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<SEC-DOCUMENT>0001047469-08-005044.txt : 20080423
<SEC-HEADER>0001047469-08-005044.hdr.sgml : 20080423
<ACCEPTANCE-DATETIME>20080423132437
ACCESSION NUMBER:		0001047469-08-005044
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080515
FILED AS OF DATE:		20080423
DATE AS OF CHANGE:		20080423
EFFECTIVENESS DATE:		20080423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC TELE NETWORK INC /DE
		CENTRAL INDEX KEY:			0000879585
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				470728886
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12593
		FILM NUMBER:		08771296

	BUSINESS ADDRESS:	
		STREET 1:		10 DERBY SQUARE
		CITY:			SALEM
		STATE:			MA
		ZIP:			01970
		BUSINESS PHONE:		9786191300

	MAIL ADDRESS:	
		STREET 1:		10 DERBY SQUARE
		CITY:			SALEM
		STATE:			MA
		ZIP:			01970
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2184829zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<P><FONT SIZE=3 >
Use these links to rapidly review the document<BR>
<A HREF="#bg46901_table_of_contents">  TABLE OF CONTENTS</A><BR></font>
</P>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


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 </FONT> <FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=4><B> SCHEDULE 14A</B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="73%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><BR><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%" style="font-family:times;"><FONT SIZE=2><BR>
Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
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<TABLE WIDTH="77%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=4><B> Atlantic Tele-Network, Inc.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER" style="font-family:times;"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 style="font-family:times;"><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
No fee required.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><BR>
Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2><BR>
Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%" style="font-family:times;"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2184829",CP="ATLANTIC TELE-NETWORK, INC.",DN="1",CHK=1022468,FOLIO='blank',FILE='DISK106:[08ZBH1.08ZBH46901]BA46901A.;3',USER='DPERRY',CD='22-APR-2008;14:19' -->
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>


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 </FONT> <FONT SIZE=2><B>
<IMG SRC="g148020.jpg" ALT="LOGO" WIDTH="165" HEIGHT="232">
  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>ATLANTIC TELE-NETWORK,&nbsp;INC.<BR>  </B></FONT><FONT SIZE=2><B>10 Derby Square<BR>
Salem, MA 01970  </B></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>NOTICE OF&nbsp;2008 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD MAY 15, 2008  </B></FONT></P>

<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>April&nbsp;22, 2008 </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Dear
Stockholder: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend our Annual Meeting of Stockholders to be held at The Hawthorne Hotel, 18&nbsp;Washington Square, Salem, MA, 01970 on Thursday, May&nbsp;15, 2008
at 10:00&nbsp;a.m., for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
elect seven directors to hold office until the next annual meeting of stockholders and until their respective successors are elected and qualified;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
approve the Atlantic Tele-Network,&nbsp;Inc. 2008 Equity Incentive Plan;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
ratify the selection of PricewaterhouseCoopers&nbsp;LLP as our independent auditors for the fiscal year ending December&nbsp;31, 2008; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>To
transact any other business that may properly come before the Annual Meeting or any adjournments or postponements thereof. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders
of record at the close of business on April&nbsp;15, 2008 are entitled to notice of, and to vote at, the Annual Meeting. During the ten days prior to the Annual Meeting, a
list of such stockholders will be available for inspection during our ordinary business hours at our office at the address above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not you expect to attend the meeting, please complete, date and sign the enclosed proxy card and mail it promptly in the enclosed postage prepaid envelope to ensure that your
shares are represented at the Annual Meeting. If you attend the meeting and vote in person, your proxy will not be used. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>By
order of the Board of Directors, </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Douglas
J. Minster<BR></FONT> <FONT SIZE=2><I>Secretary</I></FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2184829",CP="ATLANTIC TELE-NETWORK, INC.",DN="1",CHK=61917,FOLIO='blank',FILE='DISK106:[08ZBH1.08ZBH46901]BC46901A.;7',USER='DPERRY',CD='22-APR-2008;14:19' -->
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_bg46901_1_1"> </A>


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 </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="bg46901_table_of_contents"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>
<A NAME="BG46901_TOC"></A> </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_general_information_about_voting"><FONT SIZE=2>GENERAL INFORMATION ABOUT VOTING</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_who_can_vote"><FONT SIZE=2>Who Can Vote</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_voting"><FONT SIZE=2>Voting</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_quorum"><FONT SIZE=2>Quorum</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_votes_required"><FONT SIZE=2>Votes Required</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_revocability_of_proxies"><FONT SIZE=2>Revocability of Proxies</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_solicitation_expenses"><FONT SIZE=2>Solicitation Expenses</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_who_to_contact_for_additional_information"><FONT SIZE=2>Who to Contact for Additional Information</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_security_ownership_of_certain___sec02525"><FONT SIZE=2>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>3</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#da46901_section_16(a)_benefici__da402024"><FONT SIZE=2>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_proposal_#160;1_#151election_#160;of_#160;directors"><FONT SIZE=2>PROPOSAL 1&#151;ELECTION OF DIRECTORS</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_vote_required"><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_recommendation_of_our_board_of_directors"><FONT SIZE=2>Recommendation of our Board of Directors</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_director_and_nominee_biographical_information"><FONT SIZE=2>DIRECTOR AND NOMINEE BIOGRAPHICAL INFORMATION</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_proposal_2_#151;_approval_of_t__pro02831"><FONT SIZE=2>PROPOSAL 2&#151;APPROVAL OF THE ATLANTIC TELE-NETWORK,&nbsp;INC. 2008 EQUITY INCENTIVE PLAN</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_purpose_of_the_2008_plan"><FONT SIZE=2>Purpose of the 2008 Plan</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>8</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_2008_plan_philosophy"><FONT SIZE=2>2008 Plan Philosophy</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dc46901_description_of_the_2008_plan"><FONT SIZE=2>Description of the 2008 Plan</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#page_de46901_1_11"><FONT SIZE=2>Overhang</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#de46901_u.s._federal_income_tax_conseq__u.s03009"><FONT SIZE=2>U.S. Federal Income Tax Consequences Relating to Certain Awards under the 2008 Plan</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#de46901_new_plan_benefits"><FONT SIZE=2>New Plan Benefits</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#de46901_required_vote"><FONT SIZE=2>Required Vote</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#de46901_recommendation_of_our_board_of_directors"><FONT SIZE=2>Recommendation of our Board of Directors</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_securities_authorized_for_issu__sec02789"><FONT SIZE=2>Securities Authorized for Issuance Under Equity Compensation Plans</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_proposal_3_#151;_ratification___pro02306"><FONT SIZE=2>PROPOSAL 3&#151;RATIFICATION OF SELECTION OF INDEPENDENT AUDITOR</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_vote_required"><FONT SIZE=2>Vote Required</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_recommendation_of_our_board_of_directors"><FONT SIZE=2>Recommendation of our Board of Directors</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_corporate_governance"><FONT SIZE=2>CORPORATE GOVERNANCE</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_general"><FONT SIZE=2>General</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_determination_of_independence"><FONT SIZE=2>Determination of Independence</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_director_nomination_process"><FONT SIZE=2>Director Nomination Process</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_communications_from_stockholde__com02547"><FONT SIZE=2>Communications from Stockholders and Other Interested Parties</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_board_of_directors__meetings_and_committees"><FONT SIZE=2>Board of Directors' Meetings and Committees</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dg46901_compensation_committee__dg402483"><FONT SIZE=2>Compensation Committee Interlocks and Insider Participation</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_independent_auditor"><FONT SIZE=2>INDEPENDENT AUDITOR</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_independent_auditor_fees_and_services_1"><FONT SIZE=2>Independent Auditor Fees and Services</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_audit_committee_pre-approval_policy_and_procedures"><FONT SIZE=2>Audit Committee Pre-Approval Policy and Procedures</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_audit_committee_report"><FONT SIZE=2>Audit Committee Report</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_executive_officer_compensation"><FONT SIZE=2>EXECUTIVE OFFICER COMPENSATION</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_compensation_discussion_and_analysis"><FONT SIZE=2>Compensation Discussion and Analysis</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#di46901_compensation_committee_report"><FONT SIZE=2>Compensation Committee Report</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dm46901_summary_compensation_table"><FONT SIZE=2>Summary Compensation Table</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dm46901_grants_of_plan-based_awards"><FONT SIZE=2>Grants of Plan-Based Awards</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dm46901_outstanding_equity_awards_at_fiscal_year-end"><FONT SIZE=2>Outstanding Equity Awards at Fiscal Year-End</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dm46901_option_exercises_and_stock_vested"><FONT SIZE=2>Option Exercises and Stock Vested</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#dm46901_potential_payments_upo__dm402391"><FONT SIZE=2>Potential Payments Upon Termination or Change of Control</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>31</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_director_compensation"><FONT SIZE=2>DIRECTOR COMPENSATION</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>32</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_related_person_transactions"><FONT SIZE=2>RELATED PERSON TRANSACTIONS</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_policy_on_related_person_transactions"><FONT SIZE=2>Policy on Related Person Transactions</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_additional_information"><FONT SIZE=2>ADDITIONAL INFORMATION</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_stockholder_proposals_for_2009_annual_meeting"><FONT SIZE=2>Stockholder Proposals for 2009 Annual Meeting</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_householding_of_annual_meeting_materials"><FONT SIZE=2>Householding of Annual Meeting Materials</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="90%" VALIGN="TOP" style="font-family:times;"><A HREF="#do46901_annual_report_and_other_sec_filings"><FONT SIZE=2>Annual Report and Other SEC Filings</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><A HREF="#la46901_appendix_a"><FONT SIZE=2>APPENDIX A&#151;Atlantic Tele-Network, Inc. 2008 Equity Incentive Plan</FONT></A></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>A-1</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>i</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=3,EFW="2184829",CP="ATLANTIC TELE-NETWORK, INC.",DN="1",CHK=227921,FOLIO='i',FILE='DISK106:[08ZBH1.08ZBH46901]BG46901A.;12',USER='MSULLIV',CD='23-APR-2008;12:23' -->
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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="page_da46901_1_1"> </A>


