Strong competitive position in the live entertainment industry Leader in ticketing industry with multiyear contracts Ability to leverage artist relationships to generate ancillary revenue streams Moderate combined debt leverage Operating performance sensitivity to timing of global tours, seasonal fluctuations, attendance trends, and consumer and corporate discretionary spending and tastes Low EBITDA margins of Live Nation's business, driven by significant artist clout Credit agreement limitations on the use of Ticketmaster's cash flow to support Live Nation Increased competition at Ticketmaster as a result of proposed Department of Justice (DOJ) concessions Standard&Poor's Ratings Services' 'B' corporate credit rating on Beverly Hills, Calif.-based Live Nation Entertainment Inc. (formerly Live Nation Inc.), along with all issue-level ratings on the company's debt, remain
