Alltel announces pricing of tender offers for up to $1 billion of its outstanding debt

Alltel (NYSE:AT) today announced the consideration to bepaid in its previously announced cash tender offers for up to $1.0billion aggregate principal amount of its outstanding debt securitieslisted below.
Tender
Title of Ref- Early Total offer
Security erence Fixed tender consider- consider- Accrued
CUSIP No. Yield Spread(a) payment(b) ation(b) ation(b) Interest(b)
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Alltel
Corporation
4.656% Notes
due 2007
020039DF7 5.120% 0 $15 $996.96 $981.96 $1.42

Alltel
Communications,
Inc.
6.65% Notes
due 2008
885571AE9 4.900% 40 $20 $1,017.67 $997.67 $7.94

Alltel
Communications,
Inc.
7.60% Notes
due 2009
885571AD1 4.818% 45 $25 $1,055.74 $1,030.74 $31.03

Alltel Ohio
Limited
Partnership
8.00% Notes
due 2010
02003XAA8 4.792% 53 $25 $1,094.54 $1,069.54 $2.89

(a) Basis Points

(b) Per $1,000 principal amount of notes

As contemplated by the Offer to Purchase dated July 31, 2006, thereference yield was determined by J.P. Morgan Securities Inc. andWachovia Securities, the dealer managers, based on the bid side pricefor the applicable reference security at 2 p.m., New York City time,today.

Holders who tendered notes by 5 p.m., New York City time, on Aug.11, 2006, will be eligible to receive the total consideration (as setforth above), and holders who tender notes after such date and priorto the expiration date of the tender offers (which is currently 11:59p.m., New York City time, on Aug. 25, 2006) will be eligible toreceive the tender offer consideration (as set forth above). Inaddition, holders of notes accepted for purchase will be paid accruedinterest to but excluding the settlement date. Assuming the settlementdate occurs on Aug. 28, 2006, as currently expected, the accruedinterest to be paid will be as set forth above.

Since the aggregate principal amount of notes tendered prior tothe expiration date exceeds the $1.0 billion tender cap, notes will bepurchased in accordance with the applicable acceptance priority leveland subject to proration as provided in the Offer to Purchase, datedJuly 31, 2006.

Holders may tender Notes up to the expiration of the tenderoffers. Tenders submitted after such time will not be valid and willnot be considered for acceptance.

The terms and conditions of the tender offers are set forth in theOffer to Purchase, dated July 31, 2006, and the related Letter ofTransmittal.

For additional information regarding the terms of the tenderoffers, please contact: J.P. Morgan Securities Inc. at (866) 834-4666(toll free) or (212) 834-4077 (collect) or Wachovia Securities at(866) 309-6316 (toll free). Requests for documents and questionsregarding the tendering of notes may be directed to Global BondholderServices Corporation at (866) 873-5600 (toll free).

Alltel's obligations to accept any notes tendered and to pay theapplicable consideration for them are set forth solely in the Offer toPurchase and related Letter of Transmittal. This press release is notan offer to purchase or a solicitation of acceptance of the tenderoffers. Alltel may amend, extend or, subject to certain conditions,terminate the tender offers.

About Alltel

Alltel is owner and operator of the nation's largest wirelessnetwork and has more than 11 million wireless customers.

Alltel, NYSE: AT

www.alltel.com