Investor Presentation March 2012. This presentation may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange.

Investor Presentation

March 2012

This presentation may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are or may be forward-looking statements. Forward-looking statements can generally be identified by the use of words that include phrases such as “believe,” “expect,” “anticipate,” “plan,” “foresee,” “likely,” “will,” or other similar words and phrases. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, those set forth in Item 1A "Risk Factors" of ATN's Annual Report on Form 10-K for the year ended December 31, 2010, which is on file with the SEC, and our other public reports. ATN undertakes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements.

This presentation includes certain non-GAAP financial measures.  The most directly comparable GAAP measures and reconciliations to those GAAP measures are provided at the end of this presentation.

Forward Looking Statements and Non-GAAP Financial Information

2

International Integrated Telephony

Island Wireless

U.S. Wireline

3 Major Revenue Categories

Atlantic Tele-Network, Inc. (ATN)

Through Our Operating

Subsidiaries We Provide Telecom Services in Niche

Domestic & International

Markets.

3

U.S. Wireless

73%

11%

12% 4%

US Wireless International Wireless

Wireline Equipment and Other

% of 4Q2011

ATN Investment Principles

Disciplined

Long-Term View

Prudent Balance of Growth with Dividends

High Insider Ownership Aligned with Shareholders

Opportunistic

Value – Based

4

Return on Equity* - 5 Yr Average 15.9%

Return on Assets* - 5 Yr Average 8.8%* Source: Reuters

A Track Record of Superior Returns

5

12/06 12/07 12/08 12/09 12/10 12/11$0

$50

$100

$150

$200

$250

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*Among Atlantic Tele-Network, Inc., the Russell 2000 Index, the

S&P Smallcap 600 Index,and the NASDAQ Telecommunications Index

Atlantic Tele-Network, Inc. Russell 2000 S&P Smallcap 600

NASDAQ Telecommunications

*$100 invested on 12/31/06 in stock or index, including reinvestment of dividends.Fiscal year ending December 31.

Copyright© 2012 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved.

Our Business Strategy

INVEST ENHANCE

HARVEST

Disciplined investing with primary focus on entry point

Hire and engage local management teams

Compete effectively through tailored service offerings and superior customer care

Re-invest cash flows in most promising opportunities

6

• Early Stage

• High Growth

• Mature

• High Free Cash Flow

U.S. Virgin Islands

ION

Turks & Caicos

Aruba

Guyana (Data)

Commnet Alltel

Sovernet

Bermuda

Guyana (Voice)

Our Mix of Businesses

7

Southwest

Midwest U.S.

Guyana

Caribbean Islands

New England

New York

Bermuda

Retail Wireless

Limited Wholesale Presence

Wholesale only Wireless

Integrated Telephony

Wireline

8

Our Advanced Wireless, Wireline, Terrestrial and Submarine Fiber Optic Networks

78%

US Wireless

Other Segments

Retail

• Wireless voice and data

• “Alltel” brand name

• Southeast and Midwest

• Wireless voice and data

• National, regional, local and select international wireless carriers

• Facilities based service in Southwest and Midwest markets

76%

US Wireless

Other Segments

% of 4Q2011

Revenue

US Wireless- Overview

EBITDA

9

Wholesale

% of 4Q2011

Geographic Footprint

Rural markets across Georgia, North Carolina, South Carolina, Illinois, Ohio and Idaho

Markets like:

- Liberty, GA

- Washington, IL

- Hickory, NC

- Marrow, OH

• Signed June 2009 – Closed April 2010 Transitioned July 2011

• Purchase price + 2010/11 transition capex:

$200 Million + ~$85 Million = $285 Million

• +/- 580,000 subscribers and #2 market share position in most markets at transition completion

• Transition phase completed. Optimization phase commenced.

Alltel - Overview

10

• Operates a total of ± 1600 Base Stations of which ± 780 are “roam only”

• Technology: 2G, 3G, CDMA & UMTS

Wholesale Only Wireless

Limited Wholesale Presence

Geographic FootprintOperating Statistics

• Roaming business works in partnership with national and regional wireless operators to offer reliable coverage to undeserved markets in North America in a variety of technical environments

• Manages wireless networks in 14 states across the U.S.

• Strong relationships and reputation with national carriers/customers

• Higher operations margins but increased risk

Wholesale Wireless - Overview

11

Retail Wireless

13%

GT&T

Other Segments

29%

GT&T Other Segments

% of 4Q2011

Operating Statistics

• Full service telecom company in Guyana

- Wireless, wireline, and international

- ATN owned & operated since 1991

- ~650 employees• Invested more than ~$300mm

USD in Guyanese telecom infrastructure

• ±750,000 PoPs, Low ARPUs • One wireless competitor

• 152,000 landlines• Approx. 272,000 wireless subscribers (97% on pre-paid plans)

• Technology: GSM/EDGE• Undersea fiber network and extensive terrestrial fiber backbone

