INVESTOR & ANALYST DAY

JULY 15, 2010

2

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 forward- looking 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.

LIVE NATION ENTERTAINMENT OPPORTUNITY

JULY 15, 2010

4

KEY METRICS

Market Share

Per Head Spend

Sponsorship

Fixed Down

Ticket Sales“AA”International FestivalsUnder 5000

Ticketmaster Down (11%)

Live Nation Down (4%)

5

DO YOU REMEMBER YOUR FIRST CONCERT?

6

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

WE’RE SELLING A POWERFUL, EMOTIONAL SOCIAL EXPERIENCE

7

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

…AND IT’S A UNIVERSAL GLOBAL NEED…

8

Concert Industry Ticket Sales

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

Indu

stry

Rev

enue

($B

illio

ns)

$1.1

$0.8 $1

.0

$0.9

$1.4

$1.0 $1.1 $1

.3

$1.3 $1

.5 $1.7

$1.8 $2

.1

$2.5 $2

.8 $3.1

$3.6 $3

.9 $4.2

$4.6

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

CAGR +8%

…AND AN INDUSTRY THAT HAS BEEN GROWING FOR YEARS…

9

…AND LIVE NATION ENTERTAINMENT HAS GROWN WITH IT

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.

LNE Combined Gross Revenue

$B

$2.3 $2.4 $2.5

$3.2$3.6

$4.1 $4.2

$0.7 $0.7$0.9

$1.1$1.2

$1.4 $1.3

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

2003 2004 2005 2006 2007 2008 2009 2010BLive Nation Ticketmaster

$3.0 $3.1 $3.4

$4.3$4.9

$5.5 $5.5

LNE 2003-2009CAGR +11%

10

WHAT DOES THE FUTURE HOLD – YEARS OF GROWTH

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

Indu

stry

Rev

enue

($ B

illio

ns)

$1.1

$0.8 $1.0

$0.9 $1

.4$1

.0$1

.1 $1.3

$1.3 $1.5 $1

.7$1

.8 $2.1 $2

.5 $2.8 $3

.1 $3.6 $3

.9 $4.2 $4

.6

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

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

11

► 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

IT WILL GROW BECAUSE…

12

MORE MARKETS

U.S. / UK Business Global Business

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

1980 2000 2010 2010+

30 70 113 210

USA - 20 USA - 30 USA - 45 USA - 60

Canada - 3 Canada - 7 Canada - 10 Canada - 15

UK - 5 Western Europe - 25 Western Europe - 30 Western Europe - 45

Germany - 2 Pacific Rim - 5 Eastern Europe - 10 Eastern Europe - 25

Latin America - 3 Pacific Rim - 10 Pacific Rim - 20

Latin America - 5 Latin America - 10

Middle East - 2 Middle East - 10

Africa - 1 Asia - 20

Africa - 5

Number of Viable Markets on

Annual Basis / International Artists

13

Outside North America AOI

MORE MARKETS HAVE DRIVEN LNE GROWTH

Live Nation 0% 5% 53% 65%

Ticketmaster 0% 21% 14% 40%

Live Nation Entertainment 0% 7% 29% 50%

1990 2000 2010 2010+

14

TECHNOLOGY WILL ENABLE US TO SELL MORE TICKETS BECAUSE WE CAN IDENTIFY OUR KEY CUSTOMERS

Non-Concert Attendee79%

Concert Attendee21%

Admissions:2009 Tickets Sold121MM

1 Concert37%

2-4 Concerts47%

5-9 Concerts9%

10+ Concerts7%

196.9MM U.S. Population18 to 64 Years Old

U.S. ConcertAdmissions

196MM U.S. Population18 to 64 Years Old

2.9

ANNUAL TICKETSPER CONCERT-GOER

42 Million

CONCERT-GOERS

18.0 Avg. Concerts

6.0 Avg. Concerts 2.7 Avg. Concerts

Source: 2009 Live Nation Concert Attendance Study, n=5,511; U.S. CensusNote: 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.

33MM

27%

15

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 ItWhere Fans Hear

About Shows

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.

Did Not MissShow69%

Missed Show31% Online/

Email53%

Friends/Family29%

Radio13%

Print2%

TV3%

16

MORE BANDS ARE ON THE ROAD

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

-

500

1,000

1,500

2,000

2,500

Total Concerts (LHS) Total Bands (RHS)

# of

Con

cert

s # of Bands

Source: Goldman Sachs Research Estimates

2000-2007Concerts – 17% CAGR

Bands – 16% CAGR

17

MORE BANDS ARE ON THE ROAD FASTER NOW

2 – 5 Years

MakeVideo

PlayClubs

MakeAlbum

GetLabel

WriteSong

PlayTheater

MakeAnotherAlbum

SellOut

Arena

SignPromoter

Deal

PostSong/Video

Online

SellOut

Arena

3 Months

Old Model New Model

18Source: Pollstar; Los Angeles Times

Top Earning Musical Acts of 2009

MORE BANDS ARE ON THE ROAD BECAUSE IT’S WHERE THE MONEY IS

50-90% ANNUAL ARTIST REVENUE

$0 $20 $40 $60 $80 $100 $120 $140

Dave Matthews Band

Jonas Brothers

Kenny Chesney

Taylor Swift

AC/DC

Elton John/Billy Joel

Britney Spears

Bruce Springsteen

U2

Album Sales (in millions) Tour Gross (in millions)

19

GLOBALIZATION WILL INCREASE LNE’S MARKET OPPORTUNITY

AND GROWTH

20

THE WORLD’S LARGEST SOCIAL MUSIC NETWORK

► #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…

21

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

4%

5%

5%

4%

8%

10%

10%

13%

14%15%

15%

16%

19%

20%

22%

22%

40%

6%

7%

8%

7%

6%

12%

19%

16%

16%25%

25%

22%

26%

24%

22%

27%

29%

12%

13%

14%

14%

13%

17%

20%

20%

17%20%

18%

20%

20%

20%

21%

18%

14%

78%

75%

73%

73%

73%

61%

51%

40%

53%40%

42%

42%

35%

36%

35%

33%

17%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Very Familiar Somewhat Familiar Not Very Familiar Not At All Familiar/Unaware

LNE HAS THREE LEADING GLOBAL MUSIC BRANDS

22

BUSINESS MODEL = 4 LEVER EVENT MODEL

Clients

Attendance Markets/Venues Events

Fans Online Traffic

Tickets Talent Costs Marketing Costs

28 Markets = LNE Profit

Tickets Clients Products Royalty Costs

Management =9%

E-Commerce/Ticketing =57%

Onsite Ancillary =18%

Sponsorship =16%

Event /Concert

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

23

WHERE WILL GROWTH COME FROM?

E-Commerce Revenue

Ticketing

Management

75 Global Markets

Live Ancillary

Sponsorship

Online Advertising

Note: Figures based on 2009 Revenue.

