Alltel Adds One Million Gross Wireless Customers in the Second Quarter.

LITTLE ROCK, Ark. -- Alltel achieved strong customer growth in the second quarter, adding more than 1 million gross customers for the third consecutive quarter. Net customer additions increased 76 percent year-over-year.

"The Alltel team had another great quarter, and I continue to be proud of the dedication and focus they demonstrate on a daily basis," said President and Chief Executive Officer Scott Ford. "We're having a terrific year as evidenced by our strong customer additions and consolidated EBITDA."

Alltel announced plans on June 5 to be acquired by Verizon Wireless. The deal, which requires regulatory approval, is expected to close by year's end.

Among Alltel's highlights for the second quarter:

* Revenues were $2.39 billion, a 10 percent increase from the same period a year ago. The company reported a loss of $69.9 million, due primarily to significant increases in interest costs and depreciation and amortization expense following the completion of the company's November 2007 merger with an affiliate of TPG Capital and GS Capital Partners.

* Alltel added more than 1 million gross customers through internal growth, a 37 percent increase from a year ago. Post-pay net additions were 217,047, up 20 percent year-over-year, and prepay net adds were 99,089. Reseller net adds were 3,551. Total net adds were 319,687.

* Post-pay churn was 1.21 percent, and total churn was 1.92 percent.

* Average revenue per wireless customers (ARPU) was $54.42, up 1 percent from last year. Data revenue per wireless customer was $8.18, up 45 percent year-over-year.

* Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) was $898.3 million, a 15 percent increase from the same period a year ago.

A table describing consolidated EBITDA and reconciling net income to consolidated EBITDA is included in the schedules accompanying this release.

Alltel operates America's largest wireless network, which delivers voice and advanced data services nationwide to more than 13 million customers. Headquartered in Little Rock, Ark., Alltel is a Forbes 500 company with annual revenues of nearly $9 billion.

Alltel claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Actual future events and results may differ materially from those expressed in these forward-looking statements as a result of a number of important factors. Representative examples of these factors include (without limitation) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Cellco Partnership and AirTouch Cellular (both doing business as Verizon Wireless); the inability to complete the merger due to the failure to satisfy conditions to the completion of the merger, including the receipt of all regulatory approvals related to the merger; risks that the proposed transaction disrupts current plans and operations; adverse changes in economic conditions in the markets served by Alltel; the extent, timing, and overall effects of competition in the communications business; material changes in the communications industry generally that could adversely affect vendor relationships with equipment and network suppliers and customer relationships with wholesale customers; failure of our suppliers, contractors and third-party retailers to provide the agreed upon services; changes in communications technology; the effects of a high rate of customer churn; adverse changes in the terms and conditions of the wireless roaming agreements of Alltel; our withdrawal from the bidding for licenses in the 700 MHz spectrum auction; potential increased costs due to perceived health risks from radio frequency emissions; the effects of declines in operating performance, including impairment of certain assets; risks relating to the renewal and potential revocation of our wireless licenses; potential higher than anticipated inter-carrier costs; potential increased credit risk from first-time wireless customers; the potential for adverse changes in the ratings given to Alltel's debt securities by nationally accredited ratings organizations; risks relating to our substantially increased indebtedness following the private equity merger and related transactions, including a potential inability to generate sufficient cash to service our debt obligations, and potential restrictions on the Company's operations contained in its debt agreements; potential conflicts of interest and other risks relating to the private equity sponsors having control of the Company; loss of the Company's key management and other personnel or inability to attract such management and other personnel; the effects of litigation, including relating to telecommunications technology patents and other intellectual property; the effects of federal and state legislation, rules, and regulations governing the communications industry; and potential unforeseen failure of the Company's technical infrastructure and system. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes.

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