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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-26	Common Stock	A	12000	—	Acquired	52233.6116	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	40500	Acquired	2017-02-26	Common Stock (40500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4624.8	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)	$28.34	2014-02-25	Common Stock (27001)	27001	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (81000)	81000	Direct
Employee Stock Option (right to buy)	$33.4	2015-02-17	Common Stock (40500)	40500	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (85000)	85000	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (40500)	40500	Direct

Footnotes

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