debt Capital Leases Total Debt Noncontrolling Interests and Other Market Value of Equity ($10.98/share @ 7/8/10) Total Enterprise Value
1 2 3 4

May 31, 2010 262 ― 100 800 $900 250 312 $562 170 100 11 $1,743 216 1,898 $3,594

AOI Multiple

1

Maturity

Spread / Coupon

5/6/15 11/6/15 11/6/16 2.2x 5/15/18 7/28/16 1.4x 7/15/14

L + 300 L + 300 L + 300

2

8.125% 10.75%

3

2.875%

4

4.3x

8.9x

Based on 2010 Adjusted Operating Income (Forecast) of $405MM LIBOR Floor @ 1.50% Existing TM Senior Notes: $300MM notional amount Convertible Senior Notes: $220MM notional amount

− Revolver Undrawn at Closing; Over $500MM in Liquidity and Building Cash − LIBOR Floor on Term B Loan @ 150 bps – Built in Hedge on Rate Movement

49

The refinancing simplified our operations …
Old Capital Structure New Capital Structure

1) 2) 3) 4) 5) 6)

2 separate silos; no comingling of funds 6 separate covenants First maturity: December 2011 2 federal tax filers 2 sets of audited financial statements WACD = 6.8% (as of March 31, 2010)

1) 2) 3) 4) 5) 6)

Single borrower 2 covenants First significant maturity: July 2014 1 tax filer 1 audited financial statement WACD = 6% (as of June 30, 2010)

Operationally Difficult, Expensive, Short Lead Time to Maturities

Simple, Flexible, Substantial New Liquidity, +$15MM in Free Cash Flow Benefits
$MM Total Debt / AOI Ratio Interest Coverage Ratio Covenant 4.90X 2.50X

New Covenants

50

Added cash to the balance sheet…
$MM

Sources New Revolver ($300MM Capacity) Committed Amount Drawn Amount New Term Loan A New Term Loan B New 8.125% Senior Unsecured Notes $300 $0 $100 $800 $250

Uses Repay Existing Facilities Repay Revolvers Repay Term Loans Total LN Preferred Stock Principal Payment Make Whole Total Fees and Accrued Interest Cash to Balance Sheet $200 773 $973

$40 8 $48 $33 $96 $1,150

Total Sources

$1,150

Total Uses

Amount ($MM) New Revolver Capacity New Term Loan A New Term Loan B New Senior Unsecured Notes $300 $100 $800 $250

Pricing L + 300 bps L + 300 bps L + 300 bps 8.125%

LIBOR Floor None None 1.50% --

We have hedged the Term Loan A with a cap of 4% on LIBOR Recorded $20M of debt extinguishment costs (non-cash) in 2010 due to refinancing

51

…and reduced interest expense
$MM

$130
$160 $140 $120 $100 $80 $60 $40 $20 $0 2009 2010 2011
P&L Cash

$120
Future impacts – • LIBOR increases • Debt paydowns
• Use of revolver for accretive acquisitions

$108

$105

Source: 2009 P&L Interest from TM and LN 10-K; 2010 P&L Interest estimated. Cash Interest from Free Cash Flow adjusted for Discontinued Operations. Notes: 2010 figures at constant currency.

52

The Merger reduced cash taxes
$MM

$90 $80 $70 $60 $50 $40 $30 $20 $10 $0

$81
• 2010 Effective Tax rate on taxable ordinary income of 20% • 2010 includes the impact of the merger & refinancing

$50
U.S.: 40% Int’l: 60%

$30

$30

Cash P&L

2009

2010

2011
53

Source: 2009 P&L Taxes from TM and LN 10-K; 2010 P&L Taxes estimated. Cash Taxes from Free Cash Flow adjusted for Discontinued Operations. Notes: 2010 figures at constant currency.

And will continue to impact taxes in the future
$MM

Net Operating Losses

Gross Value of $270MM
(2009)

• Annual limit of $40mm
(accumulates)

• No expirations until 2016 • Last expiration 2026

Valuation Allowance

$192MM
(Value at 2009)

• Will reverse to income statement as earnings improve (future tax benefit)

Increasing Profitability

CURRENT STATUS: • Not a federal tax payer in the US except on Front Line • Pay taxes in most other countries • Pay taxes in many states

Source: Live Nation internal estimates.

54

CONCERTS
JULY 15, 2010

BUSINESS MODEL = 4 LEVEL EVENT MODEL
E-Commerce/ Ticketing = 57% Onsite Ancillary = 18%

 Tickets  Clients  Products  Royalty Costs

 Attendance  Markets/Venues  Events

Management = 9%

Event / Concert
 Tickets  Talent Costs  Marketing Costs

Sponsorship = 16%

 Clients

28 Markets = LNE Profit

 Fans  Online Traffic

56

HOW WE MAKE OUR MONEY
21.7k Events 52.1M attendees

Gross Revenue $3,704M Tix Rev = $2,728M 101% Artist and Show Costs $2,757M (1%) Promoter Profit $(29)M 100% Ancillary CM $627M Fixed Costs $(498)M Global Concerts $100M
57

ANATOMY OF A CONCERT TICKET
Anatomy of a Concert Ticket Price
Avg Face Value Tax - approx 5% Net Gross Service Fees Show Costs Avg 30% Talent Fees Avg 65% to 90% Promoter Profit $55.65 $2.65 $53.00 $14.00 $16.00 $34 to $47 $3 to ($10)

