Atlantic Tele-Network Announces 5-for-2 Stock Split; Board Declares Quarterly Dividend.

SALEM, Mass. -- Atlantic Tele-Network, Inc. ("ATN") (AMEX:ANK) announced today that its Board of Directors has approved a 5-for-2 split of its common stock. The stock split, which will be effected in the form of a stock dividend, will entitle all ATN stockholders of record as of the close of business on March 20, 2006 to receive three additional shares of common stock for every two shares of common stock held on that date. The additional shares will be distributed to stockholders on March 31, 2006. Upon completion of the stock split, ATN will have approximately 12.4 million shares outstanding. The Board also approved a proportional increase in the number of authorized shares of common stock from 20,000,000 to 50,000,000, subject to stockholder approval.

Also today, the Board declared a quarterly dividend of $0.30 per share, on a pre-split basis, payable on March 31 to stockholders of record on March 20, 2006.

"We are pleased to continue our tradition of quarterly dividends and we believe that the stock split may benefit our stockholders by increasing the liquidity of our common stock," said Michael T. Prior, President and Chief Executive Officer.

About Atlantic Tele-Network

Atlantic Tele-Network, Inc. (AMEX:ANK) is a telecommunications holding company with corporate offices in Salem, Massachusetts and St. Thomas, U.S. Virgin Islands. Its principal subsidiaries include: Guyana Telephone and Telegraph Company, Limited, which is the national telephone service provider in the Cooperative Republic of Guyana for all local, long-distance and international service, as well as Guyana's largest cellular service provider; Commnet Wireless, LLC, which provides voice and data wireless roaming services for U.S. and International carriers in rural areas throughout the United States; SoVerNet, Inc., which provides wireline voice and data services to businesses and residences across Vermont; and Choice Communications, LLC, which provides wireless television and wireless broadband services, and is the largest internet service provider in the U. S. Virgin Islands. ATN also owns 44% of Bermuda Digital Communications Ltd., which, under the Cellular One name, is the largest provider of cellular voice and data services in Bermuda.

Cautionary Language Concerning Forward-Looking Statements

This news release contains forward-looking statements relating to, among other matters, management's plans and strategy for the future and the liquidity of our common stock. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from these statements as a result of many factors, including matters discussed in Atlantic Tele-Network's Annual Report on Form 10-K for the year ended December 31, 2004, which is on file with the Securities and Exchange Commission, as well as major competitive developments, developments arising in connection with the integration of acquired companies, material changes in the communications industry or regulation or changes in communications technology. 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.