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Financial Highlights
<br />Dollars, except per share amounts,
<br />and shares in thousands
<br />Operating revenues
<br />Operating income
<br />Depreciation and amortization
<br />Income before extraordinary item
<br />Diluted earnings per share
<br />before extraordinary item
<br />Net cash provided by operating activities
<br />Capital expenditures
<br />Repurchase of common stock and
<br />common dividends paid
<br />Book value per share
<br />Dividends per common share
<br />Average diluted shares outstanding
<br />Total assets
<br />Long -term debt, including current portion
<br />and short -term debt
<br />Stockholders' equity
<br />Telephone access lines
<br />High -speed Internet customers
<br />$ 7,327,587 7,753,718 3,314,526 3,014,255 2,590,864 2,652,806
<br />$ 9,647,159 9,466,799 3,167,808 3,415,810 3,198,964 3,624,431
<br />6,504,000 7,039,000 2,025,000 2,135,000 2,094,000 2,214,000
<br />2,394,000 2,236,000 641,000 555,000 369,000 249,000
<br />22.5%
<br />21.6%
<br />24.1%
<br />57.2%
<br />Five -year compounded annual growth rate
<br />Full financial statements, along with certifications required under the Sarbanes -Oxley Act of 2002, the New York Stock Exchange rules and management's discussion and analysis of financial
<br />condition and results of operations, are provided in our 2011 Proxy Statement ( "Proxy Statement ") and 2010 Annual Report on Form 10 -K ("Form 10 -K ") filed with the Securities and Exchange
<br />Commission. The Proxy Statement will be mailed to shareholders.
<br />A copy of our Form 10 -K can be obtained at no charge by contacting our Investor Relations department at 800.833.1188 or by accessing our Web site at www.centurylink.com.
<br />In addition to historical information, this Review includes certain forward - looking statements that are subject to uncertainties that could cause our actual results to differ materially from
<br />such statements. Please refer to our Form 10 -K for the year ended December 31, 2010 for a description of these and other uncertainties related to our business.
<br />$7,042
<br />$4,974
<br />$2,448 x2,656 $2,600
<br />. . . 11
<br />06 07 08 09 10
<br />Operating Revenues
<br />in millions
<br />79 84 88 89 92
<br />06 07 08 09 10
<br />Broadband Deployment
<br />% of total access lines
<br />$948
<br />$370 $418 $366 $511
<br />Rival
<br />06 07 08 09 10
<br />Net Income
<br />before extraordinary item in millions
<br />2,236 2,394
<br />3 555 641
<br />-A
<br />06 07 08 09 10
<br />High -Speed Internet Customers
<br />nthousands
<br />$3.71 $3.52
<br />$3.07 $3.13
<br />$2.55
<br />06 07 08 09 10
<br />Diluted EPS
<br />before extraordinary Item
<br />$2,045
<br />$1,574
<br />$841 81,030 5853
<br />06 07 08 09 10
<br />Net Cash Provided
<br />by Operating Activities '1 i"' I o
<br />$28.11 $31.36 $31.54 $31.62 $31.62
<br />06 07 08 09 10
<br />Book Value
<br />per share
<br />5 -year
<br />?010
<br />2009
<br />2008
<br />2007
<br />2006
<br />2005
<br />CAGR-"
<br />$
<br />7,041,534
<br />4,974,239
<br />2,599,747
<br />2,656,241
<br />2,447,730
<br />2,479,252
<br />23.2%
<br />$
<br />2,059,944
<br />1,233,101
<br />721,352
<br />793,078
<br />665,538
<br />736,403
<br />22.8%
<br />$
<br />1,433,553
<br />974,710
<br />523,786
<br />536,255
<br />523,506
<br />531,931
<br />21.9%
<br />$
<br />947,705
<br />511,254
<br />365,732
<br />418,370
<br />370,027
<br />334,479
<br />23.2%
<br />$
<br />3.13
<br />2.55
<br />3.52
<br />3.71
<br />3.07
<br />2.49
<br />4.7%
<br />$
<br />2,044,704
<br />1,573,715
<br />853,300
<br />1,029,986
<br />840,719
<br />967,078
<br />16.2%
<br />$
<br />863,769
<br />754,544
<br />286,817
<br />326,045
<br />314,071
<br />414,872
<br />15.8%
<br />$
<br />877,993
<br />560,685
<br />567,350
<br />489,360
<br />831,011
<br />583,225
<br />8.5%
<br />$
<br />31.62
<br />31.62
<br />31.54
<br />31.36
<br />28.11
<br />27.54
<br />2.8%
<br />$
<br />2.90
<br />2.80
<br />2.1675
<br />0.26
<br />0.25
<br />0.24
<br />64.6%
<br />301,297
<br />199,057
<br />102,560
<br />112,787
<br />121,990
<br />136,083
<br />17.2%
<br />$
<br />22,038,098
<br />22,562,729
<br />8,254,195
<br />8,184,553
<br />7,441,007
<br />7,762,707
<br />23.2%
<br />$ 7,327,587 7,753,718 3,314,526 3,014,255 2,590,864 2,652,806
<br />$ 9,647,159 9,466,799 3,167,808 3,415,810 3,198,964 3,624,431
<br />6,504,000 7,039,000 2,025,000 2,135,000 2,094,000 2,214,000
<br />2,394,000 2,236,000 641,000 555,000 369,000 249,000
<br />22.5%
<br />21.6%
<br />24.1%
<br />57.2%
<br />Five -year compounded annual growth rate
<br />Full financial statements, along with certifications required under the Sarbanes -Oxley Act of 2002, the New York Stock Exchange rules and management's discussion and analysis of financial
<br />condition and results of operations, are provided in our 2011 Proxy Statement ( "Proxy Statement ") and 2010 Annual Report on Form 10 -K ("Form 10 -K ") filed with the Securities and Exchange
<br />Commission. The Proxy Statement will be mailed to shareholders.
<br />A copy of our Form 10 -K can be obtained at no charge by contacting our Investor Relations department at 800.833.1188 or by accessing our Web site at www.centurylink.com.
<br />In addition to historical information, this Review includes certain forward - looking statements that are subject to uncertainties that could cause our actual results to differ materially from
<br />such statements. Please refer to our Form 10 -K for the year ended December 31, 2010 for a description of these and other uncertainties related to our business.
<br />$7,042
<br />$4,974
<br />$2,448 x2,656 $2,600
<br />. . . 11
<br />06 07 08 09 10
<br />Operating Revenues
<br />in millions
<br />79 84 88 89 92
<br />06 07 08 09 10
<br />Broadband Deployment
<br />% of total access lines
<br />$948
<br />$370 $418 $366 $511
<br />Rival
<br />06 07 08 09 10
<br />Net Income
<br />before extraordinary item in millions
<br />2,236 2,394
<br />3 555 641
<br />-A
<br />06 07 08 09 10
<br />High -Speed Internet Customers
<br />nthousands
<br />$3.71 $3.52
<br />$3.07 $3.13
<br />$2.55
<br />06 07 08 09 10
<br />Diluted EPS
<br />before extraordinary Item
<br />$2,045
<br />$1,574
<br />$841 81,030 5853
<br />06 07 08 09 10
<br />Net Cash Provided
<br />by Operating Activities '1 i"' I o
<br />$28.11 $31.36 $31.54 $31.62 $31.62
<br />06 07 08 09 10
<br />Book Value
<br />per share
<br />
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