Jeff GardnerExecutive Vice President and Chief Financial Officer Raymond James 26th Annual Institutional Investors Conference

Orlando, FL

March 7, 2005

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“Safe Harbor” StatementThis 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 the integration of acquired businesses; adverse changes in the terms and conditions of the company's wireless roaming agreements; the potential for adverse changes in the ratings given to ALLTEL's debt securities by nationally accredited ratings organizations; the availability and cost of financing in the corporate debt markets; the uncertainties related to ALLTEL's strategic investments; the effects of work stoppages; 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.

“Safe Harbor” Statement and Regulation G Disclaimer

Regulation G Disclaimer

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 www.alltel.com.

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Agenda

• A Closer Look at ALLTEL

• Strategic Model

• Track Record of Financial Performance/Shareholder Returns

• 4Q 04 & Full Year 2004 Highlights

• 2005 Activities

• Summary – Why Invest in ALLTEL

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A Closer Look at ALLTEL

4Q04

• Wireless 8.6M

• Wireline (ILEC & CLEC) 3.0M

• Long-Distance 1.8M

• DSL 243K

•

• Wireless• Wireline (ILEC, CLEC, Internet)• Communication Support Services

Business Mix Customers

Wireless• 62M POPs• ~2/3 of customers in Tier 2

and 3 markets

Wireline• ~50% of our wireline is

overlapped by our wireless

4Q04 % of Total Revenue

61%

28%

11%

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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 KeyPositions ALLTEL for Telecom Industry Evolution and Shareholder Value

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Transaction Strategy Has Improved the Business Mix

Strategic ModelDisciplined 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

• 2005 – Pending Acquisition of Conflicted Cingular/AWE assets - $170M cash & partnership swaps– Will add 200K+ wireless customers

• 2005 – Pending merger with Western Wireless - $6.0B– Will add 3.0M wireless customers

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0.0

1.0

2.0

3.0

4.0

5.0

6.0

S&P Credit Rating

Q4'04 Net Debt/OIBDA

Source: Wall Street equity research and company filings.Note: SBC PF AT&T acquisition. Sprint/Nextel PF. Pro Forma (PF) ratings have not been assigned.(1) Ratings from S&P / Moody’s / Fitch, respectively(2) From current businesses 2004 – OIBDA defined as operating income before depreciation and amortization.Note: Assumes 80% equity credit for AT and CTL equity units.

ALLTEL Has One of the Strongest Credit Profiles in the Telecom Industry

ALLTEL Credit Metrics (12/31/04)– Net Debt / OIBDA 1.2X(2)

– Net Debt / Total Cap 33%

ALLTEL

SBC / T

BellSouth

TDS

US Cellular

CenturyTelSprint/Nextel

Citizens

Rural Cellular

Qwest

CCC + B B+ BBB- BBB A- A A+B- BB- BB BB+ BBB+ AA-

Verizon

1

ALLTEL Credit Ratings(1) –A1 / Prime-1 / F1 - Commercial Paper ratings –A / A2 / A - Long-term credit ratings

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Track Record of Results Strategic Model Driving Consistent Growth

$6.3 $6.6$7.1

$8.0 $8.2

2000 2001 2002 2003 2004

Revenue ($bn)1

$2.44$2.59

$2.94 $3.05$3.37

2000 2001 2002 2003 2004

Earnings per Share1

$1.29 $1.33 $1.37$1.42

$1.49

2000 2001 2002 2003 2004

Dividends per Share

1 From Current Businesses

Operating Income Before Depreciation and Amortization ($bn)1

$2.5 $2.7 $2.9$3.2 $3.3

2000 2001 2002 2003 2004

CAGR = 6.9% CAGR = 7.3%

CAGR = 8.4% CAGR = 3.7%

(Dollars in billions except per share amounts)

9

0

200

400

600

800

1,000

1,200

1,400

2000 2001 2002 2003 20048%

12%

16%

20%

24%

28%

32%

36%

Equity Free Cash Flow CAPEX as a % of Revenues

Millions % of Revenues

$

CAGR = 23.3%

$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

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Track Record of Results Disciplined Approach to Return of Capital and 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