58

GLOBAL CONCERTS: KEY METRICS
Attendance in ‘000’s Revenue in $m’s

North America Concerts 2009
Attendance Show Count Ticket Sales Rev Avg Tix Price Talent % 28,047 9,376 $1,349.6 $48.1 75%

2010 Est.
27,205 9,095 $1,354.8 $49.8 74%

Var
(842) (281) $5.2 $1.7 1%

% Var
-3% -3% 0% 3% 1%

International Concerts 2009
Attendance (ex stadiums) Attendance Stadiums Show Count (ex stadiums) Show Count Stadiums Ticket Sales Rev Avg Tix Price Talent % 9,692 1,956 4,251 49 $743.8 $58.2 56%

2010 Est.
9,143 994 3,263 33 $653.6 $54.3 55%

Var
(549) (962) (988) (16) ($90.2) ($3.9) 1%

% Var
-6% -49% -23% -33% -12% -7% 2%

Attendance and Show count is for promoted events only and does not include rentals of 8k in 2009 and 9k in 2010
59

CONCERT METRIC: MID YEAR vs. INDUSTRY
Industry down 17% LN down 9% LN Est Mid Year Gross Industry down 12% LN down 4% LN Est Mid Year Tix

$902m $822m

16,495k 15,792k

2009

2010 Estimate

2009

2010 Estimate

Industry down 9%

LN down 3% LN Est Mid Year Avg Gross

Industry down 14%

LN up 2% LN Est Mid Year Avg Tix
2686

$143k $140k

2621

2009

2010 Estimate

2009

2010 Estimate

60

CONCERT METRIC: EVENT COUNT
30,000

22,167 20,000 16,747 21,699 21,226

13,386 10,000 10,877

0 2005 2006 2007 2008 2009 2010 Estimate
61

CONCERT METRIC: TICKET PRICES
$60.00 $58.17

$55.00 $50.02 $50.00 $45.71 $45.00 $44.78 $40.00 $41.82

$52.89 $48.29 $48.21 $45.79 $48.12

$54.32 $49.74 NAC INTL

$35.00

$30.00 2005 2006 2007 2008 2009 2010 Estimate
62

CONCERT METRIC: TALENT COSTS

90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

77%

75%

74% 51%

74% 56%

75% 56%

74% 55% NAC INTL

52%

53%

2005

2006

2007

2008

2009

2010 Estimate

63

CONCERT METRIC: ATTENDANCE
60,000
Attendance in ‘000’s

52,114 50,000 46,437 52,148 47,031 40,000 36,875 30,000 41,606
Additional attendance Risk

46,031

20,000 2005 2006 2007 2008 2009 2010 Estimate
64

CONCERT METRIC 2010: AMPH PROMOTIONS TICKET SALES
2009 Final 9.6MM

10m 9m 8m

2009

2010
2010 Trend (2.5%) 9.4MM

Tickets Sold

7m 6m 5m 4m 3m 2m 1m FEB

Thru May 31
Tickets (8.2%) Gross (7.0%)

2010 Industry Decline Trend (12%) 8.4MM

Thru June 30
Tickets (2.5%) Gross (6.9%)

MAR

APR

MAY

JUN

JUL

AUG

SEP

65

PRICE WILL DRIVE ATTENDANCE

June Promotion Drove Sales
Daily Tickets Sold Per Event
300 

4-Packs Drive New Sales
48% Incremental Ticket Rate
600,000

$10 Lawn is Strongest Offer
Daily Tickets Sold for 10 Events
30,000 

250 

35
200 

se rea Inc %

251

500,000 400,000
327K

150 

300,000 200,000 100,000 0

15,000 

100 

50 

5,000 

338

‐ May June

"Standard" Tickets  Total 4‐Pack Tickets Per Order

Pre‐Offer Daily Average

70

10,000 

00

%

Inc re

as

e

187

% 48

In c

re

e as

484K

25,000 

24,075

20,000 

$10 Offer Day

66

CONCERT METRIC 2010: PERCENTAGE OF TICKETS DISCOUNTED
Tickets in ‘000’s

2009 Total Tickets Total Discounted % Discounted 42,895 2,681 6%

2010 FY Estimated 41,024 4,195 10%

67

CONCERT METRIC 2010: CANCELED SHOWS

Total Cancelled Events Percentage

2009A 13,767 220 2%

2010 Estimate 12,391 177 1%

68

HOW WE MAKE OUR MONEY ON ANCILLARY
$627M
Rentals/Venue Rebates/Other $126m 20% F&B $223m 36%

Premium Seating $46m, 7% Agency $12m, 2% Parking $44m, 7% Merch $26m Ticket Fees $150m 24%
69

4%

ANCILLARY METRIC: F&B PER CAP (GROSS)
$18.00 $17.00 $16.59 $16.00 $15.00 $14.04 $14.00 $13.00 $12.00 $11.00 $10.00 2008 2009 2010 Estimate
70

$17.37

$17.48

+8.5%

NAC AMP INTL FESTIVAL
Avg Industry Growth

$12.85

$12.94
+2.2%

Industry includes MLB, NFL, NHL, NBA, Disney, Cinemark and Regal Ent

2010 Full Year AOI Walk
($MM)

INTL Reduction In Fixed Cost

+$9mm
INTL Festivals and Venues

INTL Stadium And Arena Volume

-$20mm

NA Amp On Site increase

NA Amp and Arena Attendance

+$3mm
ARA Impairment

+$10mm

-$20mm

-$13mm
NA Legal

-$5mm 2009 Full Year 2010 Full Year Outlook $

64

Concerts
$

100
BUSINESS OPERATIONS

Ticket Sales Risk

<$25mm>

($23mm)

