Lumen Technologies, Inc. — Director's Dealing 2011

Apr 13, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYLINK, INC (CTL)
CIK: 0000018926
Period of Report: 2011-04-11

Reporting Person: MUELLER EDWARD A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-11	Common Stock	M	10000	$31.98	Acquired	792891	Direct
2011-04-11	Common Stock	S	23500	$40.5456	Disposed	769391	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-11	Stock option (right to buy)	$31.98	M	10000	Disposed	2018-03-05	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4157	Indirect

Footnotes

F1: This sale was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 25, 2011.

F2: The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $40.46 to $40.635, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

F3: Based on plan holdings as of April 1, 2011.

F4: The option is fully vested.

F5: Received in the merger between Qwest Communications International Inc. ("Qwest"), the issuer and SB44 Acquisition Company in exchange for a stock option to acquire 1,556,000 shares of Qwest common stock for $5.32 per share.