Kevin Beebe Group President, Operations Philadelphia Securities Association Luncheon Philadelphia, PA August 18, 2004

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 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 Regulation G Disclaimer

4 Agenda Industry Perspective A Closer Look at ALLTEL Strategic Model Track Record of Financial Performance Track Record of Shareholder Returns 2Q 04 Results –Wireless –Wireline Summary – Why Invest in ALLTEL

5 Industry Perspective Wireless and Broadband are the Growth Drivers in Telecom Customer Lines (M) Sources: FCC, CTIA, NCTA, Telecomweb, UBS, Goldman Sachs, Merrill Lynch.

6 A Closer Look at ALLTEL As of 6/30/04 2Q04 Wireless8.3M Wireline (ILEC & CLEC) 3.1M Long-Distance 1.7M DSL195K Wireless Wireline (ILEC, CLEC, Internet) Communication Support Services Communications Products Long-Distance Publishing Telecom Svcs Business Mix Customers Wireless 61M POPs ~2/3 of customers in Tier 2 and 3 markets Wireline ~50% of our wireline is overlapped by our wireless 2Q04 % of Total Revenue 60% 29% 11%

7 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

8 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

9 Well capitalized balance sheet –A1 / Prime-1 / F1* Commercial Paper ratings –A / A2 / A* long-term credit ratings Net Debt / OIBDA 1.2X (1) Net Debt / Total Cap 32% Source: Wall Street equity research and company filings. Note : Assumes 80% equity credit for AT, CZN and CTL Equity Units. CZN, Q, and RCCC as of 1Q’04. SBC and BLS PF AT&T Wireless acquisition. *S&P / Moody’s / Fitch, respectively. (1) From current businesses – OIBDA defined as operating income before depreciation and amortization. Strong Balance Sheet ALLTEL Has One of the Strongest Credit Profiles in the Telecom Industry

10 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 = 9.3% CAGR = 8.6% CAGR = 7.0% CAGR = 3.4%

11 Millions% of Revenues $ CAGR = 17.6% Over $1B in Equity Free Cash Flow in 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

12 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 July 26, 2004 Source: FactSet database Track Record of Results Strategic Model Generating Leading Total Returns (1)

13 Track Record of Results Disciplined Approach to Return of Capital Quarterly dividends have been raised for 43 consecutive years –~3% yield $750M share buyback program –~5% of shares outstanding –Authorizes repurchase over period ending 12/31/05 –As of June 30, 2004 Repurchased 4.8M shares ~$243M Completed ~1/3 of the Repurchase Plan

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) 2003 Wireless Rev as % of Total Rev (1) 58% 48% 36% 33% 32% (1) Source: Analyst and company reports - before eliminations (2) Includes prorata share of AWE 2003 and 2Q04 revenue assuming no divestitures. 2Q 04 Wireless Rev as % of Total Rev (1) 60% 51% 40% 38% 33% Increased the Mix to 60% Wireless An Integrated Telecom Company With the Highest Wireless Contribution

15 Solid Performance in Both Wireless and Wireline 2Q04 Highlights Solid Earnings, Free Cash Flow, and Operating Metrics Consolidated2Q04YOY EPS from current businesses$.859% Equity free cash flow$304M29% Wireless Service revenue$1.18B5% Retail service revenue$1.09B6% RRPU$44.081% Post-pay churn1.57%(46bp) Net Adds155K92% Wireline ARPU$65.993% Segment income$234M8% DSL net adds20K15%

16 Wireless Business 2Q04 Quality of Gross Adds has Significantly Improved Gross Adds Quarter Over Quarter in thousands Post Pay as Percentage of Total Gross On a relative basis… ALLTEL is capturing its fair share of gross adds 2Q04 Gross Adds Per 1K Pops (1) (1) Source: Analyst and company reports 1% Decrease YOY 12% Increase YOY Gross Adds are down 1% year over year, but with a significantly higher mix of post pay additions

17 Wireless Business 2Q04 And Post Pay Churn has Significantly Improved Proactive Retention and Service Levels Improvements Driving Better Churn Post Pay / Total Churn 45 bp Decline 46 bp Decline Proactive retention efforts Improved service levels –JD Power & Associates Customer Care Performance Report First call resolution Fewest network complaints

18 Wireless Business 2Q04 And Net Customer Additions Continue to Improve 2Q03 / 2Q04 Net Adds 92% Increase Quantity and Quality of Net Customer Additions Continues to Improve 2003 / 1H04 Net Adds All on Post Pay plans

19 Retail Revenue Per Unit (RRPU) Year Over Year 1% Increase Wholesale Revenue Year Over Year (In Millions) Average Revenue Per Unit (ARPU) Year Over Year 9% Decrease <1% Decrease National plans > 40% of total gross adds Data access revenue is 2% of total ARPU Lower analog and TDMA minutes of use offset by continued growth in CDMA minutes of use Wireless Business 2Q04 Retail Revenue Continues to Grow While Wholesale Revenue Declines