Event

24

OUR COMPETITIVE ADVANTAGE

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

E-CommerceRevenue

Concerts

Advertising

Labels

25

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

LNE STRATEGY

26

2007 2008 2009 2010

28 Markets

150 Markets

BIG GOALS

27

HOW ARE WE ORGANIZED

Sponsorship ConcertsTicketing E-Commerce Artist Nation

Board of Directors

StrategyLive Nation Entertainment

CEO/PresidentM. Rapino

Live Nation EntertainmentExecutive Chairman

I. Azoff

Corporate Functions

FINANCIAL UPDATEJuly 15, 2010

29

The combined company has a strong revenue history

$MM

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

$2,487

$3,201$3,635

$4,085 $4,181

$724 $748 $929 $1,063 $1,240 $1,409 $1,294

$46 $192

$3,026 $3,145$3,416

$4,264

$4,875

$5,540 $5,667

$2,397$2,302

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

2003 2004 2005 2006 2007 2008 2009

Live Nation Ticketmaster Frontline LNE

2003 – 2009 LNE CAGR = +11.0%

Revenue

30

With fixed cost in line with revenue growth

$MM- House of Blues

- Merchandise companies

- International Acquisitions

$404 $387 $391$461

$571$637 $659

$193 $199$258

$333

$464 $435

$8 $53

$597 $586 $625$719

$904

$1,109 $1,147

$234

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

2003 2004 2005 2006 2007 2008 2009

Live Nation Ticketmaster Frontline LNE

- TicketsNow- Paciolan

2003 – 2009 LNE CAGR = +11.5%

Fixed Costs

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.

31

$MM

And a growing adjusted operating income

$124 $90 $103 $103$121

$149$171

$191

$249

$295 $294

$241$224

$17$56

$295 $281

$352

$398 $415 $407$445

$165

$0

$100

$200

$300

$400

$500

2003 2004 2005 2006 2007 2008 2009

Live Nation Ticketmaster Frontline LNE

2003 – 2009 LNE CAGR = +7.0%

AOI

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

32

Our AOI has grown despite ticketing challenges

$MM

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

$78$110 $100

$24 $64

$283$227

$229

$40 $39$41

$90 $96$97

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

$415 $407 $445

2007 2008 2009

ConcertsArtist Nation

TicketingE-CommerceSponsorship

Corporate / Other

LNE

$2

33

Recharacterize/revalue Non- Recoupable Contract Advances

Revalue Sports Contracts

Revalue/timing of Deferred Revenue

Net Income increase is + $10M

Merger impacts have been positive and meaningful

Source: Live Nation internal estimates.

$MM

Synergy Savings+$40mm

Purchase Accounting+$40mm

Ticketing+$40mm

Headcount Reductions

Consulting & Contract Services declines

Combining employee benefit programs

Procurement and Insurance savings

Global Ticketing+$16mm

Corporate/Other+$12mm

E-Commerce+$5mm

Concerts+$4mm

Artist Nation+$2mm

Sponsorship+$1mm

34

2010 Full Year AOI Walk

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

($MM)

2009Full Year

$ 445

2010Full YearOutlook

$ 405

PurchaseAccounting

+$40mm

SynergySavings

+$40mm

Ticketing

-$43mm

Concerts: Artist

Reserve-$13mm

U2 Tour Delay

-$6mm

SponsorshipGrowth+$9mm

BUSINESS OPERATIONS($

92mm)MERGER RELATED IMPACTS

+$ 52mm

Other/Divestiture

-$14mm

One-Time Costs

-$5mm

PaciolanDivestiture

& AEG New Deal

-$23mm

Concerts

-$25mm

35

Proforma comparison 2009 vs 2010

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.

($MM)

2009 Full Year

$445Pre-Merger

Period

<$16mm>

Divestitures

<$20mm>

2009 Proforma

$409

2010 Full YearOutlook

$405

Pre-Merger Period

<$5mm>

2010 Comparable

$400

2009

2010

36

Ticket Sales Update

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

24.4

23.7

2009 2010

TM Ticket Sales (First Half of Year)61

55

2009 2010

18.0

15.9

2009 2010

Ticket Sales Update

Down 12%

Down 11%Down 3%

(MM)

Industry: Top 100 Touring Act Ticket Sales (First Half of Year)

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

1

1 Source: Pollstar

Potential additional decline in 2nd

half of year of 15%

37

Down Case Scenario – 2010 Full Year AOI

2010Full Year

Outlook AOI

$405Concerts:

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

<$25mm>

($MM)

Notes: 2010 figures at constant currency.

Ticketing:Ticket Sales Risk for

Q3/Q4 (4mm tix)

<$15mm>2010

Down Case Scenario AOI

$365

38

2010 impacts will carry over to 2011

2011 AOI

Potential AOI Impacts

from 2010

+$ 20mm

IncrementalSynergies

+$5mmOne-time

Costs

-$5mmReduced impactfrom Purchase

Accounting

-+

+$6mmU2 Tour

-$ 12mm

AEG & PaciolanImpact

39

$229$100

Ticketing Concerts Sponsorship Artist Nation

E-Commerce

RevenueAOI

Artist Management

Artist Services

Here is where we make our money…by Segment

Source: 2009 financials

$3,704

$1,261

$162

$459

$94$64

AOIMargin

18%

60%

14%

44%

3%NA: 2%Int’l: 6%

$97 $41

9%Without Gross Ticket Revenue

5%

49%

$MM

40

by Product Line…

(Concert Promotion)

E-Commerce

8%

11%

Sponsorship15%

Ticketing48%

Onsite18%

Concert Promotion

53%Ticketing

23%

E-Commerce2%

Other2%

Onsite9%

Sponsorship3%

Artist Mgmt/Services 8%

REVENUE AOI

Source: 2009 financials

Artist Mgmt/Services

41

…and by Geography

North America73%

International27%

North America71%

International29%

REVENUE AOI

Source: 2009 financials

42

Q1 Q2 Q3 Q4

0%

15%

30%

45%

60%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

8%

27%

44%

21%

2007 2008 2009

The 2nd and 3rd quarters generate most of our AOI

Live Nation Entertainment 3-Year Average Quarterly AOI Trend

Live Nation Entertainment 3-Year Quarterly AOI Trend

Source: Historical financials 10-K.

43

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

$MM

USD ($)56%EUR (€)

14%

GBP (£)14%

CAD ($)10%

Other*6%

* Includes NOK, SEK, AUD and other currencies.

