Lumen Technologies, Inc. — Director's Dealing 2006

Mar 23, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2006-03-22

Reporting Person: COLE DAVID D (Sr. VP - Operations Support)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-03-22	Common Stock	M	20000	$27.48	Acquired	62664.75	Direct
2006-03-22	Common Stock	S	20000	$38.93	Disposed	42664.75	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-03-22	Employee Stock Option (right to buy)	$27.48	M	20000	Disposed	2013-02-24	Common Stock (20000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4624.80	Indirect
Common Stock	11222.49	Indirect
Common Stock	1537.91	Indirect
Common Stock	2038.03	Indirect
Common Stock	650.13	Indirect
Common Stock	10647.86	Indirect
Common Stock	2738.51	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (85000.00)	85000.00	Direct
Employee Stock Option (right to buy)	$28.03	2011-05-21	Common Stock (81000.00)	81000.00	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (81000.00)	81000.00	Direct
Employee Stock Option (right to buy)	$28.34	2014-02-25	Common Stock (40500.00)	40500.00	Direct
Employee Stock Option (right to buy)	$33.40	2015-02-17	Common Stock (40500.00)	40500.00	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (40500.00)	40500.00	Direct

Footnotes

F1: As of most recent statement available

F2: As of most recent statement available.

F3: As of most recent statement available.

F4: As of most recent statement available.

F5: 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.

F6: 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.

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

F10: One-third of the options are exercisable immediately, one-third are exercisable 2/17/06, and one-third are exercisable 2/17/07.

F11: One-third of the options are exercisable 3/15/07, one-third are exercisable 3/15/08, and one-third are exercisable 3/15/09.