Returned More than $1 Billion of Cash to Shareholders in 2004

Stock Price Appreciation & Dividends – Rank

5 Year(2) 3 Year (2) 1 Year (2)

1

4

3

5

2

2

4

5

1

3

2

5

4

1

3

ALLTEL

BellSouth

SBC

Sprint

Verizon

Note: (1) Total return based on stock price appreciation and dividends(2) Period ending March 2, 2005

Source: FactSet database and Company reports

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Solid Performance in 4Q 04 and Full Year 2004 in Both Wireless and Wireline

4Q04 & Full Year 2004 HighlightsSolid Earnings, Free Cash Flow, and Operating Metrics

Consolidated 4Q04 YOY FY 2004 YOY• EPS from current businesses $.89 16% $3.37 10%• Equity free cash flow $226M 4% $1.2B 17%

Wireless • Service revenue $1.25B 11% $4.8B 7%• Retail service revenue $1.16B 12% $4.4B 8%• ARPU $49.24 4% $48.13 1%• RRPU $45.51 5% $44.39 2%• Post-pay churn 1.68% (28bp) 1.74% (35bp)• Net customer additions 139K 46% 511K 86%

Wireline• ARPU $66.98 1% $65.87 2%• Segment income $236M Flat $926M 5%• Broadband net adds 26K 15% 90K 9%

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$47.26

$49.24

$40.00

$45.00

$50.00

4Q03 4Q04

Wireless Business 4Q04Quality Customer Growth, Data, and ETC Revenue driving ARPU

(1) Source: Analyst and company reports

4% Increase

YOY

95

139

0

50

100

150

4Q03 4Q04

Net Adds Quarter Over Quarterin thousands

46%Increase

YOY

1%

3%

0%

1%

2%

3%

4%

5%

4Q03 4Q04

Data as % of Total ARPU

ARPU

• Most net adds on post pay plans

• Improved service levels/retention focus led to PostPay Churn of 1.68%

• Text Messaging driving much of the growth

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36.1% 36.2%

4Q03 OIBDA 4Q04 OIBDA

Wireless Business 4Q04Industry Leading Cost Structure

– Maintaining margins even with CCPU up 7% yoy driven by retention expenses and mou per customer growth of 32%

– Managing non-usage expenses

1OIBDA defined as operating income before depreciation and amortization (measured on service revenues).

OIBDA Margins1

Source: Analyst and company reports

42%

40%

36%

31%

23%

19%

0%

10%

20%

30%

40%

50%

Nextel Verizon ALLTEL Sprint Cingular T-Mobile

OIBDA Margins1

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Wireline Business 4Q04Access Lines Continue to Decline, But Broadband Customer Base Grows

Year-Over-Year Total Access Lines

3,095,635

3,009,388

2,500,000

2,750,000

3,000,000

3,250,000

4Q03 4Q04

2.8% Decline

YOY

153,028

243,325

100,000

150,000

200,000

250,000

4Q03 4Q04

Broadband Customer Base Year-Over-Year

• Declines driven by wireless and broadband substitution

59% Increase

YOY

Access lines declined 86K yoy while broadband customers increased 90K yoy

• ~12% penetration of addressable lines

• 4Q04 net adds of 26K is the highest in company history

$66.03

$66.98

$60

$65

$70

4Q03 4Q04

1% Increase

YOY

ARPU

ARPU Driven by:• Increase in Broadband• Increase in Feature

Revenue

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$27

$33$35

$37

$42$44

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

ALLTEL Sprint CenturyTel Verizon BellSouth SBC

59.9% 59.8%

4Q03 OIBDA 4Q04 OIBDA

Wireline Business 4Q04Industry Leading Cost Structure

– Maintaining margins despite slight decline in revenue

1OIBDA defined as operating income before depreciation and amortization (measured on service revenues).

