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Scott FordPresident and Chief Executive Officer

13th Annual Salomon Smith Barney Global Entertainment, Media &

Telecommunications ConferenceLa Quinta Resort & Club, La Quinta, CA

January 8, 2003

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,” “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

ALLTEL has performed better than the S&P 500 over the last 5 years

Assumes that $100 was invested on the last trading day of 1997 and that all dividends were reinvested.

Note - ALLTEL has raised dividends for 42 consecutive years - new annual dividend is $1.40 per common share “pre-tax”.

3Q 2002 Highlights

• Wireless revenue increased 12% year-over-year driven by the addition of 762,000 lines from CenturyTel

• Wireline revenue increased 17% year-over-year driven by the addition of 589,000 lines in Kentucky from Verizon

• Consolidated EBITDA increased 10% year-over-year to $818 million, a 39% margin

• More than 50% of wireless gross adds signed up on our higher revenue Freedom plans

• EPS increased 14% year-over-year to $.84*

* Includes impact of SFAS 142

Investment Highlights

Solid Financial

Performance

Industry Leading Results

Conservative Capital

Structure

Strong Platform for Continued

Growth

Proven Strategic

Model

Proven Strategic Model

• Focus Operationally

Focus Operationally

• Retail Experience• Call Center Experience• Network Experience

Proven Strategic Model

• Focus Operationally

• Finance Conservatively

Focus Operationally

• Retail Experience• Call Center Experience• Network Experience

Finance Conservatively

• Invest in Businesses Not Products

• Best Customer/Best Price

• Stay Relevant

Proven Strategic Model

• Focus Operationally

• Finance Conservatively

• Grow Opportunistically

Focus Operationally

• Retail Experience• Call Center Experience• Network Experience

Finance Conservatively

• Invest in Businesses Not Products

• Best Customer/Best Price

• Stay Relevant

Grow Opportunistically

• Focus on Free Cash Flow

• Operational “Fit”• Think Long-Term

ALLTEL WirelessVerizon & Other Roaming Agreements

Strong Platform for Continued Growth Wireless Markets – A Closer Look

Customers

Tier 2 & 3• Fewer Competitors• Higher Revenue Growth• Lower Churn• Better EBITDA Margins

• 7.6 mm customers*• 59mm POPs*

* As of 9/30/02.

ALLTEL WirelessVerizon & Other Roaming Agreements

0%

10%

20%

30%

40%

50%

60%

1st Qtr '02 2nd Qtr '02 3rd Qtr '02

% of Gross Adds on Total/National Freedom Rate Plans

Strong Platform for Continued Growth Total/National Freedom Rate Plans

Total/National Freedom Plans• Net present values are significantly higher than other rate plans

- ARPU is 20-25% higher- Leverage Verizon Roaming agreement

Strong Platform for Continued Growth Local Network Coverage Matters

PCS Competitor vs. ALLTEL Local Package

ALLTEL WirelineALLTEL WirelessVerizon & Other Roaming Agreements

Strong Platform for Continued Growth Wireline Markets – A Closer Look

• 2nd largest independent ILEC• 3.2 mm customer lines* As of 9/30/02

• Less competitive pressure• Little exposure to UNEP• Bundling success

• Over 40% LD penetration – 1.4 million LD customers

• 38%-42% vertical services penetration

• DSL can be offered to 1/2 of our customer lines

• 56,000 DSL customers - 3.5% penetration of addressable lines

• Approximately 250,000 Internet customers (including DSL)

• More than 80% of DSL customers have ALLTEL Internet Service

*

38.0% 38%

34%

29%

18%

38% 39%

34%

38%

27%

24%25%

0%

10%

20%

30%

40%

ALLTEL Verizon Wireless Cingular Nextel AT&T Wireless Sprint PCS

2001 EBITDA Margin 9/30/02 YTD EBITDA Margin

Industry Leading Results Wireless EBITDA Margins

• Direct Sales Channel is approximately 70%-75% of total sales• CDMA technology

Service revenue margin. Source: Company reports.

0.0%

0.5%

1.0%

1.5%

Verizon ALLTEL AT&T Cingular VoiceStream Sprint PCS Nextel

Industry Leading Results Wireless 3Q 2002

0.0%

4.0%

8.0%

12.0%

16.0%

Verizon ALLTEL Cingular AT&T Sprint PCS Nextel VoiceStream

Market Penetration

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

Nextel ALLTEL Verizon AT&T Cingular Sprint PCS VoiceStream

Churn

Market Share Gain

0.0%

15.0%

30.0%

45.0%

Nextel ALLTEL Verizon Cingular AT&T Sprint PCS VoiceStream

Cash Flow Margins

58%55%

51%

44%41%

58%

54%

50%

45%

31%

41%44%

0%

10%

20%

30%

40%

50%

60%

ALLTEL CenturyTel BellSouth Verizon Qwest ILEC** SBC

2001 EBITDA Margin 9/30/02 YTD EBITDA Margin

Industry Leading Results Wireline EBITDA Margins

• Focused on second and third tier cities and rural markets• Convergence drives better margins

Source: Company reports.**Source: Wall Street Research.

-4.5%

-4.0%

-3.5%

-3.0%

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

ALLTEL CenturyTel Sprint BellSouth Verizon Qwest SBC

Industry Leading Results Wireline 3Q 2002

Customer Growth* (vs. 3Q01)

0%

10%

20%

30%

40%

50%

60%

ALLTEL CenturyTel BellSouth Sprint Verizon SBC Qwest

Cash Flow Margin

* Excludes DSL

ALLTEL has one of the strongest credit profiles in the telecom industry• Well capitalized balance sheet

– A1 / Prime-1 / F1 (S&P / Moody’s / Fitch) Commercial Paper ratings– A / A2 / A (S&P / Moody’s / Fitch) long-term credit ratings

• Debt / EBITDA 1.9X (a)

• Debt / Total Capitalization 45%(a)

Conservative Capital Structure

Source: Wall Street equity research and company filings.*Debt/EBITDA as of 9/30/02 analyst estimates. S&P credit ratings as of 9/30/02.(a) Based on ALLTEL 9/30/02 LTM EBITDA. Assumes 80% equity credit for Equity Units.

TELECOM COMPANY CREDIT RATINGS STATISTICS *

SBCBLSVZ

AT TDS

USM

T

FON/PCS CTL

CZN

RCCC

NXTL

Q

AWE

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

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

Tota

l Deb

t / 2

002E

EB

ITD

A (x

)

S&P Credit Rating

Solid Financial Performance Delivering Consistent Growth

$5.2$5.8

$6.5$7.2 $7.5 $7.7

1997 1998 1999 2000 2001 9/30/02LTM

Revenue ($bn)

$1.8$2.1

$2.5 $2.7 $2.9 $3.0

1997 1998 1999 2000 2001 9/30/02LTM

EBITDA** ($bn)

$1.74$2.14

$2.59 $2.72 $2.84$3.15

1997 1998 1999 2000 2001 9/30/02LTM

Earnings per Share

$1.12$1.18

$1.24$1.29 $1.33

$1.40

1997 1998 1999 2000 2001 CurrentRate

Dividends per Share

* *

*Not restated for new reporting standard.**Excluding merger and integration expenses.

0100200300400500600700800900

1996 1997 1998 1999 2000 2001 9/30/02LTM

12%

16%

20%

24%

28%

Equity Free Cash Flow CAPEX as a % of Revenues

Millions

* Defined as Net Income + Depreciation + Amortization - CAPEX.

% of Revenues

$

15

*

Solid Financial Performance Strong and Growing Free Cash Flow

5-Year CAGR = 27%