LAMAR ADVERTISING CO/NEW — Director's Dealing 2012

Dec 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2012-12-13

Reporting Person: REILLY SEAN E (Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-13	Class A Common Stock	M	65778	$15.67	Acquired	122413	Direct
2012-12-13	Class A Common Stock	S	65778	$39.71	Disposed	56635	Direct
2012-12-13	Class A Common Stock	S	37125	$39.67	Disposed	19510	Direct
2012-12-13	Class A Common Stock	G	19510	—	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-13	Stock Option (right to buy)	$15.67	M	65778	Disposed	2019-07-02	Class A Common Stock (65778)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $39.365 to $40.005, inclusive. The reporting person undertakes to provide to Lamar Advertising Company, any security holder of Lamar Advertising Company, or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes 1 and 2.

F2: The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $39.315 to $40.000, inclusive.

F3: The option is for a total of 82,222 shares, which vest in 5 substantially equal installments on July 2, 2009, 2010, 2011, 2012, and 2013.