Explanation of Responses:
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1)
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Exchanged for 17,768 shares of CenturyTel common stock plus cash in lieu of 1.4954 shares in several accounts.
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2)
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This restricted stock unit award, which provided for vesting in 3 equal annual installments beginning February 27, 2010, was assumed by CenturyTel, Inc. in the merger and converted into a CenturyTel restricted stock unit award for 18,216 units with the same vesting schedule.
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3)
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A performance adjustment to these RSUs was approved at the time of merger closing, based on certain Embarq performance metrics through July 1, 2009. The actual achievement of performance goals for this grant was 200%, which was prorated as provided for in the merger agreement. The unvested portion of this restricted stock unit award, which provided for vesting in two equal annual installments beginning February 22, 2009, was assumed by CenturyTel, Inc. in the merger and converted into a CenturyTel restricted stock unit award for 4,830 units with the same remaining vesting schedule, but with no further performance adjustment.
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4)
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A performance adjustment to these RSUs was approved at the time of merger closing, based on certain Embarq performance metrics through July 1, 2009. The actual achievement of performance goals for this grant was 138%, which was prorated as provided for in the merger agreement. The unvested portion of this restricted stock unit award, which provided for vesting in full on March 2, 2011, was assumed by CenturyTel, Inc. in the merger and converted into a CenturyTel restricted stock unit award for 13,066 units with the same remaining vesting schedule, but with no further performance adjustment.
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5)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 552 shares of CenturyTel common stock for $66.71 per share.
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6)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 497 shares of CenturyTel common stock for $66.71 per share.
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7)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 102 shares of CenturyTel common stock for $66.71 per share.
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8)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 460 shares of CenturyTel common stock for $66.71 per share.
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9)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 2,735 shares of CenturyTel common stock for $66.71 per share.
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10)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 5,159 shares of CenturyTel common stock for $17.60 per share.
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11)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 3,371 shares of CenturyTel common stock for $11.22 per share.
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12)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 3,445 shares of CenturyTel common stock for $11.74 per share.
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13)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 6,744 shares of CenturyTel common stock for $15.97 per share.
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14)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 3,445 shares of CenturyTel common stock for $15.99 per share.
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15)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 4,514 shares of CenturyTel common stock for $24.34 per share.
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16)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 2,256 shares of CenturyTel common stock for $24.72 per share.
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17)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 5,323 shares of CenturyTel common stock for $32.99 per share.
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18)
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This option, which is fully vested, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 10,973 shares of CenturyTel common stock for $32.90 per share.
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19)
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This option, which provided for vesting in 3 equal annual installments beginning on February 22, 2008, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 8,622 shares of CenturyTel common stock for $41.19 per share with the same remaining vesting schedule.
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20)
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This option, which provided for vesting in 3 equal annual installments beginning on March 2, 2009, was assumed by CenturyTel, Inc. in the merger and converted into an option to purchase 23,220 shares of CenturyTel common stock for $30.62 per share with the same remaining vesting schedule.
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