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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>ATLANTIC TELE-NETWORK,&nbsp;INC.<BR>
10 Derby Square<BR>
Salem, MA 01970  </B></FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> PROXY STATEMENT<BR>
FOR THE 2008 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON MAY 15, 2008  </B></FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B> <A NAME="da46901_general_information_about_voting"> </A>
<A NAME="toc_da46901_1"> </A>
<BR>    GENERAL INFORMATION ABOUT VOTING    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy statement is furnished in connection with the solicitation of proxies by the Board of Directors of Atlantic Tele-Network,&nbsp;Inc., a
Delaware corporation, for use at the 2008 Annual Meeting of Stockholders to be held on May&nbsp;15, 2008, or any adjournments or postponements thereof. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are mailing this proxy statement together with our Annual Report to Stockholders for the year ended December&nbsp;31, 2007 on or about April&nbsp;30, 2008. Our Annual Report to
Stockholders includes a copy of our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2007, excluding exhibits. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_who_can_vote"> </A>
<A NAME="toc_da46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>Who Can Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record at the close of business on April&nbsp;15, 2008 are entitled to vote at the Annual Meeting. On that date, 15,230,797 shares of
common stock, par value $.01 per share, were outstanding, each share entitled to one vote. If your shares are registered directly in your name with our transfer agent, you are considered the
stockholder of record with respect to those shares. If your shares are
held in a brokerage account or by a bank or other holder of record, you are considered the beneficial owner of those shares. As a beneficial owner, you may direct your broker or other holder of record
on how to vote your owner shares by following their instructions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_voting"> </A>
<A NAME="toc_da46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>Voting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may vote either: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
person or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>by
mail. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
vote in person, you must attend the Annual Meeting and cast your vote. You do not need to register in advance to attend the Annual Meeting. To vote by mail, you must complete, sign
and date the enclosed proxy card and return it in the enclosed self-addressed envelope. No postage is necessary if the proxy card is mailed in the United States. If you hold your shares
through a bank, broker or other nominee, they will give you separate instructions for voting your shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you vote by mail and your proxy card is received in time for voting and not revoked, your shares will be voted at the Annual Meeting in accordance with the instructions contained
therein. If no instructions are indicated, the shares represented by the proxy card will be voted: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the election of the director nominees named herein;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> approval of the Atlantic Tele-Network,&nbsp;Inc. 2008 Equity Incentive Plan;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>FOR</B></FONT><FONT SIZE=2> the ratification of the appointment of PricewaterhouseCoopers&nbsp;LLP as our independent auditors; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>in
accordance with the judgment of the proxy holders named on the proxy card as to any other matter that is properly brought before the Annual Meeting, or any adjournments
or postponements thereof. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>1</FONT></P>

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<A NAME="page_da46901_1_2"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_quorum"> </A>
<A NAME="toc_da46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>Quorum    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding shares of common stock entitled to vote at the Annual Meeting, whether present in person or represented by proxy,
will constitute a quorum for the transaction of business at the Annual Meeting. If a quorum is not present at the Annual Meeting, the stockholders present may adjourn the Annual Meeting from time to
time, without notice, other than by announcement at the meeting, until a quorum is present or represented. At any such adjourned meeting at which a quorum is present or represented, any business may
be transacted that might have been transacted at the original meeting. Abstentions, votes withheld and broker non-votes will be counted for purposes of determining whether a quorum is
present at the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_votes_required"> </A>
<A NAME="toc_da46901_5"> </A>
<BR></FONT><FONT SIZE=2><B>Votes Required    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposal 1, the election of each director nominee, requires a plurality of the votes present, or represented by proxy, and entitled to vote on the election of
directors. Proposal 2, the approval of the 2008 Equity Incentive Plan, requires a majority of the votes present, or represented by proxy, and entitled to vote thereon. Proposal 3, the ratification of
the appointment of PricewaterhouseCoopers&nbsp;LLP as our independent auditors for 2008, and any other matter to be submitted to the stockholders, requires a majority of the votes present, or
represented by proxy, and entitled to vote thereon. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will not count shares that abstain from voting ("abstentions") on a particular matter as votes in favor of such matter. Similarly, we will not count shares held in "street name" by
brokers or nominees
who indicate on their proxies that they do not have discretionary authority to vote the shares as to a particular matter and have not received instructions from the beneficial owner ("broker
non-votes") as votes in favor of such matter. Abstentions and broker non-votes will have no effect on the outcome of voting on Proposal 1. However, because abstentions will be
considered to be votes present and entitled to vote on Proposal 2 and Proposal 3, abstentions will have the effect of a vote against those proposals. Broker non-votes will not be
considered to be votes present and entitled to vote on Proposal 1 or Proposal 2, and accordingly will not affect the outcome of voting on those proposals. Inspectors of election appointed by our Board
will tabulate votes. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_revocability_of_proxies"> </A>
<A NAME="toc_da46901_6"> </A>
<BR></FONT><FONT SIZE=2><B>Revocability of Proxies    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy may be revoked at any time before it is exercised by delivering a written revocation or a duly executed proxy card bearing a later date to Atlantic
Tele-Network,&nbsp;Inc., Attn: Secretary, 10 Derby Square, Salem, MA 01970. A proxy may also be revoked by voting in person at the Annual Meeting. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_solicitation_expenses"> </A>
<A NAME="toc_da46901_7"> </A>
<BR></FONT><FONT SIZE=2><B>Solicitation Expenses    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will bear all costs of solicitation of proxies. In addition to solicitations by mail, our directors, officers and regular employees, without additional
remuneration, may solicit proxies by telephone, telecopy and personal interviews. We will request brokers, banks, and other holders of record to forward proxy soliciting material to beneficial owners.
We will reimburse them for their reasonable out-of-pocket expenses incurred in connection with the distribution of the proxy materials. In addition, we will engage BNY Mellon
Shareowner Services, a professional solicitor, to assist in the distribution of proxy materials to banks, brokers, nominees and intermediaries. The estimated cost for engaging BNY Mellon Shareowner
Services is approximately $3,000 for any such services, plus reasonable out of pocket expenses. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_who_to_contact_for_additional_information"> </A>
<A NAME="toc_da46901_8"> </A>
<BR></FONT><FONT SIZE=2><B>Who to Contact for Additional Information    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have questions about how to submit your proxy, or if you need additional copies of this proxy statement or the enclosed proxy card, please contact our
proxy solicitor: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>BNY
Mellon Shareowner Services<BR>
c/o Mellon Investor Services<BR>
P.O.&nbsp;Box&nbsp;358016<BR>
Pittsburgh, PA 15252-8016<BR>
Telephone (800)&nbsp;522-6645 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_da46901_1_3"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_security_ownership_of_certain___sec02525"> </A>
<A NAME="toc_da46901_9"> </A>
<BR></FONT><FONT SIZE=2><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information known to us as of April&nbsp;15, 2008 (unless otherwise indicated in the footnotes to this table), with
respect to the shares of our common stock that were beneficially owned as of such date by: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
person (including any partnership, syndicate or other group) known to us to be the beneficial owner of more than 5% of our outstanding shares of common stock;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>each
of our directors and each of the nominees seeking election as director;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>our
principal executive officer and our principal financial officer during the fiscal year ended December&nbsp;31, 2007, and the three other most highly compensated
executive officers who were serving as executive officers on December&nbsp;31, 2007, which we refer to collectively as our named executive officers; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>all
of our directors and executive officers as a group. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares beneficially owned by each person listed below includes any shares which the person has a right to acquire on or before June&nbsp;14, 2008 by exercising stock
options or other rights to acquire shares. For each person listed below, the percentage set forth under "Percent of Class" was
calculated based on 15,230,797 shares of common stock outstanding on April&nbsp;15, 2008, plus any shares that person could acquire upon the exercise of any other rights exercisable on or before
June&nbsp;14, 2008. Except as indicated in the footnotes to this table, the persons named in the table have sole voting and investment power with respect to the shares shown as beneficially owned by
them. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Shares Beneficially Owned</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="70%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Beneficial Owners</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Percent of<BR>
Class</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Directors, Director Nominees and Named Executive Officers:</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Cornelius B. Prior, Jr.(1)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,598,523</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>36.8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Martin L. Budd(2)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,250</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Thomas V. Cunningham</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Charles J. Roesslein(3)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,927</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Brian A. Schuchman(4)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>22,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Henry U. Wheatley(5)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>19,046</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Michael T. Prior(6)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>76,256</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Justin D. Benincasa(7)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24,167</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>John P. Audet(8)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>10,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>Douglas J. Minster(9)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>William F. Kreisher(10)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>6,667</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>Other 5% Stockholders:</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2>FMR&nbsp;LLC(11)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,210,600</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7.9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="70%" style="font-family:times;"><FONT SIZE=2><B>All Current Directors and Executive Officers as a group (11&nbsp;persons)</B></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>5,776,836</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>37.9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Less
