LAMAR ADVERTISING CO/NEW — Director's Dealing 2008

Feb 19, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2008-02-14

Reporting Person: REILLY SEAN E (Cheif Operating Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-02-14	Class A Common Stock	A	44000	—	Acquired	74132	Direct
2008-02-14	Class A Common Stock	F	16768	$42.51	Disposed	57364	Direct

Footnotes

F1: These shares were certified by the Compensation Committee as earned pursuant to the previously announced performance-based equity bonus program for fiscal year 2007 under the Lamar 1996 Equity Incentive Plan, as amended.

F2: Closing price as of February 14, 2008, the certification date.