% of 4Q2011

Revenue

Int’l Integrated Telephony (GT&T) - Overview

EBITDA

12

0

10

20

30

40

50

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

8%

Island Wire-less

Other Segments

Subscribers (000’s)Revenue

• Provide wireless voice and data services to retail and business customers, branded as:

in Bermuda

in Turks and Caicos

in U.S. Virgin Islands

in Aruba

% of 4Q2011

Island Wireless - Overview

EBITDA

1%

Island Wire-less

Other Segments

13

Provides wireless voice & data service to retail & business customers in Bermuda

- Largest wireless provider in Bermuda- Operates brand

Merged with M3 Wireless Ltd., a leading retail wireless provider in May 2011

Ownership 58% pre merger, 42% post merger

Doubled Subscriber Base ± 65,000 PoPs, High ARPU

34,000 subscribers Approx. 85% postpaid

Technology: UMTS, CDMA/EVDO

77%

BDC

Other Island Wireless Properties

Operating Statistics

% of 4Q2011

Revenue

Bermuda Digital Communication (BDC) - Overview

14

3%U.S. Wire-line

Other Segments

Sovernet

ION

• Leading competitive integrated voice and broadband services provider in VT & Western NH

• ~57,000 business and 6,000 residential access line equivalents in billing

• ~3,100 business accounts and 1,300 residential accounts

Sovernet's subsidiary, ION, acquired in August 2008, provides fiber-based wholesale transport services in New York State

More than 2,200 fiber miles, servicing over 60 communities in upstate New York.

Partnered with 12 RLECs Rural Fiber loops December 2009, received federal

broadband stimulus grant of $30 million ($6 million match) to augment existing fiber network with 800 miles of additional fiber-optic middle-mile broadband network.

Sovernet / ION Footprint

% of 4Q2011

Revenue

U.S. Wireline Segment - Overview

3%U.S. Wire-line

Other Segments

EBITDA

15

Financial Overview

16

2007 2008 2009 2010 2011

$92.30

$160.15

Adjusted EBITDA ($ in millions)*

2007 2008 2009 2010 2011

$186.70

$759.20 Revenue ($ in millions)

CAGR 42%

CAGR 15%

(*) Adjusted EBITDA is defined as Operating Income Before Depreciation and Amortization and is adjusted for Acquisition Charges, as well as for long-lived asset impairment and disposal gains/losses.  Adjusted EBITDA is a non-GAAP financial measure.  A reconciliation to the most comparable GAAP measure is provided at the end of this presentation.

YoY Financial Summary

17

2007 2008 2009 2010 2011

$13.65

$18.99

Book Value per Share

2007 2008 2009 2010 2011

$12.20

$49.00 Revenue per Share

Revenue CAGR 42%

2007 2008 2009 2010 2011

$0.60

$0.89

Dividends per Share

YoY Financial Summary

Dividends CAGR 11%

Book Value CAGR 9%

18

2007 2008 2009 2010 2011

$6.03

$10.34

EBITDA per Share

EBITDA CAGR 14%

Q4 2010 Q4 2011

$31.3

$40.7

EBITDA* ($ in millions)

Q4 2010 Q4 2011

$0.21

$0.27

Earnings Per Share

Q4 2010 Q4 2011

$194.7 $182.9

Revenue ($ in millions)

*EBITDA is defined as Operating Income Before Depreciation and Amortization and is adjusted for Acquisition Charges.  Adjusted EBITDA is a non-GAAP financial measure.  A reconciliation to the most comparable GAAP measure is provided at the end of this presentation.

Fourth Quarter 2011 Financial Summary

19

Down (6%) QTR-over-QTR Up 30% QTR-over-QTR Up 29% QTR-over-QTR

2007 2008 2009 2010 2011

$43.4 $54.6 $56.0

$(6.9)

$57.1

Free Cash Flow (EBITDA Less CAPEX) ($ in millions)

Free Cash Flow & Capital Expenditures

20

• 2012• 2012 Cap-Ex Projected

$90 - $110 million

• $50 - $65 million of 2012 to be allocated to U.S. Wireless

• 2010/2011• Approx. $85 million

(2010/11) in the retail standup, OSS, BSS & Network Migration

(*) Free Cash Flow is defined as EBITDA minus Capital Expenditures.  EBITDA and Free Cash Flow are non-GAAP financial measures.  A reconciliation to the most comparable GAAP measure is provided at the end of this presentation.

2007 2008 2009 2010 2011

$48.9 $47.4 $59.7

$135.7

$103.1

Capital Expenditures ($ in millions)

Invest in and operate telecom services businesses in the U.S. & Caribbean

Focus on businesses with lower competitive risks• Number of competing networks• Ability to be at least strong #2 in segment and geographic

area• Let the opportunity drive, not a “pure play” theory

Look at out-of-favor smaller markets with potential for driving returns• Undervalued entry point• Opportunity to rapidly improve value

ATN Moving Forward

21

Questions

22

23

Reconciliation of Non-GAAP Measures

2005 2006 2007 2008 2009 2010 2011

Operating Income 37.4 53.0 67.2 69.5 69.7 38.3 55.3

Depreciation and Amortization 17.1 24.5 26.7 31.5 38.8 76.7 104.1

Impairment of Intangible Assets - - 4.4 2.4

Acquisition Charges 1.0 7.2 13.8 0.8

Gain on Disposition of Long-Lived Assets (6.0) (2.4)

Earnings Before Interest, Taxes,

EBITDA 54.5 77.5 92.3 102.0 115.7 128.8 160.2

Reconciliation of Operating Income to EBITDA(In Millions)

2005 2006 2007 2008 2009 2010 2011

EBITDA 54.5 77.5 92.3 102.0 115.7 128.8 160.2

Less: Capital Expenditures (26.0) (35.5) (48.9) (47.4) (59.7) (135.7) (103.1)

Free Cash Flow 28.5 42.0 43.4 54.6 56.0 (6.9) 57.1

Reconciliation Of Free Cash Flow(In Millions)