LAMAR ADVERTISING CO/NEW — Director's Dealing 2012

Nov 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2012-11-19

Reporting Person: Reilly Wendell (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-19	Class A Common Stock	S	74636	$40.54	Disposed	136000	Indirect
2012-11-20	Class A Common Stock	S	116556	$40.61	Disposed	19444	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	594	Direct
Class A Common Stock	5000	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $40.50 to $40.68, inclusive. The reporting person undertakes to provide to Lamar Advertising Company, any security holder of Lamar Advertising Company, or the staff of the Securities and 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 (3) to this Form 4.

F2: Shares held by the Wendell S. Reilly Family Irrevocable Trust (the "Trust"), of which the reporting person is the trustee.

F3: The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $40.50 to $40.85, inclusive.