LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Oct 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-10-17

Reporting Person: REILLY SEAN E (Chief Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-10-17	Class A Common Stock	C	200000	—	Acquired	257364	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-10-17	Class B Common Stock	$	C	200000	Disposed		Class A Common Stock (200000)	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 200,000 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. The other General Partners of the RFLP are also siblings of the reporting person. The Managing General Partner has sole voting power over the shares but disposition of the shares requires the approval of 50% of the general partnership interest of the RFLP. The reporting person disclaims any beneficial ownership interests in the RFLP.