Text Messaging Ringtones Mobile Web High Speed Appl

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Scott Ford President Chief Executive
Officer Goldman Sachs 12th Annual Communacopia
Conference New York, NY September 30, 2003
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Safe Harbor Statement

• 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.

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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 this presentation
  along with 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.

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Investment Highlights
Strategic Model
Strong Platform for Continued Growth
Solid Financial Performance
Current Issues Opportunities
ConservativeCapital Structure
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Strategic Model

• 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)

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Strong Platform for Continued Growth Wireless
Markets as of 6/30/03 A Closer Look
ALLTEL Wireless Verizon Other Roaming
Agreements

• Almost 7.9 million customers
• 60 million POPs

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Strong Platform for Continued Growth
Total/National Freedom Rate Plans Drive ARPU
of Gross Adds on Total/National Freedom Rate
Plans
ARPU Year Over Year

• Total/National Freedom Plans driving ARPU
• Leverage Verizon roaming agreement
• ARPU/net present values are significantly higher
  than other rate plans
• Approximately 25 of customer base is on a
  national plan

• Higher access local plans also driving ARPU

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Strong Platform for Continued Growth Wireless
Markets as of 6/30/03 A Closer Look
Customers

• Almost 7.9 million customers
• 60 million POPs

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Strong Platform for Continued Growth Wireless
Gross Adds Per 1K Pop - 2Q 03
Gross Adds Per 1K Pops
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Strong Platform for Continued GrowthWireless
data - usage is growing

• 1X Data deployed in 6 markets - will have 10
  markets by year end
• Launched Axcess 1Q03
• - Text Messaging -
  Ringtones
• - Mobile Web
  - High Speed
• - Application Downloads -
  Business email
• Revenue is small but usage is growing

Axcess Text Messages - Outbound
Axcess Applications Downloaded
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Strong Platform for Continued Growth Wireline
Markets as of 6/30/03 A Closer Look
ALLTEL Wireline ALLTEL Wireless Verizon Other
Roaming Agreements

• 2nd largest independent ILEC
• Over 3.1 million customer lines

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Strong Platform for Continued Growth DSL, LD,
and Vertical Services Driving Revenue Growth
Long-Distance Customers (in thousands)
DSL Customers

• 45 penetration of wireline access lines

• 6 penetration of addressable lines
• Almost 90 have ALLTEL Internet Service

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Current Issues and Opportunities

• Wireless
• Wireless Number Portability (WNP)
• Developing systems/processes
• Preparing offensive/defensive strategies
• Participated in industry filings to gain
  clarification on rules
• Eligible Telecommunications Carrier (ETC)
• Filed in 15 states to receive USF subsidies in
  wireless
• Dont expect any potential subsidies until 2004
• Push to Talk
• Wireline
• UNE-P
• No UNE-P lines today
• Final order released in August

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Conservative Capital Structure

• ALLTEL has one of the strongest credit profiles
  in the telecom industry
• Well capitalized balance sheet
• A1 / Prime-1 / F1 (SP / Moodys / Fitch)
  Commercial Paper ratings
• A / A2 / A (SP / Moodys / Fitch) long-term
  credit ratings
• Net Debt / OIBDA 1.4X1
• Net Debt/Total Capitalization 361

TELECOM COMPANY CREDIT RATINGS STATISTICS
6.0
RCCC
5.0
4.0
Q
6/30/03 Neb Debt/OIBDA
CZN
3.0
NXTL
CTL
2.0
FON/PCS
USM
VZ
AT
AWE
T
1.0
BLS
TDS
SBC
0.0
A
AA-
B
BB-
BB
BB
BBB-
BBB
BBB
A-
A
B
B-
CCC
SP Credit Rating
Source Wall Street equity research and company
filings. Note Assumes 80 equity credit for AT,
CZN, CTL and Sprint Equity Units. Q
pf directories sale and debt exchange, Sprint pf
directories sale, SBC pf Cegetel sale, VZ pf
Northcoast. 1 From current businesses as of
6/30/03 - OIBDA defined as operating income
before depreciation and amortization.
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Solid Financial Performance Delivering
Consistent Growth
Operating Income Before Depreciation and
Amortization (bn)1
Revenue (bn)1
Dividends per Share
Earnings per Share1
1 From Current Businesses (after the restatement
of discontinued operations which reflects the 2Q
03 sale of the financial services division of
the information services business).
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Solid Financial Performance Strong and Growing
Free Cash Flow
Millions
of Revenues

4-Year CAGR 31

Defined as Net Income Depreciation
Amortization - CAPEX and Capitalized Software
Development Costs.
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Solid Financial Performance Industry Performance
over 5 years
Daily Indexed Price Performance
January 1, 1998 to September 3, 2003
Satellite
78.0
Cable
57.8
ALLTEL
31.0
Wireless
22.8
SP 500
5.8
LEC RBOC
-15.8
1/1/98 8/18/98 4/2/99 11/17/99 7/3/00 2/15/01 10/2
/01 5/17/02 1/1/03 9/03/03
(a)
(d)
(b)
(c)

• Note Return includes dividends reinvested at
  pay dates.
• (a) Includes AWE, NXTL, PCS, USM, and WWCA
• (b) Includes CMCSK, COX, CVC, ICCI, and MCCC
• Includes BLS, CTCO, CTL, CZN, Q, SBC, TDS, and VZ
• (d) Includes DISH, GMH, and PGTV

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Second Quarter 2003 Highlights

• EPS from current businesses and discontinued
  operations of .78, an increase of 10
  year-over-year
• Equity Free Cash Flow1 of 236 million, an
  increase of 84 year-over-year
• Reduced long-term debt by 535 million
• Wireless revenue of 1.2 billion, an increase of
  19 year-over-year
• Wireline revenue of 606 million, an increase of
  22 year-over-year
• Postpay Churn of 2.03, the lowest postpay churn
  rate in over 3 years
• ARPU of 48.01, an increase of almost 2
  year-over-year
• Added over 17,000 DSL customers

1 From Current Businesses - defined as Net Income
Depreciation Amortization - Capital
Expenditures (including software development)
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Reconciliation of non-GAAP Measures
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Reconciliation of non-GAAP Measures
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Reconciliation of non-GAAP Measures
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Reconciliation of non-GAAP Measures
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Reconciliation of non-GAAP Measures
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Reconciliation of non-GAAP Measures
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Reconciliation of non-GAAP Measures