Hedging StrategyWe hedge:• Artist contracts where payment

currency ≠ ticket currency

• A portion of AOI from foreign locations

44

$183 $194

$108 $105

$81 $50

$63$49

$9$7

$0

$100

$200

$300

$400

$500

2009 2010Distributions to/from noncontrolling Interest PartnersMaintenance CapExCash TaxesCash Interest ExpenseFree Cash Flow

Our combined free cash flow is growing

$MM

AOI: $445AOI: $405

FREECASHFLOW

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

45

Our CAPEX base has been consistent

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

Maintenance Revenue Generating

$164

$76$56 $41 $50

$88

$182

$56 $50

$0

$50

$100

$150

$200

$250

$300

2007 2008 2009 2010B

$238

$97 $100

O2 Dublin (The Point)Venue Networking

HOB DallasReading Festival Site

O2 Dublin - Completion

HOB Boston/HoustonAMG Venues

Ticket System BuildPalladium (Hollywood)

$MM Large Projects 2007

Normalized without Large Projects

$119 $101

Large Projects 2008

46

Revenue Generating CAPEX enhances

Source: Live Nation internal estimates.

$MM

2010 FYBudget

$ 50mm

55%

10%

35%

Target Hurdle Rate = 12.5%• Venue Management Tools• Mobile Application Development• Event Management System Upgrades• Online Customer Enhancement • 3D Seat Map Development

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

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

Ticketing: New Venues / Outlets

Refurbished Venues

System / Web Development

47

Maintenance CAPEX protects and replaces

Source: Live Nation internal estimates.

$MM

Venue Improvements

Health & Safety

Systems / IT

2010 FYBudget

$ 50mm

50%

10%

40%

• Roof, Lawn & Concessions replacement

• A/V upgrades• Stage Buildout• Furniture & Equipment • Office Lease Improvements

• HVAC• Fire Alarm & Emergency

Lighting• Security & Camera Systems• Facility Upgrades

• Computers, laptops, printers, servers & data warehouses

• Financial & Other IT system improvements

• Business Intelligence Tools

48

$50

$50

$0

$20

$40

$60

$80

$100

$120

2010B 2011 (est.) 2012 (est.)

Maintenance New Revenue

We expect total CAPEX to remain at these levels

Source: Live Nation internal estimates.

$MM

Future Revenue Generating Projects:

Online Shopping Cart

Database Investment

Dynamic Pricing

Ticketing System improvements

$100

49

Our current Capital Structure has improved

− 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

$MM May 31, 2010 AOI Multiple 1 MaturitySpread / Coupon

Free Cash 262

Revolving Credit Facility ($300mm capacity) ― 5/6/15 L + 300Term Loan A 100 11/6/15 L + 300Term Loan B 800 11/6/16 L + 300 2

Total Bank Debt $900 2.2x

New Senior Unsecured Notes 250 5/15/18 8.125%Existing TM Senior Notes 312 7/28/16 10.75% 3

Total Guaranteed Debt $562 1.4x

Convertible Senior Notes 170 7/15/14 2.875% 4

Other Debt 100Capital Leases 11Total Debt $1,743 4.3x

Noncontrolling Interests and Other 216

Market Value of Equity ($10.98/share @ 7/8/10) 1,898

Total Enterprise Value $3,594 8.9x1 Based on 2010 Adjusted Operating Income (Forecast) of $405MM2 LIBOR Floor @ 1.50%3 Existing TM Senior Notes: $300MM notional amount4 Convertible Senior Notes: $220MM notional amount

50

The refinancing simplified our operations …

Operationally Difficult, Expensive, Short Lead Time to

Maturities

1) 2 separate silos; no comingling of funds2) 6 separate covenants3) First maturity: December 20114) 2 federal tax filers 5) 2 sets of audited financial statements6) WACD = 6.8% (as of March 31, 2010)

Old Capital Structure New Capital Structure

1) Single borrower2) 2 covenants3) First significant maturity: July 20144) 1 tax filer5) 1 audited financial statement6) WACD = 6% (as of June 30, 2010)

Simple, Flexible, Substantial New Liquidity, +$15MM in Free Cash

Flow Benefits

$MM CovenantTotal Debt / AOI Ratio 4.90XInterest Coverage Ratio 2.50XNew Covenants

51

Added cash to the balance sheet…

We have hedged the Term Loan A with a cap of 4% on LIBOR

$MM

Sources Uses

New Revolver ($300MM Capacity) Repay Existing FacilitiesCommitted Amount $300 Repay Revolvers $200Drawn Amount $0 Repay Term Loans 773

Total $973New Term Loan A $100

LN Preferred StockNew Term Loan B $800 Principal Payment $40

Make Whole 8New 8.125% Senior Unsecured Notes $250 Total $48

Fees and Accrued Interest $33

Cash to Balance Sheet $96

Total Sources $1,150 Total Uses $1,150

Recorded $20M of debt extinguishment costs (non-cash) in 2010 due to refinancing

Amount ($MM) Pricing LIBOR Floor

New Revolver Capacity $300 L + 300 bps NoneNew Term Loan A $100 L + 300 bps NoneNew Term Loan B $800 L + 300 bps 1.50%New Senior Unsecured Notes $250 8.125% --

52

$0

$20

$40

$60

$80

$100

$120

$140

$160

2009 2010 2011

P&LCash

…and reduced interest expense

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.

$MM

$130$120

Future impacts –

• LIBOR increases

• Debt paydowns• Use of revolver for

accretive acquisitions$105$108

53

The Merger reduced cash taxes

$MM

$81

$50

• 2010 Effective Tax rate on taxable ordinary income of 20%

• 2010 includes the impact of the merger & refinancing

U.S.: 40%

Int’l: 60%

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.

$30 $30

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2009 2010 2011

CashP&L

54

And will continue to impact taxes in the future

Source: Live Nation internal estimates.

$MM

Net Operating Losses

Increasing Profitability

Valuation Allowance

• Annual limit of $40mm (accumulates)

• No expirations until 2016• Last expiration 2026

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

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

$192MM(Value at 2009)

Gross Value of $270MM

(2009)

CONCERTS

JULY 15, 2010

5656

Clients

Attendance Markets/Venues Events

Fans Online Traffic

Tickets Talent Costs Marketing Costs

28 Markets = LNE Profit

Tickets Clients Products Royalty Costs

Management =9%

Onsite Ancillary =18%

Sponsorship =16%

Event /Concert

BUSINESS MODEL = 4 LEVEL EVENT MODEL

E-Commerce/Ticketing =57%

57

HOW WE MAKE OUR MONEY

Global ConcertsGlobal Concerts $100M

Ancillary CM$627M

Fixed Costs$(498)M

Promoter Profit$(29)M

Artist and Show Costs$2,757M

$2,728M=Tix Rev

101% (1%)

21.7kEvents

52.1Mattendees

Gross Revenue$3,704M

100%

58

ANATOMY OF A CONCERT TICKET

Anatomy of a Concert Ticket Price

Avg Face Value $55.65Tax - approx 5% $2.65Net Gross $53.00Service Fees $14.00Show Costs Avg 30% $16.00Talent Fees Avg 65% to 90% $34 to $47Promoter Profit $3 to ($10)