20 Wireless Business 2Q04 Industry Leading Cost Structure –Maintaining good expense management –Expenses associated with significant growth in customer usage putting some pressure on margins (490 minutes of use per customer up 33% year over year) 1 OIBDA defined as operating income before depreciation and amortization (measured on service revenues). Cash Costs per Customer* *Excludes acquisition costs Verizon Cash Costs calculated by taking Average CCPU from a S.G. Cowen research report dated 7/21/04 and multiplying by average subscribers. Source: Analyst and company reports OIBDA Margins 1

21 Cingular/AWE Verizon Sprint T-Mobile Nextel ALLTEL LTM 2Q04 Comparison to Wireless Peers Revenue and Income Metrics Per Customer Source: Analyst and company reports Notes: Market share based on CTIA customer estimates as of 6/30/04 T-Mobile results as of 3/31/04. Verizon Cash Costs calculated by taking Average CCPU from a S.G. Cowen research report dated 7/21/04 and multiplying by average subscribers. Cingular Cost to Acquire calculated by taking CPGA estimate from a Deutsche Bank research report dated 2/25/04 and reported S,G&A. Penetration of covered PoPs 17.7% 16.2% 10.0% 6.4% 5.6% 13.5% Customers (In Millions) Market Share % 28% 24% 12% 9% 8% 5% ARPU (Service Rev) $55 $49 $60 $54 $72 $47 CCPU (Exc Acq Costs) $24 $21 $27 $22 $24 $21 Acq Cost Per Customer $13 $7 $13 $20 $17 $9 Depr/Amor Per Customer $10 $9 $12 $10 $11 $7 Monthly Op. Income Per Customer $8 $11 $8 $2 $20 $10 SCALE IS LOCAL

22 Wireless Business New Initiatives Regulatory, Data and New Product Update Regulatory – Wireless ETC Subsidies –Expect to receive at least $30M in 2004 –Five non-rural applications pending FCC, if approved could receive additional $4M per quarter 2004 Wireless Data Plans still on track –Further expand 1X data footprint –Trial EV-DO in several markets by year-end Touch2Talk –Customer reaction has been positive –Pleased with sales results –Added additional handset in late June –Continue improving functionality

23 Wireline Business 2Q04 Access Lines Continue to Decline at 2% Year Over Year Total Access Lines 2% Decline YOY Year Over Year Access Line Declines Access lines declined 2% year over year… Primary Drivers Wireless substitution Broadband the rate of decline is unchanged

24 ARPU has increased... 3% Increase YOY Driven by… Wireline Business 2Q04 DSL and Features Driving ARPU Increase DSL Growth –20K DSL net adds –195K total DSL customers up 85% yoy –10% penetration of addressable lines –Almost 90% have ALLTEL Internet Service –Almost 70% of ILEC lines DSL capable Feature Revenue per Eligible Line is up 6% yoy In 2Q04, recorded $7M of directory revenue associated with initial publication of directories in newest Kentucky market

25 Wireline Business 2Q04 Industry Leading Cost Structure –2Q03 includes ~$3M of expense related to Kentucky work stoppage –2Q04 includes $7M of directory revenue –Organizational changes improving cost structure 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 170BP Increase YOY

26 LTM 2Q04 Comparison to Wireline Peers Revenue and Income Metrics Per Customer Source: Analyst and company reports Note: Qwest results as of 3/31/04 SCALE IS LOCAL Customers (In Millions) ARPUCCPU Monthly Op. Income Per Customer Verizon54.4$58$36$9 SBC53.5$55$38$5 BellSouth21.8$69$38$18 Qwest16.0$68$39$17 Sprint7.8$65$34$19 ALLTEL3.1$64$26$24 CenturyTel2.4$74$33$24

27 Wireline Business New Initiatives New Product and Service Offering Update Bundles –Exploring wireless and wireline bundles Video –Considering adding video to product mix Technology –Investigating VoIP and Fiber deployment

28 Summary - Why Invest in ALLTEL? Integrated telecom with highest relative contribution from wireless in the industry Solid balance sheet Strong equity free cash flow –> $1B in 2003 –> $630M in 1H 2004 ~3% dividend yield, 750M share repurchase plan ongoing (1/3 completed) Wireless Business – improving quality/quantity of customer growth, significantly improving retention, and industry leading cash cost per user Wireline Business – higher DSL penetration, growing feature revenues, and industry leading cash cost per user

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

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

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

32 Reconciliation of Non-GAAP Financial Measures for the three months ended June 30:

33 Reconciliation of Non-GAAP Financial Measures for the three months ended June 30:

34 Other Reconciliations of Non-GAAP Financial Measures

35 Other Reconciliations of Non-GAAP Financial Measures