13D Filing: Corvex Capital and Centurylink Inc (CTL)

The call options referenced above include the previously reported over-the-counter market American-style call options referencing an aggregate of 5,000,000 Shares, which have an exercise price of $23 per Share and expire on January 19, 2018, listed American-style call options referencing an aggregate of 6,000,000 Shares, 2,000,000 of which have an exercise price of $20 per Share and expire on November 17, 2017, 2,000,000 of which have an exercise price of $21 per Share and expire on January 19, 2018 and 2,000,000 of which have an exercise price of $22 per Share and expire on January 19, 2018.  In addition, on October 27, 2017, Corvex acquired listed American-style call options referencing an aggregate of 4,000,000 Shares, 2,000,000 of which have an exercise price of $19 per Share and expire on December 15, 2017 and 2,000,000 of which have an exercise price of $19 per Share and expire on January 19, 2018.

(c) Except as set forth in Exhibit 6 attached hereto or previously disclosed in the Schedule 13D, there have been no transactions in the Shares during the sixty days prior to the date hereof by any of the Reporting Persons.

(d) The limited partners of (or investors in) each of the private investment funds for which Corvex or its affiliates acts as general partner and/or investment adviser have the right to participate in the receipt of dividends from, or proceeds from the sale of, the Shares held for the accounts of their respective funds in accordance with their respective limited partnership interests (or investment percentages) in their respective funds.

(e) On November 1, 2017, as a result of the Shares issued pursuant to the acquisition of Level 3, the Reporting Persons no longer beneficially owned more than 5% of the outstanding Shares.

Exhibit 6 – Transactions in the Shares effected in the past 60 days