Jeff Gardner Executive Vice President and Chief Financial Officer Raymond James 26th Annual Institutional Investors Conference Orlando, FL March 7, 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 the integration of acquired businesses; adverse changes in the terms and conditions of the company's wireless roaming agreements; the potential for adverse changes in the ratings given to ALLTEL's debt securities by nationally accredited ratings organizations; the availability and cost of financing in the corporate debt markets; the uncertainties related to ALLTEL's strategic investments; the effects of work stoppages; 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

3 Agenda A Closer Look at ALLTEL Strategic Model Track Record of Financial Performance/Shareholder Returns 4Q 04 & Full Year 2004 Highlights 2005 Activities Summary – Why Invest in ALLTEL

4 A Closer Look at ALLTEL 4Q04 Wireless8.6M Wireline (ILEC & CLEC) 3.0M Long-Distance 1.8M DSL243K Wireless Wireline (ILEC, CLEC, Internet) Communication Support Services Business Mix Customers Wireless 62M POPs ~2/3 of customers in Tier 2 and 3 markets Wireline ~50% of our wireline is overlapped by our wireless 4Q04 % of Total Revenue 61% 28% 11%

5 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 Positions ALLTEL for Telecom Industry Evolution and Shareholder Value

6 Transaction Strategy Has Improved the Business Mix Strategic Model Disciplined Approach to Transactions to Better Position the Business 1998 – 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 2005 – Pending Acquisition of Conflicted Cingular/AWE assets - $170M cash & partnership swaps –Will add 200K+ wireless customers 2005 – Pending merger with Western Wireless - $6.0B –Will add 3.0M wireless customers

7 Source: Wall Street equity research and company filings. Note: SBC PF AT&T acquisition. Sprint/Nextel PF. Pro Forma (PF) ratings have not been assigned. ( 1) Ratings from S&P / Moody’s / Fitch, respectively (2) From current businesses 2004 – OIBDA defined as operating income before depreciation and amortization. Note: Assumes 80% equity credit for AT and CTL equity units. ALLTEL Has One of the Strongest Credit Profiles in the Telecom Industry ALLTEL Credit Metrics (12/31/04) –Net Debt / OIBDA 1.2X (2) –Net Debt / Total Cap 33% ALLTEL SBC / T BellSouth TDS US Cellular CenturyTel Sprint/ Nextel Citizens Rural Cellular Qwest CCC +BB+BBB-BBBA-AA+B-BB-BBBB+BBB+AA- Verizon 1 ALLTEL Credit Ratings (1) –A1 / Prime-1 / F1 - Commercial Paper ratings –A / A2 / A - Long-term credit ratings

8 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 = 6.9% CAGR = 7.3% CAGR = 8.4% CAGR = 3.7% (Dollars in billions except per share amounts)

9 Millions% of Revenues $ CAGR = 23.3% $1.2B in Equity Free Cash Flow 1 Equity Free Cash Flow defined as Net Income + Depreciation & Amortization - Capital Expenditures Note: From Current Businesses 1 Track Record of Results Strategic Model Driving Strong and Growing Equity Free Cash Flow

10 Track Record of Results Disciplined Approach to Return of Capital and 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 5 Year (2) 3 Year (2) 1 Year (2) ALLTEL BellSouth SBC Sprint Verizon Note: (1) Total return based on stock price appreciation and dividends (2) Period ending March 2, 2005 Source: FactSet database and Company reports

11 Solid Performance in 4Q 04 and Full Year 2004 in Both Wireless and Wireline 4Q04 & Full Year 2004 Highlights Solid Earnings, Free Cash Flow, and Operating Metrics Consolidated4Q04YOYFY 2004YOY EPS from current businesses$.8916%$3.3710% Equity free cash flow$226M4%$1.2B17% Wireless Service revenue$1.25B11%$4.8B7% Retail service revenue$1.16B12%$4.4B8% ARPU$49.244%$48.131% RRPU$45.515%$44.392% Post-pay churn1.68%(28bp)1.74%(35bp) Net customer additions139K46%511K86% Wireline ARPU$66.981%$65.872% Segment income$236MFlat$926M5% Broadband net adds26K15%90K9%

