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Thank you! Texas State Networks appreciates its continued partnership with Texas Association of Realtors. I have prepared a recap of our deliverables from 2014 on the following pages. We look forward to growing your business in 2015 with multiplatform marketing opportunities.

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Texas continues to be domestic migration destination, lead the U.S. in relocation activity Texas Association of REALTORS releases 2014 Texas Relocation Report FOR IMMEDIATE RELEASE CONTACT: Stacy Armijo Oct 01 2014 Austin Today, the Texas Association of REALTORS released the Texas Relocation Report. Based on U.S. Census data, the report shows that Texas continues to lead the nation in relocation activity and be a sought-after location for people moving from other states. Dan Hatfield, chairman of the Texas Association of REALTORS, commented: Texass reign as the top domestic migration destination in the nation continues to be fueled by unprecedented economic growth. There are few states that can match the Lone Star States current job opportunities, multi-industry growth and residential quality of life. Whether you live in a major metro area or in a small town, Texas is a great place to do business and build a home. According to the report, Texas gained more out-of- state residents than any other state in 2013, with 584,034 people moving to Texas from out of state. A majority of these residents originated from California (66,318), followed by Florida (32,619), Oklahoma (29,169), Louisiana (29,042), and Illinois (28,900). THE MARKET LOOKS GREAT for Texas Association of Realtors Continued GAINS Aug 01 2014 The Texas housing market showed quarterly gains in housing inventory for the first time in three years in the second quarter of 2014, allowing home sales to keep pace with last years strong levels while home prices continue to increase from high demand, according to the 2014-Q2 Texas Quarterly Housing Report released today by the Texas Association of REALTORS.2014-Q2 Texas Quarterly Housing Report The statewide housing inventory shortage to date in 2014 has prevented Texas from seeing the double-digit increases in home sales growth that we saw last year, so this new increase in inventory is promising, said Dan Hatfield, chairman of the Texas Association of REALTORS. However, home sales volume continues to keep pace with 2013 the second-best year ever for Texas real estate showing that housing demand continues to be very strong throughout the state. Texas Association of REALTORS releases 2014-Q2 edition of the Texas Quarterly Housing Report.

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From El Paso to Beaumont, Amarillo to Harlingen, Texas State Networks continues to produce and distribute credible, relative and reliable programming to affiliate stations that serve major markets and outlying communities in the State of Texas. Texas Association of Realtors will be associated with the Authoritative Voice of credible news and information. TSN A source that Adults in Texas believe, respect, recognize and depend on. TSN Cume Growth (News Affiliates) Spring 2014 Adults 18+ 3,276,700 Nielsen SP14 M-Sat 6a-7p TSN Effectively Covers Texas

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Texas State Networks will engage Texas Association of Realtors with Statewide target marketing through a variety of integrated touch points. On Air TSN News Content, On Air Specialty Programming Sponsorships, On Site Event Signage, Digital Search Engine Marketing, Digital Streaming, In Banner Video and Targeted Email Texas State Networks 360 Marketing Approach

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Texas State Networks 2014 Media Value $665,935 ($241,200 + $424,735)

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Texas Association of Realtors Texas State Network Recap 2014 $241,200 Total commitment On Air: TSN News :60s 8x per week 21 weeks (168 commercials) April 7 August 31, 2014 (21 weeks) Mon-Sat 5:55a-7p On Air: TSN 2014 Top Stories / Year in Review :60s plus billboards December 1-31 Five (5x) in Top Stories / 6x in Year in Review over 2 weeks 90 second short form Top Stories segment / One hour long form Year in Review segment Plus 30x no charge commercial time bank to air within TSN Mon-Sun 5:55a-7p On Air: TXRDR Country Music At Home Artist Spotlight Sponsorship with Justin Frazell 2x :30s per week (104 total) 52 weeks January 1 December 31, 2014 On air sponsorship with live sponsor billboards and highlighted positioning plus Digital 300x250 web banner with link on TXRDR website On Air: Sunday Morning Coming Down - 2 hour Inspiration - 1x :30 per week 52 weeks January 1 December 31, 2014 (52 total) SPECIAL INTRODUCTORY ON AIR OPPORTUNITY - Travel Show - Texas Road Trippin At the launch of our Travel show in April, I added Texas Association of Realtors to the show April July 2014 2x per week :30 (26 total) Digital: Streaming with synced banner :60s, :30s 10 Radio station sites ( 5 Dallas stations, 5 Houston ) April - September 2014 (approx. 400 streaming commercials per month) Digital: In Banner Video Texas Supersites cbsdfw.com and houston.cbslocal.com 50,000 impressions per month /site 300x250 banner with imbedded :15 video Feb Nov 2014 Digital: Top Fixed 728x90 Banner Ad on www.lonestartexasnews.com with linkwww.lonestartexasnews.com January 1 December 31, 2014 (52 wks..) Digital: Fixed 300x250 Banner Ad on www.txrdr.com with linkwww.txrdr.com January 1 December 31, 2014 (52 wks.)