than 1%.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
500 shares owned by Gertrude Prior, Mr.&nbsp;Cornelius Prior's wife; 37,500 shares owned by the Katherine D. Prior Revocable Trust; 1,111,250 shares owned by the Cornelius
B. Prior, Jr. 2004 Grantor Retained Annuity Trust for his children and 9,047 shares held by Tropical Aircraft&nbsp;Co. Mr.&nbsp;Prior disclaims beneficial ownership of the shares owned by his wife
and the Katherine D. Prior Trust. His address is P.O.&nbsp;Box&nbsp;12030, St.&nbsp;Thomas, U.S. Virgin Islands 00801-5030. Excludes 400,000 shares owned by the Prior Family
Foundation, a charitable trust for which Mr.&nbsp;Prior's wife serves as trustee. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_da46901_1_4"> </A>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
1,000 shares of restricted stock which vest on May&nbsp;24, 2009.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
2,927 shares owned jointly with his spouse.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
1,000 shares of restricted stock which vest on May&nbsp;24, 2009. All shares are held by BAS Capital Holding Corp., of which Mr.&nbsp;Schuchman is the sole stockholder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>All
shares are held by HUW Holdings,&nbsp;Inc., of which Mr.&nbsp;Wheatley is the sole stockholder.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
28,650 shares held by Mr.&nbsp;Michael Prior's children as to which Mr.&nbsp;Michael Prior disclaims beneficial ownership, 15,938 shares owned jointly with his spouse,
21,668 shares of restricted stock (10,834 of which vested on July&nbsp;25, 2007 and 10,833 of which vest on July&nbsp;25, 2008) and 10,000&nbsp;shares issuable upon exercise of outstanding
options.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
17,500 shares issuable upon exercise of outstanding options. Also includes 6,667 shares of restricted stock, 2,222 of which vest on May&nbsp;17, 2008, 2,222 of which vest
on May&nbsp;17, 2009 and 2,223 of which vest on May&nbsp;17, 2010.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
2,500 shares issuable upon exercise of outstanding options and 2,500 shares of restricted stock which vest on January&nbsp;1, 2009.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
2,500 shares issuable upon exercise of outstanding options.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
6,667 shares of restricted stock, 2,222 of which vest on on September&nbsp;17, 2009, 2,222 of which vest on September&nbsp;17, 2010 and 2,223 of which vest on
September&nbsp;17, 2011.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Based
on information contained in this holders' Schedule&nbsp;13 G/A filed with the SEC on February&nbsp;14, 2008. The address of FMR&nbsp;LLC is 82 Devonshire Street, Boston,
MA 02019. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="da46901_section_16(a)_benefici__da402024"> </A>
<A NAME="toc_da46901_10"> </A>
<BR></FONT><FONT SIZE=2><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, requires our officers and directors, and persons who own more than
10% of a registered class of our equity securities, to file initial reports of ownership and reports of changes in ownership with the SEC and provide us with copies of those reports. To our knowledge,
based solely on review of the copies of such forms furnished to us and written representations from our executive officers and directors, for the fiscal year ended December&nbsp;31, 2007, all
Section&nbsp;16(a) reports applicable to our officers and directors were timely filed, except as described below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December&nbsp;12, 2007, Michael T. Prior filed a late Form&nbsp;4 reporting the disposition of 1,400 shares on December&nbsp;7, 2007. On April&nbsp;18, 2008, Michael T. Prior
filed a late Form&nbsp;5 reporting a gift of 200 shares made in June 2007 and two gifts of a aggregate of 1,750 shares received in December 2007. On April 18, 2008, Cornelius B. Prior, Jr. filed a
late Form&nbsp;5 reporting three gifts of an aggregate of 7,350 shares made during December 2007. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>4</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_proposal_#160;1_#151election_#160;of_#160;directors"> </A>
<A NAME="dc46901_proposal_1_#151;election_of_directors"> </A>
<A NAME="toc_dc46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 1&#151;ELECTION OF DIRECTORS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders are being asked to elect the following seven members to our Board of Directors to hold office until our next annual meeting of stockholders and until
their respective successors are elected and qualified, subject to earlier retirement, resignation or removal: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Cornelius
B. Prior, Jr.<BR>
Martin L. Budd<BR>
Thomas V. Cunningham<BR>
Michael T. Prior<BR>
Charles J. Roesslein<BR>
Brian A. Schuchman<BR>
Henry U. Wheatley </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
nominee has consented to his nomination and is expected to stand for election. However, if any nominee is unable or unwilling to serve, proxies will be voted for a replacement
candidate nominated by our Board. Messrs.&nbsp;Budd, C.B. Prior, Jr., Roesslein, Schuchman and Wheatley are incumbent directors. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_vote_required"> </A>
<A NAME="toc_dc46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>Vote Required    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each director nominee must be elected by a plurality of votes present, or represented by proxy, at the Annual Meeting and entitled to vote on the election of
directors. Votes withheld and broker non-votes will not be treated as votes cast and, therefore will not affect the outcome of the elections. Biographical information for each of the
nominees is set forth below under "Director and Nominee Biographical Information." </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_recommendation_of_our_board_of_directors"> </A>
<A NAME="toc_dc46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>Recommendation of our Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OUR BOARD RECOMMENDS THAT STOCKHOLDERS VOTE </FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2> THE ELECTION OF EACH OF THE NOMINEES. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>5</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_director_and_nominee_biographical_information"> </A>
<A NAME="toc_dc46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>DIRECTOR AND NOMINEE BIOGRAPHICAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is biographical information about our current directors and the current director nominees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornelius B. Prior, Jr., 74,</I></B></FONT><FONT SIZE=2> is the Chairman of our Board of Directors. He served as our Chief Executive Officer
and Chairman of the Board from 1998 through December 2005, at which time he retired as Chief Executive Officer. Mr.&nbsp;Prior was a managing director and stockholder of Kidder,
Peabody&nbsp;&amp;&nbsp;Co. Incorporated, where he directed the Telecommunications Finance Group. A former Naval Officer and Fulbright Scholar, Mr.&nbsp;Prior started his career as an attorney with
Sullivan&nbsp;&amp; Cromwell in New York. A former Trustee of Holy Cross College and member of the Visiting Committee to Harvard Law School, he was the Chairman of CANTO, the Caribbean Association of
National Telecommunication Organizations. He is also the Treasurer and member of the Executive Committee of CCAA (Caribbean and Central American Action) and the father of Michael T. Prior, our
President and Chief Executive Officer. He earned his legal degree from The Harvard Law School. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin L. Budd, 67,</I></B></FONT><FONT SIZE=2> has been a a director of ours since May 2007, and is the Chair of our Compensation Committee
and a member of the Audit Committee. He retired as a partner of the law firm of Day, Berry and Howard&nbsp;LLP effective January&nbsp;1, 2007. Mr.&nbsp;Budd chaired that firm's Business Law
Department and its Business Section and had particular expertise in federal securities laws, merger and acquisition transactions and strategic joint ventures. Mr.&nbsp;Budd is Chairman of the
Connecticut Appleseed Center for Law and Justice and has served on the Legal Advisory Board of the National Association of Securities Dealers. He is the Chairman Emeritus of the Board of Trustees of
the Hartford Seminary and is a member of the National Executive Committee of the Anti-Defamation League. Mr.&nbsp;Budd earned his legal degree from The Harvard Law School. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas V. Cunningham, 40,</I></B></FONT><FONT SIZE=2> is currently the Chief Executive Officer of PTL Corporation, an internet services firm
and, with his wife, owns the Baltimore Technology Park,&nbsp;LLC, a carrier-neutral data center serving the Baltimore,&nbsp;MD and Washington,&nbsp;D.C. area. He served as Chief Executive
Officer of Alabanza Corporation from 1995 until 2007 when the company was sold to Navisite. He was the Chief Executive Officer of Bulkregister.com,&nbsp;Inc. from 1999 until 2006 when it was sold to
Demand Media. He is a founding board member of the Institute for the Psychological Sciences, a graduate school in Crystal City, Virginia, and is a member of the Lumen Institute in Washington, D.C. In
2002, Mr.&nbsp;Cunningham was named Regional Entrepreneur of the Year by Ernst&nbsp;&amp; Young. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael T. Prior, 43,</I></B></FONT><FONT SIZE=2> is our President and Chief Executive Officer. Mr.&nbsp;Prior joined us in 2003 as our
Chief Financial Officer and Treasurer. Before joining us, Mr.&nbsp;Prior was a partner with Q Advisors&nbsp;LLC, a Denver-based investment banking and financial advisory firm focused on the
telecommunications sector. From 1999 to 2002, he headed corporate development for LighTrade,&nbsp;Inc., a telecommunications infrastructure provider. From 1998 to 1999, Mr.&nbsp;Prior was a member
of ComSpace Development&nbsp;LLC, a seed investment concern in the communications industry and an early investor in LighTrade. From 1992 to 1998, Mr.&nbsp;Prior was a corporate lawyer with Cleary
Gottlieb Steen&nbsp;&amp; Hamilton in London and New York and Perkins Coie&nbsp;LLP in Seattle. Mr.&nbsp;Prior received a B.A. degree from Vassar College and a J.D. degree </FONT> <FONT SIZE=2><I>summa cum laude</I></FONT><FONT SIZE=2> from Brooklyn
Law School. He is the son of Cornelius B. Prior, Jr., Chairman of our Board. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles J. Roesslein, 59,</I></B></FONT><FONT SIZE=2> has been a director of ours since April 2002 and is the Chair of our Audit Committee and
a member of our Compensation Committee. He currently is the Chief Executive Officer of Austin Tele-Services Partners,&nbsp;LP and has been a director of National Instruments Corporation
since July 2000. He is a retired officer of SBC Communications. Mr.&nbsp;Roesslein previously served as Chairman of the Board of Directors, President and Chief Executive Officer of Prodigy
Communications Corporation from June of 2000 until December of 2000. He served as President and </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>6</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Chief
Executive Officer of SBC-CATV from October 1999 until May 2000, and as President and Chief Executive Officer of SBC Technology Resources from August 1997 to October 1999. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brian A. Schuchman, 39,</I></B></FONT><FONT SIZE=2> is the Founder of Commnet Wireless,&nbsp;LLC, which we acquired in 2005. He joined our
Board in May 2007. Mr.&nbsp;Schuchman has spent more than 15&nbsp;years as an operator and entrepreneur in the wireless telecommunications industry. He founded Commnet Wireless,&nbsp;LLC in 2000
and served as its Chairman and Chief Executive Officer from its inception until July 2006. In 2000, he also co-founded a wireless telecommunications equipment distributor, Commnet Supply,
which was sold in April 2004. In the early and mid 1990's, Mr.&nbsp;Schuchman partnered with rural cellular license holders to build-out and manage numerous wireless markets which were
later sold. In 1995, Mr.&nbsp;Schuchman founded Cellular Infrastructure Supply (CIS), one of the first companies to resell cellular switching and base station equipment. CIS was sold to World
Access,&nbsp;Inc. in 1997. He continued to manage CIS until early 2000. In 2003, Mr.&nbsp;Schuchman was named Entrepreneur of the Year for the Greater Chicago Region by Ernst&nbsp;&amp; Young. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry U. Wheatley, 76,</I></B></FONT><FONT SIZE=2> joined our Board in 1998 and is a member of our Audit and Compensation Committees. He has
been a director of our subsidiary GTT since 1999. Mr.&nbsp;Wheatley has been the President of Wheatley Realty Corporation since 1973, where he manages the development of shopping centers.
