Jeff Gardner Executive Vice President and Chief Financial Officer UBS 9th Annual Global Communications Conference New York, NY November 16, 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 3Q 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 3Q04 Wireless8.4M Wireline (ILEC & CLEC) 3.0M Long-Distance 1.7M DSL217K 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 3Q04 % of Total Revenue 61% 28% 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 and CTL Equity Units. Q and RCCC as of 2Q’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 CCC CCC+

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 = 8.0% CAGR = 7.9% CAGR = 7.3% CAGR = 3.5% (Dollars in billions except per share amounts)

11 Millions% of Revenues $ CAGR = 18.3% $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

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 November 1, 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 44 consecutive years –~3% yield $750M share buyback program –~5% of shares outstanding –Authorizes repurchase over period ending 12/31/05 –As of September 30, 2004 Repurchased 9.7M shares ~$507M Completed ~2/3 of the Repurchase Plan –Repurchase program will help offset the shares to be issued in connection with equity units (23M-28M shares to be issued in May 2005)

14 Increased the Mix to Over 60% Wireless An Integrated Telecom Company With the Highest Wireless Contribution 9/30/04 LTM ALLTEL Business is well positioned for growth and free cash flow OIBDA Revenue 9/30/04 LTM Revenue – $8.1B 9/30/04 LTM OIBDA – $3.2B Integrated Telecom Companies Company Name ALLTEL Sprint BellSouth (2) Verizon SBC (3) 3Q04 Wireless Rev as % of Total Rev (1) 61% 54% 40% 33% (1) Source: Analyst and company reports. (2) Assumes 40% of AWE 3Q 04. (3) Assumes 60% of AWE 3Q 04

15 Solid Performance in Both Wireless and Wireline 3Q04 Highlights Solid Earnings, Free Cash Flow, and Operating Metrics Consolidated3Q04YOY EPS from current businesses$.9218% Equity free cash flow$323M23% Wireless Service revenue$1.24B6% Retail service revenue$1.14B8% ARPU$49.361% RRPU$45.242% Post-pay churn1.80%(40bp) Post-pay net adds>100K118% Wireline ARPU$65.842% Segment income$228M10% Broadband customer base217K67%

16 Wireless Business 3Q04 Quality of Gross Adds Continues to Improve (1) Source: Analyst and company reports Post-pay as Percentage of Total Gross 10% Increase YOY Gross Adds Quarter Over Quarter in thousands 8% Decrease YOY Post-pay gross adds increased year-over-year Pre-pay gross adds causing the decline Post-pay as a percent of total gross at highest level in over five quarters

17 Wireless Business 3Q04 And Post-pay Churn has Significantly Improved Proactive Retention and Service Levels Improvements Driving Better Churn Post-pay / Total Churn 42 bp Decline 40 bp Decline Proactive retention in call centers and retail locations Improved service levels

18 Wireless Business 3Q04 Quality of Net Customer Additions Improve 3Q03 / 3Q04 Net Adds Quality of Net Customer Additions Continues to Improve Post-pay net adds >100K, an increase of 118% yoy Net loss of pre-pay customers driven by: Emphasis on value of post-pay service plans Other carriers have more aggressive pre-pay pricing

19 Retail Revenue Per Unit (RRPU) Year-Over-Year 2% Increase Average Revenue Per Unit (ARPU) Year-Over-Year 1% Increase RRPU increase driven by: Quality customer growth Increase in data revenue Wireless ETC subsidies Offset by: Declines in airtime revenue Wireless Business 3Q04 Retail Revenue Continues to Grow ARPU increase driven by: RRPU increase Offset by: Declines in wholesale revenue Highest ARPU in over 4 years

20 Wireless Business 3Q04 Industry Leading Cost Structure –Maintaining good expense management –Organizational changes made in early ‘04 helping cost structure –Cash cost per customer up 3% yoy due to 33% increase in minutes of use per customer 1 OIBDA defined as operating income before depreciation and amortization (measured on service revenues). Cash Costs per Customer* *Excludes acquisition costs. Cost to acquire for Verizon, Sprint and Cingular are based on a Deutsche Bank research report as of 10/12/04. Source: Analyst and company reports OIBDA Margins 1

