Atlantic Tele-Network, Inc. Subsidiary Denied Rate Increase for the Time Being.

Business Editors/Technology Writers

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--Dec. 24, 2001

Atlantic Tele-Network, Inc. (AMEX:ANK), announced that on Friday, December 21, 2001, ATN's principal subsidiary, the Guyana Telephone & Telegraph Company, Ltd, received an order from the Guyana Public Utilities Commission which denied a long-pending application by GT&T for an increase in local rates. However the PUC scheduled new proceedings commencing January 9, 2002 to assess the need to adjust GT&T's local rates in light of the reduction in inter-carrier settlement rates for U.S. - Guyana traffic from $0.85 to $0.23 per minute. The U.S. Federal Communications Commission has ordered this reduction in settlement rates effective January 1, 2002.

GT&T has applied to the U.S. FCC for an order gradually phasing in the reduction in settlement rates for U.S. - Guyana traffic over a five year period. The FCC staff has rejected GT&T's request and GT&T has appealed to the full Commission.

GT&T's application for an increase in local rates was filed with the Guyana PUC in December 1997 and has been updated twice since that time. The application was based on GT&T's results for a test year of 1998 and assumed a hypothetical, partial reduction in U.S. - Guyana settlement rates from $0.85 to $0.65 per minute.

In its order last week the PUC postponed any consideration of a decrease in U.S. - Guyana settlement rates to the newly scheduled proceedings scheduled for January 9, 2002 and concluded on the basis of GT&T's operating results for the year 2000 and the first nine months of 2001 that GT&T is currently earning more than the 15% minimum return on rate base required under ATN's contract with the Government of Guyana.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of Atlantic Tele-Network, Inc. said, "We are extremely disappointed that the PUC has rejected GT&T's application for an increase in local rates which are the lowest in the Western Hemisphere. We will again present our case for a local rate increase in the new hearings to commence January 9, 2002, and we are planning to appeal the PUC's order."

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, U.S. Virgin Islands. Its principal subsidiary, Guyana Telephone and Telegraph Company, Limited, is 80% owned by ATN and is the national telephone service provider in the Cooperative Republic of Guyana for all local, long-distance and international service. ATN owns Wireless World, LLC, the largest internet service provider in the United States Virgin Islands, which also provides digital wireless TV service using MMDS technology. ATN owns Atlantic Tele-Center, Inc. which is currently developing a Web-enabled outsourcing call center in Guyana. ATN also owns an 80% interest in ATN (Haiti) S.A., which provides dispatch radio, wireless data network and paging services in Haiti. ATN holds a 46% investment in Bermuda Digital Communications Ltd., which operates under the name "Cellular One" and is a cellular and PCS competitor to the Bermuda Telephone Company, and a significant minority interest in LighTrade, Inc. which is developing a network of neutral switching or pooling points to enable telecommunications carriers to interconnect quickly with each other and create a standard location for trading bandwidth between cities.