THE CORPORATE LIBRARY

Related Party Transactions and Outside Related Director Information

Alltel Corporation (AT)

3/15/2006 Proxy Information

CEO Mr. Scott T. Ford is the son of Chairman Mr. Joe T. Ford.

Alltel engaged Stephens Inc., an affiliate of Stephens Group, Inc., to render investment banking and investment management services to Alltel and its subsidiaries during 2005, for which Alltel paid Stephens Inc. fees totaling $13,127,179 during the period January 1, 2005, through December 31, 2005. Stephens Group, Inc. beneficially owned, on February 24, 2006, 10,720,061 shares of Common Stock. Warren A. Stephens, an executive officer of Stephens Inc., is a director of Alltel.

As part of its advertising campaign, Alltel was the corporate sponsor of a race car in the Busch and Nextel Cup Circuits during 2005, for which Alltel paid Penske Racing South, Inc. sponsorship fees totaling $10,305,850 during the period January 1, 2005, through December 31, 2005. Roger S. Penske, Gregory W. Penske’s father, is an executive officer of Penske Racing South, Inc. Gregory W. Penske is a director of Alltel.

Alltel believes that the transactions set forth above were conducted on terms that are no less favorable to Alltel than could have been obtained from unaffiliated third parties.

3/2/2005 Proxy Information

ALLTEL engaged Stephens Inc., an affiliate of Stephens Group, Inc., to render investment banking and investment management services to ALLTEL and its subsidiaries during 2004, for which ALLTEL paid Stephens Inc. fees totaling $2,092,025 during the period January 1, 2004, through December 31, 2004. Stephens Group, Inc. beneficially owned, on February 24, 2005, 10,732,199 shares of Common Stock. Warren A. Stephens, an executive officer of Stephens Inc., is a director of ALLTEL.

As part of its advertising campaign, ALLTEL was the corporate sponsor of a race car in the Nextel Cup Circuit during 2004, for which ALLTEL paid Penske Racing South, Inc. sponsorship fees totaling $9,022,996 during the period January 1, 2004, through December 31, 2004. Roger S. Penske, Gregory W. Penske’s father, is an executive officer of Penske Racing South, Inc. Gregory W. Penske is a director of ALLTEL.

Mr. Scott T. Ford is the son of Mr. Joe T. Ford

Emon A. Mahony, Jr. – Mr. Mahony is employed on a part-time basis by Stephens Group, Inc. as an advisor. A member of Mr. Mahony’s immediate family was employed by ALLTEL during the summer of 2002 and is employed currently by Stephens Inc., a wholly-owned subsidiary of Stephens Group, Inc., as an analyst. As discussed below under “Certain Transactions,” Stephens Inc. provides investment banking and investment management services to ALLTEL. Warren A. Stephens is an executive officer and director of Stephens Inc. Joe T. Ford is a director of Stephens Group, Inc.

3/3/2004 Proxy Information

Mr. Scott T. Ford is the son of Mr. Joe T. Ford.

Joe T. Ford became Chairman of ALLTEL Corporation in 1991. He was Chief Executive Officer from July 2002 to 1987. Mr. Ford was named President in 1983 of ALLTEL Corporation upon its formation in from a merger between Allied Telephone Company and Mid-Continent Telephone Corporation.

ALLTEL engaged Stephens Inc., an affiliate of Stephens Group, Inc., to render investment banking and investment management services to ALLTEL and its subsidiaries during 2003, for which ALLTEL paid Stephens Inc. fees totaling $6,680,300 during the period January 1, 2003, through December 31, 2003. Stephens Group, Inc. beneficially owned, on February 24, 2004, 10,749,936 shares of Common Stock. Warren A. Stephens, an executive officer of Stephens Inc., is a director of ALLTEL.

As part of its advertising campaign, ALLTEL was the corporate sponsor of a race car in the NASCAR Winston Cup Series during 2003, for which ALLTEL paid Penske Racing South, Inc. sponsorship fees totaling $7,235,370 during the period January 1, 2003, through December 31, 2003. Roger S. Penske, Gregory W. Penske’s father, is an executive officer of Penske Racing South, Inc. Gregory W. Penske is a director of ALLTEL.

Mr. Mahony is employed on a part-time basis by Stephens Group, Inc. as an advisor. A member of Mr. Mahony’s immediate family was employed by ALLTEL during the summer of 2002 and is employed currently by Stephens Inc., a wholly-owned subsidiary of Stephens Group, Inc., as an analyst.