CenturyTel Wireless Acquisition - Expanding Wireless Footprint

• Attractive purchase price of $1.65 billion
  • 6.8x 2001 proportionate consolidated EBITDA

• Complementary wireless footprint

• Enhanced scale and scope
  • Over 700,000 subscribers
  • 8.3 million consolidated and 2 million minority POPs

• EPS break-even or better in 2003

• Significant profit creation opportunities
  • CenturyTel’s penetration of 9.5% vs. ALLTEL’s 13.2%
  • Introduction of profitable national calling plans
  • Improvement of operating cost structure
    

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