Mr.&nbsp;Wheatley is also Chairman of the Board of Coral World (Virgin Islands),&nbsp;Inc., and has been Vice President and Trustee of Islands Resources Foundation since 1972. He was a director of
the Virgin Islands Telephone Corporation from 1994 to December&nbsp;30, 1997. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>7</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_proposal_2_#151;_approval_of_t__pro02831"> </A>
<A NAME="toc_dc46901_5"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 2&#151;<BR>  APPROVAL OF THE ATLANTIC TELE-NETWORK,&nbsp;INC. 2008 EQUITY INCENTIVE PLAN    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of Directors has approved the 2008 Equity Incentive Plan (the "2008 Plan"), subject to approval of the stockholders at the Annual Meeting. We currently
have three equity incentive plans: our 2005 Restricted Stock and Incentive Plan (the "2005 Plan"), our 1998 Stock Option Plan (the "1998 Plan") and our Director's Remuneration Plan (the "Director's
Plan"). We collectively refer to these plans as the "Equity Plans". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
our stockholders approve the 2008 Plan, it will replace the Equity Plans, which will be suspended or terminated such that no further awards will be made under the Equity Plans. If
approved by our stockholders, we will make all future incentive awards under the 2008 Plan. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_purpose_of_the_2008_plan"> </A>
<A NAME="toc_dc46901_6"> </A>
<BR></FONT><FONT SIZE=2><B>Purpose of the 2008 Plan    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe the 2008 Plan will benefit us in the following ways: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Assist us in attracting, motivating and retaining high-performing
employees.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;We believe that equity incentives motivate high levels of performance and provide an effective means of recognizing employee contributions to our
success. We also believe that equity incentives align the interests of our employees with the interests of our stockholders&#151;when we perform well, that performance is reflected in our stock
price, and employees are rewarded along with other stockholders. Equity incentives also benefit us in a number of
other ways. For example, they can be used to tie compensation closely to our performance; they conserve cash; stock options produce no dilution to earnings per share without an increase in the stock
price that benefits stockholders generally; the exercise of options increases our capital; and we are entitled to tax deductions in connection with most equity awards. We believe that plans such as
the 2008 Plan increase our ability to achieve the objectives above by allowing us to grant different forms of equity awards. Recent changes in the required accounting for equity compensation and other
developments have increased the attractiveness and utility of restricted stock and other forms of equity incentives other than options. Under Statement of Financial Accounting Standards
No.&nbsp;123R, which took effect January&nbsp;1, 2006, the financial statement expense that we record for option grants may be greater than the perceived value of those grants or the value
ultimately delivered to the participant. In such cases, providing "whole share" equity compensation (such as restricted stock) may allow us to better align the expense of equity grants to us with the
perceived value of such grants by the participant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Allow us to continue to grant option awards.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;If the 2008 Plan is not approved by
stockholders, we will have the ability to grant stock options only under our 1998 Plan which expires in October of this year. We believe that option awards have been an important component of our
equity incentive practice and, along with other equity awards, may play an increasing role in the future.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Allow us to consolidate our Equity Plans.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;As of December&nbsp;31, 2007, we had
approximately 1,277,000 shares of common stock reserved for future issuance under all of the Equity Plans, including approximately 174,000 shares available for option grants under our 1998 Plan (which
expires this year), 531,000 shares available for grants of restricted stock and performance shares under our 2005 Plan (which expires in 2015) and approximately 522,000 shares available for grants of
restricted stock and settlement of restricted stock units under our Directors' Plan. If approved by stockholders, we will consolidate our Equity Plans under the 2008 Plan and make all future equity
incentive awards under the 2008 Plan. We will no longer make any grants under the Equity Plans, which will survive only to govern outstanding awards previously granted under the respective plans.
Consolidation of our equity grant programs under one plan will simplify the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>8</FONT></P>

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<UL>

<P style="font-family:times;"><FONT SIZE=2>administration
of equity grants, help ensure consistency of value across various types of equity awards and ensure the consistent availability of all types of awards. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board's adoption of the 2008 Plan is subject to the approval of the stockholders. Stockholder approval is not only required for the adoption of the 2008 Plan, but will allow us, in
connection with the Plan, to grant incentive stock options ("ISOs"), among other instruments, ensure our ability to take tax deductions for equity compensation under Section&nbsp;162(m) of the
Internal Revenue Code, as amended ("the Code"), and meet the requirements of the Nasdaq Stock Market ("Nasdaq"). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_2008_plan_philosophy"> </A>
<A NAME="toc_dc46901_7"> </A>
<BR></FONT><FONT SIZE=2><B>2008 Plan Philosophy    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We designed the 2008 Plan with the following features to support our compensation philosophy and to protect stockholder interests: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Reasonable Share Request.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The Board has reserved 1,500,000 shares of our common stock
for issuance under the 2008 Plan, which represents approximately 9.9% of our outstanding common stock as of December&nbsp;31, 2007. Upon stockholder approval of the 2008 Plan, no further grants will
be made under our Equity Plans. As of April&nbsp;15, 2008, there were 1,195,374 shares of common stock that were previously authorized and remain available for grant under the Equity Plans. If the
2008 Plan is approved, these shares, along with shares subject to awards granted under The Equity Plans that are forfeited, cancelled or have expired, will no longer be available for grant under the
Equity Plans.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Prohibitions on Below Market Grants.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The 2008 Plan expressly prohibits the grant of
stock options or stock appreciation rights ("SARs") with an exercise price less than the fair market value of common stock on the date of grant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Prohibitions on Repricings.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The 2008 Plan prohibits the amendment of any option or SAR
to reduce its exercise price or the repricing or cancellation of options or SARs in exchange for new awards exercisable for common stock at a lower exercise price without stockholder approval.
