open > accesschoicesupportfreedomcommunity Scott Ford President and Chief Executive Officer 13th Annual Salomon Smith Barney Global Entertainment, Media & Telecommunications Conference La Quinta Resort & Club, La Quinta, CA January 8, 2003

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,” “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

ALLTEL has performed better than the S&P 500 over the last 5 years Assumes that $100 was invested on the last trading day of 1997 and that all dividends were reinvested. Note - ALLTEL has raised dividends for 42 consecutive years - new annual dividend is $1.40 per common share “pre-tax”.

3Q 2002 Highlights Wireless revenue increased 12% year-over-year driven by the addition of 762,000 lines from CenturyTel Wireline revenue increased 17% year-over-year driven by the addition of 589,000 lines in Kentucky from Verizon Consolidated EBITDA increased 10% year-over-year to $818 million, a 39% margin More than 50% of wireless gross adds signed up on our higher revenue Freedom plans EPS increased 14% year-over-year to $.84* * Includes impact of SFAS 142

Investment Highlights Solid Financial Performance Industry Leading Results Conservative Capital Structure Strong Platform for Continued Growth Proven Strategic Model

Focus Operationally Retail Experience Call Center Experience Network Experience

Proven Strategic Model Focus Operationally Finance Conservatively Focus Operationally Retail Experience Call Center Experience Network Experience Finance Conservatively Invest in Businesses Not Products Best Customer/Best Price Stay Relevant

Proven Strategic Model Focus Operationally Finance Conservatively Grow Opportunistically Focus Operationally Retail Experience Call Center Experience Network Experience Finance Conservatively Invest in Businesses Not Products Best Customer/Best Price Stay Relevant Grow Opportunistically Focus on Free Cash Flow Operational “Fit” Think Long-Term

ALLTEL Wireless Verizon & Other Roaming Agreements Strong Platform for Continued Growth Wireless Markets – A Closer Look Customers Tier 2 & 3 Fewer Competitors Higher Revenue Growth Lower Churn Better EBITDA Margins 7.6 mm customers* 59mm POPs* * As of 9/30/02.

ALLTEL Wireless Verizon & Other Roaming Agreements % of Gross Adds on Total/National Freedom Rate Plans Strong Platform for Continued Growth Total/National Freedom Rate Plans Total/National Freedom Plans Net present values are significantly higher than other rate plans - ARPU is 20-25% higher - Leverage Verizon Roaming agreement

Strong Platform for Continued Growth Local Network Coverage Matters PCS Competitor vs. ALLTEL Local Package

ALLTEL Wireline ALLTEL Wireless Verizon & Other Roaming Agreements Strong Platform for Continued Growth Wireline Markets – A Closer Look 2nd largest independent ILEC 3.2 mm customer lines * As of 9/30/02 Less competitive pressure Little exposure to UNEP Bundling success Over 40% LD penetration – 1.4 million LD customers 38%-42% vertical services penetration DSL can be offered to 1/2 of our customer lines 56,000 DSL customers - 3.5% penetration of addressable lines Approximately 250,000 Internet customers (including DSL) More than 80% of DSL customers have ALLTEL Internet Service Over 40% LD penetration – 1.4 million LD customers 38%-42% vertical services penetration DSL can be offered to 1/2 of our customer lines 56,000 DSL customers - 3.5% penetration of addressable lines Approximately 250,000 Internet customers (including DSL) More than 80% of DSL customers have ALLTEL Internet Service *

Industry Leading Results Wireless EBITDA Margins Direct Sales Channel is approximately 70%-75% of total sales CDMA technology Service revenue margin. Source: Company reports.

Industry Leading Results Wireless 3Q 2002 Market Penetration Churn Market Share Gain Cash Flow Margins

Industry Leading Results Wireline EBITDA Margins Focused on second and third tier cities and rural markets Convergence drives better margins Source: Company reports. **Source: Wall Street Research.

Industry Leading Results Wireline 3Q 2002 Customer Growth* (vs. 3Q01) Cash Flow Margin * Excludes DSL

 ALLTEL has one of the strongest credit profiles in the telecom industry Well capitalized balance sheet –A1 / Prime-1 / F1 (S&P / Moody’s / Fitch) Commercial Paper ratings –A / A2 / A (S&P / Moody’s / Fitch) long-term credit ratings Debt / EBITDA 1.9X (a) Debt / Total Capitalization 45% (a) Conservative Capital Structure Source: Wall Street equity research and company filings. *Debt/EBITDA as of 9/30/02 analyst estimates. S&P credit ratings as of 9/30/02. (a) Based on ALLTEL 9/30/02 LTM EBITDA. Assumes 80% equity credit for Equity Units. TELECOM COMPANY CREDIT RATINGS STATISTICS * SBC BLS VZ AT TDS USM T FON/PCS CTL CZN RCCC NXTL Q AWE A+AA-B+BB-BBBB+BBB-BBBBBB+A-A Total Debt / 2002E EBITDA (x) S&P Credit Rating

Solid Financial Performance Delivering Consistent Growth Revenue ($bn) EBITDA** ($bn) Earnings per Share Dividends per Share ** *Not restated for new reporting standard. **Excluding merger and integration expenses.

Millions * Defined as Net Income + Depreciation + Amortization - CAPEX. % of Revenues $ 15 * Solid Financial Performance Strong and Growing Free Cash Flow 5-Year CAGR = 27%