1. Annual Review 2006
WWW.ALLTEL.COM/2007ANNUAL is your destination for more in-depth information about our
company’s strategy, performance and financial highlights. Spending corporate dollars wisely
is a responsibility we take seriously; sparing the environment is our contribution as a good
corporate citizen.

2. Jan 06 Feb 06 Mar 06
First Cellular Words of Wisdom
Launch of U Prepaid acquisition announced scholarships announced
Apr 06 May 06 Jun 06
Roaming agreements with Virginia Cellular
Launch of My Circle Sprint and Cingular announced purchase completed
Jul 06 Aug 06 Sep 06
Alltel recognized for having
“Highest in Call Quality
Performance Among Wireless
Cell Phone Users
in Southeast Region (Tie)
Spin/merge of wireline XM Satellite Radio
and in Southwest Region”*
business completed service launched
Oct 06 Nov 06 Dec 06
Alltel customers get more power
Midwest Wireless to shop and customize their
purchase completed Samsung SCH-u520 launched
phone using online tools
* Alltel Wireless received the highest numerical score among wireless cell phone providers in the Southwest and Southeast regions of the proprietary J.D. Power
and Associates 2006 Wireless Call Quality Performance StudySM – Vol. 2. Study based on 23,626 wireless users measuring 5 providers in both the Southwest and
Southeast regions and measures opinions of consumers with the call quality of their wireless service. Proprietary study results are based on experiences and per-
ceptions of consumers surveyed in March and June 2006. Your experiences may vary. Visit jdpower.com.

3. was the busiest and most challenging year in Alltel’s history. We formed Windstream
2006 Corporation through the historic spin-off/merger of our wireline business; sold our
international assets for $2.3 billion; and acquired over 500,000 customers through the purchases
of Midwest Wireless, First Cellular of Southern Illinois, Virginia Cellular and Cellular One in
Amarillo, Texas.
While reaching these milestones, we also delivered strong financial performance. Revenues and fully diluted earnings
per share from current businesses both increased by 20 percent, to $7.9 billion and $2.19, respectively, with a 35 percent
increase in equity free cash flow.
During 2006, the Alltel board of directors declared dividends of over $500 million and approved a $3 billion share
repurchase program. By the end of the year, Alltel had repurchased 28.5 million shares of common stock, representing
almost 7.5% of our total shares outstanding, for approximately $1.6 billion. In total, we returned over $2.1 billion of cash
to our shareholders in 2006 while maintaining one of the strongest balance sheets in the industry, ending the year with only
$1.8 billion in outstanding net debt. For the year, including dividends and the value of Windstream stock received at the
time of the spin-off, Alltel delivered a 22% return to its shareholders.
OPERATIONAL HIGHLIGHTS
In 2006 we became a wireless-only business and continued to increase our customer base both organically and through
acquisition. With the customers gained from Midwest Wireless and our other newly acquired markets, we now serve almost
12 million people across a geographical area that is larger than that of any of our competitors.
Average revenue per customer grew two percent to $52.68. This includes an average of $3.52 in data revenue per user,
representing a 62 percent increase over 2005. At the same time, overall post-pay churn improved to 1.57 percent, reflecting
the impact of innovative pricing plans and a continuing commitment to improving our service at all points of customer
contact – whether in person, over the phone or over the Web.
SENDING OUT A STRONG SIGNAL
Alltel’s evolution as a wireless-only carrier confirms the constancy of our underlying commitment to the stewardship of
our shareholders’ investment. Our aim, as always, is to deliver superior shareholder returns by providing superior customer
value, and our key achievements of 2006 once again demonstrated the wisdom of this approach.
For example, last April we launched My Circle®, a groundbreaking new service that allows customers to select up to 10
numbers on any network (wireless or wireline) that they’d like to call for free at any time. They can change these numbers
at any time using an on-line tool. We introduced users to the power of choice and control over their wireless service and
self-service options for managing their account. This self-service will help us cut costs while continuing to deliver on our
promise of treating customers with fairness and respect.
Our new roaming agreement with Sprint and extended agreement with Cingular confirms our position as the nation’s
number one roaming partner. This is another illustration of Alltel’s ability to think outside the regional box and fully exploit
the potential of America’s largest wireless network.

