Lumen Technologies, Inc. — Director's Dealing 2006

Sep 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2006-09-15

Reporting Person: PUCKETT KAREN A (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-15	Common Stock	M	1832	$29.19	Acquired	72995.33	Direct
2006-09-15	Common Stock	S	1832	$40	Disposed	71163.33	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-15	Employee Stock Option (right to buy)	$29.19	M	1832	Disposed	2010-07-25	Common Stock (1832)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	200	Indirect
Common Stock	510.86	Indirect
Common Stock	1271.12	Indirect
Common Stock	15.94	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$33.4	2015-02-17	Common Stock (75000)	75000	Direct
Employee Stock Option (right to buy)	$27.48	2013-02-24	Common Stock (49999)	49999	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (120000)	120000	Direct
Employee Stock Option (right to buy)	$28.34	2014-02-25	Common Stock (25000)	25000	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (75000)	75000	Direct

Footnotes

F1: 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.