Lumen Technologies, Inc. — Director's Dealing 2006

Feb 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2006-02-24

Reporting Person: MASLOWSKI MICHAEL E (Sr. VP & Chief Info. Off.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-24	Common Stock	M	26999	$27.48	Acquired	65514.88	Direct
2006-02-24	Common Stock	S	26999	$36.53	Disposed	38515.88	Direct
2006-02-27	Common Stock	M	13499	$28.34	Acquired	52014.88	Direct
2006-02-27	Common Stock	S	13499	$36.50	Disposed	38515.88	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-24	Employee Stock Option (right to buy)	$27.48	M	26999	Disposed	2013-02-24	Common Stock (26999.00)	Direct
2006-02-27	Employee Stock Option (right to buy)	$28.34	M	13499	Disposed	2014-02-25	Common Stock (13499.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	150.46	Indirect
Common Stock	1174.45	Indirect
Common Stock	373.39	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$45.54	2009-03-24	Common Stock (19142.00)	19142.00	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (50000.00)	50000.00	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)	$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: 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.

F4: One-third of the options are exercisable immediately, one-third are exercisable 2/25/05, and one-third are exercisable 2/25/06.

F5: 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.

F6: 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.

F7: One-third of the options are exercisable immediately, one-third are exercisable 2/17/06, and one-third are exercisable 2/17/07.

F8: 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.