21 Cingular/AWE Verizon Sprint T-Mobile Nextel ALLTEL LTM 3Q04 Comparison to Wireless Peers Revenue and Income Metrics Per Customer T-Mobile results as of 2Q04. Market share based on Deutsche Bank estimate of million customers. Cost to acquire for Verizon, Sprint and Cingular are based on a Deutsche Bank research report as of 10/12/04. POPs per most recent company 10K. Penetration of covered PoPs 18.0% 17.5% 10.2% 6.4% 6.0% 13.7% Customers (In Millions) Market Share % 28.1% 24.8% 11.8% 9% 9.0% 5.0% ARPU (Service Rev) $54 $52 $63 $54 $69 $49 CCPU (Exc Acq Costs) $26 $20 $29 $22 $23 $22 Acq Cost Per Customer $12 $9 $16 $20 $15 $8 Depr/Amor Per Customer $10 $9 $11 $10 $7 Monthly Op. Income Per Customer $5 $13 $8 $2 $20 $11 SCALE IS LOCAL

22 Wireless Business New Initiatives Regulatory and Data Update Regulatory – Wireless ETC Subsidies –Received FCC approval for five non-rural ETC applications and received approval for Kansas and Louisiana –Now expect to receive at least $37M of net subsidies in 2004 –Beginning 2005, expect quarterly run-rate of $20M-$25M 2004 Wireless Data Plans still on track –Further expand 1X data footprint, expect to cover ~50% of POPs by year-end –Trial EV-DO in several markets in early ‘05

23 Wireline Business 3Q04 Access Lines Continue to Decline, But Broadband Customer Base Grows Year-Over-Year Total Access Lines 2.6% Decline YOY Broadband Customer Base Year-Over-Year Declines driven by wireless and broadband substitution 67% Increase YOY Access lines declined 81K yoy while broadband customers increased 87K yoy 3Q04 net adds of 22K is 5th consecutive quarter of 20K+ ~11% penetration of addressable lines

24 ARPU has increased... 2% Increase YOY Driven by… Wireline Business 3Q04 Broadband and Features Driving ARPU Increase Broadband Growth Feature revenue per eligible line is up 5% yoy Access minutes of use are flat yoy

25 Wireline Business 3Q04 Industry Leading Cost Structure –3Q03 includes ~$10M of expense related to Kentucky work stoppage –Maintaining good expense management 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 300BP Increase YOY

26 LTM 3Q04 Comparison to Wireline Peers Revenue and Income Metrics Per Customer Source: Analyst and company reports Note: Qwest EBITDA and Operating Income assume 2Q04 margins of 3Q04 Wireline Revenue due to lack of segment information. SCALE IS LOCAL Customers (In Millions) ARPUCCPU Monthly Op. Income Per Customer Verizon53.7$60$37$9 SBC52.9$58$40$7 BellSouth21.8$71$39$19 Qwest15.8$70$41$12 Sprint7.7$64$35$18 ALLTEL3.0$65$26$25 CenturyTel2.3$77$34$26

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 –9/30/04 YTD $954M, up 21% yoy ~3% dividend yield, 750M share repurchase plan ongoing (2/3 completed) Wireless Business – 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

29 Reconciliation of Non-GAAP Financial Measures for the twelve months ended September 30, 2004 and for the years ended December 31, 2003, 2002, 2001, 2000 and 1999:

30 Reconciliation of Non-GAAP Financial Measures for the twelve months ended September 30, 2004 and for the years ended December 31, 2003, 2002, 2001, 2000 and 1999:

31 Reconciliation of Non-GAAP Financial Measures for the three months ended September 30:

32 Reconciliation of Non-GAAP Financial Measures for the three and nine months ended September 30:

33 Other Reconciliations of Non-GAAP Financial Measures