Lumen Technologies, Inc. — Director's Dealing 2007

Jan 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYTEL INC (CTL)
CIK: 0000018926
Period of Report: 2006-12-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-31	Common Stock	J	23058	—	Disposed	58647.48	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-31	Employee Stock Option (right to buy)	$33.4	J	41500	Disposed	2015-02-17	Common Stock (41500)	Direct
2006-12-31	Employee Stock Option (right to buy)	$28.34	J	62500	Disposed	2014-02-25	Common Stock (62500)	Direct
2006-12-31	Employee Stock Option (right to buy)	$32.99	J	81000	Disposed	2012-02-25	Common Stock (81000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1176.51	Indirect
Common Stock	8458.5997	Indirect
Common Stock	1800.9655	Indirect
Common Stock	8382.9987	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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 (62500)	62500	Direct

Footnotes

F1: Pursuant to transfer to ex-spouse in connection with divorce settlement.

F2: Reduced to reflect transfer pursuant to qualified domestic relations order.