5959

GLOBAL CONCERTS: KEY METRICSAttendance in ‘000’s

Revenue in $m’s

North America Concerts2009 2010 Est. Var % Var

Attendance 28,047 27,205 (842) -3%Show Count 9,376 9,095 (281) -3%Ticket Sales Rev $1,349.6 $1,354.8 $5.2 0%Avg Tix Price $48.1 $49.8 $1.7 3%Talent % 75% 74% 1% 1%

International Concerts2009 2010 Est. Var % Var

Attendance (ex stadiums) 9,692 9,143 (549) -6%Attendance Stadiums 1,956 994 (962) -49%Show Count (ex stadiums) 4,251 3,263 (988) -23%Show Count Stadiums 49 33 (16) -33%Ticket Sales Rev $743.8 $653.6 ($90.2) -12%Avg Tix Price $58.2 $54.3 ($3.9) -7%Talent % 56% 55% 1% 2%

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

60

Industry down 17% LN down 9% Industry down 12% LN down 4%

Industry down 14%LN up 2%

Industry down 9%LN down 3%

CONCERT METRIC: MID YEAR vs. INDUSTRY

60

2009 2010 Estimate

LN Est Mid Year Avg

Gross

$143k

$140k

2009 2010 Estimate

LN Est Mid Year Avg

Tix

2621

2686

2009 2010 Estimate

LN Est Mid Year Tix

16,495k

15,792k

2009 2010 Estimate

LN Est Mid Year Gross

$902m

$822m

6161

CONCERT METRIC: EVENT COUNT

22,167

21,699

10,877

13,386

16,747 21,226

0

10,000

20,000

30,000

2005 2006 2007 2008 2009 2010Estimate

6262

CONCERT METRIC: TICKET PRICES

$49.74

$54.32

$45.79$44.78

$41.82

$48.12$48.21

$58.17

$52.89

$48.29$50.02

$45.71

$30.00

$35.00

$40.00

$45.00

$50.00

$55.00

$60.00

2005 2006 2007 2008 2009 2010Estimate

NAC INTL

6363

CONCERT METRIC: TALENT COSTS

77% 75% 74% 74% 75% 74%

52% 53% 55%56%56%51%

0%10%20%30%40%

50%60%70%80%90%

2005 2006 2007 2008 2009 2010Estimate

NACINTL

64

46,031

64

CONCERT METRIC: ATTENDANCE

Attendance in ‘000’s

47,031

46,437

41,606

36,875

52,148

52,114

20,000

30,000

40,000

50,000

60,000

2005 2006 2007 2008 2009 2010Estimate

Additional attendance Risk

6565

1m

2m

3m

4m

5m

6m

7m

8m

9m

10m

FEB MAR APR MAY JUN JUL AUG SEP

Tick

ets

Sold

2009 2010

CONCERT METRIC 2010: AMPH PROMOTIONS TICKET SALES

2009 Final9.6MM

2010 Trend (2.5%)9.4MM

2010 Industry Decline Trend (12%)

8.4MMThru May 31

Tickets (8.2%) Gross (7.0%)

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

6666

PRICE WILL DRIVE ATTENDANCE

$10 Lawn is Strongest OfferDaily Tickets Sold for 10 Events

June Promotion Drove SalesDaily Tickets Sold Per Event

187

251

‐

50 

100 

150 

200 

250 

300 

May June

35% Increase

338

24,075

‐

5,000 

10,000 

15,000 

20,000 

25,000 

30,000 

Pre‐Offer Daily Average $10 Offer Day

7000

% In

crea

se

4-Packs Drive New Sales48% Incremental Ticket Rate

0

100,000

200,000

300,000

400,000

500,000

600,000

"Standard" Tickets Per Order

Total 4‐Pack Tickets

484K

327K48% Increase

6767

CONCERT METRIC 2010: PERCENTAGE OF TICKETS DISCOUNTED

2009 2010 FY Estimated

Total Tickets 42,895 41,024

Total Discounted 2,681 4,195

% Discounted 6% 10%

Tickets in ‘000’s

6868

CONCERT METRIC 2010: CANCELED SHOWS

2009A 2010 EstimateTotal 13,767 12,391Cancelled Events 220 177Percentage 2% 1%

6969

HOW WE MAKE OUR MONEY ON ANCILLARY$627M

F&B

$223m

36%

Merch

$26m

4%Ticket Fees

$150m

24%

Parking

$44m, 7%

Agency

$12m, 2%

Premium Seating

$46m, 7%

Rentals/Venue Rebates/Other

$126m

20%

70

$14.04

$12.94$12.85

$17.48$17.37

$16.59

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

2008 2009 2010 Estimate

NAC AMPINTL FESTIVAL

70

ANCILLARY METRIC: F&B PER CAP (GROSS)

Avg Industry Growth

+2.2%

+8.5%

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

71

2010 Full Year AOI Walk

($MM)

2009Full Year

$ 100

2010Full YearOutlook

$ 64

BUSINESS OPERATIONS($

23mm)

INTL ReductionIn Fixed Cost

+$9mm

NA Amp On Siteincrease

+$10mm

NA Amp and Arena

Attendance-$20mm

ARA Impairment-$13mm

INTL Festivals and Venues

+$3mm

NA Legal-$5mm

INTL Stadium

AndArena

Volume-$20mm

ConcertsTicket

Sales Risk<$25mm>

2010With Risk

$ 39

7272

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

7373

1. EXPAND GLOBAL PLATFORM TO TOP 75 MARKETS

4 7 5 8 18 NA 12 14 24 2 NA 15 19IFPI Rank

CompetitorsLNExisting Markets New Markets

Gross Box Office Opportunity

100%

100% 100% 100%100%

99%

88% 100%

99% 82%

100%

100% 100% 100%

18% 1%1% 12%-

100200

300400

500

600700

800

Ger

man

y(In

t'l)

Aust

ralia

Fran

ce

Sout

hAm

eric

a

Mex

ico

Las

Vega

s

Switz

erla

nd

Aust

ria

Irela

nd

Japa

n (In

t'l)

Mon

treal

Sout

hKo

rea

Russ

ia

Est

imat

ed G

BO ($

M)

15001400

7474

2. REDUCE FIXED IN NA

Shows

2010 Fixed per show: $35k 2010 Fixed per market: $1.6m

Markets

80%of AOI

20% 20%

80% of AOI

7575

3. SELL MORE TICKETS

Partners/Marketing/Database

All-In Pricing Promotion

Pricing

Ticket A Sales Volume = Ticket B Sales Volume

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

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

+146%

$53 (R) $28 (L)79%Total$77 (R)

$31 (L)63%18,851Total

$28 90%Lawn$31 81%5,650Lawn$29 59%9$36 65%8$55 26%4,8113

$52 75%7$66 84%6$76 89%5

$77 63%5,6672

$104 78%4$129 79%3$139 79%2$150 80%1$280 100%VIP

$114 92%2,7231

Price% Sold10 PLPrice% SoldSeats3 PLMax Revenue ScaleCurrent Pricing Scale

$53 (R) $28 (L)79%Total$77 (R)

$31 (L)63%18,851Total

$28 90%Lawn$31 81%5,650Lawn$29 59%9$36 65%8$55 26%4,8113

$52 75%7$66 84%6$76 89%5

$77 63%5,6672

$104 78%4$129 79%3$139 79%2$150 80%1$280 100%VIP

$114 92%2,7231

Price% Sold10 PLPrice% SoldSeats3 PLMax Revenue ScaleCurrent Pricing Scale

7676

Fragmented Music Discovery Sites

23%

24%

34%

38%

41%

54%

65%

88%

0% 20% 40% 60% 80% 100%

1

2

3

4

5

6

7

8

631

5,238

920

8,127

1,065

8,179

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2007 Industry 2007 2008 Industry 2008 2009 Industry 2009

4. GROW HOB TO ARTIST DISCOVERY BRANDClub Artist Population Growing

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

Live Nation and HOB rank #3 for concert information amongst peers.

