Presentation

Exhibit 99.2

Acquisition of Madison River

12.18.06

Glen F. Post, III

Chairman of the Board and

Chief Executive Officer

Non-GAAP Financial Measures

Also, included in our presentation materials are certain non-GAAP financial measures. These measures are provided and valid as of December 18, 2006, only and should not be relied upon beyond such date. Reconciliation of such non-GAAP measures to the most directly comparable GAAP measure or measures are available on our company Web site at www.centurytel.com.

Safe Harbor Language

Included in our presentation materials are certain estimates and other forward-looking statements. They are subject to uncertainties that could cause the actual results to differ materially. These and other important uncertainties related to our business are described in the Company’s filings with the Securities and Exchange Commission. All information contained herein is current as of December 18, 2006, and is to be considered valid only as of December 18, 2006, regardless of the date reviewed.

Senior Management

Glen F. Post, III

Chairman of the Board and Chief Executive Officer

Stewart Ewing

Executive Vice President and Chief Financial Officer

Highlights of the Transaction

Acquisition of 176,000 access lines with strong financial and operating metrics

Expands CenturyTel’s access line base by 8%

99% broadband enabled, 30% high speed Internet penetration, requiring lower ongoing capital

52% EBITDA margin

Favorable demographics and attractive market growth prospects

Accretive to CenturyTel’s free cash flow before and after synergies

Moderate increase in leverage

Preserves ability to complete existing share repurchase plan by mid-2007

Maintains operational and strategic flexibility

Leverages CenturyTel’s scale and management

$17 million of estimated annual cost synergies

Gives CenturyTel access to Fiber Network capacity which is complementary to existing operations

Transaction Value:	$830 million, including assumption of $494 million of net indebtedness as of 9/30/2006
Estimated Transaction Multiples:	Free Cash Flow Before Synergies: 9.6x LTM Free Cash Flow After Synergies: 7.4x LTM EBITDA Before Synergies: 8.4x LTM EBITDA After Synergies: 7.2x LTM
Estimated Accretion:	Free Cash Flow Before Synergies: approximately 4% LTM Free Cash Flow After Synergies: approximately 6% LTM
Structure:	All cash acquisition of stock of Madison River
Financing:	Existing or additional borrowing capacity and free cash flow
Pro forma Leverage:	2.6x Net Debt / LTM EBITDA
Required Approvals:	FCC, HSR, and AL, GA, IL and NC PUCs
Expected Closing:	Second Quarter of 2007

Transaction Summary

(1) As of 9/30/06.

Overview of Madison River

Operations in AL, GA, IL, NC

64 lines per square mile

Population density of 107 persons per sq. mile

Household income of ~$59,000 vs. national average of ~$62,500.

High quality network with attractive margins and strong broadband penetration rates

Complementary Fiber Network

Solid 3Q06 Y-o-Y performance:

Access lines declined 2.7%

19% increase in high speed Internet customers

Owned by Madison Dearborn, Goldman Sachs, Providence Equity, and others

Combined Operations

Summary

Extremely attractive acquisition opportunity

Strong operational performance

High broadband penetration and 99% enabled

Favorable market demographics with attractive growth prospects

Acquisition meets financial goals

Free cash flow accretive before synergies

Ability to acquire with modest additional leverage

Maintains CenturyTel’s flexibility

Expect to complete current share repurchase program

Significant post-integration synergies