Annual Shareholder Meeting

1

• Annual Shareholder Meeting
• Little Rock, AR
• April 21, 2005

2
Safe Harbor Statement and Regulation G
Disclaimer

• 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 1995. ALLTEL claims the
  protection of the safe-harbor for forward-looking
  statements contained in the Private Securities
  Litigation Reform Act of 1995. 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.

Regulation G Disclaimer Todays presentation will
include certain non-GAAP financial measures. I
refer you to the Investor Relations section of
ALLTELs 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 companys Web site is located
at www.alltel.com.
3
2004 HighlightsSolid Earnings and Operating
Metrics
Revenue (in billions)
Operating Income (1) (in billions)
EPS (1)
10 yoy
3 yoy
3 yoy
7 yoy
2 yoy
5 yoy
(1) yoy
Wireless
Wireline
(3) yoy
59 yoy
86 yoy
(35 bp) yoy
(In thousands, excluding acquisitions)
(In millions)
(In thousands)
2003
2004
(1) From Current Businesses
4
First Quarter 2005 Highlights
Revenue (in billions)
Operating Income (1) (in millions)
EPS (1)
10 yoy
8 yoy
18 yoy
14 yoy
29 yoy
(6) yoy
(1) yoy
Wireless
Wireline
(21 bp) yoy
85 yoy
6 yoy
2 yoy
(In thousands)
1Q04
1Q05
(1) From Current Businesses
5
A Closer Look at ALLTELas of 3/31/05
1Q05 of Total Revenue 62 28 10

• 1Q05
• Wireless 8.8M
• Wireline (ILEC CLEC) 3.0M
• Long-Distance 1.8M
• DSL 283K

• 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

6
Strategic Model Access is Key and Wireless is
Driving Telecom 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)

1998
1999
2000
2002
2003
2005
360
Aliant/ Liberty
VZ Swap
VZ KY Access Lines/CTL Wireless
Sale of AIS
Cingular Properties/ Western Wireless
Shifting the Mix to Wireless
Other
Wireless
Wireline
Wireless
Other
Wireline
2004 Pro-Forma Revenue 10.3B(Pro-Forma
includes Cingular and Western Wireless)
1997 Revenue 3.3B
7
Strategic Model Driving Consistent Growth While
Maintaining Solid Credit Metrics
Revenue (bn)1
Earnings per Share1
Equity Free Cash Flow2
CAGR 6.9
CAGR 8.4
CAGR 23.3

• ALLTEL Credit Metrics (3/31/05)
• Net Debt / OIBDA 1.1X4
• Net Debt / Total Cap 33

• ALLTEL Credit Ratings3
• A1 / Prime-1 / F1 - CP ratings
• A / A2 / A - Long-term credit ratings

1 From Current Businesses 2 Equity Free Cash Flow
defined as Net Income Depreciation
Amortization Capital Expenditures 3 Ratings
from SP / Moodys / Fitch, respectively 4 From
current businesses OIBDA defined as operating
income before depreciation and amortization. Note
Assumes 80 equity credit for AT equity units.
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

Stock Price Appreciation Dividends Rank
1 Year (2)
3 Year (2)
5 Year (2)
2 5 4 1 3
2 4 5 1 3
1 4 3 5 2
ALLTEL BellSouth SBC Sprint Verizon
Returned More than 1 Billion of Cash to
Shareholders in 2004
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
9
The Industry Structure Changed Significantly in
2004

• Wireless
• Cingular combines with ATT Wireless
• ALLTEL will combine with Western Wireless
• Sprint will combine with Nextel

• Wireline/Interexchange
• Sprint to spin-off local business
• Verizon considering access line sale/spin
• RLEC public offerings and high yield strategy
• SBC and ATT
• Verizon and MCI

Strategic activity within the industry is
accelerating and will likely continue
10
ALLTEL Western Wireless Increases Presence in
Markets Where We Add Significant Value
Pro Forma Domestic Footprint
Covered U.S. POPs 75.9M Network Coverage 1M sq.
mi. Spectrum Position Avg. 30MHZ (primarily in
850MHz band)
11
ALLTEL Western Wireless Diversifies Our
Roaming Revenue Sources
Cingular
Verizon
PRO FORMA ALLTEL
PRO FORMA ALLTEL
Cingular
Verizon
Sprint/Nextel
T-Mobile
PRO FORMA ALLTEL
PRO FORMA ALLTEL
Nextel
T- Mobile
Sprint
Note ALLTEL Pro Forma licensed coverage. All
others represent approximate network build out.
12
ALLTEL Western WirelessThe Premier Regional
Communications Company

• This transaction
• Is accretive to ALLTEL in first full year of
  operations (2006)
• Combines complementary assets geographically and
  technologically
• Increases ALLTELs 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

13
2005 Major Activities

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

14

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