March11, 2002 -- A coalition of socially responsive investors have filed a shareholder resolution requesting that the Little Rock, Arkansas-based Alltel Corporation (NYSE: AT) amend its equal employment opportunity policy to explicitly bar discrimination based on sexual orientation.

"Alltel is one of only a few major telecommunications firms not to have such a policy," stated Nikki Daruwala, Senior Social Research Analyst at Calvert Asset Management Company, Inc. located in Bethesda, Maryland, which is the lead filer of the resolution. More than half of the Fortune 500 companies explicitly bar discrimination based on sexual orientation, according to Human Rights Campaign. Telecommunications companies with inclusive policies, as requested in the resolution, include AT&T, BellSouth, Nextel, QWest, SBC, Sprint, Verizon and WorldCom. Ms. Daruwala added, "These companies have a competitive advantage in recruiting and retaining employees from the widest pool of talent."

"We believe that strong non-discrimination policies would enhance Alltel's long-term shareholder value by building its reputation as a fair employer and reducing the costly risks associated with discrimination, harassment and litigation," stated Kenneth Scott, Portfolio Manager and Social Research Analyst at Boston-based Walden Asset Management, which co-filed the shareholder resolution.

"By explicitly barring sexual orientation discrimination in its policies, Alltel will help ensure a respectful and productive atmosphere for all employees and enhance its competitive edge by joining the growing ranks of telecommunications companies guaranteeing equal opportunity for all employees," added Mort Winston, Chair of the Business and Economic Relations Group at Amnesty International USA, which is also a co-filer of this resolution.

National polls consistently find more than three-quarters of Americans support equal rights in the workplace for gay men, lesbians and bisexuals. Conversely, a National Gay and Lesbian Task Force study revealed that 16%-44% of gay men and lesbians in 20 cities nationwide have experienced workplace harassment or discrimination.

The shareholder resolution will be discussed and voted at the annual meeting of Alltel in April 2002.

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