Jeff Gardner Sr. Vice President & Chief Financial Officer Raymond James & Associates

1. Jeff Gardner Sr. Vice President & Chief Financial Officer Raymond James & Associates 24th Annual Institutional Investors Conference The Hyatt Regency Grand Cypress Orlando, Florida March 3, 2003

2. 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. “Safe Harbor” Statement

3. 2002 Highlights • Equity Free Cash Flow1 growth of 21% to $996 million • Return on Equity of 17% • EPS from current businesses increased 14%2 to $3.24 • Wireless revenue growth of 9% • Wireline revenue growth of 11% • Raised our dividend for the 42nd consecutive year 1 Defined as Net Income + Depreciation & Amortization - Capital Expenditures 2 Reflects January 2002 implementation of SFAS 142

4. Investment Highlights Strategic Model Solid Financial Performance Strong Platform for Continued Growth Conservative Capital Structure Industry Leading Results

5. Strategic Model • Operational Focus Operational Focus • Point of Sale Experience • Customer Service Experience • Network Quality Experience

6. Strategic Model • Operational Focus • Financial Discipline 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

7. Strategic Model • Operational Focus • Financial Discipline • Opportunistic 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)

8. Strong Platform for Continued GrowthWireless Markets as of 12/31/02 – A Closer Look ALLTEL Wireless Verizon & Other Roaming Agreements • 7.6 million customers • 59 million POPs

9. Customers • Tier 2 & 3 • Fewer Competitors • Higher Revenue Growth • Lower Churn • Better EBITDA Margins Strong Platform for Continued GrowthWireless Markets as of 12/31/02 – A Closer Look ALLTEL Wireless Verizon & Other Roaming Agreements • 7.6 million customers • 59 million POPs

10. % of Gross Adds on Total/National Freedom Rate Plans Strong Platform for Continued GrowthTotal/National Freedom Rate Plans ALLTEL Wireless Verizon & Other Roaming Agreements Total/National Freedom Plans • Leverage Verizon roaming agreement • Net present values are significantly higher than other rate plans • ARPU is 20-40% higher • Approximately 20% of customer base is on a national plan

11. Strong Platform for Continued GrowthLocal Network Coverage Matters PCS Competitor vs. ALLTEL Local Package

12. Strong Platform for Continued GrowthWireline Markets as of 12/31/02 – A Closer Look ALLTEL Wireline ALLTEL Wireless Verizon & Other Roaming Agreements • 2nd largest independent ILEC • Almost 3.2 million customer lines

13. Less competitive pressure • Little exposure to UNE-P • Success with vertical and enhanced services • Over 1.5 million LD customers (almost 50% penetration) • 38%-42% vertical services penetration • 70,000 DSL customers - 4.3% penetration of addressable lines • More than 80% of DSL customers have ALLTEL Internet Service Strong Platform for Continued GrowthWireline Markets as of 12/31/02 – A Closer Look ALLTEL Wireline ALLTEL Wireless Verizon & Other Roaming Agreements • 2nd largest independent ILEC • Almost 3.2 million customer lines

14. Strong Platform for Continued GrowthWireline Markets as of 12/31/02 – A Closer Look DSL Customers Long-Distance Customers In thousands

15. Industry Leading ResultsWireless EBITDA Margins • EBITDA Drivers: • Direct Sales Channel is approximately 70%-75% of total sales • CDMA technology • Cash cost per customer competitive with companies with greater scale Service revenue margin. Source: Company reports.

16. Industry Leading ResultsWireless 4Q 2002 Market Penetration Gross Gain per POPs Churn Cash Flow Margins T-Mobile based on 1/28/03 news release. Source: Company reports

17. Industry Leading ResultsWireline EBITDA Margins • EBITDA Drivers: • Focused on second and third tier cities and rural markets • Convergence drives better margins Source: Company reports.

18. Industry Leading ResultsWireline 4Q 2002 Cash Flow Margin Customer Growth* (vs. 4Q01) Source: Company reports * Excludes DSL

19. Conservative Capital Structure • 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 • Net Debt / EBITDA 1.7X 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. (a) Net Debt/EBITDA as of 12/31/02 except for CZN, NXTL and RCCC as of 9/30/02.

20. Solid Financial PerformanceDelivering Consistent Growth Revenue ($bn) EBITDA** ($bn) * * Dividends per Share Earnings per Share *Not restated for new reporting standard. **Excluding merger and integration expenses.

21. Solid Financial PerformanceStrong and Growing Free Cash Flow Millions % of Revenues $ 5-Year CAGR = 26% * 15 * Defined as Net Income + Depreciation & Amortization - CAPEX.

22. 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”.

23. Proposed Sale of Financial Services Division of AIS • Proceeds • $775M in cash • $275M in common stock • Retaining Telecom Services Division ~10-12% of revenue and EBITDA • Expect to close 3/31/03 • Proposed sale will • Improve telecom focus • Improve the balance sheet • Improve financial flexibility • Expect $.22 dilution in ‘03 (9 months) assuming close on 3/31/03

24. 2003 Outlook • EPS from current businesses of $3.12 to $3.22 • Includes $.22 of expected dilution from the proposed sale of the financial services division of AIS • Includes $.08 of pension expense • Implies normalized growth rate of 6% to 9% • Capital expenditures of $1.2 billion to $1.3 billion • Includes further deployment of CDMA coverage • Includes 1X data deployment Source: 4Q02 Earnings Call on January 29, 2003