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Texas Association of Realtors (Texas State Network Recap 2014) TSN On Air Added Value 2014: $424,735 On Air Bonus TSN included Texas Association of Realtors on the Bonus Added Value list :30s and :60s January 1 December 31, 2014 Subject to available TSN inventory each week of the flight (Mon-Sunday 5a-5a) $275,510 value (25 - 40x per week) (breakdown included in Appendix) On Air bonus Promo inclusion - :30 promo airs throughout TSN programming in Texas driving people to the statewide Lone Star Texas News website :30 Promos include Texas Association of Realtors :10 sponsor mention with direction to your website. $122,975 value On Air Inside Texas Business segment - Texas Association of Realtors Chairman, Dan Hatfield, was highlighted in the Inside Texas Business segment that aired within the TSN News cast. Inside Texas Business is client sponsored and featured Texas Association of Realtors as a primary lone star State company committed to creating growth through unique businesses practices. Recorded to sound live. Aired 25 times February 24- March 28 $26,250 value Click to listen to :30 lstn.com promo Click to open/listen to :30 Inside Texas Business featuring Dan Hatfield

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Specialty Program Texas Red Dirt Roads Country Music On Air Program Sponsorship, Digital Banner TXRDR.com AND on site signage TXRDR Country Music Sponsorship helping Texas Association of Realtors connect with Texans at Home On Air On line On Site TXRDR with Justin Frazell - On Air Sponsorship of Artist At Home Spotlight Digital TXRDR Website fixed banners with link 300x250 NEW 2015 Opportunity On Site Branding Texas Association of Realtors standing signage onsite during live Sunday music events live experiential branding these live events are broadcast on affiliate stations Click to listen to sponsorship

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What makes Texas a Unique Place to Call HOME! TSN Travel Show TEXAS ROAD TRIPPIN Texas is the BEST Place to LIVE! Highlighting Unique people, Places and Things to do! Exclusive Program Segment Sponsor . Passport to Texas brought to you by The Texas Association of Realtors Texas is a great place to LIVE! Every week, Host JD Ryan takes a back porch look and explores the fun people, places and things to do in the Lone Star State! One hour Show. (airs Saturday/Sunday) Historical landmarks, Parks, ranches, restaurants, food, fun facts, cruises, holiday specialties, etc. From the Red to the Rio Grandeeach week Texas native, JD Ryan, takes off to explore the highways and back roads of the great state of Texas! LOVE TO LIVE IN TEXAS! On Air Programming Sponsorship with JD Ryan Endorsement Texas Road Trippin Travel Show Click to listen New On Air Opportunity for 2015

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Interactive Online Opportunities Search Engine Marketing (SEM) Local Search Banners / In banner video Page Takeovers Video Pre Roll Mobile Radio.com Content Sponsorship Online and Life Style, Music, High Profile Sports Life Style Music Sports Holiday Opt in Email targeting CBS Edirect Email Marketing over 225,000,000 Opt in active emails New Growth Opportunities for 2015 TSN/CBS Digital Platform

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John, Thank you so much for your continued partnership. I am working to provide Texas Association of Realtors with Statewide coverage that will grow your business and increase top of mind awareness for Texas Association of Realtors. TSN will continue to develop and provide informative News, Ag, Sports, Country and Entertainment programming platforms that serve Millions of adults in Texas. Our commitment is to produce credible programming environments that result in attentive appointment listening and growth of station affiliates along with the development of interactive digital campaigns that increase your connection to your target market. I will be diligent in my efforts to maximize the TSN assets for you, update you with pertinent market information, present Texas Association of Realtors with top line marketing opportunities that meet your needs and deliver excellent client service. Terri Hill

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APPENDIX

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TSN Added Value Texas Association of Realtors Aired Texas Association of Realtor commercials within various TSN programs as available Bonus :60s (February-September 2014) Aired Approximately 100 per month

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TSN Added Value Texas Association of Realtors Aired Texas Association of Realtor commercials within various TSN programs as available Bonus :30s (February-September 2014) Aired approximately 125 per month

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TSN Added Value Texas Association of Realtors Inclusion in Lonestartexasnews.com Promos $122,975 value Sponsorship Inclusion in Directional Promos :10 second sponsorship mentions (January-September 2014) Promised: 30x per month Over Delivered: 100x per month

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Texas Association of Realtors Screenshot of banner Lonestartexasnews.com

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Texas Association of Realtors Screenshot of banners www.txrdr.com

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TSN News Authoritative Voice of Texas Communities Largest State Network in the Nation Over 100 years of combined experience Full-Time State Capital Correspondent Award Winning Anchors Most Recognized News Team in Texas State of the Art Digital News Room