2010 With Risk $

39
71

HOW WE GROW

1. Expand Global Platform to Top 75 markets
-Exit low performing markets

2. Reduce NA Show Count and Fixed 3. Sell More Tickets 4. Grow HOB to Artist Discovery Brand

72

1. EXPAND GLOBAL PLATFORM TO TOP 75 MARKETS
Gross Box Office Opportunity
Existing Markets New Markets Competitors LN

Estimated GBO ($M)

800 1500 1400 700 600 500 400 300 200 100 -

10 0 %

10 0 %

88% 99% 99% 12 % 1% 1% 82% 18 % 10 0 % 10 0 % 10 0 %

10 0 %

10 0 %

10 0 %

10 0 %

Austria

Las Vegas

Australia

Japan (Int'l)

Germany (Int'l)

France

South America

Mexico

Ireland

10 0 %

IFPI Rank

4

7

5

8

18

NA

Switzerland

12

14

24

2

Montreal

NA

15

Russia
19

South Korea

73

2. REDUCE FIXED IN NA

Shows
20% 80%of AOI

Markets
20%

80% of AOI

2010 Fixed per show: $35k

2010 Fixed per market: $1.6m

74

3. SELL MORE TICKETS
All-In Pricing Promotion

+146%
Ticket A Sales Volume = Ticket B Sales Volume

• 72% of fans prefer single face price • one-price ticket = est 3.3% sales lift

Pricing
Current Pricing Scale 3 PL Seats % Sold Price 1 2,723 92% $114 Max Revenue Scale 10 PL % Sold Price VIP 100% $280 1 80% $150 2 79% $139 3 79% $129 4 78% $104 5 89% $76 6 84% $66 7 75% $52 8 65% $36 9 59% $29 Lawn 90% $28 $53 (R) Total 79% $28 (L)

Partners/Marketing/Database

2 3 Lawn Total

5,667 4,811 5,650 18,851

63% 26% 81% 63%

$77 $55 $31 $77 (R) $31 (L)

• 10 price scale = +25% tix sales & est. +9% rev
75

4. GROW HOB TO ARTIST DISCOVERY BRAND
Industry Club Business
9,000

Club Artist Population Growing
8,127 8,000 8,179

Industry Venues Tickets Shows 2656 40,584,305 40,728

Live Nation 36 O/O Venues (401 Promo Venues) 7,108,032 6221

7,000

6,000 5,238 5,000

4,000

3,000

Live Nation excludes 3 O/O Comedy Clubs Industry includes Live Nation Live Nation Tickets equals attendance

2,000 920 1,065

1,000

631

2007 Industry 2007 2008 Industry 2008 2009 Industry 2009

Live Nation and HOB rank #3 for concert information amongst peers.
8 7 6 5 4 3 2 1

Fragmented Music Discovery Sites

88% 65% 54% 41% 38% 34% 24% 23% 20% 40% 60% 80% 100%

0%

76

TICKETING
July 15, 2010

BUSINESS MODEL = 4 LEVER EVENT MODEL
E-Commerce/ Ticketing = 57%
 Tickets  Clients  Products  Royalty Costs

Onsite Ancillary = 18%

 Attendance  Markets/Venues  Events

Event / Concert
 Tickets  Talent Costs  Marketing Costs

Management = 9%

Sponsorship = 16%

 Clients

 Fans  Online Traffic

Note: Figures based on Adjusted Operating Income.

78

TM growth has historically outperformed the worldwide market
Primary Ticket Market Size (Global)
CAGR (2005-2009)

84.4

89.0

91.7

94.4

96.1

Global

3.3%

$B

Ticketmaster

6.5%

Note: Primary ticket sales including movies, concerts, sports and arts; does not include service fees Source: Goldman Sachs, MPAA, Pollstar, BEA, US Census

79

TM ticket sales down in 2010 driven by industry ticket decline
Ticket Sales

200+

6.2% M
55

(11.0)% 61 55

(5/31)

Full year data on date of transaction, including all LNE tickets

80

All segments decline in 2010
YTD (5/31) Global Ticket Sales By Event Type (2009 vs. 2010)

Change % M

61 55 Total Other Family Arts (6.8) (0.2) 0.1 (1.3) (0.6) (11%) (11)% 1% (14%) (5%)

Tickets (M)

Sports

Concerts (4.8)

(14%)

Includes all LNE tickets

81

TM client base has grown 5% historically

Client Count
11.9 11.7 12.3

CAGR (2005-2010) 5.1%

11.3 9.6
K of Clients

9.1

North America International

(5/31)

82

TM continues to maintain strong renewal rates above 95% in North America
Renewals (1) N.A. YTD (5/31/2010) (2)
► 1.2M tickets won ► 5.0M tickets renewed
% Tickets Renewed

► 0.2M tickets lost

Int. YTD (5/31/2010)
► 1.5M tickets won ► 1.9M tickets renewed ► 0.2M tickets lost
North America International
(5/31)

Note:

(1) Includes all LNE tickets (2) For multi-year clients with over 5,000 tickets per year

83

Variable costs have increased faster than service fees
Global Revenue and Variable Costs (per ticket)
$7.96
Fees

CAGR (2006-2009) 2.3%

$7.28

$7.63

$7.84

Gross Margin (0.7%) (on Fees)

