ALLTEL Sets Record Date Related to Remarketing of Its Senior Notes Due in 2007.

LITTLE ROCK, Ark. -- ALLTEL (NYSE:AT) today announced that it expects on Feb. 14, 2005, to remarket its 6.25 percent senior notes due May 17, 2007, originally issued as part of its corporate units (NYSE:AYZ).

If the remarketing is successful, holders of record on Feb. 11, 2005, of the outstanding corporate units and holders of any senior notes held separately from the corporate units who elect to participate in the remarketing will receive the remaining proceeds, if any, from the remarketing after deduction of the amount described below.

An amount will be deducted from the total proceeds of the remarketing equal to the sum of 1) the price per senior note sufficient to purchase the portfolio of U.S. Treasury securities to be substituted for the senior notes as a component of the corporate units, multiplied by the total number of senior notes remarketed; and 2) the remarketing fee payable to the remarketing agents from the proceeds of the remarketing. The payment of such remaining proceeds, if any, will be made on a date to be determined after the settlement date of the remarketing, which is expected to be Feb. 17, 2005.

ALLTEL is a customer-focused communications company with more than 13 million customers and $8 billion in annual revenues. ALLTEL provides wireless, local telephone, long-distance, Internet and broadband services to residential and business customers in 26 states.