LAMAR ADVERTISING CO/NEW — Director's Dealing 2014

Aug 12, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LAMAR ADVERTISING CO/NEW (LAMR)
CIK: 0001090425
Period of Report: 2014-08-11

Reporting Person: ISTRE KEITH A (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-11	Class A Common Stock	M	22000	$18.25	Acquired	112967	Direct
2014-08-11	Class A Common Stock	S	22000	$50.9587	Disposed	90967	Direct
2014-08-11	Class A Common Stock	M	4665	$15.67	Acquired	95632	Direct
2014-08-11	Class A Common Stock	S	4665	$50.9587	Disposed	90967	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-11	Stock Option (right to buy)	$18.25	M	22000	Disposed	2019-05-28	Class A Common Stock (22000)	Direct
2014-08-11	Stock Option (right to buy)	$15.67	M	4665	Disposed	2019-07-02	Class A Common Stock (4665)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $50.80 to $51.13, 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 range set forth in this footnote 1.

F2: The option became fully exercisable on May 28, 2013.

F3: The option became fully exercisable on July 2, 2013.