2. Summarized Financial Information of Subsidiaries

In the filing of our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015, which was originally filed with the SEC on August 6, 2015, we omitted certain required disclosures under SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. Accordingly, we have revised our financial statement footnotes to correct this immaterial error of omission and include the information presented below. This revision was determined to be immaterial to the financial statements previously presented.

Separate condensed consolidating financial information for Lamar Media, subsidiary guarantors and non-guarantor subsidiaries are presented below. Lamar Media and its subsidiary guarantors have fully and unconditionally guaranteed Lamar Media’s obligations with respect to its publicly issued notes. All guarantees are joint and several. As a result of these guarantee arrangements, we are required to present the following condensed consolidating financial information. The following condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements and notes. The condensed consolidating financial information is provided as an alternative to providing separate financial statements for guarantor subsidiaries. Separate financial statements of Lamar Media’s subsidiary guarantors are not included because the guarantees are full and unconditional and the subsidiary guarantors are 100% owned and jointly and severally liable for Lamar Media’s outstanding publicly issued notes. The accounts for all companies reflected herein are presented using the equity method of accounting for investments in subsidiaries.

LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Balance Sheet as of June 30, 2016
(in thousands)

	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated
	(unaudited)
ASSETS
Total current assets	$	20,648	$	309,644	$	32,861	$	—		$	363,153
Net property, plant and equipment		—		1,159,264		22,154		—			1,181,418
Intangibles and goodwill, net		—		2,284,583		33,729		—			2,318,312
Other assets		3,459,089		11,392		247		(3,437,496	)		33,232
Total assets	$	3,479,737	$	3,764,883	$	88,991	$	(3,437,496	)	$	3,896,115
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	23,369	$	—	$	—	$	—		$	23,369
Other current liabilities		39,310		178,396		24,714		—			242,420
Total current liabilities		62,679		178,396		24,714		—			265,789
Long-term debt		2,369,308		—		—		—			2,369,308
Other noncurrent liabilities		21,535		212,671		53,211		(52,614	)		234,803
Total liabilities		2,453,522		391,067		77,925		(52,614	)		2,869,900
Stockholders’ equity		1,026,215		3,373,816		11,066		(3,384,882	)		1,026,215
Total liabilities and stockholders’ equity	$	3,479,737	$	3,764,883	$	88,991	$	(3,437,496	)	$	3,896,115

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Balance Sheet as of December 31, 2015
(in thousands)

	Lamar Media Corp.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Lamar Media Consolidated

ASSETS
Total current assets	$	6,086	$	245,685	$	29,461	$	—		$	281,232
Net property, plant and equipment		—		1,072,595		22,542		—			1,095,137
Intangibles and goodwill, net		—		1,904,096		34,765		—			1,938,861
Other assets		2,943,826		11,451		535		(2,923,702	)		32,110
Total assets	$	2,949,912	$	3,233,827	$	87,303	$	(2,923,702	)	$	3,347,340
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	16,509	$	—	$	—	$	—		$	16,509
Other current liabilities		29,268		163,955		22,618		—			215,841
Total current liabilities		45,777		163,955		22,618		—			232,350
Long-term debt		1,876,895		—		—		—			1,876,895
Other noncurrent liabilities		20,059		210,233		53,659		(53,037	)		230,914
Total liabilities		1,942,731		374,188		76,277		(53,037	)		2,340,159
Stockholders’ equity		1,007,181		2,859,639		11,026		(2,870,665	)		1,007,181
Total liabilities and stockholders’ equity	$	2,949,912	$	3,233,827	$	87,303	$	(2,923,702	)	$	3,347,340

LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Three Months Ended June 30, 2016
(in thousands)

	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	374,629		$	13,883		$	(984	)	$	387,528
Operating expenses
Direct advertising expenses ⁽¹⁾		—			125,417			7,950			(642	)		132,725
General and administrative expenses ⁽¹⁾		—			63,683			2,774			—			66,457
Corporate expenses ⁽¹⁾		—			19,536			422			—			19,958
Depreciation and amortization		—			49,978			1,955			—			51,933
Gain on disposition of assets		—			(705	)		—			—			(705	)
		—			257,909			13,101			(642	)		270,368
Operating income (loss)		—			116,720			782			(342	)		117,160
Equity in (earnings) loss of subsidiaries		(113,354	)		—			—			113,354			—
Other expenses (income)		31,356			(3	)		341			(342	)		31,352
Income before income tax expense		81,998			116,723			441			(113,354	)		85,808
Income tax expense ⁽²⁾		—			3,308			502			—			3,810
Net income (loss)	$	81,998		$	113,415		$	(61	)	$	(113,354	)	$	81,998

