LAMAR ADVERTISING CO/NEW — Director's Dealing 2012

Sep 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2012-08-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-31	Class A Common Stock, par value $0.001 per share	S	29258	$33.2742	Disposed	8129576	Indirect
2012-08-31	Class A Common Stock, par value $0.001 per share	S	100	$33.25	Disposed	8129476	Indirect
2012-09-04	Class A Common Stock, par value $0.001 per share	S	66180	$33.2737	Disposed	8063296	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. As of the date of this filing, the shares of Class A Common Stock that may be deemed to be beneficially owned by Abrams Capital represent less than 10% of the outstanding shares of that class of security. Accordingly, Abrams Capital has ceased to be a reporting person for purposes of Section 16.

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: Of the shares of Class A Common Stock sold on August 31, 2012, (i) 27,496 shares sold at $33.2742 per share and 94 shares sold at $33.25 per share may be deemed to have been beneficially owned by Abrams Capital; and (ii) all shares reported herein as having been sold on such date may be deemed to have been beneficially owned by Mr. Abrams, the LP and the LLC.

F6: Of the shares of Class A Common Stock sold on September 4, 2012, (i) 62,339 shares sold at $33.2737 per share may be deemed to have been beneficially owned by Abrams Capital; and (ii) all shares reported herein as having been sold on such date may be deemed to have been beneficially owned by Mr. Abrams, the LP and the LLC.

F7: As of August 31, 2012, Abrams Capital may be deemed to beneficially own 7,639,965 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,129,476 shares of Class A Common Stock. As of September 4, 2012, Abrams Capital may be deemed to beneficially own 7,577,626 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,063,296 shares of Class A Common Stock.