4. We set ourselves apart from our competitors with the nation’s largest network and back it up with our network guarantee,
which credits customers one minute for any dropped call. J.D. Powers and Associates confirmed our credentials by ranking
us highest in call quality in both the Southeast and Southwest regions of the country.
We launched a record number of information and entertainment services for businesses and consumers, including a
mobile podcast service, XM Radio Mobile and location-based services. To support these offerings, we installed more than
3,700 new DO sites in 33 markets, bringing customers next generation EVDO (evolution data optimized) technology along
with unlimited wireless access to the Internet at speeds comparable to wired broadband connections such as cable modem
or DSL.
A STRONG TEAM
Even though the list of 2006 accomplishments outlined above is quite impressive by almost any standard, it’s futile to
attempt to describe here the debt of gratitude we owe to the outstanding men and women who made them happen.
The wireline spin, combined at the same time with five significant wireless integration projects, required unprecedented
dedication and effort from the entire Alltel team.
Looking back over the past two decades, few industries have experienced the growth that the wireless industry has seen. As
technology continues to redefine boundaries and business models, and as customers demand new ways of communicating
using both voice and data products, the opportunities for Alltel remain undiminished. As such, Alltel’s message to
shareholders, customers and employees remains the same: as stewards of our investors’ money, we will continue to strive to
deliver superior financial performance by delivering strong value and superior service to our customers.
Scott T. Ford
President and Chief Executive Officer
February 20, 2007

5. ALLTEL CORPORATION
CONSOLIDATED BALANCE SHEET FOR THE YEARS ENDED DECEMBER 31,
(Millions, except per share amounts) 2006 2005
CURRENT ASSETS:
Cash and short-term investments $ 934.2 $ 982.4
Accounts receivable (less allowance for doubtful
accounts of $54.9 and $70.6, respectively) 807.3 761.8
Inventories 218.6 195.2
Prepaid expenses and other 67.7 92.1
Assets related to discontinued operations 4.3 565.4
____________ _____________
Total current assets 2,032.1 2,596.9
Investments 368.9 356.4
Goodwill 8,447.0 7,429.3
Other intangibles 2,129.4 1,861.4
Property, Plant and Equipment:
Land 314.9 280.3
Building and improvements 955.1 901.1
Operating plant and equipment 7,933.8 7,362.9
Information processing 1,048.1 1,126.5
Furniture and fixtures 173.8 143.6
Under construction 496.0 344.3
____________ _____________
Total property, plant and equipment 10,921.7 10,158.7
Less accumulated depreciation 5,690.3 5,056.0
____________ _____________
Net property, plant and equipment 5,231.4 5,102.7
Other assets 89.4 248.2
Assets related to discontinued operations 45.5 6,418.2
Total Assets $18,343.7 $24,013.1
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 36.3 $ 183.0
Accounts payable 576.1 500.0
Advance payments and customer deposits 186.2 170.8
Accrued taxes 114.1 141.3
Accrued dividends 46.0 147.8
Accrued interest 79.3 98.3
Current deferred income taxes — 349.6
Other current liabilities 156.5 206.7
Liabilities related to discontinued operations 2.8 492.5
____________ _____________
Total current liabilities 1,197.3 2,290.0
Long-term debt 2,697.4 5,544.1
Deferred income taxes 1,109.5 1,142.3
Other liabilities 677.6 796.9
Liabilities related to discontinued operations — 1,224.3
____________ _____________
Total liabilities 5,681.8 10,997.6
SHAREHOLDERS’ EQUITY:
Preferred stock, Series C, $2.06, no par value, 10,307 and 11,122
shares issued and outstanding, respectively 0.3 0.3
Common stock, par value $1 per share, 1.0 billion shares authorized,
364,505,820 and 383,605,936 shares issued and outstanding, respectively 364.5 383.6
Additional paid-in capital 4,296.8 5,339.3
Accumulated other comprehensive income 9.5 19.5
Retained earnings 7,990.8 7,272.8
____________ _____________
Total shareholders’ equity 12,661.9 13,015.5
Total Liabilities and Shareholders’ Equity $18,343.7 $24,013.1

6. ALLTEL CORPORATION
CONSOLIDATED HIGHLIGHTS AND OTHER FINANCIAL INFORMATION FOR THE YEARS ENDED DECEMBER 31
(Millions, except per share amounts)
Increase / (Decrease)
2006 2005 Amount %
UNDER GAAP:
Revenues and sales $ 7,884.0 $ 6,572.5 $ 1,311.5 20
Operating income $ 1,357.6 $ 1,134.2 $ 223.4 20
Operating margin 17.2% 17.3% (.1%) (1)
Net income $ 1,129.4 $ 1,331.4 $ (202.0) (15)
Earnings per share:
Basic $2.95 $3.91 $(.96) (25)
Diluted $2.93 $3.87 $(.94) (24)
Weighted average common shares:
Basic 382.7 340.8 41.9 12
Diluted 385.0 344.1 40.9 12
Capital expenditures $ 1,197.1 $ 992.1 $ 205.0 21
AT YEAR END:
Wireless Customers 11,823.9 10,662.3 1,161.6 11
Equity Value $ 22,045.3 $24,205.5 $(2,160.2) (9)
FROM CURRENT BUSINESSES (NON-GAAP):
Operating income $ 1,548.8 $ 1,300.8 $ 248.0 19
Operating margin 19.6% 19.8% (.2%) (1)
Net income $ 841.9 $ 627.6 $ 214.3 34
Earnings per share:
Basic $2.20 $1.84 $.36 20
Diluted $2.19 $1.83 $.36 20
Equity free cash flow $ 708.6 $ 525.8 $ 182.8 35
Current businesses excludes the effects of discontinued operations, amortization expense related to acquired, finite-lived intangible assets, special cash dividend received
on the Company’s investment in Fidelity National Financial, Inc. common stock, gain on the exchange or disposal of assets, debt prepayment expenses, costs associated with
Hurricane Katrina, a change in accounting for operating leases, reversal of certain income tax contingency reserves and integration expenses and other charges. See the
Financial Supplement to Alltel’s Form 10-K for the year ended December 31, 2006 for a further discussion of these items.
Equity Value is calculated as total number of shares outstanding multiplied by the stock price at the end of the year.
Operating margin is calculated by dividing operating income by revenues and sales.
Equity free cash flow is calculated as the sum of net income from current businesses plus depreciation expense less capital expenditures which includes
capitalized software development costs.
Net income from current businesses increased to $842 million in
2006, a jump of 34% from 2005, resulting in a 20% increase in
earnings per share to $2.19.

