LAMAR ADVERTISING CO/NEW — Director's Dealing 2011

Oct 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LMAR)
CIK: 0001090425
Period of Report: 2011-10-03

Reporting Person: ABRAMS CAPITAL MANAGEMENT, L.P. (10% Owner)
Reporting Person: ABRAMS CAPITAL MANAGEMENT, LLC (10% Owner)
Reporting Person: ABRAMS CAPITAL LLC (10% Owner)
Reporting Person: Abrams David C (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-03	Class A Common Stock, par value $0.001 per share	P	482800	$16.8610	Acquired	9275319	Indirect
2011-10-04	Class A Common Stock, par value $0.001 per share	P	30822	$16.7724	Acquired	9306141	Indirect

Footnotes

F1: These securities are held by investment funds, the general partner and/or investment adviser of which is directly or indirectly controlled by David C. Abrams. In such capacity, Mr. Abrams may be deemed to beneficially own the reported securities.

F2: These securities are held by investment funds for which Abrams Capital Management, L.P. (the "LP") serves as investment adviser. Abrams Capital Management, LLC (the "LLC") serves as the general partner of the LP. In their respective capacities, each of the LP and the LLC may be deemed to beneficially own the reported securities.

F3: A portion of these securities are held by investment funds for which Abrams Capital, LLC ("Abrams Capital") serves as general partner. In such capacity, Abrams Capital may be deemed to beneficially own the reported securities.

F4: Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

F5: As of October 3, 2011, Abrams Capital may be deemed to beneficially own 8,665,442 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 9,275,319 shares of Class A Common Stock. As of October 4, 2011, Abrams Capital may be deemed to beneficially own 8,694,238 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 9,306,141 shares of Class A Common Stock.

F6: Represents the weighted average price of transactions at prices ranging from $16.7521 to $16.8836. The Reporting Persons undertake to provide the number of shares purchased at each price if requested in writing by the Securities and Exchange Commission, the issuer or a security holder of the issuer.

F7: Represents the weighted average price of transactions at prices ranging from $16.7512 to $16.7765. The Reporting Persons undertake to provide the number of shares purchased at each price if requested in writing by the Securities and Exchange Commission, the issuer or a security holder of the issuer.