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: PUCKETT KAREN A (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-26	Common Stock	A	22000	—	Acquired	93929.7877	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	75000	Acquired	2017-02-26	Common Stock (75000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	200	Indirect
Common Stock	510.86	Indirect
Common Stock	1271.12	Indirect
Common Stock	15.94	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$32.99	2012-02-25	Common Stock (103900)	103900	Direct
Employee Stock Option (right to buy)	$33.4	2015-02-17	Common Stock (75000)	75000	Direct
Employee Stock Option (right to buy)	$35.41	2016-02-20	Common Stock (75000)	75000	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.