Lumen Technologies, Inc. — Director's Dealing 2006

Sep 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2006-09-27

Reporting Person: EWING R STEWART JR (Ex. VP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-27	Common Stock	M	7400	$27.48	Acquired	89105.48	Direct
2006-09-27	Common Stock	S	7400	$40	Disposed	81705.48	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-27	Employee Stock Option (right to buy)	$27.48	M	7400	Disposed	2013-02-24	Common Stock (7400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1176.51	Indirect
Common Stock	16888.82	Indirect
Common Stock	3594.84	Indirect
Common Stock	16738.48	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$33.4	2015-02-17	Common Stock (62500)	62500	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (85000)	85000	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (81000)	81000	Direct
Employee Stock Option (right to buy)	$28.34	2014-02-25	Common Stock (62500)	62500	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (62500)	62500	Direct
Employee Stock Option (right to buy)	$28.03	2011-05-21	Common Stock (81000)	81000	Direct