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Legion Clear Channel Outdoor Letter May 2023 · page 3 of 3

This is a formal letter from an activist investor (Legion Partners) to a Board of Directors.

Document · closing_ask · state_next_steps · balanced density

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Storytelling: the closing ask slide · 90%

As we recommended to the Board in December 2021, Legion Partners remains willing and able to assist the Board in its pursuit of maximizing stockholder value
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