Industry Club Business

Industry Live Nation

Venues 2656 36 O/O Venues(401 Promo Venues)

Tickets 40,584,305 7,108,032

Shows 40,728 6221

TICKETING

July 15, 2010

78

BUSINESS MODEL = 4 LEVER EVENT MODEL

Clients

Attendance Markets/Venues Events

Fans Online Traffic

Tickets Talent Costs Marketing Costs

Tickets Clients Products Royalty Costs

Management =9%

E-Commerce/Ticketing =57%

Onsite Ancillary =18%

Sponsorship =16%

Event /Concert

Note: Figures based on Adjusted Operating Income.

79

TM growth has historically outperformed the worldwide market

$B

Ticketmaster

Global

6.5%

3.3%

CAGR (2005-2009)

84.489.0 91.7 94.4 96.1

Primary Ticket Market Size (Global)

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

80

TM ticket sales down in 2010 driven by industry ticket decline

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

M

Ticket Sales

6.2%

61

55(11.0)%55

(5/31)

200+

81

All segments decline in 2010

(0.2)

(0.6)

(1.3)

M

0.1(11)%

(5%)

(14%)

%

1%

Change

(6.8) (11%)

(4.8) (14%)

Arts

Sports

OtherFamily

Concerts

61

55 Total

YTD (5/31) Global Ticket SalesBy Event Type (2009 vs. 2010)

Includes all LNE tickets

Tickets (M)

82

TM client base has grown 5% historically

Client Count

9.6 9.1

11.3 11.9 11.7

K of Clients

InternationalNorth America

12.3 5.1%

CAGR (2005-2010)

(5/31)

83

Renewals (1)

InternationalNorth America

% T

icke

ts R

enew

edTM continues to maintain strong renewal rates above 95% in North America

(5/31)

Note: (1) Includes all LNE tickets

(2) For multi-year clients with over 5,000 tickets per year

N.A. YTD (5/31/2010) (2)

► 1.2M tickets won

► 5.0M tickets renewed

► 0.2M tickets lost

Int. YTD (5/31/2010)

► 1.5M tickets won

► 1.9M tickets renewed

► 0.2M tickets lost

84

Variable costs have increased faster than service fees

2008 and 2009 are pro-forma for LNT

Global Revenue and Variable Costs (per ticket)

CAGR (2006-2009)

4.9%Variable Costs

2.3%Fees$7.63$7.28

$7.84 $7.96

(0.7%)Gross Margin (on Fees)

85

League deals have driven high increase in secondary fixed expenses

2007

TicketsNow

2008

2009

2010f

2011e

2012e

2013e

$11

$17

($3)

($8)

Secondary Segment AOI ($M)

League Deals

-

($15)

($15)

($14)

($14)

($12)

($2)

Ticket Exchange

($1)

($5)

($1)

($1)

Total Secondary

$10

($3)

($19)

($23)

Addition of TM traffic

Elimination of TM links and affiliates

Signed NHL and NFL league deals

No presales; decline in non-paid search traffic

NHL agreement ends 6/2012

NFL agreement ends in 2/2013

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

($6)

($6)

($6)

$0

$0

$0

($20)

($18)

($8)

86

Global AOI has declined as fixed and variable outpace revenue

$M

Ticketing Financials (Global) CAGR (2005-2009)

AOI Margin 26% 27% 24% 17%

Full year financials, includes LNT

884

1,011

1,189

1,360

AOI

Variable

Other Fixed

Revenue

-0.4%

9.3%

12.5%

9.3%

18%

1,261

Resale Fixed 263%

87

The largest impact on AOI has been volume and pricing

Full year financials

$M

$216 Additional $15M risk

88

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

How we will grow:

89

% of AOI Critical Needs Competitors

Multi-PurposeMulti-Purpose

Arts / TheaterArts / Theater

NBA / NHLNBA / NHL

Stadiums and Outdoor Sports

Stadiums and Outdoor Sports

Club / Small Venues

Club / Small Venues

47%

14%

14%

14%

10%

• Marketing & Distributing

• High volume onsales

• Content

• Season Tickets / CRM

• White label

• Season Tickets

• Marketing & Distribution

• Donation Management

• Marketing & Distribution

• Marketing & Distribution

• Self service

• Veritix

• Tickets.com

• New Era

• Veritix

• Tickets.com

• New Era

• Veritix

• Tickets.com

• Paciolan

• Paciolan

• Tessitura

• AudienceView

• JumpTV

• eTix

• TicketFly

• Deliver segment focused analytics and products

• Align staff incentives

• Eliminate $20M in annualized fixed costs

Reorg North America around five client segments to solidify current business and reduce fixed costs

90

Global Fees/Ticket

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

Global Tickets (2009)

Non-Fee Bearing Tickets 250M64%Fee Bearing Tickets

140M36%

Reduce overall ticketing fee and get paid on all tickets

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)

91

Enter new segments: within the U.S. alone there are 9 clearly defined segments; TM is only currently in 5

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

Primary Ticket Market Size (Global)

$B

ROW

5.0B$96B

U.S.

Tickets by Segment (U.S.)