Cash Costs per Customer

Source: Analyst and company reports

OIBDA Margins1

Flat YOY

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2005 Activities

Capital Structure• Successfully remarketed Senior Notes in February

– Expect ~$1.4B in cash proceeds in May– Will issue 23M-28M shares in May

Wireless Business• ETC Revenue - expect ~$25M per quarter• Expand data footprint

– Plan to cover 90% - 100% of POPS with 1X data by year end– Plan to launch EV-DO in several markets by end of 1Q and 6-10

additional markets by year end• Integration efforts on track

– Expect Cingular to close in 2Q– Expect Western Wireless to close mid year

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2005 Activities

Wireline Business

• Thorough review of strategic alternatives

• Continue broadband deployment

• Plan to add video to product mix

• Evaluating VoIP and Fiber deployment

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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 ALLTEL’s 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

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ALLTEL & Western Wireless Increases presence in markets where we add significant value

Pro Forma Domestic Footprint

ALLTEL Pro Forma(Dollars in Billions, POPs and Subs in Millions)

Wireless Customers 11.5

Wireline Access Lines 3.0

Revenue $9.9

OIBDA $3.8Revenue and OIBDA LTM 9/30/04

Covered U.S. POPs 72.5M

Network Coverage >1M sq. mi.

Spectrum Position Avg. ~30MHZ(primarily in 850MHz band)

IrelandAustria

SloveniaGeorgia

Bolivia

Haiti

Pro Forma International Footprint

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ALLTEL & Western Wireless And Improves Our Wholesale Position By Diversifying Our Roaming Revenue Sources

ALLTEL

– Roaming revenue ~8% of wireless revenue

– ~60% of roaming from one national carrier

We become the largest independent roaming partner in our markets with each of the four national

carriers by offering multiple technologies (CDMA, GSM, TDMA)

ALLTEL / Western Wireless

– Roaming revenue ~10% of wireless revenue

– No carrier over 45%

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ALLTEL & Western Wireless And Improves Our Wholesale Position In the Right Places

PRO FORMA ALLTELCingular

PRO FORMA ALLTELVerizon

PRO FORMA ALLTELNextelSprint

PRO FORMA ALLTELT- Mobile

Cingular Verizon

Sprint/Nextel T-Mobile

Note: ALLTEL Pro Forma licensed coverage. All others represent approximate network build out.

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Summary - Why Invest in ALLTEL?

• Integrated telecom with highest relative contribution from wireless in the industry

• Solid balance sheet

• Strong and growing equity free cash flow

• Solid track record of shareholder returns

• ~2.7% dividend yield

• Wireless Business – accelerating top-line by 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

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Reconciliation of Non-GAAP Financial Measuresfor the years ended December 31, 2004, 2003, 2002, 2001 and 2000:

Revenues and sales from Current Businesses(Dollars in millions) 2004 2003 2002 2001 2000Revenues and sales under GAAP 8,246.1$ 7,979.9$ 7,112.4$ 6,615.7$ 6,308.9$ Items excluded from measuring results from current businesses: Litigation settlement - - - - 11.5 Revenues and sales from current businesses 8,246.1$ 7,979.9$ 7,112.4$ 6,615.7$ 6,320.4$

OIBDA from Current Businesses(Dollars in millions) 2004 2003 2002 2001 2000Operating income under GAAP 1,921.6$ 1,898.0$ 1,719.6$ 1,548.7$ 1,536.2$ Items excluded from measuring results from current businesses: Write-down of receivables due to interexchange carrier's bankruptcy filing - - 14.0 - - Litigation settlement - - - - 11.5 Restructuring and other charges 50.9 19.0 69.9 76.3 15.3 Operating income from current businesses 1,972.5 1,917.0 1,803.5 1,625.0 1,563.0 Depreciation and amortization expense 1,299.7 1,247.7 1,095.5 1,082.0 903.7 OIBDA from current businesses 3,272.2$ 3,164.7$ 2,899.0$ 2,707.0$ 2,466.7$

