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: POST GLEN F III (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-26	Common Stock	A	58500	—	Acquired	311332.64	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	200000	Acquired	2017-02-26	Common Stock (200000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6957.7	Indirect
Common Stock	20237.24	Indirect
Common Stock	5828.52	Indirect
Common Stock	50125.27	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$28.34	2014-02-25	Common Stock (160000)	160000	Direct
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (320000)	320000	Direct
Employee Stock Option (right to buy)	$33.4	2015-02-17	Common Stock (200000)	200000	Direct
Employee Stock Option (right to buy)	$34.63	2010-02-21	Common Stock (320000)	320000	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (200000)	200000	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.