LAMAR ADVERTISING CO/NEW — Director's Dealing 2012

Feb 15, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2012-02-15

Reporting Person: Reilly Wendell (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-15	Class A Common Stock	C	12500	—	Acquired	142419	Direct
2012-02-15	Class A Common Stock	C	166667	—	Acquired	253476	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-15	Class B Common Stock	$	C	12500	Disposed		Class A Common Stock (12500)	Direct
2012-02-15	Class B Common Stock	$	C	166667	Disposed		Class A Common Stock (166667)	Indirect

Footnotes

F1: Pursuant to the terms of the Issuer's Certificate of Incorporation, the Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis, exercisable immediately, and has no expiration date.

F2: Shares held by the Wendell Reilly Family Irrevocable Trust (the "Trust"), of which the Reporting Person is the trustee and of which the Reporting Person's three children are beneficiaries.