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KZQQ-AMAbilene KVLF-AMAlpine **KLBJ-AMAustin **KLBJ-FMAustin **KROX-FMAustin KRUN-AMBallinger KBST-FMBig Spring KFYN-AMBonham KNTX-AMBowie KNEL-FMBrady KXYL-FMBrownwood KWJB-AMCanton KGAS-AMCarthage KGAS-FMCarthage KDET-AMCenter KDET-FMCenter KCTX-AMChildress KSTA-AMColeman KZNE-AMCollege Station KAUM-FMColorado City KVMC-AMColorado City KULM-FMColumbus KCOM-AMComanche KYOX-FMComanche KAND-AMCorsicana KIVY-AMCrockett KIVY-FMCrockett *KRLD-AMDallas KXIT-FMDalhart KDHN-AMDimmitt KURV-AMEdinburg KULP-AMEl Campo KLDE-FMEl Dorado KPEP-FMEl Dorado *KROD-AMEl Paso KNES-FMFairfield KPSO-FMFalfurrias KFST-AMFort Stockton KFAN-FMFredericksburg KNAF-AMFredericksburg KGAF-AMGainesville KCTI-AMGonzales KSWA-AMGraham KWKQ-FMGraham KCLW-AMHamilton KVRP-FMHaskell KTHP-FMHemphill KPXI-FMHenderson KWRD-AMHenderson KPAN-AMHereford KPAN-FMHereford *KHBR-AMHillsboro **KIKK-AMHouston **KILT-AMHouston **KILT-FMHouston **KKHH-FMHouston KJAS-FMJasper KMBL-AMJunction KAML-AMKenedy KRNH-FMKerrville KKGN-FMKerrville KBUK-FMLaGrange KVLG-AMLa Grange KPET-AMLamesa KACQ-FMLampasas KLVT-AMLevelland KSHN-FMLiberty KETX-AMLivingston KETX-FMLivingston KJTV-AMLubbock KMVL-AMMadisonville KMVL-FMMadisonville KMHT-AMMarshall KMHT-FMMarshall KHLB-FMMason KCRS-AMMidland KMOO-FMMineola KWBC-AMNavasota KOGT-AMOrange KYXX-FMOzona KNET-AMPalestine KOMX-FMPampa KIUN-AMPecos KEYE-AMPerryton KVOP-AMPlainview KRXT-FMRockdale KTLU-AMRusk KWRW-FMRusk KKSA-AMSan Angelo **KRPT-FMSan Antonio **KTKR-AMSan Antonio **WOAI-AMSan Antonio KNUZ-FMSan Saba KIKZ-AMSeminole KSEM-FMSeminole KSEY-AMSeymour KSEY-FMSeymour KHOS-FMSonora KSST-AMSulphur Springs KXOX-AMSweetwater KXOX-FMSweetwater KCMC-AMTexarkana KTFS-FMTexarkana **KTBB-AMTyler **KTBB-FMTyler KVWC-AMVernon KVWC-FMVernon KVNN-AMVictoria KBEC-AMWaxahachie TSN News Network Affiliates ** Market combos air ads across affiliate cluster Ads outside the normal network clearance times Affiliates listed subject to change at any time Revised 5/19/14 109 Affiliate Stations

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TSN Impact Map

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TXRDR COUNTRY MUSIC PARTNERS Randy Rogers Band Pat Green Stoney Larue Wade Bowen Eli Young Band The Departed Walt Wilkins Turnpike Troubadours Kevin Fowler Brandon Jenkins Brandon Rhyder Radney Foster The Trishas Jason Boland & The Stragglers Jack Ingram Mike McClure Stragglers The Damn Quails Casey Donahew Josh Abbott Band Reckless Kelly Guy Clark Billy Joe Shaver Rusty Wier Tommy Alverson Larry Joe Taylor 1100 Springs The Derailers No Justice Paste to browser and Click for More Info: http://www.youtube.com/user/TexasRedDirtRoads KFWR-FMFort Worth, TXSunday 3 6p KJDL-FMLubbock, TXSunday 4 7p KRVF-FMCorsicana, TXSunday 7 10p KCTI-AMGonzales, TXSunday 3 6p KHLB-FMMason, TXSunday 3-6p KMOO-FMMineola, TXWed 9 12p KKCN-FMSan Angelo, TXSunday 5 8p KRVA-FMSulphur Springs, TXSunday 7 -10p KFYN-AMBonham, TXWed 9 -12a KYLS-FMFarmington, MOSaturday 6 9p KPWB-FMPiedmont, MOSaturday 6 9p WFDZ-FMPerry, FLSaturday 6 9p KLXM-AMClayton, NMSaturday 8 11p KSJJ-FMBend, ORSunday 10 1am WQLC-FMLake City, FL KVOM FMMorrilton, ARSaturday 7p to 10p

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Station CityDMA KRLD-AMDallasDallas-Ft Worth KCTI-AMGonzalesSan Antonio KGAF-AMGainesvilleDallas-Ft Worth KJTV-AMLubbock KLVT-AMLevellandLubbock KRXT-FMRockdaleWaco-Temple KTBB-AMTylerTyler-Longville KURV-AMMcAllenMcAllen-Brownville KSEY-AMSeymourWichita Falls-Lawton KXAX-AMLivingstonHouston KDET-AMCenterShreveport Click to listen