Adjustments to outstanding awards based on standard anti-dilution provisions are permitted.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Minimum Vesting Provisions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The 2008 Plan generally provides that service-based
restricted stock awards must vest over at least three years and performance-based restricted stock awards must have a performance period of at least one year, except in connection with the disability,
death or termination of service of the participant or a change in control of the Company. We may grant restricted stock awards with shorter vesting periods than as set forth above, only if, in the
aggregate, such awards represent no more than 10.0% of the shares authorized for grant under the 2008 Plan. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dc46901_description_of_the_2008_plan"> </A>
<A NAME="toc_dc46901_8"> </A>
<BR></FONT><FONT SIZE=2><B>Description of the 2008 Plan    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the material terms and provisions of the 2008 Plan. This summary is qualified in its entirety by reference to the complete text of
the 2008 Plan, which is attached hereto as </FONT><FONT SIZE=2><I>Appendix&nbsp;A</I></FONT><FONT SIZE=2> and incorporated herein by reference. To the extent that there is a conflict between this
summary and the 2008 Plan, the terms of the 2008 Plan will govern. Capitalized terms that are used but not defined in this summary have the meanings given to them in the 2008 Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All employees, directors and consultants of the Company or any of its affiliates capable
of contributing to the successful performance of the Company are eligible to be participants in the 2008 Plan. Based on the number of our current employees, directors and consultants, there are
approximately 850 individuals who currently would be eligible to participate in the 2008 Plan, although we currently do not expect to make broad-based grants to all employees of the Company and its
subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Available for Issuance.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board has reserved 1,500,000 shares of our Common Stock for
issuance under the 2008 Plan. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>9</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The 2008 Plan will be administered by a committee composed of two or more members of
the Board of Directors who are independent from Company management (the "Committee"). The Committee has the authority to adopt administrative rules and practices governing the operation of the 2008
Plan and to interpret its provisions. The Committee may, subject to applicable law, delegate to one or more of our executive officers the power to make awards to participants who are not executive
officers or Directors, subject to a maximum number of shares fixed by the Committee. The Board may at any time also take any such action. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Awards.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We may grant stock options, restricted stock, restricted stock units, stock
equivalents and awards of shares of Common Stock that are not subject to restrictions or forfeiture. </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Stock Options.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Stock options under the 2008 Plan may be ISOs or nonstatutory stock
options. The maximum cumulative number of shares available for grants of ISOs under the Plan is 1,500,000 shares. The Committee determines the terms of options, including the amount, exercise price,
vesting schedule and term, which may not exceed ten years. The per share exercise price of an option may not be less than 100% of the fair market value of the Common Stock on the grant date.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Restricted Stock and Restricted Stock Units.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;These are shares of Common Stock or rights
to receive the value of shares of Common Stock that are granted subject to certain restrictions during a specified period. The restricted period may be based on achieving performance or market-
related goals, on the participant's continued service with the Company or on a deferred payment schedule. Restricted stock units may be settled in stock, cash or other awards or property. For awards
subject to vesting, the participant generally will forfeit the award if the specified conditions are not met. Although the Committee has discretion to set the terms of shares of restricted stock and
restricted stock units, including the vesting schedule, the 2008 Plan contains limitations to align such awards with stockholders' interests.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2><B>Stock Equivalents.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;A stock equivalent is any right to receive payment from the Company
based in whole or in part on the value of the Common Stock, as determined by the Committee. Stock equivalents may include, without limitation, phantom stock, performance units and SARs and may be
settled in stock, cash or other awards or property. The per share exercise price of a SAR may not be less than 100% of the fair market value of the Common Stock on the grant date, and the term of a
SAR may not exceed ten years. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms of Awards.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as may be limited by the 2008 Plan or applicable law, the Committee selects
participants to receive awards and determines the terms and conditions of each award, including the number of shares of Common Stock subject to awards, the price, if any, a participant pays to receive
or exercise an award, the time or times when awards vest or may be exercised, settled or forfeited, any performance goals, restrictions or other conditions to vesting, exercise, or settlement of
awards, and the effect on awards of the disability, death, or termination of service of participants. Awards may be made to participants who are foreign nationals or employed outside the United States
on terms the Committee deems appropriate. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Goals.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant's right to earn or vest in an award may be made subject to
achievement of one or more objective performance goals based on one or more of the following criteria established by the Committee: (i)&nbsp;net income, (ii)&nbsp;earnings per share,
(iii)&nbsp;operating income, (iv)&nbsp;operating cash flow, (v)&nbsp;earnings before income taxes and depreciation, (vi)&nbsp;earnings before interest, taxes, depreciation and amortization,
(vii)&nbsp;operating margins (viii)&nbsp;reductions in operating expenses, (ix)&nbsp;sales or return on sales (x)&nbsp;total stockholder return (xi)&nbsp;return on equity,
(xii)&nbsp;return on total capital, (xiii)&nbsp;return on invested capital, (xiv)&nbsp;return on assets, (xv)&nbsp;economic value added, (xvi)&nbsp;cost reductions and savings,
(xvii)&nbsp;increase in surplus, (xviii)&nbsp;productivity improvements, (xix)&nbsp;an executive's attainment of personal objectives with respect to any of the foregoing criteria or other </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>10</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>criteria
such as growth and profitability, customer satisfaction, leadership effectiveness, business development, negotiating transactions and sales or developing long term business goals. A
Performance Goal may be measured over a Performance Period on a periodic, annual, cumulative or average basis and may be particular to a Participant or may be based, in whole or in part, on the
performance of the division, department, line of business, subsidiary, or other business unit, whether or not legally constituted, in which the Participant works or on the performance of the Company
generally. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Individual Grants.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We may not in any fiscal year grant to any participant stock
options, SARs or other awards with respect to which performance goals apply covering more than 150,000 shares. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferability.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee has the authority to permit participants to transfer any award,
provided that ISOs may be transferable only to the extent permitted by the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon an equity restructuring or other corporate transaction that affects the Common
Stock such that an adjustment is required in order to preserve the benefits intended to be provided by the 2008 Plan, the Committee shall equitably adjust any or all of the number and kind of shares
in respect of which awards may be made under the 2008 Plan, the number and kind of shares subject to outstanding awards, the exercise price with respect to any of the foregoing, and the limit on
individual grants. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may act to preserve the participants' rights in the event of a
change in control of the Company as the Committee may consider equitable to participants and in the best interests of the Company, including without limitation: accelerating any time period relating
to the vesting, exercise, or settlement of awards, providing for payment to participants of cash or other property with a fair market value equal to the amount that would have been received upon the
vesting, exercise, or settlement of awards in connection with the change in control, adjusting the terms of awards in a manner determined by the Committee to reflect the change in control, causing
awards to be assumed, or new rights substituted therefor, by another entity, or terminating awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Repricing of Outstanding Stock Options and SARs.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We may not, without stockholder approval, amend
any outstanding option or SAR to reduce the exercise price or replace it with a new award exercisable for Common Stock at a lower exercise price. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Awards.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to the prohibition on repricing, the Committee may not amend, modify or
terminate any outstanding award for which the respective participant's consent would be required unless the terms of the award permit such action, the Committee determines that such action is required
by law, or the Committee determines that the action would not materially and adversely affect the participant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of the Plan.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may amend, suspend or terminate the 2008 Plan, subject
to any stockholder approval it deems necessary or appropriate. For example, under the Code and Nasdaq requirements, the Board may not increase the number of shares of Common Stock issuable under the
Plan (except in the case of a recapitalization, stock split or similar event) without stockholder approval. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overhang.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We measure overhang by dividing the number of awards outstanding, plus shares available for
grant, by the number of shares outstanding. Upon stockholder approval, 1,500,000 shares would be available for grant under the 2008 Plan. The following table shows as of April&nbsp;15, 2008, the
actual overhang associated with our current equity plans and the proforma overhang, assuming the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>11</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>2008
Plan is approved by the stockholders and no further grants are made under the currently existing plans: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>As of April&nbsp;15, 2008</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Actual</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Pro forma for<BR>
2008 Plan</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Awards outstanding under all existing equity plans</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,207</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,207</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Available for grant under all existing equity plans</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,227,374</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Authorized pursuant to 2008 Plan</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,500,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="60%" style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,685,581</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,958,207</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Overhang (based on shares outstanding on April&nbsp;15, 2008)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>11.1</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.9</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2><A
NAME="de46901_u.s._federal_income_tax_conseq__u.s03009"> </A>
<A NAME="toc_de46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>U.S. Federal Income Tax Consequences Relating to Certain Awards under the 2008 Plan    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant does not realize taxable income upon the grant or exercise of
an ISO under the 2008 Plan. If a participant does not dispose of shares received upon exercise of an ISO for at least two years from the date of grant and one year from the date of exercise, then
(a)&nbsp;upon sale of the shares, any amount realized in excess of the exercise price is taxed to the participant as long-term capital gain and any loss sustained will be a
long-term capital loss and (b)&nbsp;we may not take a deduction for Federal income tax purposes. The exercise of ISOs gives rise to an adjustment in computing alternative minimum taxable
income that may result in alternative minimum tax liability for the participant. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
shares of Common Stock acquired upon the exercise of an ISO are disposed of before the end of the one and two-year periods described above (a "disqualifying disposition"),
the participant realizes ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of the shares at exercise (or, if less, the amount realized on a
sale of such shares) over the exercise price. We would be entitled to a tax deduction for the same amount. Any further gain
realized by the participant would be taxed as a short-term or long-term capital gain and would not result in any deduction for us. A disqualifying disposition in the year of
exercise will generally avoid the alternative minimum tax consequences of the exercise of an ISO. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonstatutory Stock Options.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No income is realized by the participant at the time a nonstatutory
option is granted. Upon exercise, the participant realizes ordinary income in an amount equal to the difference between the exercise price and the fair market value of the shares on the date of
exercise. We would receive a tax deduction for the same amount. Upon disposition of the shares, appreciation or depreciation after the date of exercise is treated as a short-term or
long-term capital gain or loss and will not result in any further tax deduction by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Generally, a participant will be taxed at the time the restrictions on the shares
lapse. The excess of the fair market value of the shares at that time over the amount paid, if any, by the participant for the shares will be treated as ordinary income. The participant may instead
elect at the time of grant to be taxed (as ordinary income) on the excess of the then fair market value of the shares over the amount paid, if any, for the shares. In either case, we would receive a
tax deduction for the amount reported as ordinary income to the participant. Upon the participant's disposition of the shares, any subsequent appreciation or depreciation is treated as a short or
long-term capital gain or loss and will not result in any further tax deduction by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted Stock Units.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant will generally realize ordinary income in an amount equal to
the fair market value of the shares (or the amount of cash) distributed to settle the restricted stock units at the time of settlement, which is generally upon vesting of the restricted stock units.
