LAMAR ADVERTISING CO/NEW — Director's Dealing 2009

May 29, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2009-05-28

Reporting Person: Reilly Wendell (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-28	Class A Common Stock	A	1643	—	Acquired	127851	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-05-28	Stock Option (right to buy)	$18.25	A	10000	Acquired	2019-05-28	Class A Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	104171	Indirect

Footnotes

F1: Shares held by the Wendell Reilly Family Irrevocable Trust (the "Trust"), of which the Reporting Person is the trustee and of which the Reporting Person's three children are beneficiaries.

F2: 20% vested immediately upon grant, and an additional 20% vests on each of the next four anniversaries of the grant date.