Variable Costs 4.9%

2008 and 2009 are pro-forma for LNT

84

League deals have driven high increase in secondary fixed expenses
Secondary Segment AOI
($M) TicketsNow League Deals Ticket Total Exchange Secondary

2007 2008 2009 2010f 2011e 2012e 2013e

$11 $17 ($3) ($8) ($6) ($6) ($6)

Addition of TM traffic

($15) ($15)
Signed NHL and NFL league deals

($1) ($5) ($1) ($1) $0
NHL agreement ends 6/2012 NFL agreement ends in 2/2013

$10 ($3) ($19) ($23) ($20) ($18) ($8)

Elimination of TM links and affiliates

No presales; decline in non-paid search traffic

($14) ($14) ($12) ($2)

$0 $0

Before impact of purchase accounting; 2010 and after are management estimates

85

Global AOI has declined as fixed and variable outpace revenue
Ticketing Financials (Global)
1,189 1,011 884
Variable 9.3%

1,360 1,261 Revenue

CAGR (2005-2009)
9.3%

$M

Other Fixed Resale Fixed AOI

12.5% 263% -0.4%

AOI Margin

26%

27%

24%

17%

18%

Full year financials, includes LNT

86

The largest impact on AOI has been volume and pricing

$M
$216

Additional $15M risk

Full year financials

87

How we will grow:

1. Reorganize North American business around 5 new segments 2. Bring down ticketing fees and get paid on all tickets by implementing new client pricing 3. Extract secondary margin without operating risk 4. Move International tickets online to gain efficiencies 5. Expand into International and new North American segments

88

Reorg North America around five client segments to solidify current business and reduce fixed costs
% of AOI Critical Needs
• Marketing & Distributing

Competitors
• Veritix • Tickets.com • New Era

Multi-Purpose

47%

• High volume onsales • Content

NBA / NHL

14%

• Season Tickets / CRM • White label

• Veritix • Tickets.com • New Era

• Deliver segment focused analytics and products

Stadiums and Outdoor Sports

14%

• Season Tickets • Marketing & Distribution

• Veritix • Tickets.com • Paciolan

• Align staff incentives

Arts / Theater

14%

• Donation Management • Marketing & Distribution

• • • •

Paciolan Tessitura AudienceView JumpTV

Club / Small Venues

10%

• Marketing & Distribution • Self service

• eTix • TicketFly

• Eliminate $20M in annualized fixed costs

89

Reduce overall ticketing fee and get paid on all tickets
Global Tickets (2009) Global Fees/Ticket

Non-Fee Bearing Tickets Fee Bearing Tickets

250M 64%

140M 36%

TM does not get fees on ~2/3 of tickets processed on its systems
►Box office tickets ►Season / group sales ►Tickets allocated to other ticketers (International)

We could reduce fees by 64% if clients charged fees on all tickets

90

Enter new segments: within the U.S. alone there are 9 clearly defined segments; TM is only currently in 5
Primary Ticket Market Size (Global) $96B Tickets by Segment (U.S.) 5.0B

ROW
$B

U.S.

Note: Primary ticket sales including movies, concerts, sports and arts; does not include service fees Source: Goldman Sachs, MPAA, Polstar, BEA, U.S. NAICS Census Data, IES, ESPN.com

91

Where we make our money:
Global AOI (2009)

U.K. 16% North America 68.4%

Ireland 5.8% Australia 3.3% Norway 2.3% Sweden Denmark 1.9% 1.9%
92

Enter new geographic markets to expand our footprint
Expansion Opportunities

TM Current Markets TM Target Markets

► Ticketmaster in 12 international markets ► Only covers 37% of European population ► 124M untapped tickets in 6 European markets
Competitors TM

Millions of Tickets

93

Move international tickets on-line and to our sites
Migrate Processed to Retail Target 14% 10M tix Processed 25% 19M tix
Outlet

Migrate Phone and Outlet to Internet

Phone

11%

Retail 61% 45M tix

22%

Internet

67%

$15M opportunity from selling more of current tickets through our retail channels

$1M opportunity for every 2% gain in internet share

94

Secondary: Capture the secondary market without direct participation

► Traffic/referral fees ► Barcode verification ► Ticket Exchange ► Dynamic pricing ► VIP ticket sales ► Discount site partners

$50M AOI opportunity without operational risk

95

Core challenges / opportunities + 250M tickets
Challenges
► Reduce fixed costs ► Expand technology platform to service segments as lowest cost provider ► Reduce TicketsNow / league costs

Opportunities
► Get paid on 250M tickets ► Reduce ticketing fee to drive value ► International Expansion ► Expand into new ticket segments ► Improve international efficiency by moving tickets online ► Capture secondary market

96

eCOMMERCE
July 15, 2010

BUSINESS MODEL = 4 LEVER EVENT MODEL

E-Commerce/ Ticketing = 57%
 Tickets  Clients  Products  Royalty Costs

Onsite Ancillary = 18%

 Attendance  Markets/Venues  Events

Event / Concert
 Tickets  Talent Costs  Marketing Costs

Management = 9%

Sponsorship = 16%

 Clients

28 Markets = LNE Profit

 Fans  Online Traffic

Note: Figures based on Adjusted Operating Income.

98

#1 Ticketing and #3 eCommerce site in the world
Top 10 Internet – E-Tailers (1) – Transaction Revenue
Rank
1 2

Site

Revenues ($000)
24,510,000 9,800,000

3 4 5 6 7 8 9 10

6,525,000 4,530,000 4,250,000 4,100,000 3,500,000 2,775,358 2,774,237 2,470,116

Note: (1) E-Tailers excludes travel and customer-to-customer exchanges

99

LNE sites generate over $6B in sales annually
eCommerce Revenue Bridge (2009)

$M

Gross Ticket Sales

Face Value and Facility Fees

C&P Revenue

Sponsorship Advertising & Other Rev.

