1. open > accesschoicesupportfreedomcommunity Jeff Gardner Sr. V.P. and Chief Financial Officer Lehman Brothers 4th Annual Global Communications Wireless Conference New York, NY May 20, 2003

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 First Quarter 2003 Highlights >EPS from current businesses and discontinued operations of $.85, an increase of 10% year-over-year >Equity Free Cash Flow 1 of $290 million, an increase of 12% year-over-year >Wireless revenue of $1.1 billion, an increase of 17% year-over-year >Wireline revenue of $609 million, an increase of 22% year-over-year >Postpay Churn of 2.16% >ARPU of $45.59, a slight increase year-over-year >Wireline access line declines much smaller than 4Q ‘02 >Added: –159,000 wireless customers for a total of 7.76 million –18,000 DSL customers for a total of 88,000 1 From Current Businesses - defined as Net Income + Depreciation & Amortization - Capital Expenditures (including software development)

5. 5 2002 Financial Highlights >Grew wireline revenue 11% to $2.2 billion >Grew wireless revenue 9% to $4.2 billion >Increased consolidated revenue 6% to $8 billion >Grew Equity Free Cash Flow 1,2 21% to $996 million >Grew EPS 1 14% 3 to $3.24 >Earned a 17% Return on Equity 1 >Increased the dividend for the 42nd consecutive year to $ 1.40 per share annually 1 From Current Businesses (Prior to the restatement for discontinued operations which reflects the 2Q ‘03 sale of the financial services division of the Information services business) 2 Equity Free Cash Flow defined as Net Income + Depreciation & Amortization - Capital Expenditures (excluding software development) 3 Reflects January 2002 implementation of SFAS 142

6. 6 2002 Operational Highlights >Invested over $1.1B to improve and expand our service capabilities, i.e., 1X wireless technology and high-speed wireline technology >Grew our DSL, high-speed Internet access service customer base by 162% >Launched downloadable wireless e-mail, games, ring-tones and a variety of other applications via QUALCOMM’s BREW wireless data platform. >Launched Simple Freedom in about 1,500 Wal -Mart locations across the U.S. >At year-end we served over: – 7.6 million wireless customers (14% y/y growth) – 3.1 million wireline customers (21% y/y growth) –1.5 million long distance customers (22% y/y growth)

7. 7 Investment Highlights Solid Financial Performance Industry Leading Results Conservative Capital Structure Strong Platform for Continued Growth Strategic Model

8. 8 Operational Focus Financial Discipline Opportunistic Growth 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)

9. 9 ALLTEL Wireless Verizon & Other Roaming Agreements Strong Platform for Continued Growth Wireless Markets as of 3/31/03 – A Closer Look Almost 7.7 million customers 60 million POPs

10. 10 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 Leverage Verizon roaming agreement Net present values are significantly higher than other rate plans ARPU is 20-30% higher Approximately 25% of customer base is on a national plan

11. 11 ALLTEL Wireless Verizon & Other Roaming Agreements Strong Platform for Continued Growth Wireless Markets as of 3/31/03 – A Closer Look Customers Tier 2 & 3 Fewer Competitors Higher Revenue Growth Lower Churn Better EBITDA Margins Almost 7.7 million customers 60 million POPs

12. 12 Strong Platform for Continued Growth Local Network Coverage Matters PCS Competitor vs. ALLTEL Local Package

13. 13 ALLTEL Wireline ALLTEL Wireless Verizon & Other Roaming Agreements Strong Platform for Continued Growth Wireline Markets as of 3/31/03 – A Closer Look 2nd largest independent ILEC Almost 3.2 million customer lines

14. 14 ALLTEL Wireline ALLTEL Wireless Verizon & Other Roaming Agreements Strong Platform for Continued Growth Wireline Markets as of 3/31/03 – A Closer Look 2nd largest independent ILEC Almost 3.2 million customer lines Less competitive pressure Little exposure to UNE-P Success with vertical and enhanced services Over 1.6 million LD customers (almost 50% penetration) 38%-42% vertical services penetration 88,000 DSL customers - 5.1% penetration of addressable lines Approximately 85% of DSL customers have ALLTEL Internet Service Over 1.6 million LD customers (almost 50% penetration) 38%-42% vertical services penetration 88,000 DSL customers - 5.1% penetration of addressable lines Approximately 85% of DSL customers have ALLTEL Internet Service

15. 15 Strong Platform for Continued Growth Wireline Markets as of 3/31/03 – A Closer Look DSL Customers Long-Distance Customers In thousands

16. 16 Industry Leading Results Wireless EBITDA Margins EBITDA Drivers: Direct Sales Channel is approximately 70% of total sales CDMA technology Cash cost per customer competitive with companies with greater scale Service revenue margin. Source: Company reports.

17. 17 Industry Leading Results Wireline EBITDA Margins EBITDA Drivers: Focused on second and third tier cities and rural markets Convergence drives better margins Source: Company reports.

18. 18  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 Net Debt / EBITDA 1 1.7X Conservative Capital Structure TELECOM COMPANY CREDIT RATINGS STATISTICS AWE Q NXTL RCCC CZN CTL FON/PCS T USM TDS AT VZ BLS SBC 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 A+AA- B+BB-BBBB+ BBB-BBBBBB+A-A S&P Credit Rating B B-CCC+ Source: Wall Street equity research and company filings. Note : Assumes 80% equity credit for AT, CZN, CTL and Sprint Equity Units. Q pf directories sale and debt exchange, Sprint pf directories sale, SBC pf Cegetel sale, VZ pf Northcoast. 1 Net Debt/Operating Income 3.6X.

19. 19 Solid Financial Performance Delivering Consistent Growth Revenue ($bn) EBITDA 1 ($bn) Earnings per Share 1 Dividends per Share 1 From Current Businesses (prior to the restatement of discontinued operations which reflects the 2Q ‘03 sale of the financial services division of the information services business).

20. 20 Millions * Defined as Net Income + Depreciation & Amortization - CAPEX and Capitalized Software Development Costs. % of Revenues $ * Solid Financial Performance Strong and Growing Free Cash Flow 4-Year CAGR = 31%

21. 21 ALLTEL has performed better than the S&P 500 and its Peers over the last 5 years Assumes that $100 was invested on the last trading day of 1997 and that all dividends were reinvested. 1 Peer group = an index of a group of peer issuers consisting of: American Management Systems Incorporated, AT&T Corp., BellSouth Corporation, CenturyTel Inc., Broadwing Communications Inc., Electronic Data Systems Corp., SBC Communications Inc., Sprint FON Group, Verizon Communications Inc., and Qwest Communications International Inc., respectively.

22. 22 Reconciliation of non-GAAP Measures

23. 23 Reconciliation of non-GAAP Measures

24. 24 Reconciliation of non-GAAP Measures

25. 25 Reconciliation of non-GAAP Measures

26. 26 Reconciliation of non-GAAP Measures

27. 27 Reconciliation of non-GAAP Measures

28. 28 Reconciliation of non-GAAP Measures

29. 29 Reconciliation of non-GAAP Measures

30. 30 Reconciliation of non-GAAP Measures

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