Boston Omaha Corporation · NYSE:BOC
Boston Omaha — Shareholder Meeting (October 2017)
27 slides from Boston Omaha's shareholder meeting presentation, Oct 10, 2017
Slide 1: Second Annual Shareholder Meeting 2017 Boston, MA
Slide 2: Disclosures
DISCLOSURES Statements in this presentation, including the information set forth as to the future financial or operating performance of Boston Omaha Corporation, that are not current or historical factual statements may constitute “forward looking" information within the meaning of securities laws.
Slide 3: Boston Omaha Corporation
BOSTON OMAHA CORPORATION BOOK VALUE PER SHARE: OPERATIONS: $10.49 BOOK VALUE PER SHARE AT 6/30/17 LISTED ON NASDAQ CAPITAL MARKETS (TICKER: BOMN) CATED AT. SUITE 200 NE, 68102 Link Media General Indemnity Logic Commercial 100% Group Real Estate 100% 30% CURRENT SHARES ISSUED: 13,307,157 1,055,560 14
Slide 4: Prologue + 2009
PROLOGUE 08 + 2009 REO Plus, Inc. incorporated in Texas 1162012 Registration Statement effective with SEC 02+ 2015, 07 + 2015 Present management takes | Florida billboards acquired over from Fair Outdoor, LLC 03 + 2015, 08 + 2015, Redomicile to Delaware, Georgia billboards acquired renamed Boston Om
Slide 5: Company timeline 2016-2017
015 BOSTON var Bun Bcc ot 2017 o7 +2017 Georgia billboards acquired | Georgia billboards acquired ffom Clear Channel from View Media, LLC Cuscoor GIG acquires Surety Wisconsin billboards Support Senvices, Inc 42+ 2016 scquited fom Herttod Overallotment exercised, Cuber Le total gross proceeds of $97
Slide 6: Company timeline 2016-2017 (continued)
12 +2016 GlG acquires United Casualty and Surety Insurance Company 01 +2017 Georgia billboards acquired from Clear Channel Outdoor Wisconsin billboards acquired from Hartlind Outdoor, LLC 05+ 2017 Georgia billboards acquired from Tinsley I-75 6+ 2017 Alabama and Georgia billboards acquired from Core
Slide 7: Capital Summary
CAPITAL SUMMARY Capital Allocation Invested Capital 15.2 15.7 = Billboards Insurance «Billboards =Insurance =RealEstate =Cash =2015 2016 2017 4. Cash balance as of 6/30/17 BOSTON OMAHA
Slide 8: Link
Slide 9: Link Media owns and operates over 500 billboard structures
NORTH MINNESOTA) Minneapolis or wisconsin, { | ea ioHicaN { ee. > Detroit > ~ Chicago = \ tows >) i ae: ae ;HINGTON = DAKOTA 5 MONTANA —_—— = souTH = ym DAKOTA GON | : WYOMING. 7 NEBRASKA y Denver NEVADA __0 United States LINK MEDIA OWNS AND OPERATES OVER 500 BILLBOARD STRUCTURES IN ALABAMA, FLORIDA
Slide 10: Link Media billboard structures
LINK MEDIA OWNS AND OPERATES OVER 500 BILLBOARD STRUCTURES IN ALABAMA, FLORIDA, GEORGIA AND WISCONSIN BOSTON OMAHA 10
Slide 11: Link Media billboards: Wisconsin
LINK MEDIA OWNS AND OPERATES OVER 500 BILLBOARD STRUCTURES IN ALABAMA, FLORIDA, GEORGIA AND WISCONSIN WISCONSIN ee f BOSTON OMAHA "
Slide 12: Link Media billboard structures
LINK MEDIA OWNS AND OPERATES OVER 500 BILLBOARD STRUCTURES IN ALABAMA, FLORIDA, GEORGIA AND WISCONSIN 00 Boke + s. 9 Cia : 8 << s { ¢ BOSTON OMAHA 12
