Lumen Technologies, Inc. — Director's Dealing 2007

Mar 1, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2007-02-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-26	Common Stock	A	18300	—	Acquired	76947.48	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-26	Employee Stock Option (right to buy)	$45.9	A	62500	Acquired	2017-02-26	Common Stock (62500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	584.1935	Indirect
Common Stock	8484.222	Indirect
Common Stock	1806.421	Indirect
Common Stock	8408.3919	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$33.4	2015-02-17	Common Stock (21000)	21000	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (42500)	42500	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (62500)	62500	Direct

Footnotes

F1: One-third of the options are execisable 3/15/08, one-third are exercisable 3/15/09, and one-third are exercisable 3/15/10.