92

Where we make our money:

North America 68.4%

Norway 2.3%

U.K. 16%

Australia 3.3%

Ireland 5.8%

Global AOI (2009)

Sweden 1.9%Denmark 1.9%

93

CompetitorsTM

Mill

ions

of T

icke

ts

Expansion Opportunities

TM Current MarketsTM Target Markets

► Ticketmaster in 12 international markets

► Only covers 37% of European population

► 124M untapped tickets in 6 European markets

Enter new geographic markets to expand our footprint

94

Migrate Processed to Retail

Retail 61%45M tix

Processed 25%19M tix

Target 14%

10M tix

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

Internet 67%

Outlet22%

Phone 11%

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

Migrate Phone and Outlet to Internet

Move international tickets on-line and to our sites

95

$50M AOI opportunity without

operational risk

► Traffic/referral fees

► Barcode verification

► Ticket Exchange

► Dynamic pricing

► VIP ticket sales

► Discount site partners

Secondary: Capture the secondary market without direct participation

96

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

eCOMMERCEJuly 15, 2010

98

Clients

Attendance Markets/Venues Events

Fans Online Traffic

Tickets Talent Costs Marketing Costs

28 Markets = LNE Profit

Tickets Clients Products Royalty Costs

Management =9%

E-Commerce/Ticketing =57%

Onsite Ancillary =18%

Sponsorship =16%

Event /Concert

Note: Figures based on Adjusted Operating Income. 98

BUSINESS MODEL = 4 LEVER EVENT MODEL

9999

Top 10 Internet – E-Tailers

(1)

– Transaction Revenue

Rank Site Revenues ($000)

1 24,510,000

2 9,800,000

3 6,525,000

4 4,530,000

5 4,250,000

6 4,100,000

7 3,500,000

8 2,775,358

9 2,774,237

10 2,470,116

#1 Ticketing and #3 eCommerce site in the world

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

100100

eCommerce Revenue Bridge (2009)

Gross Ticket Sales

Face Value and

Facility Fees

C&P Revenue

Sponsorship Advertising

& Other Rev.

Revenue To

Ticketing & Sponsorship

eCommerce Revenue

$M

LNE sites generate over $6B in sales annually

Note: Represents 12 months ended 12/31/09

101Note: Includes travel and retail eCommerce market

Source: e-Marketer Report, U.S. Department of Commerce, ComScore “State of the U.S. Online Retail Economy in Q1 2010”

eCommerce Market Size (Global)

$B

101

TM Global Online Sales18.2%

eCommerce Global Sales

CAGR (2002-2009)

eCommerce

18.1%Ticketmaster

Ticketmaster online sales have paced growth of the eCommerce market

102

Total Records

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

Records (M)

Database Size (Global)

Opt-in E-Mail Mobile

102

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

Leading Database and Fan Touchpoints

103

Business Model(2009 Revenue)

103

License Fees 37%($0.50 / ticket)

OnlineAdvert. 14% (Ad sales, custom programs)

Sponsorship 18% (Online components of sponsor. deals)

Upsells 31%

(Non-Ticketing products in cart)

eCommerce Business Model

104104

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

eCommerce Strategy

105

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

*Results are based on a Conjoint AnalysisStatistically significantly different from average with 95% confidence.Statistically significantly different from other segments with 95% confidence.

Group Avg. 1 Concert 2-4 Concerts 5-9 Concerts 10+ Concerts

The service fees are too high 10.6 11.2 10.5 10.2 9.9

The final total cost is higher than I had budgeted 9.0 9.6 8.8 8.6 8.3

It's difficult to find the true total cost before buying 8.9 9.6 8.8 8.4 8.4

I can't pick my own seats 7.8 7.3 7.8 7.9 7.4

I am being rushed by a timer when buying tickets 7.4 7.6 7.2 7.5 6.3

I can't get the seats I expected 7.3 6.5 7.3 7.4 7.8

I am placed in an online waiting room to buy tickets 6.1 5.7 6.1 6.1 5.6

I have to pay extra for secure and express delivery 5.7 6.0 5.6 5.5 5.9

I can't reach customer service 5.3 5.5 5.7 5.4 4.8

I don't fully understand the service fees 4.7 4.9 4.7 4.7 4.7

I have to visit multiple websites to find the best tickets 4.0 3.9 4.1 4.5 3.9

I have to pay for my whole group in advance 3.4 3.3 3.5 3.5 3.0

I can't easily find the show on the ticketing website 3.2 3.1 3.2 3.3 3.6

I worry my tickets won't be delivered 3.1 3.3 3.0 3.3 3.3

I can't get confirmation from my friends quickly 2.8 2.7 2.8 2.6 3.4

My friends won't agree on price/seat location 2.8 2.6 2.8 2.5 3.1

It's inconvenient to buy at the box office, retail outlet or by phone 2.7 2.4 2.7 2.9 3.4

It's difficult to find info on a show 2.1 2.0 2.1 2.2 2.8

I don't really like the venue 1.7 1.5 1.7 2.0 2.0

It's difficult to find out if an artist is touring 1.6 1.5 1.6 1.8 2.6

We have a large opportunity to improve customer experience

106106

Additional Policies (July 2010)

•Refund fees for canceled or postponed events (1)

•Allow fans to refund tickets 3 days after purchase for LN venues (2)

Additional PoliciesAdditional Policies (July 2010)(July 2010)

••Refund fees for canceled or Refund fees for canceled or postponed events postponed events (1)(1)

••Allow fans to refund tickets 3 days Allow fans to refund tickets 3 days after purchase for LN venues after purchase for LN venues (2)(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

Improve Customer Experience: Fan Guarantee Launch July 2010

107107

►Opportunity to turn cancelled shows into new sales

100% Refund on Cancelled Shows

Current Cancellation E-mailCurrent Cancellation ECurrent Cancellation E--mailmail

Cancellation E-mailwith Special Offer

Cancellation ECancellation E--mailmailwith with Special OfferOffer

Improve Customer Experience: 100% Refund

108108

Phase Out Print-at-Home Fees

TicketFast Delivery OptionTicketFastTicketFast Delivery OptionDelivery Option

No ChargeNo ChargeNo Charge

Improve Customer Experience: Print-at-Home

109109

Today’s FeesTodayToday’’s Feess Fees All-in Ticket PriceAllAll--in Ticket Pricein Ticket Price

Improve Customer Experience: One Price

110110

Current Cart Checkout

Integrated Cart Checkout

•Enables sale of music, merchandise and venue add-ons with every event

•Integration with non-ticketing inventory systems (MusicToday, 3rd

parties)

•“Crowd sourced” item selection

•Better user experience

•Large increase of events with cross sells from current 1%

Integrated Cart CheckoutIntegrated Cart Checkout

••Enables sale of music, merchandise and Enables sale of music, merchandise and venue addvenue add--ons with every eventons with every event

••Integration with nonIntegration with non--ticketing inventory ticketing inventory systems systems ((MusicTodayMusicToday, 3, 3rdrd

parties)parties)

••““Crowd sourcedCrowd sourced”” item selectionitem selection

••Better user experienceBetter user experience

••Large increase of events with cross sells Large increase of events with cross sells from current 1%from current 1%

Improve Customer Experience: Shopping Cart

111111

“My Cart” Page

Abandoned Inventory•List fan’s previously abandoned inventory if still available•Nearly $200M of inventory abandoned per year

Personalization•Favorite acts on tour, recommendations, recently viewed•Personalized listings convert 2X better

““My CartMy Cart”” PagePage

Abandoned InventoryAbandoned Inventory••List fanList fan’’s previously abandoned inventory if still availables previously abandoned inventory if still available••Nearly $200M of inventory abandoned per yearNearly $200M of inventory abandoned per year

PersonalizationPersonalization••Favorite acts on tour, recommendations, recently viewedFavorite acts on tour, recommendations, recently viewed••Personalized listings convert 2X betterPersonalized listings convert 2X better