Revenue To Ticketing & Sponsorship

eCommerce Revenue

Note: Represents 12 months ended 12/31/09

100

Ticketmaster online sales have paced growth of the eCommerce market
eCommerce Market Size (Global)
eCommerce Global Sales TM Global Online Sales eCommerce Ticketmaster 18.2% 18.1%

CAGR (2002-2009)

$B

Note: Source:

Includes travel and retail eCommerce market e-Marketer Report, U.S. Department of Commerce, ComScore “State of the U.S. Online Retail Economy in Q1 2010”

101

Leading Database and Fan Touchpoints

Database Size (Global)

Touchpoints ►5.3B – Page Views ►2.6B – Marketing & Transac. Emails ►22.1M – Retail Outlet Impressions ►21.4M – Sales & Service Phone Calls ►1.4M – Mobile, Survey, Kiosk

Records (M)

Total Records

Opt-in E-Mail

Mobile

As of Dec. 31, 2009; non-duplicated records

102

eCommerce Business Model

Business Model
(2009 Revenue)

Upsells

31%
(Non-Ticketing products in cart)

License Fees

37%
($0.50 / ticket)

Sponsorship Online Advert.

18%

(Online components of sponsor. deals)

14%
(Ad sales, custom programs)

103

eCommerce Strategy

1. Improve Customer Experience = Conversion
• • • • • • Improve Shopping Cart Interactive Seat Map Fan Interaction Fan Guarantee Eliminate PAH All-In Pricing

2. Drive revenue by adding products / upsell 3. Increase distribution

104

We have a large opportunity to improve customer experience
Group Avg.
The service fees are too high The final total cost is higher than I had budgeted It's difficult to find the true total cost before buying I can't pick my own seats I am being rushed by a timer when buying tickets I can't get the seats I expected I am placed in an online waiting room to buy tickets I have to pay extra for secure and express delivery I can't reach customer service I don't fully understand the service fees I have to visit multiple websites to find the best tickets I have to pay for my whole group in advance I can't easily find the show on the ticketing website I worry my tickets won't be delivered I can't get confirmation from my friends quickly My friends won't agree on price/seat location It's inconvenient to buy at the box office, retail outlet or by phone It's difficult to find info on a show I don't really like the venue It's difficult to find out if an artist is touring 10.6 9.0 8.9 7.8 7.4 7.3 6.1 5.7 5.3 4.7 4.0 3.4 3.2 3.1 2.8 2.8 2.7 2.1 1.7 1.6

1 Concert
11.2 9.6 9.6 7.3 7.6 6.5 5.7 6.0 5.5 4.9 3.9 3.3 3.1 3.3 2.7 2.6 2.4 2.0 1.5 1.5

2-4 Concerts
10.5 8.8 8.8 7.8 7.2 7.3 6.1 5.6 5.7 4.7 4.1 3.5 3.2 3.0 2.8 2.8 2.7 2.1 1.7 1.6

5-9 Concerts
10.2 8.6 8.4 7.9 7.5 7.4 6.1 5.5 5.4 4.7 4.5 3.5 3.3 3.3 2.6 2.5 2.9 2.2 2.0 1.8

10+ Concerts
9.9 8.3 8.4 7.4 6.3 7.8 5.6 5.9 4.8 4.7 3.9 3.0 3.6 3.3 3.4 3.1 3.4 2.8 2.0 2.6

*Results are based on a Conjoint Analysis Statistically significantly different from average with 95% confidence. Statistically significantly different from other segments with 95% confidence. Note: Shade represents group composition and significance to other groups. Q. Which of the following are the most and least frustrating to you when purchasing tickets? Source: 2009 Live Nation Pain Points Study, n-2,348 105

Improve Customer Experience: Fan Guarantee Launch July 2010

Additional Policies
(July 2010) •Refund fees for canceled or •Refund (1) postponed events (1) •Allow fans to refund tickets 3 days •Allow (2) after purchase for LN venues (2)

(1) Does not include express shipping and in-store pick-up fees for retail outlet location. (2) Up to 1 week before event date

106

Improve Customer Experience: 100% Refund
100% Refund on Cancelled Shows
Current Cancellation E-mail E-mail Cancellation E-mail E-mail with Special Offer

► Opportunity to turn cancelled shows into new sales
107

Improve Customer Experience: Print-at-Home
Phase Out Print-at-Home Fees
TicketFast Delivery Option No Charge

108

Improve Customer Experience: One Price

Today’s Fees Today’s

All-in All-in Ticket Price

109

Improve Customer Experience: Shopping Cart
Current Cart Checkout

Integrated Cart Checkout
•Enables sale of music, merchandise and •Enables venue add-ons with every event add-ons •Integration with non-ticketing inventory •Integration non-ticketing systems (MusicToday, 3rd parties) (MusicToday, rd •“Crowd sourced” item selection •“Crowd sourced” •Better user experience •Better •Large increase of events with cross sells •Large from current 1%

110

Improve Customer Experience: Checkout

“My Cart” Page “My Cart”
Abandoned Inventory •List fan’s previously abandoned inventory if still available •List fan’s •Nearly $200M of inventory abandoned per year •Nearly Personalization •Favorite acts on tour, recommendations, recently viewed •Favorite •Personalized listings convert 2X better •Personalized

