LAMAR ADVERTISING CO/NEW — Director's Dealing 2012

Aug 9, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2012-08-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-08-07	Class A Common Stock, par value $0.001 per share	S	40000	$31.555	Disposed	8678453	Indirect
2012-08-07	Class A Common Stock, par value $0.001 per share	S	207034	$31.5109	Disposed	8471419	Indirect
2012-08-08	Class A Common Stock, par value $0.001 per share	S	25233	$34.8579	Disposed	8446186	Indirect
2012-08-08	Class A Common Stock, par value $0.001 per share	S	287352	$34.5796	Disposed	8158834	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: Of the shares of Class A Common Stock sold on August 7, 2012, (i) 37,591 shares sold at $31.555 per share and 194,568 shares sold at $31.5109 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 August 8, 2012, (i) 23,714 shares sold at $34.8579 per share and 270,049 shares sold at $34.5796 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 7, 2012, Abrams Capital may be deemed to have beneficially owned 7,961,318 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to have beneficially owned 8,471,419 shares of Class A Common Stock. As of August 8, 2012, Abrams Capital may be deemed to beneficially own 7,667,555 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,158,834 shares of Class A Common Stock.