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

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

Improve Customer Experience: Checkout

112

17%

112

(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

Old Seat Map

Interactive Seat Maps (Launched)

•Events with seat maps convert 43% higher than those without(1)

•Seat maps shifted channel share to online purchases by 11%, with over half coming from box office(2)

•27% of fans said the maps contributed to them buying more and/or more expensive tickets(3)

•500+ to be rolled out by EOY

Interactive Seat MapsInteractive Seat Maps (Launched)(Launched)

••Events with seat maps convert 43% higher Events with seat maps convert 43% higher than those withoutthan those without(1)(1)

••Seat maps shifted channel share to online Seat maps shifted channel share to online purchases by 11%, with over half coming from purchases by 11%, with over half coming from box officebox office(2)(2)

••27% of fans said the maps contributed to them 27% of fans said the maps contributed to them buying more and/or more expensive ticketsbuying more and/or more expensive tickets(3)(3)

••500+ to be rolled out by EOY500+ to be rolled out by EOY

Improve Customer Experience: Seat Maps

113

Search Suggest•Improve search effectiveness by suggesting search results as request is typed

•45% of home page visits use search box and convert 3X higher than average visit

•11% of searches are currently unsuccessful

Search SuggestSearch Suggest••Improve search effectiveness by suggesting search Improve search effectiveness by suggesting search results as request is typedresults as request is typed

••45% of home page visits use search box and convert 45% of home page visits use search box and convert 3X higher than average visit3X higher than average visit

••11% of searches are currently unsuccessful11% of searches are currently unsuccessful

113

Improve Customer Experience: Search

114114Fan Reviews and Photo information for ticketmaster.com

Fan Reviews (Launched)

•Over 850k reviews; 2,000 per day•More than 3,800 artists and 70% of artist page view include reviews

Fan ReviewsFan Reviews (Launched)(Launched)

••Over 850k reviews; 2,000 per dayOver 850k reviews; 2,000 per day••More than 3,800 artists and 70% of artist More than 3,800 artists and 70% of artist page view include reviewspage view include reviews

Fan Photos (Launched)

•Over 2k artists and 57k photos•Future integration onto home page and events pages

Fan PhotosFan Photos (Launched)(Launched)

••Over 2k artists and 57k photosOver 2k artists and 57k photos••Future integration onto home page and Future integration onto home page and events pagesevents pages

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

““WhoWho’’s Goings Going””••Allows fans to RSVP and post to Allows fans to RSVP and post to FacebookFacebook••Drives user engagement, visits, and ordersDrives user engagement, visits, and orders••Drives event discoveryDrives event discovery

Improve Customer Experience: Social

115TM Up-Sell Data through May, 2010. Amazon quoted by GetElastic (2006 information); ; Internet Shopping eMarketer

and ComScore

% of Revenue

from Upsells

Up-Sells (YTD 2010)

115

Ticketmaster Average Order

Value $170

TicketmasterTicketmaster Average Order Average Order

ValueValue $170$170

Ticketmaster Amazon

1%

Product Expansion: Upsell

eCommerce Industry

Average Order Value $72

eCommerceeCommerce IndustryIndustry

Average Order Average Order ValueValue $72$72

116116

Ticket Insurance Parking Artist Products Travel

► Music: 40k orders (2)

• 26% attach rate

• Offered on <1% of orders

►Merch: 92k orders (2)

• 14% attach rate

• Offered on <3% of orders

►Fan Clubs:105k orders(2)

• 7% attach rate

• Offered on <7% of orders

► 600k orders in 2009 (2)

• 13% attach rate

• Offered on 23% of orders

►Requires venue participation

► 1M+ orders in 2010 (1)

• 4.7% attach rate

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

► Fans travel out of town for live events (3)

• 81% of concert buyers

• 65% of sports buyers

► Out of town fans use travel services (3)

• >50% stay at hotels

• ~40% buy a flight

(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

$6M Potential Upside$20M Potential Upside

$30M Potential Upside$24M Potential Upside

$13M Annual Gross Revenue$10M Annual Gross Revenue

$6M Annual Gross Revenue$0 Annual Gross Revenue

Product Expansion: Drive incremental revenue around ticket purchase

117117

KiosksAPI

►

Walmart outlet roll out on track

•

Currently 500+ stores•

1,100 before Q4 2010

►

Over 100 kiosks in operation with other partners

►

Ticketmaster partner API now able to integrate with strategic 3rd parties

►

Will enable transactions across the web and mobile devices

►

Overhauled Live Nation and Ticketmaster mobile applications

►

Launching Q4 2010

Expanding into new distribution channels to drive sales

Mobile Applications

ACCELERATING SPONSORSHIP GROWTH

July 15, 2010

119

BUSINESS MODEL = 4 LEVER EVENT MODEL

Clients

Attendance Markets/Venues Events

Fans Online Traffic

Tickets Talent Costs Marketing Costs

28 Markets = LNE Profit

Tickets Clients Products Royalty Costs

Management =9%

E-Commerce/Ticketing =57%

Onsite Ancillary =18%

Sponsorship =16%

Event /Concert

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

120

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 solutionsUSER INTELLIGENCE…demographics, purchase behavior, musical preference, financial status, proprietary dataSHARPNESS IN TARGETING…by market, product spend, musical genre, venue, festival or artistMULTIPLE TOUCHPOINTS…across the entire live music ecosystem both online and offline

121

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

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

On-Site Online

28.4MTOTAL

-2.5Mduplicates

7.7MLive Nation Network*

23.2 MTicketmaster

Monthly UniquesProperty

Source: Comscore March 2010

*Includes LN.com, HOB.com, Music Today, artist sites, etc.

122

…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

123

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

DATABASE

124

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

…attracting VALUABLE PARTNERS.

125

Our deals range from local to regional to national…

…with a continued shift toward national business.

