Scott Ford President & Chief Executive Officer JP Morgan 32nd Annual Technology & Telecom Conference San Francisco, CA May 4, 2004

2 This presentation includes certain estimates and other forward-looking statements, including statements with respect to anticipated operating and financial performance, growth opportunities and growth rates, acquisition and divestiture opportunities, and other statements of expectation. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “assumes,” “seeks,” “estimates,” and “should,” and variations of these words and similar expressions, are intended to identify these forward-looking statements. Forward-looking statements are subject to uncertainties that could cause actual future performance, outcomes and results to differ materially. These statements by the Company and its management are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. The company disclaims any obligation to update or revise any forward-looking statement based on the occurrence of future events, the receipt of new information, or otherwise. “Safe Harbor” Statement

3 Today’s presentation will include certain non-GAAP financial measures. I refer you to the Investor Relations section of ALLTEL’s Web site where the company has posted additional information regarding these non-GAAP financial measures, including a reconciliation of each such measure to the most directly comparable GAAP measure. The company’s Web site is located at Regulation G Disclaimer

4 Agenda Industry Perspective Strategic Model Track Record of Financial Performance Track Record of Shareholder Returns Wireless Business – 1Q 04 Results Wireline Business – 1Q 04 Results Summary – Why Invest in ALLTEL

5 Industry Perspective Wireless and Broadband are the Growth Drivers in Telecom Customer Lines (M) Sources: FCC, CTIA, NCTA, Telecomweb, UBS, Goldman Sachs, Merrill Lynch.

6 Strategic Model – Access is Key Positions ALLTEL for Telecom Industry Evolution and Shareholder Value OPERATIONAL FOCUS Point of Sale Experience Customer Service Experience Network Quality Experience FINANCIAL DISCIPLINE Invest in Businesses Not Products Best Customer/Best Price Stay Relevant OPPORTUNISTIC GROWTH Focus on Free Cash Flow Operational “Fit” Think Long-Term (5+ years)

–360 Communications - $6.1B –Added 2.6M wireless customers 1999 – Aliant Communications and Liberty Cellular - $2.4B –Added 300K access lines and 440K wireless customers 2000 – Verizon Property Swap and Roaming Deal - $600M –Added 700K net wireless customers 2002 – Verizon Kentucky Wireline - $1.9B –Added 600K access lines 2002 – CenturyTel Wireless Business - $1.6B –Added 700K wireless customers 2003 – Sale of Information Services business to Fidelity National - $1.05B Strategic Model Disciplined Approach to Transactions to Better Position the Business Transaction Strategy Has Improved the Business Mix

8 Strong Balance Sheet ALLTEL Has One of the Strongest Credit Profiles in the Telecom Industry Well capitalized balance sheet –A1 / Prime-1 / F1* Commercial Paper ratings –A / A2 / A* long-term credit ratings Net Debt / OIBDA 1.3X (1) Net Debt / Total Cap 34% Source: Wall Street equity research and company filings. Note : Assumes 80% equity credit for AT, CZN and CTL Equity Units *S&P / Moody’s / Fitch, respectively. (1) From current businesses as of 4Q’03 – OIBDA defined as operating income before depreciation and amortization.

9 Track Record of Results Strategic Model Driving Consistent Growth Revenue ($bn) 1 Earnings per Share 1 Dividends per Share 1 From Current Businesses Operating Income Before Depreciation and Amortization ($bn) 1 CAGR = 9.3% CAGR = 8.6% CAGR = 7.0% CAGR = 3.4%

10 Millions% of Revenues $ 1 Track Record of Results Strategic Model Driving Strong and Growing Equity Free Cash Flow CAGR = 17.6% Over $1B in Equity Free Cash Flow in From Current Businesses

11 Track Record of Results Strategic Model Generating Leading Total Returns (1) Rank 5 Year3 Year1 Year ALLTEL BellSouth SBC Sprint Verizon Note: (1)Total return based on stock price appreciation and dividends Source: FactSet database

12 Quarterly dividends have been raised for 43 consecutive years –~3% yield Recently announced $750MM share buyback program –~5% of shares outstanding –Authorizes repurchase over period ending 12/31/05 –As of March 31, 2004 Repurchased 4.8M shares ~$243M Completed ~1/3 of the Repurchase Plan Track Record of Results Disciplined Approach to Return of Capital

13 Increased the Mix to 59% Wireless An Integrated Telecom Company With the Highest Wireless Contribution 2003 ALLTEL Business is well positioned for growth and free cash flow OIBDA Revenue 2003 Revenue – $8.0B 2003 OIBDA – $3.2B Integrated Telecom Companies Company Name ALLTEL Sprint BellSouth (2) Verizon SBC (2) 2003 Wireless Rev as % of Total Rev (1) 58% 48% 36% 33% 32% (1) Source: Analyst and company reports (2) Includes prorata share of AWE 2003 revenue assuming no divestitures. 1Q 04 Wireless Rev as % of Total Rev (1) 59% 51% 39% 36% 32%

14 Wireless Business A Closer Look at the Business and 1Q 04 Highlights As of 3/31/04 61 million POPs 8.2 million customers Customer Mix –Tier % –Tier % –Tier % 1Q 04 Highlights 1Q 04YOY Service revenue$1.12B7% Retail service rev.$1.03B8% ARPU$45.961% RRPU$42.562% Gross adds 737K12% Post-pay churn1.93%(11%) Net Adds158K226% Wireless

15 % of Gross Adds on Total/National Freedom Rate Plans Wireless Business National Plans and MOU Growth Driving RRPU MOU (Minutes of Use) Per Customer 29% Increase Retail Revenue Per Unit (RRPU) Year Over Year 2% Increase Strong National plan sales and MOU growth driving RRPU

