CENTURYLINK, INC.

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)

	Years Ended December 31,

	2012			2011			2010			2009			2008
	(Dollars in millions)
Income before income tax expense	$	1,250			948			1,531			813			561
Less: Income from equity investee		(15	)		(13	)		(16	)		(19	)		(13	)
Add: estimated fixed charges		1,504			1,223			615			418			229
Add: estimated amortization of capitalized interest		15			12			2			2			1
Add: distributed income of equity investee		12			14			16			20			16
Less: interest capitalized		(43	)		(25	)		(13	)		(3	)		(2	)

Total earnings available for fixed charges	$	2,723			2,159			2,135			1,231			792

Estimate of interest factor on rentals		142			126			57			48			27
Interest expense, including amortization of premiums, discounts and debt issuance costs		1,319			1,072			545			367			200
Interest capitalized		43			25			13			3			2

Total fixed charges	$	1,504			1,223			615			418			229

Ratio of earnings to fixed charges		1.81			1.77			3.47			2.94			3.46