National

Regional

Local

48% 66%

10% 8%

42% 26%

2005 2010

126

Global Sponsorship / Online AOI GROWTH

* Includes sponsorship and online advertising

127

Our GROWTH is outpacing the industry…

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

128

Sponsorship and Online Success Measurement

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

Sponsorship

Online

129

Where We Make Our Money

2009 AOI

130

International: How We Make Our Money

131

North America: How We Make Our Money

132

How We Make Our MoneyVenue 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+

133

• Comprehensive online campaign

• E-mail marketing campaign

• Custom sweepstakes promotion

• Sponsorship of Facebook module

• Typical Ad Campaigns: $50K - $500K+

How We Make Our MoneyOnline Advertiser Example: Motorola

134

• 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

How We Make Our MoneyStrategic Partner Example: Coca-Cola

135

• 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+

How We Make Our MoneyFestival Only Sponsor Example: Vodafone

136

Global Sponsorship and Online: 2010 Health Check

137

Our future is bright with significant GROWTH opportunities…

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

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

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

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

Organic GrowthExpand 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*

Source: IEG Sponsorship Report. **Source: Pricewaterhouse Coopers ***Source: Jack Meyers Media Report

**** Source: Forrester Research Interactive Advertising Forecast (US only)

ARTIST NATION

JULY 15, 2010

139139

CONNECTING ARTISTS WITH THE FANS

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

OVERVIEW

► Artist Management

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

Proforma AOI*

$30.0$37.1

$48.3

$67.4$64.2

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

2005 2006 2007 2008 2009

CAGR +20.9%

141

ARTIST MANAGEMENT

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

Signings and Acquisitions

► Acquisitions 4-5X EBITDA Leverage < 3X

► AOI Margin 49%

82%

11%

7%

TouringRecords and PublishingBrand Marketing and Other

Revenue Sources – 2009

142

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%)

Brand Marketing and Other (4%)

51%

19%

13%

12%

5%

Revenue Sources – 2009 AOI Sources – 2009

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

ARTIST SERVICES

43%

25%

4%

27%

143

FUTURE GROWTH

THANK YOUTHANK YOU

145

APPENDIX

146

Non-GAAP Financial Measures and ReconciliationsThis 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 merger-

related 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.

147

Non-GAAP Financial Measures and Reconciliations (cont.)

Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)

Adjusted operating income (loss)

Non-cash compensation

expense

Loss (gain) on sale of operating

assets

Acquisition transaction

costs

Depreciation and

amortizationGoodwill

ImpairmentOne-time Charges

Operating income (loss)

($ in millions)

LNEYear Ended December 31, 2009 445$ 41$ (3)$ 68$ 286$ 9$ -$ 44$ Year Ended December 31, 2008 407$ 59$ 1$ -$ 234$ 1,364$ -$ (1,251)$ Year Ended December 31, 2007 415$ 42$ (21)$ -$ 172$ -$ -$ 222$ Year Ended December 31, 2006 398$ 11$ (10)$ -$ 176$ -$ -$ 221$ Year Ended December 31, 2005 352$ 22$ 5$ -$ 113$ -$ 55$ 157$ Year Ended December 31, 2004 281$ 24$ 1$ -$ 107$ -$ -$ 149$ Year Ended December 31, 2003 295$ 1$ (1)$ -$ 121$ -$ -$ 174$

Live NationYear Ended December 31, 2009 165$ 17$ (3)$ 36$ 158$ 9$ -$ (52)$ Year Ended December 31, 2008 149$ 35$ 1$ -$ 140$ 270$ -$ (297)$ Year Ended December 31, 2007 121$ 29$ (21)$ -$ 107$ -$ -$ 6$ Year Ended December 31, 2006 103$ 3$ (10)$ -$ 114$ -$ -$ (4)$ Year Ended December 31, 2005 103$ 1$ 5$ -$ 51$ -$ 55$ (9)$ Year Ended December 31, 2004 90$ 1$ 1$ -$ 51$ -$ -$ 37$ Year Ended December 31, 2003 124$ 1$ (1)$ -$ 50$ -$ -$ 74$

148

Non-GAAP Financial Measures and Reconciliations (cont.)

Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)

Adjusted operating income (loss)

Non-cash compensation

expense

Loss (gain) on sale of operating

assets

Acquisition transaction

costs

Depreciation and

amortizationGoodwill

ImpairmentOne-time Charges

Operating income (loss)

($ in millions)

Year Ended December 31, 2009 224$ 10$ -$ 32$ 88$ -$ -$ 94$ Year Ended December 31, 2008 241$ 22$ -$ -$ 87$ 1,094$ -$ (962)$ Year Ended December 31, 2007 294$ 13$ -$ -$ 65$ -$ -$ 216$ Year Ended December 31, 2006 295$ 8$ -$ -$ 62$ -$ -$ 225$ Year Ended December 31, 2005 249$ 21$ -$ -$ 62$ -$ -$ 166$ Year Ended December 31, 2004 191$ 23$ -$ -$ 56$ -$ -$ 112$ Year Ended December 31, 2003 171$ -$ -$ -$ 71$ -$ -$ 100$

Year Ended December 31, 2009 56$ 14$ -$ -$ 40$ -$ -$ 2$ Year Ended December 31, 2008 17$ 2$ -$ -$ 7$ -$ -$ 8$

Ticketmaster

Frontline

149

Non-GAAP Financial Measures and Reconciliations (cont.)Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)

Adjusted operating income (loss)

Non-cash compensation

expense

Loss (gain) on sale of operating

assets

Acquisition transaction

costs

Depreciation and

amortizationGoodwill

ImpairmentOne-time Charges

Operating income (loss)

($ in millions)

LNEYear Ended December 31, 2009 445$ 42$ (3)$ 68$ 286$ 9$ -$ 43$ Year Ended December 31, 2008 407$ 59$ 1$ -$ 235$ 1,364$ -$ (1,252)$ Year Ended December 31, 2007 415$ 40$ (21)$ -$ 173$ -$ -$ 223$

ConcertsYear Ended December 31, 2009 100$ 9$ (3)$ 1$ 130$ 9$ -$ (46)$ Year Ended December 31, 2008 110$ 24$ -$ -$ 120$ 234$ -$ (268)$ Year Ended December 31, 2007 78$ 17$ (26)$ -$ 93$ -$ -$ (6)$

Year Ended December 31, 2009 64$ 15$ -$ -$ 50$ -$ -$ (1)$ Year Ended December 31, 2008 24$ 3$ -$ -$ 17$ 36$ -$ (32)$ Year Ended December 31, 2007 2$ 2$ -$ -$ 3$ -$ -$ (3)$

Year Ended December 31, 2009 229$ 4$ -$ -$ 94$ -$ -$ 131$ Year Ended December 31, 2008 227$ 9$ -$ -$ 89$ 1,094$ -$ (965)$ Year Ended December 31, 2007 283$ 5$ -$ -$ 66$ -$ -$ 212$

Year Ended December 31, 2009 97$ -$ -$ -$ -$ -$ -$ 97$ Year Ended December 31, 2008 96$ 1$ -$ -$ -$ -$ -$ 95$ Year Ended December 31, 2007 90$ -$ -$ -$ -$ -$ -$ 90$

Year Ended December 31, 2009 41$ 1$ -$ -$ 9$ -$ -$ 31$ Year Ended December 31, 2008 39$ 1$ -$ -$ 3$ -$ -$ 35$ Year Ended December 31, 2007 40$ -$ -$ -$ 3$ -$ -$ 37$

Year Ended December 31, 2009 (86)$ 13$ -$ 67$ 3$ -$ -$ (169)$ Year Ended December 31, 2008 (89)$ 21$ 1$ -$ 6$ -$ -$ (117)$ Year Ended December 31, 2007 (78)$ 16$ 5$ -$ 8$ -$ -$ (107)$

E-Commerce

Corporate / Other

Artist Nation

Ticketing

Sponsorship