Slide 13: Link Media ad spots and expansion plans
LINK MEDIA OWNS AND OPERATES OVER 500 BILLBOARD STRUCTURES IN ALABAMA, FLORIDA, GEORGIA AND WISCONSIN Hiawathall) Florence, ‘National Fores : = Chequamegon-Nicolet fe. Navergjorest a ar ask e *s ss an ee a Ny w WALABAMA * Magon a) Link Media will likely add more assets to Link Media currently offers
Slide 14: Approximate Occupancy Rates as of 9/30/17
Approximate Occupancy Rates as of 9/30/17 BULLETINS DIGITALS TRLVISIONS, 70% (« 65% ) e ) (vs. 45% in January) (vs. 45% in January) (vs. 25% in January) BOSTON OMAHA 14
Slide 15: Invested capital, monthly revenue and land costs run rate
$35M" $550,000? $135,000 INVESTED CAPITALTO DATE MONTHLY REVENUE RUN RATE MONTHLY LAND COSTS RUN RATE 24.5% OF REVENUES We own less than 5% of our land sites today 1. Acquisition and digital upgrade/replacement costs: 2. Run rate based on prior month customer billings BOSTON OMAHA
Slide 16: General Indemnity Group
Slide 17: General Indemnity Group Companies
GENERAL INDEMNITY GROUP COMPANIES DISTRIBUTION UNDERWRITING EZ SURETY BONDS Surety Bonds - Instantly - Warnock Agency 1-866-546-4605 breezeway SS Surety BOSTON OMAHA
Slide 18: Total Premium
TOTAL PREMIUM BB ve 2016 [as oF 83117 BOSTON OMAHA 18
Slide 19: Total Premium including SCS acquisition
TOTALPREMIUM _ TOTAL: $12.8M Hi YE 2016 AS OF 8/31/17 INCLUDING SCS ACQUISITION BOSTON OMAHA 19
Slide 20: General Indemnity Group Licenses 2016
GENERAL INDEMNITY GROUP LICENSES 2016 [Bl arProveo ™ BOSTON OMAHA
Slide 21: General Indemnity Group Licenses as of Today
GENERAL INDEMNITY GROUP LICENSES AS OF TODAY I arproveo FILED & PENDING BOSTON OMAHA 2
Slide 22: A.M. Best rated A- insurance carrier
- A.M. Best Rated A- insurance carrier licensed in 41 states and D.C. y « U.S. Treasury Listing ¢ Total gross premium of $12.8M* ¢ Capital and Surplus of $8.2M ‘including SCS acquisition BOSTON OMAHA 22
Slide 23: Boston Omaha Logic
2B BOSTON OMAHA’ |
Slide 24: Logic Operating Performance
LOGIC OPERATING PERFORMANCE Sept 2016 Sept 2017 Employees (Including Brokers) 32 42 Property Management 1.3M SF 2.5M SF || BOMN owns 30% Q4,15-Q2, 162 Q3,16-Q2,17 SELOTH Lau lle Equity Method B/S Value: Revenue $4.42M $5.97M $317K1 Brokerage Commissions Capital Market Loans Originated $4.07M $2.61M
Slide 25: When management took over in 2015
WHEN MANAGEMENT TOOK OVER IN 2015 ONE PROPERTY PLUS $10 MILLION IN CASH EQUALED $7.48 IN BOOK VALUE PER SHARE BOSTON OMAHA 25
Slide 26: Book value per share, cash and zero debt
re AR an | N BOSTON OMAHA a BELL § TROSE-CITY Jan cl KELLEY a $10.49 $102 MILLION ZERO DEBT BOOK VALUE PER SHARE CASH NUMBERS AS OF JUNE 30, 2017 BOSTON OMAHA
Slide 27: We are interested in looking at other potential opportunities
We are interested in looking at other potential opportunities that have the following: + Demonstrated consistent earning power over time; Durability of competitive position over time is the single most important attribute to us; Attractive pretax return on equity capital; Annual pretax earnings grea