LAMAR ADVERTISING CO/NEW — Director's Dealing 2011

Sep 30, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LMAR)
CIK: 0001090425
Period of Report: 2011-08-22

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
2011-08-22	Class A Common Stock, par value $0.001 per share	P	300021	$18.7550	Acquired	8090409	Indirect
2011-08-23	Class A Common Stock, par value $0.001 per share	P	12373	$19.0114	Acquired	8102782	Indirect
2011-09-06	Class A Common Stock, par value $0.001 per share	P	2600	$19.0440	Acquired	8105382	Indirect
2011-09-09	Class A Common Stock, par value $0.001 per share	P	412700	$19.0201	Acquired	8518082	Indirect
2011-09-30	Class A Common Stock, par value $0.001 per share	P	274437	$17.0716	Acquired	8792519	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 August 22, 2011, Abrams Capital may be deemed to beneficially own 7,558,456 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,090,409 shares of Class A Common Stock. As of August 23, 2011, Abrams Capital may be deemed to beneficially own 7,570,014 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,102,782 shares of Class A Common Stock.

F6: As of September 6, 2011, Abrams Capital may be deemed to beneficially own 7,572,443 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,105,382 shares of Class A Common Stock. As of September 9, 2011, Abrams Capital may be deemed to beneficially own 7,957,977 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,518,082 shares of Class A Common Stock. As of September 30, 2011, Abrams Capital may be deemed to beneficially own 8,214,376 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,792,519 shares of Class A Common Stock.