Friends” “Bill My Friends” “Bill
•Send requests to friends to make group •Send purchasing easier

111

Improve Customer Experience: Seat Maps

Old Seat Map

Interactive Seat Maps
(Launched) •Events •Events with seat maps convert 43% higher (1) than those without(1) •Seat maps shifted channel share to online •Seat purchases by 11%, with over half coming from (2) box office(2) •27% of fans said the maps contributed to them •27% (3) buying more and/or more expensive tickets(3) •500+ to be rolled out by EOY •500+

17%

(1) ISM EDP to purchase page conversion of 4.7% vs. non-ISM 3.4% (April 2010) (2) Year-over-year comparison between 2009 and 2010 for Jan-May for NBA teams with ISM (3) Post-purchase survey of 30,679 customers
112

Improve Customer Experience: Search

Search Suggest
•Improve search effectiveness by suggesting search •Improve results as request is typed •45% of home page visits use search box and convert •45% 3X higher than average visit •11% of searches are currently unsuccessful •11%

113

Improve Customer Experience: Social
Fan Reviews
(Launched) •Over 850k reviews; 2,000 per day •Over •More than 3,800 artists and 70% of artist •More page view include reviews

Fan Photos
(Launched) •Over 2k artists and 57k photos •Over •Future •Future integration onto home page and events pages

“Who’s Going” “Who’s Going”
•Allows fans to RSVP and post to Facebook •Allows •Drives user engagement, visits, and orders •Drives •Drives event discovery •Drives

Fan Reviews and Photo information for ticketmaster.com

114

Product Expansion: Upsell

Up-Sells
(YTD 2010)

Ticketmaster Average Order Value $170
% of Revenue from Upsells

1%
Ticketmaster Amazon

eCommerce Industry Average Order Value $72

TM Up-Sell Data through May, 2010. Amazon quoted by GetElastic (2006 information); ; Internet Shopping eMarketer and ComScore

115

Product Expansion: Drive incremental revenue around ticket purchase
Ticket Insurance Parking Artist Products Travel

► 1M+ orders in 2010 (1)
• 4.7% attach rate

► 600k orders in 2009 (2)
• 13% attach rate • Offered on 23% of orders

► Music: 40k orders (2)
• 26% attach rate • Offered on <1% of orders

► Fans travel out of town for live events (3)
• 81% of concert buyers • 65% of sports buyers

►At 1/10 only available in ►Requires venue UK, Netherlands, participation Sweden

►Merch: 92k orders (2)

• 14% attach rate ► Out of town fans use • Offered on <3% of orders travel services (3) • >50% stay at hotels ►Fan Clubs:105k orders(2) • ~40% buy a flight • 7% attach rate • Offered on <7% of orders

Annual Gross Revenue Potential Upside

$13M $6M

Annual Gross Revenue Potential Upside

$10M $20M

Annual Gross Revenue Potential Upside

$6M

Annual Gross Revenue Potential Upside

$0

$30M

$24M

(1) 2010 Insurance analysis , based on data through 6/30/2010 (2) 2009 Upsell report, assumes 19.8M internet orders; excludes LNT and MT (3) LN Research (post show survey of concert buyers, 2010) n=951 for concerts, 630 for sports
116

Expanding into new distribution channels to drive sales
Mobile Applications API Kiosks

Overhauled Live Nation and Ticketmaster mobile applications Launching Q4 2010

Ticketmaster partner API now able to integrate with strategic 3rd parties Will enable transactions across the web and mobile devices

Walmart outlet roll out on track • Currently 500+ stores • 1,100 before Q4 2010 Over 100 kiosks in operation with other partners

117

ACCELERATING SPONSORSHIP GROWTH
July 15, 2010

BUSINESS MODEL = 4 LEVER EVENT MODEL
E-Commerce/ Ticketing = 57%
 Tickets  Clients  Products  Royalty Costs

Onsite Ancillary = 18%

 Attendance  Markets/Venues  Events

Event / Concert
 Tickets  Talent Costs  Marketing Costs

Management = 9%

Sponsorship = 16%

 Clients

28 Markets = LNE Profit

 Fans  Online Traffic

Note: Figures based on 2009 Adjusted Operating Income (AOI).

119

Live Nation Entertainment leverages consumers’ emotional connection to music to deliver what corporate marketers want most.

REACH & TOUCH…
#1 concert network, #1 ticketing site, #3 e-commerce site, innovative marketing solutions

USER INTELLIGENCE…
demographics, purchase behavior, musical preference, financial status, proprietary data

SHARPNESS IN TARGETING…
by market, product spend, musical genre, venue, festival or artist

MULTIPLE TOUCHPOINTS…
across the entire live music ecosystem both online and offline
120

We provide sponsors with unprecedented reach both on-site and online...
On-Site Online

Property Ticketmaster Live Nation Network* duplicates

Monthly Uniques 23.2 M 7.7M -2.5M

TOTAL

28.4M

Source: Live Nation Attendance Totals - 10-K; 2009 MLB, NBA, NHL and NFL Attendance Totals - ESPN.com; 2009 UK Soccer Attendance Totals - WorldFootball.net; 2009 Broadway Attendance Totals - The Broadway League; Elias Sports Research

Source: Comscore March 2010 *Includes LN.com, HOB.com, Music Today, artist sites, etc. 121

…and a growing rich database enabling sponsors and advertisers to directly connect with a highly desirable consumer base.

