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: MUELLER EDWARD A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-01	Common Stock	A	806890	—	Acquired	806890	Direct
2011-04-01	Common Stock	A	4157	—	Acquired	4157	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-01	Stock option (right to buy)	$50.31	A	346611	Acquired	2017-08-10	Common Stock (346611)	Direct
2011-04-01	Stock option (right to buy)	$31.98	A	258918	Acquired	2018-03-05	Common Stock (258918)	Direct

Footnotes

F1: Received in exchange for 4,849,112 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: Received in exchange for 24,985 shares of 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.

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

F4: The option is fully vested.

F5: Received in the merger in exchange for a stock option to acquire 2,083,000 shares of Qwest common stock for $8.37 per share.

F6: Received in the merger in exchange for a stock option to acquire 1,556,000 shares of Qwest common stock for $5.32 per share.