Notes: November 19, 2014 -- Lamar Advertising Company (Nasdaq: LAMR), a leading owner and operator of outdoor advertising and logo sign displays, announces the completion of its merger with and into its wholly owned subsidiary, Lamar Advertising REIT Company. The merger was the final step in Lamar’s plan to reorganize its business operations to qualify as a real estate investment trust (REIT) for U.S. federal income tax purposes for the taxable year commencing January 1, 2014. Lamar received the necessary stockholder approvals with respect to the merger at a special meeting of stockholders held on November 17, 2014. The merger was effective as of 11:59 p.m., Eastern Standard Time, on November 18, 2014, at which time Lamar Advertising REIT Company was renamed Lamar Advertising Company. As a result of the merger, stockholders of Lamar’s Class A common stock, Class B common stock and Series AA preferred stock automatically became stockholders of Lamar Advertising REIT Company’s Class A common stock, Class B common stock and Series AA preferred stock, respectively. Shares of the Class A common stock will continue to trade on the NASDAQ Global Select Market under Lamar’s current symbol, LAMR.