LAMAR ADVERTISING CO/NEW — Director's Dealing 2007

Dec 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2007-12-21

Reporting Person: REILLY SEAN E (Cheif Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-12-21	Class A Common Stock	C	25000	—	Acquired	55132	Direct
2007-12-21	Class A Common Stock	G	25000	—	Disposed	30132	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-12-21	Class B Common Stock	$	C	25000	Disposed		Class A Common Stock (25000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Common Stock	$		Class A Common Stock (9000000)	9000000	Indirect

Footnotes

F1: The Reporting Person converted 25,000 shares of Class B Common Stock into the same number of shares of Class A Common Stock.

F2: The Class B Common Stock is convertible at any time into Class A Common Stock on a one-for-one basis and has no expiration date.

F3: Kevin P. Reilly, Jr., the President and Chief Executive Officer of Lamar Advertising Company and a sibling of the Reporting Person, is the Managing General Partner of the Reilly Family Limited Partnership ("RFLP"). The Managing General Partner has sole voting power over the shares but disposition of the shares require the approval of 50% of the general partnership interest of the RFLP. The Reporting Person is a General Partner of the RFLP and the other two General Partners of the RFLP are also siblings of the Reporting Person. The Reporting Person disclaims any beneficial ownership interests in the RFLP.