Lumen Technologies, Inc. — Director's Dealing 2003

Aug 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2003-08-26

Reporting Person: HANKS WILLIAM BRUCE (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-26	Common Stock	M	15110	$17.64	Acquired	56835.00	Direct
2003-08-26	Common Stock	S	15110	$34.02	Disposed	41725.00	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-26	Employee Stock Option (right to buy)	$17.64	M	15110	Disposed	2005-05-22	Common Stock (15110.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	0.00	Indirect
Common Stock	0.00	Indirect
Common Stock	0.00	Indirect
Common Stock	0.00	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option (right to buy)	$29.06	2012-05-10	Common Stock (4000.00)	4000.00	Direct
Director Stock Option (right to buy)	$32.18	2013-05-09	Common Stock (6000.00)	6000.00	Direct
Employee Stock Option (right to buy)	$13.50	2007-02-24	Common Stock (59616.00)	59616.00	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (30000.00)	30000.00	Direct

Footnotes

F1: One-third of the Stock Options are exercisable immediately, one-third are exercisble on 2/24/98, and one-third are exercisable on 2/24/99.

F2: 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.