12 Wireless Business 4Q04 Quality Customer Growth, Data, and ETC Revenue driving ARPU (1) Source: Analyst and company reports 4% Increase YOY Net Adds Quarter Over Quarter in thousands 46% Increase YOY Data as % of Total ARPU ARPU Most net adds on post pay plans Improved service levels/ retention focus led to PostPay Churn of 1.68% Text Messaging driving much of the growth

13 Wireless Business 4Q04 Industry Leading Cost Structure –Maintaining margins even with CCPU up 7% yoy driven by retention expenses and mou per customer growth of 32% –Managing non-usage expenses 1 OIBDA defined as operating income before depreciation and amortization (measured on service revenues). OIBDA Margins 1 Source: Analyst and company reports OIBDA Margins 1

14 Wireline Business 4Q04 Access Lines Continue to Decline, But Broadband Customer Base Grows Year-Over-Year Total Access Lines 2.8% Decline YOY Broadband Customer Base Year-Over-Year Declines driven by wireless and broadband substitution 59% Increase YOY Access lines declined 86K yoy while broadband customers increased 90K yoy ~12% penetration of addressable lines 4Q04 net adds of 26K is the highest in company history 1% Increase YOY ARPU ARPU Driven by: Increase in Broadband Increase in Feature Revenue

15 Wireline Business 4Q04 Industry Leading Cost Structure –Maintaining margins despite slight decline in revenue 1 OIBDA defined as operating income before depreciation and amortization (measured on service revenues). Cash Costs per Customer Source: Analyst and company reports OIBDA Margins 1 Flat YOY

Activities Capital Structure Successfully remarketed Senior Notes in February –Expect ~$1.4B in cash proceeds in May –Will issue 23M-28M shares in May Wireless Business ETC Revenue - expect ~$25M per quarter Expand data footprint –Plan to cover 90% - 100% of POPS with 1X data by year end –Plan to launch EV-DO in several markets by end of 1Q and 6-10 additional markets by year end Integration efforts on track –Expect Cingular to close in 2Q –Expect Western Wireless to close mid year

Activities Wireline Business Thorough review of strategic alternatives Continue broadband deployment Plan to add video to product mix Evaluating VoIP and Fiber deployment

18 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

19 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 Customers11.5 Wireline Access Lines3.0 Revenue$9.9 OIBDA$3.8 Revenue and OIBDA LTM 9/30/04 Covered U.S. POPs72.5M Network Coverage>1M sq. mi. Spectrum Position Avg. ~30MHZ (primarily in 850MHz band) Ireland Austria Slovenia Georgia Bolivia Haiti Pro Forma International Footprint

20 ALLTEL & Western Wireless And Improves Our Wholesale Position By Diversifying Our Roaming Revenue Sources ALLTEL –Roaming revenue ~8% of wireless revenue –~60% of roaming from one national carrier We become the largest independent roaming partner in our markets with each of the four national carriers by offering multiple technologies (CDMA, GSM, TDMA) ALLTEL / Western Wireless –Roaming revenue ~10% of wireless revenue –No carrier over 45%

21 ALLTEL & Western Wireless And Improves Our Wholesale Position In the Right Places 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.

22 Summary - Why Invest in ALLTEL? Integrated telecom with highest relative contribution from wireless in the industry Solid balance sheet Strong and growing equity free cash flow Solid track record of shareholder returns ~2.7% dividend yield Wireless Business – accelerating top-line by improving quality of customer growth and retention, and maintaining industry leading cash cost per user Wireline Business – higher broadband penetration, growing feature revenues, and maintaining industry leading cash cost per user

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

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

26 Reconciliation of Non-GAAP Financial Measures for the three months ended December 31:

27 Other Reconciliations of Non-GAAP Financial Measures