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Lumen Technologies, Inc. Director's Dealing 2004

Feb 27, 2004

30915_dirs_2004-02-26_b01b36d9-5fbb-4c98-b392-5fcb5977fed7.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2004-02-25

Reporting Person: PUCKETT KAREN A (President & COO)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2004-02-25 Common Stock A 22000 Acquired 27880.32 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2004-02-25 Employee Stock Option (right to buy) $28.34 A 75000 Acquired 2004-02-25 Common Stock (75000.00) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 200.00 Indirect
Common Stock 347.86 Indirect
Common Stock 331.27 Indirect
Common Stock 7.27 Indirect

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
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
Employee Stock Option (right to buy) $27.48 2013-02-24 Common Stock (150000.00) 150000.00 Direct
Phantom Stock Units $0.00 Common Stock (458.00) 458.00 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: One-third of the options are exercisable immediately, one-third are exercisable 2/25/05, and one-third are exercisable 2/25/06.

F8: 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.

F9: 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.

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.

F17: Security converts on a 1-to-1 basis.

F18: 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.