| | | FINAL | | 10.27.08 |
| | | CenturyTel Employee Letter | | |
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| | | Dear CenturyTel Employee: | | |
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| | | I am pleased to announce that earlier today CenturyTel and EMBARQ reached an agreement where |
| | | CenturyTel will acquire EMBARQ in a tax free, stock-for-stock transaction that will create one of the |
| | | leading communications companies in the United States. Together, we will have an operating presence in |
| | | 33 states with approximately eight million access lines, two million broadband customers and 250,000 |
| | | video subscribers. | | |
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| | | This transaction combines two communications companies with customer-focused, industry-leading |
| | | capabilities. Bringing CenturyTel and EMBARQ together diversifies our revenues and provides us with |
| | | expanded networks, talent and financial resources. In this currently difficult economic environment, we |
| | | are truly excited to have this opportunity to create a stronger, more diverse company with the ability to |
| | | deliver an expanded range of products and services to our customers. | | |
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| | | We know EMBARQ well, and we have worked alongside them to address matters of importance to our |
| | | industry. Its complete suite of communications services includes reliable voice, high-speed Internet, |
| | | wireless and satellite television services. We also share with EMBARQ and its dedicated employees a |
| | | strong commitment to serving our customers and communities. | | |
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| | | The key to the success of our business has been – and will continue to be – you, our valued employees. I |
| | | believe this transaction enhances the long-term stability of the combined company and will result in |
| | | enhanced opportunities for many employees from both CenturyTel and EMBARQ. I look forward to |
| | | working with you and, following the closing, our new colleagues from EMBARQ as we continue to |
| | | deliver industry leading results. | | |
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| | | We anticipate closing this transaction in mid-year 2009, subject to receipt of the necessary approvals from |
| | | both companies’ shareholders and regulators. In the interim, I am sure you will have many questions and |
| | | we are committed to making every effort to keep you up-to-date on important developments. Attached is |
| | | a copy of the press release we issued this morning that will provide further details about the transaction. |
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| | | Many of the key decisions about how we will integrate CenturyTel and EMBARQ have not yet been |
| | | made, but we expect a smooth transition. I can tell you that our corporate headquarters will remain in |
| | | Monroe and I will continue to serve as Chief Executive Officer. Stewart Ewing will continue to serve as |
| | | Chief Financial Officer and Karen Puckett will continue to serve as Chief Operating Officer. | | |
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| | | This transaction will likely create some interest by the media and other third parties. As always, it is |
| | | important for us to speak with one voice. If you receive any inquiries from the media or other questions |
| | | from outside CenturyTel, please forward them to Tony Davis at 318-388-9525. | | |
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