On-site

Online

Database
• • 52.1M Annual Audience 80M Opt-in Users

122

Live Nation Entertainment has created the most comprehensive music marketing network in the world…

DATABASE
123

…attracting VALUABLE PARTNERS.

• >700 sponsors • >100 advertisers • >150 sellers
124

Our deals range from local to regional to national…
2005 2010

National Regional Local

48% 10% 42%

66% 8% 26%

…with a continued shift toward national business.
125

Global Sponsorship / Online AOI GROWTH

* Includes sponsorship and online advertising

126

Our GROWTH is outpacing the industry…

* Sources: Global Online Ad Spending via Pricewaterhouse Coopers; Global Sponsorship Spending via IEG Sponsorship Report

127

Sponsorship and Online Success Measurement

Sponsorship

Online

LN Global Sponsorship and Online Advertising YTD (thru 6/30)

128

Where We Make Our Money

2009 AOI

129

International: How We Make Our Money

130

North America: How We Make Our Money

131

How We Make Our Money

Venue Only Sponsor Example: Nikon
• Naming rights to Jones Beach Theater • Product demonstration and on-site consumer marketing initiatives • Inclusion in media campaign • Tickets and hospitality • Typical Venue Deal Range: – Name In Title: $500K - $1MM+ – Official Sponsor: $25K - $250K+

132

How We Make Our Money

Online Advertiser Example: Motorola

• Comprehensive online campaign • E-mail marketing campaign • Custom sweepstakes promotion • Sponsorship of Facebook module • Typical Ad Campaigns: $50K - $500K+

133

How We Make Our Money

Strategic Partner Example: Coca-Cola

• Pouring rights at 75+ Live Nation venues • Comprehensive online media campaign • Affiliation with touring artists • Promotions awarding music experiences and Live Nation Concert Cash • Typical Deal: Multi-Year, Multi-Million

134

How We Make Our Money

Festival Only Sponsor Example: Vodafone

• Exclusive telecommunications partner across all Live Nation UK festivals • Special access for Vodafone customers including pre-sale tickets, fast track entry and VIP viewing platform • Creation of custom mobile app per festival • Inclusion in media and marketing materials • Typical Deal: $50K - $1.0MM+

135

Global Sponsorship and Online: 2010 Health Check

136

Our future is bright with significant GROWTH opportunities…

Geographic Expansion
Grow our sponsorship base in Spain, France, Germany, Australia and the Middle East

Organic Growth
Expand our strong established markets in NA & Europe (UK, Holland, Belgium, Italy, Nordics, Central and Eastern Europe) through increased presence and assets …. represents a >$29B sponsorship market*

Online Ad Sales
Forecast to continue double digit growth to a

$96B global advertising industry by 2014**
… LNE growth via rich media, video, user generated content and continued innovation

Social Media
Forecast to be $3B advertising industry in the U.S. alone by 2014 **** …presents significant opportunities to integrate sponsors into LN Social Media platforms

Database
Monetize our database for direct marketing channels…a $165B industry in North America ***

Mobile
Forecast to be $7.6B global advertising industry by 2014**, integrate sponsors into LNE WAP site, mobile application and other mobile marketing initiatives

Source: IEG Sponsorship Report. **Source: Pricewaterhouse Coopers ***Source: Jack Meyers Media Report **** Source: Forrester Research Interactive Advertising Forecast (US only)

137

ARTIST NATION
JULY 15, 2010

CONNECTING ARTISTS WITH THE FANS

139 139

OVERVIEW

Proforma AOI*
% 0.9 2 R+ G CA
$48.3 $37.1 $30.0

$70.0 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $2005

$67.4

► Artist Management
$64.2

► Artist Services Including:
• Merchandise • Website and Fan Clubs • VIP Fan Experiences • Brand Marketing

2006

2007

2008

2009

*Includes Pre-Acquisition Periods for Signatures (1/08) and Front Line (10/08)

140

ARTIST MANAGEMENT

Revenue Sources – 2009
7% 11%

► 24 Operating Units ► 250 Artists ► 95 Managers ► CAGR AOI 22.2% ► Growth Through Direct Artist Signings and Acquisitions

82%

► Acquisitions 4-5X EBITDA Leverage < 3X ► AOI Margin 49%

Touring Records and Publishing Brand Marketing and Other

141

ARTIST SERVICES
Revenue Sources – 2009 AOI Sources – 2009
4% 27%

5% 12% 51% 13% 19%

Tour Merchandise (51%) Retail and E-Commerce Merchandise (19%) Website, Fan Club and Fulfillment Services (13%) VIP Fan Experiences (12%) Brand Marketing and Other (5%)

Tour Merchandise (27%) Retail and E-Commerce Merchandise (43%) Website, Fan Club and Fulfillment Services (0%) VIP Fan Experiences (25%)

25%

43%

Brand Marketing and Other (4%)

► Artist Services AOI Margin 5% ►Retail and E-Commerce Merchandise AOI Margin 15%

142

FUTURE GROWTH

143

THANK YOU

APPENDIX

145

Non-GAAP Financial Measures and Reconciliations
This presentation contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided below. Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that the company defines as operating income (loss) before acquisition expenses (including merger bonuses, payments under the Azoff Trust note and mergerrelated severance), depreciation and amortization (including goodwill impairment), loss (gain) on sale of operating assets and non-cash compensation expense. The company uses AOI to evaluate the performance of its operating segments. The company believes that information about AOI assists investors by allowing them to evaluate changes in the operating results of the company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in the company’s business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss) and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies. Free Cash Flow is a non-GAAP financial measure that the company defines as Adjusted Operating Income (Loss) less maintenance capital expenditures, less net cash interest expense, less cash taxes, less net distributions to minority interest partners, plus distributions from investments in nonconsolidated affiliates net of contributions to investments in nonconsolidated affiliates. The company uses free cash flow, among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than maintenance capital expenditures. The company believes that information about free cash flow provides investors with an important perspective on the cash available to service debt and make acquisitions. Free cash flow is not calculated or presented in accordance with GAAP. A limitation of the use of free cash flow as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash flow should be considered in addition to, and not as a substitute for, operating income (loss) and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash flow as presented herein may not be comparable to similarly titled measures of other companies.

