Atlanta,%20Georgia

1

OUR PLEDGE We believe that a good company should
stand for a set of values that are tangible and
clear-cut. In our case, this means providing good
communications services at a fair price in a
sensible manner. We will continue to better serve
our customers as well as protect our track record
of solid financial results. We will strike the
right balance between delivering great value to
the customer and delivering great value to our
shareholders. We will continue to focus on
long-term value creation by investing wisely in
our business and competing aggressively in our
markets. Finally, we will, as always, uphold our
obligations as financial stewards for our
shareholders by following the very highest
financial, management and ethical standards.
CTIA Wireless 2004 Conference Georgia World
Congress Convention Center

• Atlanta, Georgia
• March 22-24, 2004

2
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.

3
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.

4
First Quarter 2004 Highlights

• Equity Free Cash Flow1 of 328 million, an
  increase of 13 year-over-year
• Wireless retail revenue growth of 8
• Wireless gross adds of 737K, best in company
  history
• Wireless post-pay churn of 1.93
• Wireless net adds of 158K, best in five years
• Wireline segment income increased 2
  year-over-year despite 2 decline in revenue
• DSL net adds of 21K
• Repurchased 4.8M shares for 243M completing 1/3
  of 750M plan

1 From Current Businesses - defined as Net Income
Depreciation Amortization - Capital
Expenditures (including software development)
5
Solid Financial Performance Strategic Model
Driving Consistent Growth
Operating Income Before Depreciation and
Amortization (bn)1
Revenue (bn)1
CAGR 8.6
CAGR 9.3
Dividends per Share
Diluted Earnings per Share1
CAGR 3.4
CAGR 7.0
1 From Current Businesses
6
Solid Financial Performance Strategic Model
Driving Strong and Growing Equity Free Cash Flow
Over 1B in Equity Free Cash Flow in 2003
Millions
of Revenues

5-Year CAGR 13.8
1
1 From Current Businesses
7
2003 Strategic Highlights

• Completed sale of information services business
• Significantly improved the Balance Sheet
• Paid nearly 800M in long-term debt
• Ended the year with more than 1B of cash and
  marketable securities
• Improved credit ratings reduced net debt to
  total cap from 43 to 331

1Assumes 80 equity credit for equity units.
8
2003 Operational Highlights

• Invested 1.2B to improve and expand our service
  capabilities
• Further expand digital footprint
• Deployed 1X wireless data technology in 10
  markets
• Expanded high-speed wireline technology (DSL)
  availability
• At year-end we served
• 8.0 million wireless customers (6 y/y growth)
• 3.1 million wireline customers (2 y/y growth)
• 1.7 million long-distance customers (9 y/y
  growth)
• 153,000 DSL high-speed Internet customers (118
  y/y growth)

9
2003 Financial Highlights

• Grew Equity Free Cash Flow1,2 26 to over 1
  billion
• Earned a 15 Return on Equity1
• Grew Diluted EPS1 4 to 3.05
• Increased consolidated revenue 12 to 8 billion
• Grew wireless service revenue 12 to 4.5 billion
  
• Grew wireline revenue 12 to 2.4 billion
• Increased the dividend for the 43rd consecutive
  year to 1.48 per share annually, an 3 yield

1 From Current Businesses 2 Equity Free Cash Flow
defined as Net Income Depreciation
Amortization - Capital Expenditures (including
software development)
10
A Closer Look at Our BusinessAn Integrated
Telecom Company With Significant Wireless Exposure
2003 ALLTEL
Integrated Telecom Companies
Revenue
OIBDA
Company Name ALLTEL Sprint BellSouth(2) Ve
rizon SBC(2)
03 Wireless Rev as of Total Rev
(1) 58 48 36 33 32
2003 OIBDA 3.2B
2003 Revenue 8.0B
Business is well positioned for growth and free
cash flow
(1) Source Analyst and company reports (2)
Includes prorata share of AWE 2003 revenue
assuming no divestitures.
11
Wireless BusinessA Closer Look at the Business
and 2003 Highlights

• As of 12/31/03
• 60 million POPs
• Over 8.0 million customers
• Customer Mix
• Tier 1 - 37
• Tier 2 - 34
• Tier 3 - 29

• 2003 Highlights
• 2003 YOY
• Service revenue 4.5B 12
• ARPU 47.51 1
• Gross adds 2.7M 13
• Post-pay churn 2.09 (6)

Wireless National Calling Areas Cover All 50
States
12
2003 Comparison to Wireless PeersRevenue and
Income Metrics Per Customer
Monthly Op. Income Per Customer 6 9 4 1 16
11
Customers (In Millions)(c) 46.0 37.5 17.5 13.1 12.
9 8.0
ARPU (Service Rev) 54 49 61 53 69 48
CCPU (Exc Acq Costs) 28 21 31 26 26 21

• Cingular/AWE(a)
• Verizon
• Sprint(b)
• T-Mobile
• Nextel
• ALLTEL

SCALE IS LOCAL
Source Analyst and company reports (a) Estimates
for Cingular/AWE assuming no divestitures (b)
Excludes affiliates (c) Customers as of 12/31/03
Note Expense categories exclude one-time
charges.
13
Wireline BusinessA Closer Look at the Business
and 2003 Highlights

• As of 12/31/03
• 2nd largest independent ILEC
• Approximately 3.1 million customer lines
• Approximately 50 of wireline access lines
  overlap wireless service areas

• 2003 Highlights
• 2003 YOY
• Revenue 2.4B 12
• Segment income 884M 10
• DSL net adds 83K 93

Wireless Wireline National Calling Areas Cover
All 50 States
14
2003 Comparison to Wireline PeersRevenue and
Income Metrics Per Customer
Monthly Op. Income Per Customer
ARPU
CCPU
Customers (In Millions)
Verizon 56.8 58 34 11 SBC 55.9 54 37 6 BellS
outh 21.7 71 38 19 Qwest 16.6 68 39 18 Sprin
t 8.0 64 34 19 ALLTEL 3.1 65 27 23 CenturyTe
l 2.4 72 32 24
SCALE IS LOCAL
Source Analyst and company reports
15
Reconciliation of Non-GAAP Financial Measuresfor
the three months ended March 31
16
Reconciliation of Non-GAAP Financial Measuresfor
the years ended December 31, 2003, 2002, 2001,
2000 and 1999
17
Reconciliation of Non-GAAP Financial Measuresfor
the years ended December 31, 2003, 2002, 2001,
2000 and 1999
18
(No Transcript)
19

OUR PLEDGE We believe that a good company should
stand for a set of values that are tangible and
clear-cut. In our case, this means providing good
communications services at a fair price in a
sensible manner. We will continue to better serve
our customers as well as protect our track record
of solid financial results. We will strike the
right balance between delivering great value to
the customer and delivering great value to our
shareholders. We will continue to focus on
long-term value creation by investing wisely in
our business and competing aggressively in our
markets. Finally, we will, as always, uphold our
obligations as financial stewards for our
shareholders by following the very highest
financial, management and ethical standards.
CTIA Wireless 2004 Conference Georgia World
Congress Convention Center

• Atlanta, Georgia
• March 22-24, 2004