Introducing CenturyLink

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CenturyLink Is …

CenturyLink is a leading provider of high-quality broadband, entertainment and voice services over its advanced communications networks to consumers and businesses in 33 states. CenturyLink, headquartered in Monroe, Louisiana, is an S&P 500 Company and is included in the Fortune 500 list of America’s largest corporations.

CenturyLink is a leading provider of high-quality broadband, entertainment and voice services over its advanced communications networks to consumers and businesses in 33 states. CenturyLink, headquartered in Monroe, Louisiana, is an S&P 500 Company and is included in the Fortune 500 list of America’s largest corporations.

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… A Communications Industry Leader

Our 20,000 employees in 33 states serve approximately

• 7 million access lines

• 2.3 million broadband customers

• 587,000 video subscribers

including residential; small, medium and large business; wholesale and enterprise customer segments.

CenturyLink is the fourth largest local exchange carrier – and the largest independent local exchange carrier – in the United States, based on access lines served.

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Our Heritage

During more than 60 years of service, CenturyTel founder, Clarke M. Williams, laid a foundation of leadership and integrity that will forever shape our view of how to manage the Company.

He was a man of vision, taking his company from fewer than 100 customers to the industry leader it is today.

Clarke Williams

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Our Operating Philosophy

Mr. Williams set a lasting example for our company, both in the way he conducted his business and in the way he led his life. His legacy is most clearly manifested in our Unifying Principles. These attributes are the foundation upon which our company is built.

FairnessHonesty and Integrity

Commitment to ExcellencePositive Attitude

RespectFaith

Perseverance

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CenturyTel Network in 2008

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Stronger Connected

On July 1, 2009, CenturyTel completed its acquisition of Embarq Corporation in a tax free, stock-for-stock transaction, creating one of the leading communications companies in the United States.

“In addition to bringing together the complementary assets, geographic coverage and outstanding employees of both companies, this combination unites two corporate cultures that share a strong commitment to their customers, employees and communities. I look forward to working with our team to continue providing outstanding service and enhanced offerings to our customers.”

Glen F. Post, IIICEO and President

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Service Area After 2009 Embarq Acquisition

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CenturyLink Network in 2010

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Our Services

Broadband service delivery is a priority. By 2012, 90% of our customers will be able to receive Internet speeds of 768K or higher.

Residential/BusinessOur regional operations team sells communications services to residential and business customers within our coverage area.

• High-Speed Internet• Ethernet• MPLS• Voice/VoIP• Video: IPTV, DISH, MDU, DirectTV• Security, Managed Network and PC Support Services• Phone and Data Networking Equipment

WholesaleOur wholesale division carries voice data traffic over the landline network, serving the transport and network needs of wireless carriers, interexchange carriers and CLEC customers.

• Special Access Data Services for

Wireline Providers• Wireless Backhaul• Minute-of-Use Services• Database, Wireless and Online

Services• CLEC Resale Services• Core Transport Services

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Our Balance Sheet

We invest with discipline and have achieved growth in a very competitive and challenging industry.

Twelve MonthsEnding Dec. 31 2009 1994

15 Yr. CAGR* %

Revenue $4,973.2 $564.6 15.6%

Operating Cash Flow $2,482.5 $277.0 15.7%

Operating Income $1,507.8 $183.4 15.1%

Net Income $720.9 $99.9 14.1%

Free Cash Flow $1,016.2 ($6.6) nm

EPS $3.60 $0.80 10.5%

($ in millions)Excluding nonrecurring items, as adjusted for goodwill amortization

*Compounded Annual Growth Rate

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Our Workforce

Every day nearly 20,000 CenturyLink employees strive to improve lives, strengthen businesses and connect communities by delivering advanced technologies and solutions with honest and personal service.

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Our Opportunities

We believe we can leverage our new scale to take advantage of market opportunities, operating efficiencies and our significant fiber investments.

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Our Customers

Customer care sets us apart from the competition.

Our employees are dedicated to building strong customer relationships.• Local Operating Model• Award-Winning Service• 24x7 Technical Support• Neighborhood Call Answering• Online Account Information

We want each of our customers today, to be our customer tomorrow.

We are a company with a clear sense of who we are, where we came from and where we want to go.

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Our Local Market Focus

We are organized regionally, so our focus is on local markets and unique customer needs.

CenturyLink is making a difference in [xx]EMPLOYEES xx

ANNUAL PAYROLL $xx

TOTAL INVESTMENT $xx

ACCESS LINES xx

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Our Leadership Team

Bill CheekPresident, Wholesale

Operations

Glen PostChief Executive Officer and President

Karen PuckettChief Operating Officer

David ColeSenior Vice President,

Operations Support

Stewart EwingExecutive Vice President,

Chief Financial Officer and Assistant Secretary

Stacey GoffExecutive Vice President,

General Counsel and Secretary

Tom GerkeExecutive Vice Chairman

CenturyLink Senior Leadership Team

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Commitment to Our Communities

We are also actively involved in our communities. Through charitable giving and volunteerism, we strive to improve the quality of life for our employees, our customers and our neighbors. Our giving supports families, health, disaster relief, technology and economic development.

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A Communications Industry Leader