In certain limited circumstances, a settlement date may be later than the vesting date, in which case the </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>12</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>settlement
would be made in a manner intended to comply with the rules governing non-qualified deferred compensation arrangements. In either case, we would receive a corresponding tax
deduction at the time of settlement. If the restricted stock units are settled in shares, then upon sale of those shares any subsequent appreciation or depreciation would be treated as
short-term or long-term capital gain or loss to the participant and would not result in any further tax deduction by us. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Tax Matters.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;United States tax laws generally do not allow publicly-held companies
to obtain tax deductions for compensation of more than $1&nbsp;million paid in any year to any of the five most highly paid executive officers (each, a "covered person") unless the compensation is
"performance-based" as defined in Section&nbsp;162(m) of the Code. Stock options and SARs granted under the 2008 Plan would be performance-based compensation if they have exercise prices not less
than the fair market value of the Common Stock on the date of grant. In the case of restricted stock and restricted stock units, Section&nbsp;162(m) requires that the general business criteria of
any performance goals that are established by the Committee be approved (and they are included in the 2008 Plan) and periodically reapproved by stockholders in order for such awards to be considered
performance-based and deductible by us. Generally, the performance goals must be established before the beginning of the
relevant performance period. Furthermore, satisfaction of any performance goals during the relevant performance period must be certified by the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant who receives any accelerated vesting or exercise of options or stock appreciation rights or accelerated lapse of restrictions on restricted stock or restricted stock units
in connection with a change in control might be deemed to have received an "excess parachute payment" under federal tax law. In such cases, the participant may be subject to an excise tax and we may
be denied a tax deduction. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de46901_new_plan_benefits"> </A>
<A NAME="toc_de46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>New Plan Benefits    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No awards have been made as of the date of this Proxy Statement or will be made prior to stockholder approval under the 2008 Plan. The amount of awards to be made
under the 2008 Plan is not presently determinable. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de46901_required_vote"> </A>
<A NAME="toc_de46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>Required Vote    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval of the 2008 Plan requires a majority of the votes present, or represented by proxy, at the Annual Meeting and entitled to vote thereon. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="de46901_recommendation_of_our_board_of_directors"> </A>
<A NAME="toc_de46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>Recommendation of our Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OUR BOARD RECOMMENDS THAT STOCKHOLDERS VOTE </FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2> THE APPROVAL OF THE ATLANTIC TELE-NETWORK,&nbsp;INC.
2008 EQUITY INCENTIVE PLAN. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>13</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_securities_authorized_for_issu__sec02789"> </A>
<A NAME="toc_dg46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>Securities Authorized for Issuance Under Equity Compensation Plans    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information regarding our equity compensation plans as of December&nbsp;31, 2007: </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B><I>Equity Compensation Plan Information  </I></B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="19%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(a)<BR>
<BR>
Number of Securities<BR>
to be Issued upon<BR>
Exercise of<BR>
Outstanding<BR>
Warrants, Options<BR>
and Rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(b)<BR>
<BR>
<BR>
Weighted Average<BR>
Exercise Price of<BR>
Outstanding<BR>
Warrants, Options<BR>
and Rights</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>(c)<BR>
Number of Securities<BR>
Remaining Available<BR>
for Future Issuance<BR>
Under Equity<BR>
Compensation Plans<BR>
(excluding securities<BR>
reflected in column(a))</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Equity compensation plans approved by security holders:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>1998 Stock Option Plan(1)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>455,750</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>24.93</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>174,458</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>2005 Restricted Stock and Incentive Plan</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>531,334</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=2 VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Equity compensation plans not approved by stockholders:</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Director's Remuneration Plan(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,457</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>521,582</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>458,207</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,227,374</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="19%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT" VALIGN="BOTTOM" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
plan expires in October 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>This
plan provides for grants of restricted stock to non-employee directors upon their initial election to the Board and permits non-employee directors to
elect to receive either 50% or 100% of their annual retainer in common stock on a deferred basis. Our Board adopted this plan in 1999 and reserved 625,000 shares for issuance thereunder. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dg46901_1_15"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_proposal_3_#151;_ratification___pro02306"> </A>
<A NAME="toc_dg46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 3&#151;<BR>  RATIFICATION OF SELECTION OF INDEPENDENT AUDITOR    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of our Board of Directors has selected, and our Board of Directors recommends that stockholders ratify the selection of,
PricewaterhouseCoopers&nbsp;LLP ("PricewaterhouseCoopers") as our independent auditor to perform the audit of our financial statements and our internal control over
financial reporting for 2008. In making its selection, the Audit Committee conducted a thorough review of PricewaterhouseCoopers' performance, including consideration of the following: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>PricewaterhouseCoopers'
performance on the audit, including the quality of the engagement team and the firm's experience, client service, responsiveness and technical
expertise;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
record of the firm against comparable accounting firms in various matters such as regulatory, litigation and accounting matters;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
firm's financial strength and performance; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
appropriateness of fees charged by the firm. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers
was our independent auditor for the year ended December&nbsp;31, 2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are asking our stockholders to ratify the selection of PricewaterhouseCoopers as our independent auditor. Although ratification is not required by our bylaws or otherwise, the Board
is submitting the selection of PricewaterhouseCoopers to our stockholders for ratification as a matter of good corporate practice. If the selection is not ratified, the Audit Committee will consider
whether it is appropriate to select another registered public accounting firm. Even if the selection is ratified, the Audit Committee in its discretion may select a different registered public
accounting firm at any time during the year if it determines that such a change would be in the best interests of us and our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_vote_required"> </A>
<A NAME="toc_dg46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>Vote Required    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratification of the appointment of PricewaterhouseCoopers as our independent auditors for 2008 requires a majority of the votes present, or represented by
proxy, at the Annual Meeting and entitled to vote thereon. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_recommendation_of_our_board_of_directors"> </A>
<A NAME="toc_dg46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>Recommendation of our Board of Directors    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OUR BOARD RECOMMENDS THAT STOCKHOLDERS VOTE </FONT><FONT SIZE=2><B><I>FOR</I></B></FONT><FONT SIZE=2> THE RATIFICATION OF THE SELECTION OF THE INDEPENDENT AUDITOR. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dg46901_1_16"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_corporate_governance"> </A>
<A NAME="toc_dg46901_5"> </A>
<BR></FONT><FONT SIZE=2><B>CORPORATE GOVERNANCE    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_general"> </A>
<A NAME="toc_dg46901_6"> </A></FONT> <FONT SIZE=2><B>General    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The role of the Board of Directors is to ensure that we are managed for the long-term benefit of our stockholders. The Board periodically reviews and
advises management with respect to our annual operating plans and strategic initiatives. The Board has adopted corporate governance principles to assure full and complete compliance with all
applicable corporate governance standards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the past year, we have reviewed our corporate governance practices in comparison to the practices of other public companies and to ensure they comport with guidance and
interpretations provided by the SEC and the Nasdaq Stock Market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have adopted a written Code of Ethics that applies to all of our employees and agents, including, but not limited to, our principal executive officer, principal financial officer and
principal accounting officer, or persons performing similar functions. Our Code of Ethics, Compensation Committee Charter and Audit Committee Charter are available on our website at www.atni.com and
may be obtained free of charge upon request by writing to us at Atlantic Tele-Network,&nbsp;Inc., Attn:&nbsp;Secretary, 10 Derby Square, Salem, MA 01970. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_determination_of_independence"> </A>
<A NAME="toc_dg46901_7"> </A>
<BR></FONT><FONT SIZE=2><B>Determination of Independence    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq rules require that a majority of our directors be "independent" and that we maintain a minimum three-person audit committee whose members satisfy
heightened independence requirements. A director qualifies as "independent" if our Board affirmatively determines that the director does not have a relationship with us, an affiliate of ours, or
otherwise which, in the opinion of the Board, would interfere with the exercise of independent judgment in discharging his or her duties as a director. Nasdaq rules preclude an affirmative
determination by the Board that a director is independent if: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
director who is, or was at any time during the past three years, employed by us or by any subsidiary of ours;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
director who accepted or has a family member who accepted any compensation from us or any subsidiary of ours in excess of $100,000 during any period of twelve consecutive
months within the three years preceding the determination of independence, other than: (i)&nbsp;compensation for board or board committee service, (ii)&nbsp;compensation paid to a family member
who is an employee (other than the executive officer) of the company, (iii)&nbsp;benefits under a tax-qualified retirement plan, or non-discretionary compensation;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
director who is a family member of an individual who is, or at any time during the past three years was, employed by us or a subsidiary of ours as an executive officer;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
director who is, or has a family member who is, a partner in, or a controlling stockholder or an executive officer of, any organization to which we made, or from which we
received, payments for property or services in the current or any of the past three fiscal years that exceed the greater of 5&nbsp;percent of the recipient's consolidated gross revenues for that
year, or $200,000, whichever is more, other than: (i)&nbsp;payments arising solely from investments in our securities or (ii)&nbsp;payments under non-discretionary charitable
contribution matching programs;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
director who is, or has a family member who is, employed as an executive officer of another entity where at any time during the past three years any of our executive
officers have served on the compensation committee of such other entity; or
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>a
director who is, or has a family member who is, a current partner of our outside auditor, or was a partner or employee of our outside auditor who worked on our audit at
any time during any of the past three years. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>16</FONT></P>

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<A NAME="page_dg46901_1_17"> </A>
<UL>
<UL>
</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the Nasdaq rules, our Board has determined that Messrs.&nbsp;Budd, Cunningham, Roesslein and Wheatley are independent for purposes of SEC rules and Nasdaq listing compliance.
