Alaska Communications Systems Announces Entry Into Underwriters Agreement to Sell Its Directories Business.

Business Editors/High-Tech Writers

ANCHORAGE, Alaska--(BUSINESS WIRE)--April 30, 2003

Alaska Communications Systems Group, Inc. ("ACS") (Nasdaq:ALSK) today reported its wholly-owned subsidiary, Alaska Communications Systems Holdings, Inc. has entered into an underwriting agreement with a syndicate of underwriters in Canada to sell its directories business via a public offering in Canada of units of a Canadian Income Fund. If the transaction is successful, ACS intends to use the proceeds to provide additional cash to ACS and to de-leverage its balance sheet through paying down debt. Any potential transaction will be subject to a number of conditions including regulatory approval, lender approval, Board authorization and market conditions.

The units to be offered have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy the stock and is issued under Rule 135c under the Securities Act of 1933.

About Alaska Communications Systems -- ACS is the leading integrated communications provider in Alaska, offering local telephone service, wireless, long distance, data, and Internet services to business and residential customers throughout Alaska. ACS currently serves approximately 323,000 access lines, 82,000 cellular customers, 70,000 long distance customers and 46,000 Internet customers throughout the state. More information can be found on the Company's website at http://www.alsk.com.

In addition to historical information, this release includes forward-looking statements, estimates and projections that are based on current expectations only, and are subject to a number of risks, uncertainties and assumptions, many of which are beyond the control of Alaska Communications. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: rapid technological developments and changes in the telecommunications industries; ongoing deregulation in the telecommunications industry as a result of the Telecommunications Act of 1996 and other similar federal and state legislation and the federal and state rules and regulations enacted pursuant to that legislation; regulatory limitations on the Company's ability to change its pricing for communications services; the possible future unavailability of SFAS No. 71 to the Company's wireline subsidiaries; and possible changes in the demand for the Company's products and services. In addition to these factors, actual future performance, outcomes and results may differ materially because of other, more general, factors including (without limitation) changes in general industry and market conditions and growth rates; changes in interest rates or other general national, regional or local economic conditions; governmental and public policy changes; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States of America; and the continued availability of financing in the amounts, at the terms and on the conditions necessary to support the Company's future business. These and other uncertainties related to the Company's business are described in greater detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2002. The information contained in this release is as of April 29, 2003. The Company undertakes no obligation to update or revise any of this information whether as a result of new information, future events or developments, or otherwise.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of our directory business or any related income fund in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.