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OUR FIRST PRIORITY IS RESPONSIBLE STEWARDSHIP ALLTEL's shareholders have entrusted us with their money, and they expect us to use it prudently for their long-term benefit. Our first job as a company is to maintain a balance between pursuing growth and taking on too much financial risk.

[EACH DAY] At ALLTEL, we strive to grow without compromising our financial strength. Our strategy is to be in a position to take advantage of opportunities when they arise, but to do so in a fiscally responsible manner. In times of economic and regulatory uncertainties, we have an obligation to ensure that we have the financial stability to endure. [IN 2002] ALLTEL's financial strength and track record of more than 250 successful acquisitions were both key factors in our ability to complete two acquisitions representing the addition of 1.35 million customers to our communications business. Despite a turbulent market and a troubled economy, we received positive support for our debt and equity offerings and raised $2.8 billion, net of issuance costs, while sustaining our A/A2/A credit rating - a rating among the highest in the telecom industry. The new wireless and wireline businesses we acquired have been successfully integrated into our operations and are now contributing to our bottom line.

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