1. CTIA Wireless 2004 Conference Georgia World Congress Convention Center Atlanta, Georgia March 22-24, 2004 OUR PLEDGE We believe that a good company should stand for a set of values that are tangible and clear-cut. In our case, this means providing good communications services at a fair price in a sensible manner. We will continue to better serve our customers as well as protect our track record of solid financial results. We will strike the right balance between delivering great value to the customer and delivering great value to our shareholders. We will continue to focus on long-term value creation by investing wisely in our business and competing aggressively in our markets. Finally, we will, as always, uphold our obligations as financial stewards for our shareholders by following the very highest financial, management and ethical standards.

2. 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. 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 www.alltel.com. Regulation G Disclaimer

4. 4 1 From Current Businesses - defined as Net Income + Depreciation & Amortization - Capital Expenditures (including software development) First Quarter 2004 Highlights Equity Free Cash Flow 1 of $328 million, an increase of 13% year- over-year Wireless retail revenue growth of 8% Wireless gross adds of 737K, best in company history Wireless post-pay churn of 1.93% Wireless net adds of 158K, best in five years Wireline segment income increased 2% year-over-year – despite 2% decline in revenue DSL net adds of 21K Repurchased 4.8M shares for $243M completing 1/3 of $750M plan

5. 5 Solid Financial Performance Strategic Model Driving Consistent Growth Revenue ($bn) 1 Diluted Earnings per Share 1 Dividends per Share 1 From Current Businesses Operating Income Before Depreciation and Amortization ($bn) 1 CAGR = 9.3% CAGR = 8.6% CAGR = 7.0% CAGR = 3.4%

6. 6 Millions% of Revenues $ 1 Solid Financial Performance Strategic Model Driving Strong and Growing Equity Free Cash Flow 5-Year CAGR = 13.8% Over $1B in Equity Free Cash Flow in 2003 1 From Current Businesses

7. 7 2003 Strategic Highlights Completed sale of information services business Significantly improved the Balance Sheet – Paid nearly $800M in long-term debt – Ended the year with more than $1B of cash and marketable securities – Improved credit ratings – reduced net debt to total cap from 43% to 33% 1 1 Assumes 80% equity credit for equity units.

8. 8 2003 Operational Highlights Invested $1.2B to improve and expand our service capabilities –Further expand digital footprint –Deployed 1X wireless data technology in 10 markets –Expanded high-speed wireline technology (DSL) availability At year-end we served: –8.0 million wireless customers (6% y/y growth) –3.1 million wireline customers (2% y/y growth) –1.7 million long-distance customers (9% y/y growth) –153,000 DSL high-speed Internet customers (118% y/y growth)

9. 9 2003 Financial Highlights Grew Equity Free Cash Flow 1,2 26% to over $1 billion Earned a 15% Return on Equity 1 Grew Diluted EPS 1 4% to $3.05 Increased consolidated revenue 12% to $8 billion Grew wireless service revenue 12% to $4.5 billion Grew wireline revenue 12% to $2.4 billion Increased the dividend for the 43rd consecutive year to $1.48 per share annually, an ~3% yield 1 From Current Businesses 2 Equity Free Cash Flow defined as Net Income + Depreciation & Amortization - Capital Expenditures (including software development)

10. 10 A Closer Look at Our Business An Integrated Telecom Company With Significant Wireless Exposure 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) 03 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.

11. 11 Wireless Business A Closer Look at the Business and 2003 Highlights As of 12/31/03 60 million POPs Over 8.0 million customers Customer Mix –Tier 1 - 37% –Tier 2 - 34% –Tier 3 - 29% 2003 Highlights 2003YOY Service revenue$4.5B12% ARPU$47.511% Gross adds 2.7M13% Post-pay churn2.09%(6%) Wireless National Calling Areas Cover All 50 States

12. 12 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 (a) Estimates for Cingular/AWE assuming no divestitures (b) Excludes affiliates (c) Customers as of 12/31/03 Note: Expense categories exclude one-time charges. Customers (In Millions) (c) 46.0 37.5 17.5 13.1 12.9 8.0 ARPU (Service Rev) $54 $49 $61 $53 $69 $48 CCPU (Exc Acq Costs) $28 $21 $31 $26 $21 Monthly Op. Income Per Customer $6 $9 $4 $1 $16 $11 SCALE IS LOCAL

13. 13 Wireline Business A Closer Look at the Business and 2003 Highlights As of 12/31/03 2nd largest independent ILEC 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 2003 Highlights 2003YOY Revenue$2.4B12% Segment income$884M10% DSL net adds83K93%

14. 14 2003 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

15. 15 Reconciliation of Non-GAAP Financial Measures for the three months ended March 31

16. 16 Reconciliation of Non-GAAP Financial Measures for the years ended December 31, 2003, 2002, 2001, 2000 and 1999:

17. 17 Reconciliation of Non-GAAP Financial Measures for the years ended December 31, 2003, 2002, 2001, 2000 and 1999:

18. 18

19. CTIA Wireless 2004 Conference Georgia World Congress Convention Center Atlanta, Georgia March 22-24, 2004 OUR PLEDGE We believe that a good company should stand for a set of values that are tangible and clear-cut. In our case, this means providing good communications services at a fair price in a sensible manner. We will continue to better serve our customers as well as protect our track record of solid financial results. We will strike the right balance between delivering great value to the customer and delivering great value to our shareholders. We will continue to focus on long-term value creation by investing wisely in our business and competing aggressively in our markets. Finally, we will, as always, uphold our obligations as financial stewards for our shareholders by following the very highest financial, management and ethical standards.