Annual Shareholder Meeting Little Rock, AR April 21, 2005

2 “Safe Harbor” Statement This presentation includes statements about expected future events and future financial results that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of ALLTEL claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of Forward-looking statements are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Actual future events and results may differ materially from those expressed in these forward-looking statements as a result of a number of important factors. Representative examples of these factors include (without limitation) adverse changes in economic conditions in the markets served by ALLTEL; the extent, timing, and overall effects of competition in the communications business; material changes in the communications industry generally that could adversely affect vendor relationships with equipment and network suppliers and customer relationships with wholesale customers; changes in communications technology; the risks associated with pending acquisitions and the integration of acquired businesses; adverse changes in the terms and conditions of the company's wireless roaming agreements; the uncertainties related to ALLTEL's strategic investments; the effects of litigation; and the effects of federal and state legislation, rules, and regulations governing the communications industry. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. “Safe Harbor” Statement and Regulation G Disclaimer Regulation G Disclaimer 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

Highlights Solid Earnings and Operating Metrics Revenue (in billions) Operating Income (1) (in billions) EPS (1) WirelessWireline % yoy 7% yoy (1)% yoy 3% yoy 2% yoy 5% yoy 10% yoy 86% yoy(35 bp) yoy (3)% yoy59% yoy (In thousands, excluding acquisitions)(In millions)(In thousands) (1) From Current Businesses

4 First Quarter 2005 Highlights Revenue (in billions) Operating Income (1) (in millions) EPS (1) WirelessWireline 1Q041Q05 8% yoy 14% yoy (1)% yoy 10% yoy 29% yoy (6)% yoy 18% yoy 6% yoy (21 bp) yoy 2% yoy 85% yoy (In thousands) (1) From Current Businesses

5 A Closer Look at ALLTEL as of 3/31/05 1Q05 Wireless8.8M Wireline (ILEC & CLEC) 3.0M Long-Distance 1.8M DSL283K Wireless Wireline (ILEC, CLEC, Internet) Communication Support Services Business Mix Customers Wireless 64M POPs ~2/3 of customers in Tier 2 and 3 markets Wireline ~50% of our wireline is overlapped by our wireless 1Q05 % of Total Revenue 62% 28% 10%

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) Strategic Model Access is Key and Wireless is Driving Telecom Growth 360° Aliant/ Liberty VZ Swap VZ KY Access Lines/ CTL Wireless Sale of AISCingular Properties/ Western Wireless Shifting the Mix to Wireless Wireless Wireline 1997 Revenue $3.3B 2004 Pro-Forma Revenue $10.3B (Pro-Forma includes Cingular and Western Wireless) Other

7 Strategic Model Driving Consistent Growth While Maintaining Solid Credit Metrics Revenue ($bn) 1 Earnings per Share 1 1 From Current Businesses 2 Equity Free Cash Flow defined as Net Income + Depreciation & Amortization – Capital Expenditures 3 Ratings from S&P / Moody’s / Fitch, respectively 4 From current businesses – OIBDA defined as operating income before depreciation and amortization. Note: Assumes 80% equity credit for AT equity units. CAGR = 6.9% CAGR = 8.4% ALLTEL Credit Metrics (3/31/05) –Net Debt / OIBDA 1.1X 4 –Net Debt / Total Cap 33% ALLTEL Credit Ratings 3 – A1 / Prime-1 / F1 - CP ratings – A / A2 / A - Long-term credit ratings Equity Free Cash Flow 2 CAGR = 23.3%

8 Strategic Model Generating Leading Total Returns (1) Quarterly dividends have been raised for 44 consecutive years –~2.7% yield Return of capital to shareholders in 2004 –Dividends of more than $450M –Share repurchases of almost ~$600M Returned More than $1 Billion of Cash to Shareholders in 2004 Stock Price Appreciation & Dividends – Rank ALLTEL BellSouth SBC Sprint Verizon Note: (1) Total return based on stock price appreciation and dividends (2) Based on the periods ending 3/31/05 Source: FactSet database and Company reports 1 Year (2) 3 Year (2) 5 Year (2)

9 The Industry Structure Changed Significantly in 2004 Wireless –Cingular combines with AT&T Wireless –ALLTEL will combine with Western Wireless –Sprint will combine with Nextel Strategic activity within the industry is accelerating and will likely continue Wireline/Interexchange –Sprint to spin-off local business –Verizon considering access line sale/spin –RLEC public offerings and “high yield” strategy –SBC and AT&T –Verizon and MCI

10 ALLTEL & Western Wireless Increases Presence in Markets Where We Add Significant Value Pro Forma Domestic Footprint ALLTEL Pro Forma (Dollars in Billions, POPs and Subs in Millions) Wireless Customers12.0 Wireline Access Lines3.0 Revenue$10.3 OIBDA$3.9 Revenue and OIBDA LTM 12/31/04 Covered U.S. POPs75.9M Network Coverage>1M sq. mi. Spectrum Position Avg. ~30MHZ (primarily in 850MHz band)

11 ALLTEL & Western Wireless Diversifies Our Roaming Revenue Sources PRO FORMA ALLTEL Cingular PRO FORMA ALLTEL Verizon PRO FORMA ALLTEL Nextel Sprint PRO FORMA ALLTEL T- Mobile CingularVerizon Sprint/NextelT-Mobile Note: ALLTEL Pro Forma licensed coverage. All others represent approximate network build out.

12 ALLTEL & Western Wireless The Premier Regional Communications Company This transaction: Is accretive to ALLTEL in first full year of operations (2006) Combines complementary assets geographically and technologically Increases ALLTEL’s wireless revenue mix to nearly 70% Increases our retail position in markets where we add significant value Creates the leading independent roaming partner in our markets with the top four national players offering multiple technologies (CDMA, GSM, TDMA) Adds diversity and increased growth through International markets Creates revenue upside and cost synergy opportunities Preserves a solid balance sheet Maintains flexibility for strategic options

Major Activities Changes in Capital Structure (Equity Units) Integrate Cingular properties Close/Integrate Western Wireless Review of Strategic Alternatives in Wireline Business Rebranding Initiative

15 Reconciliation of Non-GAAP Financial Measures for the years ended December 31, 2004, 2003, 2002, 2001 and 2000:

16 Reconciliation of Non-GAAP Financial Measures for the years ended December 31, 2004, 2003, 2002, 2001 and 2000:

17 Other Reconciliations of Non-GAAP Financial Measures

18 Other Reconciliations of Non-GAAP Financial Measures

19 Other Reconciliations of Non-GAAP Financial Measures

20 Reconciliation of Non-GAAP Financial Measures for the three months ended March 31: