LAMAR ADVERTISING CO/NEW — Director's Dealing 2012

May 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2012-05-01

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
2012-05-01	Class A Common Stock, par value $0.001 per share	S	35400	$32.1597	Disposed	9013741	Indirect
2012-05-01	Class A Common Stock, par value $0.001 per share	S	28518	$32.1907	Disposed	8985223	Indirect
2012-05-01	Class A Common Stock, par value $0.001 per share	S	4300	$32.1944	Disposed	8980923	Indirect
2012-05-02	Class A Common Stock, par value $0.001 per share	S	84170	$31.8009	Disposed	8896753	Indirect
2012-05-02	Class A Common Stock, par value $0.001 per share	S	178300	$31.8005	Disposed	8718453	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 May 1, 2012, Abrams Capital may be deemed to beneficially own 8,440,128 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,980,923 shares of Class A Common Stock. As of May 2, 2012, Abrams Capital may be deemed to beneficially own 8,193,477 shares of Class A Common Stock and Mr. Abrams, the LP and the LLC may be deemed to beneficially own 8,718,453 shares of Class A Common Stock.