7. RECONCILIATIONS OF RESULTS OF OPERATIONS UNDER GAAP TO RESULTS OF OPERATIONS FROM
CURRENT BUSINESSES (NON-GAAP)
Basic Diluted
(Millions, except per share amounts) Operating Net Earnings Earnings
For the Year Ended December 31, 2006 Income Income Per Share Per Share
Under GAAP $ 1,357.6 $ 1,129.4 $ 2.95 $ 2.93
Items excluded from measuring results from current businesses:
Amortization expense related to acquired, finite-lived intangible assets 176.1 107.6 .28 .28
Reversal of excess bad debt reserve related to Hurricane Katrina (2.2) (1.4) — —
Compensation expense due to accelerated vesting of restricted stock 3.6 2.2 .01 .01
Integration expenses and other charges 13.7 8.4 .02 .02
Gain on exchange or disposal of assets and other — (68.8) (.18) (.18)
Adjustments to income tax liabilities, including contingency reserves — (29.8) (.08) (.08)
Income from discontinued operations — (305.7) (.80) (.79)
________ ________ ______ ______
Net increase (decrease) 191.2 (287.5) (.75) (.74)
________ ________ ______ ______
From current businesses $ 1,548.8 $ 841.9 $ 2.20 $ 2.19
For the Year Ended December 31, 2005
Under GAAP $ 1,134.2 $ 1,331.4 $ 3.91 $ 3.87
Items excluded from measuring results from current businesses:
Amortization expense related to acquired, finite-lived intangible assets 104.4 63.8 .19 .19
Hurricane-related costs, net of insurance recoveries 19.4 8.9 .03 .03
Integration expenses and other charges 23.1 13.9 .04 .04
Gain on exchange or disposal of assets and other — (136.7) (.40) (.40)
Special dividend received on Fidelity National common stock — (69.8) (.21) (.20)
Change in accounting for operating leases 19.7 12.0 .03 .03
Cumulative effect of accounting change — 7.4 .02 .02
Income from discontinued operations — (603.3) (1.77) (1.75)
________ ________ ______ ______
Net increase (decrease) 166.6 (703.8) (2.07) (2.04)
________ ________ ______ ______
From current businesses $ 1,300.8 $ 627.6 $ 1.84 $ 1.83
For the Years Ended December 31, 2006 2005
Net cash provided from operations under GAAP $ 1,490.2 $ 1,565.3
Adjustments to reconcile to net income under GAAP:
Income (loss) from discontinued operations 305.7 603.3
Cumulative effect of accounting change — (7.4)
Depreciation and amortization expense (1,239.9) (994.8)
Provision for doubtful accounts (227.3) (192.5)
Non-cash portion of gain on exchange or disposal of assets and other 80.0 232.7
Non-cash portion of integration expenses and other charges — (14.9)
Adjustments to income tax liabilities, including contingency reserves 29.9 —
Change in deferred income taxes (38.7) (71.8)
Other non-cash changes, net 13.9 (5.1)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions 715.6 216.6
________ _________
Net income under GAAP 1,129.4 1,331.4
Adjustments to reconcile to net income from current businesses, net of tax
(See items excluded from measuring results from current businesses above) (287.5) (703.8)
________ _________
Net income from current businesses 841.9 627.6
Adjustments to reconcile to equity free cash flow from current businesses:
Depreciation expense from current businesses 1,063.8 890.4
Capital expenditures (1,197.1) (992.2)
________ _________
Equity free cash flow from current businesses $ 708.6 $ 525.8

8. ALLTEL CORPORATION
One Allied Drive
Little Rock, AR 72202
501.905.8000
www.alltel.com
Minot
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Helena
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