Diluted Earnings per Share from Current Businesses2004 2003 2002 2001 2000

Diluted earnings per share under GAAP $3.39 $4.25 $2.96 $3.40 $6.08Items excluded from measuring results from current businesses, net of tax: Write-down of receivables due to interexchange carrier's bankruptcy filing - - .03 - - Net financing costs related to prefunding the Company's wireline and wireless acquisitions - - .05 - - Litigation settlement - - - - .02 Restructuring and other charges .04 .04 .14 .14 .02 Gain on disposal of assets - (.06) (.03) (.68) (3.57) Write-down of investments - .01 .03 - .03 Termination fees on early retirement of long-term debt - .01 - .01 - Reversal of income tax contingency reserves - - - - - Discontinued operations (.06) (1.15) (.24) (.22) (.26) Cumulative effect of accounting change - (.05) - (.06) .12Diluted earnings per share from current businesses $3.37 $3.05 $2.94 $2.59 $2.44

For the years ended December 31

For the years ended December 31

For the years ended December 31

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Reconciliation of Non-GAAP Financial Measuresfor the years ended December 31, 2004, 2003, 2002, 2001 and 2000:

Equity Free Cash Flow(Dollars in millions) 2004 2003 2002 2001 2000Net cash provided from operations 2,466.8$ 2,474.7$ 2,392.2$ 1,882.1$ 1,428.9$ Adjustments to reconcile to net income under GAAP: Income from discontinued operations 19.5 361.0 74.2 69.5 82.7 Cumulative effect of accounting change - 15.6 - 19.5 (36.6) Depreciation and amortization expense (1,299.7) (1,247.7) (1,095.5) (1,082.0) (903.7) Provision for doubtful accounts (184.9) (184.7) (265.9) (138.4) (110.7) Non-cash portion of integration expenses and other charges (25.6) (13.2) (12.6) (37.7) (1.6) Gain on disposal of assets - 31.0 17.4 357.6 1,943.5 Write-down of investments - (6.0) (16.4) - (15.0) Increase in deferred income taxes (263.4) (225.0) (357.6) (190.4) (131.0) Reversal of income tax contingency reserves 19.7 - - - - Other non-cash changes, net 14.4 11.4 25.6 8.7 35.8 Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions 299.4 113.0 162.9 178.1 (363.5) Net income under GAAP 1,046.2 1,330.1 924.3 1,067.0 1,928.8 Adjustments to reconcile to net income from current businesses: Write-down of receivables due to interexchange carrier's bankruptcy filing, net of tax - - 8.7 - - Net financing costs related to prefunding the Company's wireline and wireless acquisitions, net of tax - - 16.3 - - Litigation settlement, net of tax - - - - 7.0 Restructuring and other charges, net of tax 31.1 11.5 42.3 45.3 9.1 Gain on disposal of assets, net of tax - (18.9) (10.6) (214.4) (1,133.5) Write-down of investments, net of tax - 3.9 10.1 - 9.2 Termination fees on early retirement of long-term debt, net of tax - 4.4 - 1.7 - Reversal of income tax contingency reserves, net of tax (19.7) - - - - Income from discontinued operations, net of tax (19.5) (361.0) (74.2) (69.5) (82.7) Cumulative effect of accounting change, net of tax - (15.6) - (19.5) 36.6 Net income from current businesses 1,038.1$ 954.4$ 916.9$ 810.6$ 774.5$ Adjustments to reconcile to equity free cash flow from current businesses: Depreciation and amortization expense 1,299.7 1,247.7 1,095.5 1,082.0 903.7 Capital expenditures (1,125.4) (1,137.7) (1,154.8) (1,170.1) (1,120.2) Capitalized software development costs (32.3) (56.7) (58.4) (80.5) (47.6) Equity free cash flow from current businesses 1,180.1$ 1,007.7$ 799.2$ 642.0$ 510.4$