Our Board also determined that Ernst A. Burri, our former director, was independent through his term of service which expired at last year's annual meeting of stockholders. Our Board's determinations
included reviewing the following relationships and transactions, which the Board concluded did not affect the independence of the applicable director or director nominee: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><I>Mr.&nbsp;Budd.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Until December&nbsp;31, 2006, Mr.&nbsp;Budd was a partner of Day, Berry and Howard&nbsp;LLP ("Day Berry"), which had
served as general outside counsel to us for a number of years. In each of 2007, 2006 and 2005, we paid Day Berry approximately $6,000, $15,000 and $84,000, respectively, for professional services. In
addition, Day Berry represented our Chairman in an individual capacity with respect to his sale of shares in our follow-on public offering of common stock in July 2006. In January 2006,
Day Berry merged into Day Pitney&nbsp;LLP, which continued during 2007 to provide legal services to us on a very limited basis. Day Pitney continues to represent our Chairman with respect to the
purchase by him of certain assets of ours located in Haiti. Also, Mr.&nbsp;Budd was the Chairman of the Board of Trustees of the Hartford Seminary and has been serving as Chair Emeritus since July
2006. Our Chairman has made a personal pledge of $500,000 to the Hartford Seminary and his wife serves on its Board of Trustees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Mr.&nbsp;Cunningham.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Recently, the University of the Virgin Islands Research and Technology Park (the "Technology Park"), located in the
US Virgin Islands, selected Baltimore Technology Park,&nbsp;LLC, which is wholly-owned by Mr.&nbsp;Cunningham and his wife, to manage the telecommunications facilities of the
Technology Park. A separate company wholly-owned by our Chairman, has been selected to provide certain telecommunications services to the Technology Park. The operator of the Technology Park has asked
Messrs.&nbsp;Cunningham and Prior to enter into a buy-sell agreement in which each of them would be required to buy, at a designated price, the other's operations if the other defaulted
in his obligations to the Technology&nbsp;Park. Messrs.&nbsp;Cunningham and Prior are in the process of negotiating such an agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>Mr.&nbsp;Wheatley.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Wheatley is a minority investor in, and the Chairman of the Board of, Coral World (Virgin
Islands),&nbsp;Inc., a marine theme park owner and operator, in which our Chairman is a majority investor. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Our
Chairman is the father of our Chief Executive Officer. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_director_nomination_process"> </A>
<A NAME="toc_dg46901_8"> </A>
<BR></FONT><FONT SIZE=2><B>Director Nomination Process    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with our Nominating Guidelines and Procedures, as adopted by the Board in February 2007, director nominees are considered by the independent
directors, currently Messrs.&nbsp;Budd, Roesslein and Wheatley. Director nominees are recommended to the Board by a majority of our independent directors. Our Board does not have a standing
nominating committee or any other committee performing similar functions or a charter governing the nomination process. Because our independent directors are responsible for considering and
recommending director nominees in accordance with our Nominating Guidelines and Procedures, our Board feels that it is appropriate not to have, and that there is no additional benefit to us or to our
stockholders from the creation of, a nominating committee at this time. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
selecting director nominees pursuant to the Nominating Guidelines and Procedures, the Board's independent directors shall consider candidates submitted by stockholders and shall
evaluate such candidates in the same manner and using the same criteria as all other director nominee candidates. To submit a director nominee candidate, stockholders should submit the following
information: (a)&nbsp;the candidate's name, age and address, (b)&nbsp;a brief statement of the reasons the candidate would be an effective director, (c)&nbsp;the candidate's principal occupation
or employment for the past five years and information about any positions on the board of directors of other companies, (d)&nbsp;any business or other </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>17</FONT></P>

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<A NAME="page_dg46901_1_18"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>significant
relationship the candidate has had with us and (e)&nbsp;the name and address of the stockholder making the submission. The Board's independent directors may also seek additional
information regarding the director nominee candidate and the stockholder making the submission. All submissions of director nominee candidates made by stockholders should be sent to Atlantic
Tele-Network,&nbsp;Inc., Attn: Secretary, 10 Derby Square, Salem, MA 01970 and must comply with applicable statutory timing requirements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
director nominations of Messrs.&nbsp;M. Prior and Cunningham were submitted for consideration of the independent directors by our Chairman. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_communications_from_stockholde__com02547"> </A>
<A NAME="toc_dg46901_9"> </A>
<BR></FONT><FONT SIZE=2><B>Communications from Stockholders and Other Interested Parties    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To communicate with our Audit Committee regarding issues or complaints about questionable accounting, internal accounting controls or auditing matters, contact
the Audit Committee by writing to Audit Committee, Atlantic Tele-Network,&nbsp;Inc., 10 Derby Square, Salem, MA 01970. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
send communications to the Board or to individual directors, stockholders should write to Board of Directors, Atlantic Tele-Network,&nbsp;Inc., 10 Derby Square, Salem,
MA 01970. All communications received will be directly sent to the Board or to individual members of our Board, as addressed. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_board_of_directors__meetings_and_committees"> </A>
<A NAME="toc_dg46901_10"> </A>
<BR></FONT><FONT SIZE=2><B>Board of Directors' Meetings and Committees    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2007, our Board met five times either by conference call or in person. In 2007, no director attended fewer than 75% of the meetings of the Board or the
meetings of the committee(s) on which he served. Although we do not have a policy requiring our directors to attend the Annual Meeting, all of our then-current directors attended last
year's annual meeting of stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board has established two standing committees: the Audit Committee and the Compensation Committee. The current membership of each committee is as follows: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="35%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Audit Committee</B></FONT><HR NOSHADE></TH>
<TH WIDTH="36%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Compensation Committee</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Charles J. Roesslein, </FONT><FONT SIZE=2><I>Chair</I></FONT></TD>
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Martin L. Budd, </FONT><FONT SIZE=2><I>Chair</I></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Martin L. Budd</FONT></TD>
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Charles J. Roesslein</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="35%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>Henry U. Wheatley</FONT></TD>
<TD WIDTH="36%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="CENTER" VALIGN="BOTTOM" style="font-family:times;"><FONT SIZE=2>Henry U. Wheatley</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
members of both committees are independent as defined in the listing standards of Nasdaq. Copies of the charters of the Audit Committee and Compensation Committee, as adopted and
amended by our Board, are available on our website at www.atni.com. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Audit Committee  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2007, the Audit Committee met seven times either by conference call or in person. The current members of our Audit Committee are Messrs.&nbsp;Budd,
Roesslein and Wheatley. The functions of the Audit Committee include: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Appointing,
compensating, evaluating and overseeing our independent auditors;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing
with our independent auditors the plan and scope of the audit, its status during the year and any recommendations the independent auditors may have for improving
or changing the audit and control environment;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Pre-approving
the services provided by our independent auditors;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Discussing
with management and our independent auditors the adequacy of internal accounting and financial controls and, if deemed necessary or appropriate, discussing with
each of them, </FONT></DD></DL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_dg46901_1_19"> </A>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>independently
of the other, any recommendations on matters that any of them considers to be of importance; </FONT></P>

</UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing
our accounting principles, policies and practices and financial reporting policies and practices;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing
our Code of Ethics, the Audit Committee Charter and the oversight of other compliance matters;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing,
prior to publication or filing, our annual audited financial statements, quarterly earnings releases and the disclosures that are to be included in our reports on
Form&nbsp;10-Q and Form&nbsp;10-K, as well as such other information as the Committee deems desirable; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Undertaking
other duties as assigned by our Board. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Board has determined that each current member of the Audit Committee meets the financial literacy requirements of Nasdaq. It has also determined that Mr.&nbsp;Roesslein, who is
currently the Chair of the Audit Committee and a director nominee for re-election, qualifies as an "audit committee financial expert" under the rules of the SEC and meets the financial
sophistication requirements of Nasdaq. In addition, our Board has determined that each of the current members of our Audit Committee meet the Nasdaq and SEC standards for audit committee member
independence. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee was informed that Mr.&nbsp;Benincasa has received a "Wells" notice from the staff of the SEC in connection with an SEC informal inquiry into the stock option and
related accounting practices of his former employer. A Wells notice affords a person the opportunity to make a submission to the SEC with respect to contemplated civil enforcement recommendations
against such person for violations of the federal securities law. Mr.&nbsp;Benincasa has responded to the Wells notice. Our Audit Committee, with the assistance of independent outside counsel, has
investigated this matter and has concluded that the matter does not at this time affect Mr.&nbsp;Benincasa's ability to perform his responsibilities as our Chief Financial Officer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>Compensation Committee  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee met four times during 2007. The current members of our Compensation Committee are Messrs.&nbsp;Budd, Roesslein and Wheatley. The
functions of the Compensation Committee include: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing
and determining the compensation of our Chief Executive Officer and reviewing and recommending to the Board the compensation of our other executive officers;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Developing,
administering and taking all action required or permitted to be taken by the Board under any of our stock-based incentive plans;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing
and recommending to the Board the compensation of our directors;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reviewing
and making recommendations to the Board regarding the level, coverage, and competitiveness (based on industry data) of our compensation (including salary and
bonus), incentives (both current and long-term), benefits (including profit sharing, group health coverage, disability coverage and life insurance benefits, and use of our stock in option,
bonus, or appreciation arrangements), and other perquisites; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Undertaking
such other functions as are assigned to the Committee by the Board. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dg46901_compensation_committee__dg402483"> </A>
