ALLTEL Corporation

Reconciliations of Non-GAAP Financial Measures (UNAUDITED)

Net Debt

as of December 31, 2007

(Dollars in millions) Alltel

Long-term debt, including current maturities 23,514.8$

Cash and short-term investments (833.3)

Net debt 22,681.5$ (A)

Year Ended

December 31,

Reconciliation of Net Income to Adjusted EBITDA 2007

Net income 183.2$

Loss from discontinued operations 0.9

Income tax expense 307.0

Interest expense, net of interest income 405.8

Depreciation and amortization 1,546.9

EBITDA 2,443.8

Minority interest in consolidated partnerships 32.6

Equity earnings in unconsolidated partnerships, net of cash distributions received (8.4)

Gain on exchange or disposal of assets and other (56.5)

Stock-based compensation expense, net of restricted shares surrendered for tax 27.3

Integration expenses, restructuring and other charges 672.2

Non-cash rental income, net of amortization of related deferred leasing costs (29.7)

Other non-cash changes in operating expenses 5.0

Management fee paid to Sponsors 3.9

Pro forma EBITDA for the Midwest Wireless acquisition -

Adjusted EBITDA 3,090.2$ (B)

Ratio of Net Debt to Adjusted EBITDA (A)/(B) 7.3 x