146

Non-GAAP Financial Measures and Reconciliations

(cont.)

Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) Adjusted Non-cash operating income compensation expense (loss) Loss (gain) on sale of operating assets Acquisition Depreciation and Goodwill transaction amortization Impairment costs
($ in millions)

One-time Charges

Operating income (loss)

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007 Year Ended December 31, 2006 Year Ended December 31, 2005 Year Ended December 31, 2004 Year Ended December 31, 2003

$ $ $ $ $ $ $

445 407 415 398 352 281 295

$ $ $ $ $ $ $

41 59 42 11 22 24 1

$ $ $ $ $ $ $

(3) 1 (21) (10) 5 1 (1)

$ $ $ $ $ $ $

LNE 68 $ $ $ $ $ $ $

286 234 172 176 113 107 121

$ $ $ $ $ $ $

9 1,364 -

$ $ $ $ $ $ $

55 -

$ $ $ $ $ $ $

44 (1,251) 222 221 157 149 174

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007 Year Ended December 31, 2006 Year Ended December 31, 2005 Year Ended December 31, 2004 Year Ended December 31, 2003

$ $ $ $ $ $ $

165 149 121 103 103 90 124

$ $ $ $ $ $ $

17 35 29 3 1 1 1

$ $ $ $ $ $ $

(3) 1 (21) (10) 5 1 (1)

$ $ $ $ $ $ $

Live Nation 36 $ $ $ $ $ $ $

158 140 107 114 51 51 50

$ $ $ $ $ $ $

9 270 -

$ $ $ $ $ $ $

55 -

$ $ $ $ $ $ $

(52) (297) 6 (4) (9) 37 74

147

Non-GAAP Financial Measures and Reconciliations
Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) Adjusted Non-cash operating income compensation expense (loss) Loss (gain) on sale of operating assets Acquisition Depreciation and Goodwill transaction amortization Impairment costs
($ in millions)

(cont.)

One-time Charges

Operating income (loss)

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007 Year Ended December 31, 2006 Year Ended December 31, 2005 Year Ended December 31, 2004 Year Ended December 31, 2003

$ $ $ $ $ $ $

224 241 294 295 249 191 171

$ $ $ $ $ $ $

10 22 13 8 21 23 -

$ $ $ $ $ $ $

-

$ $ $ $ $ $ $

Ticketmaster 32 $ $ $ $ $ $ $ Frontline $ $

88 87 65 62 62 56 71

$ $ $ $ $ $ $

1,094 -

$ $ $ $ $ $ $

-

$ $ $ $ $ $ $

94 (962) 216 225 166 112 100

Year Ended December 31, 2009 Year Ended December 31, 2008

$ $

56 17

$ $

14 2

$ $

-

$ $

40 7

$ $

-

$ $

-

$ $

2 8

148

Non-GAAP Financial Measures and Reconciliations
Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) Adjusted operating Non-cash income compensation (loss) expense Loss (gain) on sale of operating assets Acquisition Depreciation transaction and Goodwill costs amortization Impairment
($ in millions)

(cont.)

One-time Charges

Operating income (loss)

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

445 407 415

$ $ $

42 59 40

$ $ $

(3) $ 1 $ (21) $

LNE 68 $ $ $

286 235 173

$ $ $

9 1,364 -

$ $ $

-

$ $ $

43 (1,252) 223

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

100 110 78

$ $ $

9 24 17

$ $ $

(3) $ $ (26) $

Concerts 1 $ $ $

130 120 93

$ $ $

9 234 -

$ $ $

-

$ $ $

(46) (268) (6)

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

64 24 2

$ $ $

15 3 2

$ $ $

-

$ $ $

Artist Nation $ $ $ Ticketing $ $ $ Sponsorship $ $ $ E-Commerce $ $ $ Corporate / Other 67 $ $ $

50 17 3

$ $ $

36 -

$ $ $

-

$ $ $

(1) (32) (3)

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

229 227 283

$ $ $

4 9 5

$ $ $

-

$ $ $

94 89 66

$ $ $

1,094 -

$ $ $

-

$ $ $

131 (965) 212

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

97 96 90

$ $ $

1 -

$ $ $

-

$ $ $

-

$ $ $

-

$ $ $

-

$ $ $

97 95 90

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

41 39 40

$ $ $

1 1 -

$ $ $

-

$ $ $

9 3 3

$ $ $

-

$ $ $

-

$ $ $

31 35 37

Year Ended December 31, 2009 Year Ended December 31, 2008 Year Ended December 31, 2007

$ $ $

(86) $ (89) $ (78) $

13 21 16

$ $ $

1 5

$ $ $

3 6 8

$ $ $

-

$ $ $

-

$ $ $

(169) (117) (107)

149

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