Lumen Technologies, Inc. — Director's Dealing 2011

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CENTURYLINK, INC (CTL)
CIK: 0000018926
Period of Report: 2011-04-01

Reporting Person: UNRUH JAMES A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-01	Common Stock	A	12688	—	Acquired	12688	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-01	Phantom Stock	$	A	14063.73	Acquired		Common Stock (14063.73)	Direct
2011-04-01	Stock option (right to buy)	$24.94	A	7987	Acquired	2015-10-20	Common Stock (7987)	Direct
2011-04-01	Stock option (right to buy)	$33.66	A	6656	Acquired	2016-01-03	Common Stock (6656)	Direct
2011-04-01	Stock option (right to buy)	$50.31	A	1664	Acquired	2017-01-02	Common Stock (1664)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	330	Indirect

Footnotes

F1: Received in exchange for 76,250 shares of Qwest Communications International Inc. ("Qwest") common stock pursuant to the merger agreement between Qwest, the issuer and SB44 Acquisition Company. At the time of the merger, the closing price of Qwest common stock was $6.83 per share and the closing price of the issuer's common stock was $41.55 per share.

F2: Each unit represents a cash value equivalent to one share of the issuer's common stock.

F3: Immediately exercisable.

F4: Not applicable.

F5: Received in the merger in exchange for 84,517.58 phantom stock units, each representing a cash value equivalent to one share of Qwest's common stock.

F6: The option is fully vested.

F7: Received in the merger in exchange for a stock option to acquire 48,000 shares of Qwest common stock for $4.15 per share.

F8: Received in the merger in exchange for a stock option to acquire 40,000 shares of Qwest common stock for $5.60 per share.

F9: Received in the merger in exchange for a stock option to acquire 10,000 shares of Qwest common stock for $8.37 per share.