Lumen Technologies, Inc. — Director's Dealing 2003

Nov 5, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2003-11-04

Reporting Person: PERRY HARVEY P (Director, Exec. VP, CAO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-04	Common Stock	M	10000	$28.03	Acquired	56665.98	Direct
2003-11-04	Common Stock	S	10000	$35.10	Disposed	46665.98	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-04	Employee Stock Option (right to buy)	$28.03	M	10000	Disposed	2011-05-21	Common Stock (10000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2832.21	Indirect
Common Stock	0.00	Indirect
Common Stock	16854.86	Indirect
Common Stock	2834.12	Indirect
Common Stock	16407.82	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Performance Shares.99	$0.00		Common Stock (1095.00)	1095.00	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (81000.00)	81000.00	Direct
Employee Stock Option (right to buy)	$27.48	2013-02-24	Common Stock (81000.00)	81000.00	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (85000.00)	85000.00	Direct
Phantom Stock Units	$0.00		Common Stock (5181.90)	5181.90	Direct

Footnotes

F1: As of most recent statement available

F2: As of December 31, 2002, the most recent statement available.

F3: As of December 31, 2002, the most recent statement available.

F4: As of December 31, 2002, the most recent statement available.

F5: One-third of the Stock Options are exercisable 5/21/02, one-third are exercisable 5/21/03, and one-third are exercisable 5/21/04.

F8: One-third of the Stock Options are exercisable 2/21/2001, one-third are exercisable on 2/21/2002, and one-third are exercisable on 2/21/2003.

F10: One-third of the Stock Options are exercisable 2/25/03, one-third are exercisable 2/25/04, and one-third are exercisable 2/25/05.

F11: One-third of the Stock Options are exercisable 2/24/04, one-third are exercisable 2/24/05, and one-third are exercisable 2/24/06.

F13: The award vests based upon the Company's total shareholder return over a five year period compared to the other companies included in an index of telecommunications companies.

F15: Exercisable as soon as practicable after December 31, 2003.

F17: Security converts on a one for one basis.

F18: Security converts on a 1-to-1 basis.

F19: The reported phantom stock units were acquired under CTE's excess benefit plan and will be settled upon the reporting person's termination of service.