Statement of Comprehensive Income
Net income (loss)	$	81,998		$	113,415		$	(61	)	$	(113,354	)	$	81,998
Total other comprehensive income, net of tax		—			—			11			—			11
Total comprehensive income (loss)	$	81,998		$	113,415		$	(50	)	$	(113,354	)	$	82,009

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

LAMAR MEDIA CORP.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

(In Thousands, Except for Share Data)

Condensed Consolidating Statement of Income and Comprehensive Income for the Three Months Ended June 30, 2015
(in thousands)

	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	330,524		$	14,519		$	(794	)	$	344,249
Operating expenses
Direct advertising expenses ⁽¹⁾		—			109,201			7,292			(542	)		115,951
General and administrative expenses ⁽¹⁾		—			58,413			2,316			—			60,729
Corporate expenses ⁽¹⁾		—			19,067			533			—			19,600
Depreciation and amortization		—			46,807			1,918			—			48,725
Gain on disposition of assets		—			(191	)		—			—			(191	)
		—			233,297			12,059			(542	)		244,814
Operating income (loss)		—			97,227			2,460			(252	)		99,435
Equity in (earnings) loss of subsidiaries		(84,157	)		—			—			84,157			—
Other expenses (income)		24,708			(20	)		252			(252	)		24,688
Income before income tax expense		59,449			97,247			2,208			(84,157	)		74,747
Income tax expense ⁽²⁾		—			2,917			12,381			—			15,298
Net income (loss)	$	59,449		$	94,330		$	(10,173	)	$	(84,157	)	$	59,449
Statement of Comprehensive Income
Net income (loss)	$	59,449		$	94,330		$	(10,173	)	$	(84,157	)	$	59,449
Total other comprehensive income, net of tax		—			—			407			—			407
Total comprehensive income (loss)	$	59,449		$	94,330		$	(9,766	)	$	(84,157	)	$	59,856

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2016
(in thousands)

	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	702,207		$	25,718		$	(1,864	)	$	726,061
Operating expenses
Direct advertising expenses ⁽¹⁾		—			247,306			15,346			(1,202	)		261,450
General and administrative expenses ⁽¹⁾		—			127,682			5,565			—			133,247
Corporate expenses ⁽¹⁾		—			35,184			707			—			35,891
Depreciation and amortization		—			99,667			3,755			—			103,422
(Gain) loss on disposition of assets		—			(12,265	)		233			—			(12,032	)
		—			497,574			25,606			(1,202	)		521,978
Operating income (loss)		—			204,633			112			(662	)		204,083
Equity in (earnings) loss of subsidiaries		(197,964	)		—			—			197,964			—
Other expenses (income)		64,559			(4	)		668			(662	)		64,561
Income before income tax expense		133,405			204,637			(556	)		(197,964	)		139,522
Income tax expense ⁽²⁾		—			5,234			883			—			6,117
Net income (loss)	$	133,405		$	199,403		$	(1,439	)	$	(197,964	)	$	133,405

Statement of Comprehensive Income
Net income (loss)	$	133,405		$	199,403		$	(1,439	)	$	(197,964	)	$	133,405
Total other comprehensive income, net of tax		—			—			1,479			—			1,479
Total comprehensive income (loss)	$	133,405		$	199,403		$	40		$	(197,964	)	$	134,884

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statements of Income and Comprehensive Income for the Six Months Ended June 30, 2015
(in thousands)

	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
Statement of Income	(unaudited)
Net revenues	$	—		$	623,106		$	25,060		$	(1,440	)	$	646,726
Operating expenses
Direct advertising expenses ⁽¹⁾		—			216,483			13,635			(935	)		229,183
General and administrative expenses ⁽¹⁾		—			115,575			4,360			—			119,935
Corporate expenses ⁽¹⁾		—			34,105			798			—			34,903
Depreciation and amortization		—			94,081			3,874			—			97,955
Gain on disposition of assets		—			(2,027	)		—			—			(2,027	)
		—			458,217			22,667			(935	)		479,949
Operating income (loss)		—			164,889			2,393			(505	)		166,777
Equity in (earnings) loss of subsidiaries		(149,491	)		—			—			149,491			—
Other expenses (income)		49,238			(22	)		507			(505	)		49,218
Income before income tax expense		100,253			164,911			1,886			(149,491	)		117,559
Income tax expense ⁽²⁾		—			4,936			12,370			—			17,306
Net income (loss)	$	100,253		$	159,975		$	(10,484	)	$	(149,491	)	$	100,253
Statement of Comprehensive Income
Net income (loss)	$	100,253		$	159,975		$	(10,484	)	$	(149,491	)	$	100,253
Total other comprehensive loss, net of tax		—			—			(1,203	)		—			(1,203	)
Total comprehensive income (loss)	$	100,253		$	159,975		$	(11,687	)	$	(149,491	)	$	99,050

(1) Caption is exclusive of depreciation and amortization.
(2) The income tax expense reflected in each column does not include any tax effect of the equity in earnings from subsidiaries.

LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2016
(in thousands)

	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	140,590		$	239,840		$	3,976		$	(194,681	)	$	189,725
Cash flows from investing activities:
Acquisitions		—			(506,147	)		—			—			(506,147	)
Capital expenditures		—			(50,034	)		(1,479	)		—			(51,513	)
Proceeds from disposition of assets and investments		—			6,734			—			—			6,734
Investment in subsidiaries		(506,147	)		—			—			506,147			—
(Increase) decrease in intercompany notes receivable		486			—			—			(486	)		—
Decrease in notes receivable		13			—			—			—			13
Net cash used in (provided by) investing activities		(505,648	)		(549,447	)		(1,479	)		505,661			(550,913	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		347,000			—			—			—			347,000
Payment on revolving credit facility		(233,000	)		—			—			—			(233,000	)
Principal payments on long-term debt		(9,385	)		—			—			—			(9,385	)
Proceeds received from senior credit facility		300,000			—			—			—			300,000
Debt issuance costs		(9,140	)		—			—			—			(9,140	)
Proceeds received from note offering		400,000			—			—			—			400,000
Payment on senior credit facility		(300,000	)		—			—			—			(300,000	)
Intercompany loan payments		—			—			(486	)		486			—
Distributions to non-controlling interest		—			—			(210	)		—			(210	)
Dividends (to) from parent		(151,850	)		(190,672	)		—			190,672			(151,850	)
Contributions from (to) parent		36,000			502,138			—			(502,138	)		36,000
Net cash provided by (used in) financing activities		379,625			311,466			(696	)		(310,980	)		379,415
Effect of exchange rate changes in cash and cash equivalents		—			—			1,183			—			1,183
Net increase in cash and cash equivalents		14,567			1,859			2,984			—			19,410
Cash and cash equivalents at beginning of period		4,955			454			16,418			—			21,827
Cash and cash equivalents at end of period	$	19,522		$	2,313		$	19,402		$	—		$	41,237

LAMAR MEDIA CORP. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (Unaudited) (In Thousands, Except for Share Data) Condensed Consolidating Statement of Cash Flows for the Six Months Ended June 30, 2015
(in thousands)

	Lamar Media Corp.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Lamar Media Consolidated
	(unaudited)
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	117,761		$	214,215		$	87		$	(163,127	)	$	168,936
Cash flows from investing activities:
Acquisitions		—			(51,377	)		(8,012	)		—			(59,389	)
Capital expenditures		—			(54,751	)		(1,614	)		—			(56,365	)
Proceeds from disposition of assets and investments		—			5,692			—			—			5,692
Investment in subsidiaries		(59,389	)		—			—			59,389			—
(Increase) decrease in intercompany notes receivable		(2,554	)		1,584			—			970			—
(Increase) decrease in notes receivable		(15	)		—			—			—			(15	)
Net cash (used in) provided by investing activities		(61,958	)		(98,852	)		(9,626	)		60,359			(110,077	)
Cash flows from financing activities:
Proceeds received from revolving credit facility		155,000			—			—			—			155,000
Payment on revolving credit facility		(107,000	)		—			—			—			(107,000	)
Principal payments on long-term debt		(7,510	)		—			—			—			(7,510	)
Intercompany loan proceeds		—			—			2,554			(2,554	)		—
Distributions to non-controlling interest		—			—			(360	)		—			(360	)
Dividends (to) from parent		(137,913	)		(164,711	)		—			164,711			(137,913	)
Contributions from (to) parent		41,184			51,377			8,012			(59,389	)		41,184
Net cash (used in) provided by financing activities		(56,239	)		(113,334	)		10,206			102,768			(56,599	)
Effect of exchange rate changes in cash and cash equivalents		—			—			(840	)		—			(840	)
Net (decrease) increase in cash and cash equivalents		(436	)		2,029			(173	)		—			1,420
Cash and cash equivalents at beginning of period		10,689			480			14,366			—			25,535
Cash and cash equivalents at end of period	$	10,253		$	2,509		$	14,193		$	—		$	26,955