16 Wireless Business Data Usage Continues to Grow Wireless Data Revenue as % of ARPU 163% Increase YOY Data Revenue Being Driven By: Application Downloads Ringtones Text Messaging 2004 Plans: Further expand 1X data footprint Launch EV-DO in several markets by year-end

17 Wireless Business Quantity and Quality of Gross Adds are Improving Gross Adds Quarter Over Quarter in thousands Post Pay as Percentage of Total Gross The quantity and quality of gross adds continues to improve On a relative basis… ALLTEL is capturing its fair share of gross adds 1Q04 Gross Adds Per 1K Pops (1) (1) Source: Analyst and company reports 12% Increase YOY 13% Increase YOY Best Gross Add quarter in company history

18 Wireless Business Record Gross Adds and Improving Churn Driving Customer Growth Post Pay / Total Churn 26 bp Decline Net Adds 226% Increase Record Gross Adds and Improving Churn Driving Customer Growth Gross Adds Quarter Over Quarter in thousands 12% Increase YOY 23 bp Decline Improving service levels Competitive pricing plans Proactive retention efforts

19 Wireless Business Industry Leading Cost Structure OIBDA Margins 1 : –Gross Adds up 12% yoy putting pressure on margins –Increased retention spending also putting pressure on margins, but significantly improving post pay churn 1 OIBDA defined as operating income before depreciation and amortization (measured on service revenues). Cash Costs per Customer* *Excludes acquisition costs Source: Analyst and company reports Quality customer growth and retention putting near-term pressure on margins, but we are still industry leaders in cash costs per customer

20 Cingular/AWE (a) Verizon Sprint (b) T-Mobile Nextel ALLTEL 2003 Comparison to Wireless Peers Revenue and Income Metrics Per Customer Source: Analyst and company reports 1 Estimates for Cingular/AWE assuming no divestitures 2 Excludes affiliates 3 Customers as of 12/31/03 Note: Expense categories exclude one-time charges. Penetration of covered PoPs 16.7% 13.6% 8.3% 5.9% 6.5% 13.3% Customers (In Millions)(c) Market Share %(c) 30% 24% 11% 8% 5% ARPU (Service Rev) $54 $49 $61 $53 $69 $48 CCPU (Exc Acq Costs) $28 $21 $31 $26 $21 Acq Cost Per Customer $10 $9 $12 $16 $14 $9 Depr/Amor Per Customer $10 $14 $10 $13 $8 Monthly Op. Income Per Customer $6 $9 $4 $1 $16 $11 SCALE IS LOCAL

21 Wireless Business ALLTEL Launched Touch2Talk – A Very Competitive “Push-to-Talk” Offering Launched in two stages –Half of our markets in late January –Half of our markets in late March Added over 50,000 customers in 1Q 04 –Most were existing customers –Most purchased $20 unlimited plan Benefits/Initial Customer Reaction Broad Coverage (Available on IS-95 Digital Network) Minimal Latency –Call setup in 2 to 3 seconds –Intra-call in as low as 150 milliseconds Robust Functionality –Use handset to set up group and add users to group –Easily toggle between T2T call and wireless call Pricing $5/month – 100 minutes private T2T $10/month – 500 minutes private T2T $20/month – unlimited minutes private T2T

22 Wireline Business A Closer Look at the Business and 1Q 04 Highlights As of 3/31/03 Approximately 3.1 million customer lines Approximately 50% of wireline access lines overlap wireless service areas Wireless Wireline National Calling Areas Cover All 50 States 1Q 04 Highlights 1Q 04YOY ARPU$64.621% Segment income$228M2% DSL net adds21K22%

23 Wireline Business Access Lines Decline Slightly, But ARPU Increases Access Lines Primary reasons for decline Wireless substitution Broadband But ARPU has increased... 1% Increase YOY Feature Revenue Per Eligible Line 7% Increase YOY DSL Customers 9% penetration of addressable lines Almost 90% have ALLTEL Internet Service Almost 70% of ILEC lines DSL capable 99% Increase YOY 2% Decline YOY

Comparison to Wireline Peers Revenue and Income Metrics Per Customer Source: Analyst and company reports SCALE IS LOCAL Customers (In Millions) ARPUCCPU Monthly Op. Income Per Customer Verizon56.8$58$34$11 SBC55.9$54$37$6 BellSouth21.7$71$38$19 Qwest16.6$68$39$18 Sprint8.0$64$34$19 ALLTEL3.1$65$27$23 CenturyTel2.4$72$32$24

25 Summary - Why Invest in ALLTEL? Integrated telecom with highest relative contribution from wireless in the industry Solid balance sheet Strong equity free cash flow –Over $1B in 2003 – 25% increase yoy –$328M in 1Q 04 – 13% increase yoy ~3% dividend yield, 750M share repurchase plan ongoing (1/3 completed) Wireless Business – improving quality/ quantity of customer growth, significantly improving retention, and industry leading cash cost per user Wireline Business – higher DSL penetration, growing feature revenues, and industry leading cash cost per user

26 Reconciliation of Non-GAAP Financial Measures for the years ended December 31, 2003, 2002, 2001, 2000 and 1999:

27 Reconciliation of Non-GAAP Financial Measures for the years ended December 31, 2003, 2002, 2001, 2000 and 1999:

28 Reconciliation of Non-GAAP Financial Measures for the three months ended March 31, 2004 and 2003:

29 Reconciliation of Non-GAAP Financial Measures for the three months ended March 31, 2004 and 2003:

30 Other Reconciliations of Non-GAAP Financial Measures