ALLTEL.

A.G. EDWARDS & SONS INC. -- "Alltel is a very well-managed company as evidenced by historical growth and profitability. It also has a good strategic position in select second-tier markets. The company's mix of assets and geographic presence should provide a strong defense against competitors and allow Alltel to grow by selling expanded product lines into its existing customer base. We think Alltel offers sound long-term growth potential and is a potential acquisition candidate."

MORGAN KEEGAN -- "We believe Alltel's unique set of telecom assets and positioning in less competitive markets provides a unique investment opportunity in the increasingly competitive telecom industry."

MORGAN STANLEY DEAN WITTER -- Strong Buy, saying "On March 10,2000, we upgraded Alltel to a strong buy and are reiterating that rating. We believe Alltel's wireless property swap with Bell Atlantic/ GTE further reduces Alltel's exposure to roaming revenues from its already relatively low level among other secondary market wireless operators."

PAINEWEBBER -- Buy rating, saying "We believe that the key for the stock will be a reversal of the recent two-quarter trend of decelerating wireless revenue growth. Alltel is a cheap play on wireless, a sector whose fundamentals are white hot."

STEPHENS INC. -- Buy rating, saying "We continue to view Alltel's convergence strategy positively. The ability to offer local service, long distance, wireless and data as a bundled package should help grow the customer base and reduce churn. We are beginning to see the effects of this strategy with vertical penetration now reaching 25-30 percent."