Capital Expenditures as a Percent of Total Revenues and Sales:(Dollars in millions) 2004 2003 2002 2001 2000Capital expenditures 1,157.7$ 1,194.4$ 1,213.2$ 1,250.6$ 1,167.8$ Total revenues and sales from current businesses 8,246.1 7,979.9 7,112.4 6,615.7 6,320.4 Capital expenditures as a percent of total revenues and sales 14.0% 15.0% 17.1% 18.9% 18.5%

For the years ended December 31

For the years ended December 31

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

Wireless OIBDA Service Revenue Margin(Dollars in millions) 2004 2003Wireless segment income under GAAP 260.1$ 231.6$ Depreciation and amortization expense 193.8 175.5 Wireless OIBDA (A) 453.9$ 407.1$

Wireless service revenues (B) 1,252.8$ 1,128.0$ Wireless OIBDA service revenue margin (A) / (B) 36.2% 36.1%

Wireline OIBDA Margin(Dollars in millions) 2004 2003Wireless segment income under GAAP 235.7$ 236.8$ Depreciation and amortization expense 127.9 132.1 Wireless OIBDA (A) 363.6$ 368.9$

Wireless service revenues (B) 607.8$ 615.8$ Wireless OIBDA service revenue margin (A) / (B) 59.8% 59.9%

Diluted Earnings per Share From Current Businesses:2004 2003

Diluted earnings per share under GAAP $0.89 $0.83Items excluded from measuring results from current businesses, net of tax: Gain on disposal of assets - (0.06) Diluted earnings per share from current businesses $0.89 $0.77

Equity Free Cash Flow(Dollars in millions) 2004 2003Net cash provided from operations 622.8$ 624.2$ Adjustments to reconcile to net income under GAAP: Depreciation and amortization expense (332.5) (321.3) Provision for doubtful accounts (47.6) (42.2) Non-cash portion of gain on disposal of assets - 31.0 Increase in deferred income taxes (74.8) (83.5) Other non-cash changes, net 5.8 9.9 Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions 96.9 40.8 Net income under GAAP 270.6 258.9 Restructuring and other charges, net of tax (0.6) - Gain on disposal of assets, net of tax - (18.9) Net income from current businesses 270.0 240.0 Adjustments to reconcile to equity free cash flow from current businesses: Depreciation and amortization expense 332.5 321.3 Capital expenditures (376.8) (343.3) Equity free cash flow from current businesses 225.7$ 218.0$

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Other Reconciliations of Non-GAAP Financial Measures

Debt to Equity Ratio Under GAAP as of December 31:(Dollars in millions) 2004Long-term debt, including current maturities (A) 5,577.4$ Total shareholders equity 7,128.7 Total debt and equity (B) 12,706.1$ Debt to equity ratio under GAAP (A) / (B) 44%

Net Debt to Total Capitalization as of December 31:(Dollars in millions) 2004Long-term debt, including current maturities 5,577.4$ Cash and short-term investments (484.9) Net debt 5,092.5$ Assumed conversion of equity units (80% of $1,385.0) (1,108.0) Adjusted net debt (A) 3,984.5$

Net debt 5,092.5$ Total shareholders' equity 7,128.7 Total capitalization (B) 12,221.2$ Net debt to total capitalization (A) / (B) 33%

Net Debt to Operating Incomefor the twelve months ended December 31:(Dollars in millions) 2004Long-term debt, including current maturities 5,577.4$ Cash and short-term investments (484.9) Net debt 5,092.5$ Assumed conversion of equity units (80% of $1,385.0) (1,108.0) Adjusted net debt (A) 3,984.5$

Operating income under GAAP (B) 1,921.6$ Net debt to operating income (A) / (B) 2.1

Net Debt to OIBDA from Current Businessesfor the twelve months ended December 31:(Dollars in millions) 2004Adjusted net debt (see above) (A) 3,984.5$

Operating income under GAAP 1,921.6$ Restructuring and other charges 50.9 Depreciation and amortization expense 1,299.7 OIBDA from current businesses (B) 3,272.2$ Net debt to OIBDA from current businesses (A) / (B) 1.2