LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Nov 12, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-11-10

Reporting Person: REILLY SEAN E (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-10	Class A Common Stock	S	185500	$13.7348	Disposed	71864	Direct
2008-11-10	Class A Common Stock	S	62000	$14.8377	Disposed	9864	Direct
2008-11-10	Class A Common Stock	S	9864	$15.6375	Disposed	0	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $13.26 to $14.26. The price reported above reflects
the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the
issuer or a security holder of the issuer, full information regarding the number of shares and prices at which the
transaction was effected.

F2: This transaction was executed in multiple trades at prices ranging from $14.27 to $15.27. The price reported above reflects
the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the
issuer or a security holder of the issuer, full information regarding the number of shares and prices at which the
transaction was effected.

F3: This transaction was executed in multiple trades at prices ranging from $15.29 to $16.21. The price reported above reflects
the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the
issuer or a security holder of the issuer, full information regarding the number of shares and prices at which the
transaction was effected.