Lumen Technologies, Inc. — Director's Dealing 2004

Sep 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2004-09-17

Reporting Person: PUCKETT KAREN A (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-17	Common Stock	M	50000	$27.48	Acquired	77880.32	Direct
2004-09-17	Common Stock	S	50000	—	Disposed	27880.32	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-17	Employee Stock Option (right to buy)	$27.48	M	50000	Disposed	2013-02-24	Common Stock (50000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	200.00	Indirect
Common Stock	348.56	Indirect
Common Stock	670.55	Indirect
Common Stock	12.65	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$28.34	2004-02-25	Common Stock (75000.00)	75000.00	Direct
Employee Stock Option (right to buy)	$29.19	2010-07-25	Common Stock (100000.00)	100000.00	Direct
Employee Stock Option (right to buy)	$28.03	2011-05-21	Common Stock (120000.00)	120000.00	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (120000.00)	120000.00	Direct
Phantom Stock Units	$0.00		Common Stock (1498.70)	1498.70	Direct

Footnotes

F1: As of most recent statement available

F2: As of December 31, 2003, the most recent statement available.

F3: As of December 31, 2003, the most recent statement available.

F4: 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.

F5: One-third of the options are exercisable immediately, one-third are exercisable 2/25/05, and one-third are exercisable 2/25/06.

F6: One-third of the stock options are exercisable 7/25/01, one-third are exercisable 7/25/02, and remaining one-third are exercisable 7/25/03.

F7: 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 2/25/03, one-third are exercisable 2/25/04, and one-third are exercisable 2/25/05.

F9: Security converts on a 1-to-1 basis.

F10: 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.