<A NAME="toc_dg46901_11"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee Interlocks and Insider Participation    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During or prior to the fiscal year ended December&nbsp;31, 2007, no member of our Compensation Committee was an officer or employee of ours or our subsidiaries
or, to our knowledge, had relationships requiring disclosure under the SEC rules. In making these statements, we have relied in part upon representations of those directors. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>19</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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NAME="page_di46901_1_20"> </A>


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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_independent_auditor"> </A>
<A NAME="toc_di46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT AUDITOR    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers has audited our accounts since 2002. Our Audit Committee has appointed PricewaterhouseCoopers to be our independent registered public
accounting firm for 2008 and we are asking stockholders to ratify this appointment in Proposal 3. The services provided by PricewaterhouseCoopers&nbsp;LLP in 2008 are expected to include, in
addition to performing the consolidated audit, audits of certain domestic and foreign subsidiaries; review of quarterly reports; issuance of letters to underwriters in connection with registration
statements, if any, we may file with the SEC and consultation on accounting, financial reporting, tax and related matters. A representative of PricewaterhouseCoopers is expected to be at the meeting
and will have an opportunity to make a statement and respond to questions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_independent_auditor_fees_and_services_1"> </A>
<A NAME="toc_di46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>Independent Auditor Fees and Services    <BR>    </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the aggregate fees for professional services rendered to us by PricewaterhouseCoopers for the years ended December&nbsp;31, 2007
and 2006: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="71%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2006</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Audit Fees(1)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>850,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,231,510</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Audit Related Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>Tax Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>All Other Fees(2)</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>160,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="61%" style="font-family:times;"><FONT SIZE=2>Total Fees</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>850,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,391,510</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2 style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT" style="font-family:times;"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
fees for professional services rendered for the audits of our consolidated financial statements, consents and assistance with review of documents filed with the SEC.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Fees
for professional services rendered in connection with our common stock offering, completed in July 2006. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_audit_committee_pre-approval_policy_and_procedures"> </A>
<A NAME="toc_di46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>Audit Committee Pre-Approval Policy and Procedures    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with its written charter, our Audit Committee pre-approves all audit and non-audit services, including the scope of
contemplated services and the related fees, that are to be performed by PricewaterhouseCoopers, our independent registered public accounting firm. The Audit Committee's pre-approval of
non-audit services involves consideration of the impact of providing such services on PricewaterhouseCooper's independence. The Audit Committee is also responsible for ensuring that any
approved non-audit services are disclosed to stockholders in our reports filed with the SEC. PricewaterhouseCoopers did not perform any non-audit services for us in fiscal year
2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_audit_committee_report"> </A>
<A NAME="toc_di46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>Audit Committee Report    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As members of the Audit Committee of the Board of Directors of Atlantic Tele-Network,&nbsp;Inc., we have reviewed and discussed with management our
audited financial statements as of and for the year ended December&nbsp;31, 2007. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have discussed with PricewaterhouseCoopers, the Company's independent registered public accounting firm, the matters required to be discussed by Statement on Auditing Standards
No.&nbsp;61, Communication with Audit Committees, as amended, by the Auditing Standards Board of the American Institute of Certified Public Accountants. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di46901_1_21"> </A>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have received and reviewed the written disclosures and the letter from PricewaterhouseCoopers required by Independence Standards Board Standard No.&nbsp;1, Independence Discussions
with Audit Committees, and have discussed with the auditors the auditors' independence. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have also considered whether the provision of services by PricewaterhouseCoopers not related to the audit of the financial statements referred to above and to the reviews of the
interim financial statements included in our Forms&nbsp;10-Q for the quarters ended March&nbsp;31, 2007, June&nbsp;30, 2007 and September&nbsp;30, 2007, is compatible with
maintaining the independence of PricewaterhouseCoopers&nbsp;LLP. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the reviews and discussions referred to above, we have recommended to the Board of Directors that the audited financial statements referred to above be included in our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2007. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>By the Audit Committee</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Charles
J. Roesslein, </FONT><FONT SIZE=2><I>Chair</I></FONT><FONT SIZE=2><BR>
Martin L. Budd<BR>
Henry U. Wheatley </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di46901_1_22"> </A>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_executive_officer_compensation"> </A>
<A NAME="toc_di46901_5"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE OFFICER COMPENSATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_compensation_discussion_and_analysis"> </A>
<A NAME="toc_di46901_6"> </A></FONT> <FONT SIZE=2><B>Compensation Discussion and Analysis    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation Committee of the Board of Directors has responsibility for establishing, implementing and maintaining the compensation program for our executive
officers. For the purposes of this Proxy Statement, "executive officers" means the individuals who served as our Chief Executive Officer and Chief Financial Officer during fiscal 2007, as well as the
other individuals included in the Summary Compensation Table on page&nbsp;29 below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Compensation Philosophy  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The primary objective of our executive compensation program is to attract, retain and reward executive officers who contribute to our long-term
success and to maintain a reasonably competitive compensation structure as compared with similarly situated companies. We seek to align compensation with the achievement of business objectives and
individual and company performance. The annual cash bonus opportunity that we provide our executive officers is our primary incentive compensation tool to accomplish this alignment, as described
below. However, increasingly, we have also used equity compensation for this purpose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
core principle of our compensation philosophy is that we believe a successful compensation program requires the application of judgment and subjective determinations of individual
performance. We do not apply a formulaic or mathematical approach to executive compensation. Our Compensation Committee retains discretion to apply its judgment to adjust and align each individual
element of our compensation program with the broader objectives of our compensation program and the overall performance and condition of our company at the time final compensation decisions are made.
We believe that our lean management structure, the degree of involvement and communications between
our Board of Directors and our senior management team and our corporate culture give us the opportunity to use this approach. We believe that combining performance-based goals with the flexibility of
the Compensation Committee and the Board to vary the importance of performance against those goals, make subjective assessments of performance against individual performance goals, vary company and
individual performance goals, if it deems appropriate, and adjust executive compensation to suit our business circumstances makes us more adaptive as a company and more able to recognize the
contributions of our executive officers to the achievement of our business objectives. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not have any employment, severance or change of control agreements with any of our executives. We do not rely on executive compensation consultants. Our Compensation Committee does
consider the compensation of executive officers at other companies in order to assess the compensation that we offer our executives officers, as discussed below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>External Market Practices and Our Positioning  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, we seek to offer executive compensation that is reasonably competitive with companies of a similar size in New England, including publicly traded
companies. While defining a relevant "peer group" for us is difficult because we are a publicly-traded holding company managing several different types of telecommunications businesses in different
parts of the world, including in Guyana, we believe that other company data can provide us with a useful basic check, mainly for comparing the compensation of our Chief Executive Officer and Chief
Financial Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
look at these companies solely as indicators of competitive executive compensation levels and pay mix. Further, we regard this comparative data as reference points only and not as
establishing any compensatory hierarchy on which we seek to occupy a specific ranking or relative position. For 2007 and the past several years, our Compensation Committee has referred to the
executive compensation paid at the following group of companies: CT Communications&nbsp;Inc., D&amp;E Communications&nbsp;Inc., </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>22</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>Hector
Communications Corporation, Hickory Tech Corporation, North Pittsburgh Systems,&nbsp;Inc., SureWest Communications and Warwick Valley Telephone Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Given
some of our recent business developments, including the relocation of our corporate headquarters to Massachusetts and our acquisitions of Sovernet and Commnet, the Compensation
Committee selected a new group of companies in connection with setting 2008 compensation, consisting of Cbeyond,&nbsp;Inc., Consolidated Communications Holdings,&nbsp;Inc., FairPoint
Communications,&nbsp;Inc., ITC DeltaCom,&nbsp;Inc., Knology,&nbsp;Inc., Ntelos Holdings Corp. and, in the Boston area, Axcelis Technologies,&nbsp;Inc., Circor International,&nbsp;Inc..
Cognex Corp. and Mercury Computer Systems,&nbsp;Inc. We believe that these telecommunications and technology companies offer a better reference group for us because they include some companies that
operate in domestic and international markets, some that operate in
different sectors of the telecommunications industry and some that are located in the greater Boston area. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>Role of Chief Executive Officer in Compensation Decisions  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Chief Executive Officer evaluates the performance of our other executive officers and makes compensation recommendations to our Compensation Committee based
upon those evaluations. In connection with the annual bonuses for executives, our Chief Executive Officer determines individual performance goals for the executive officers at the beginning of each
year, subject to review by the Compensation Committee, and, after consultation with the Chief Financial Officer, makes recommendations regarding the annual company performance goals which will be
referred to, in part, by the Compensation Committee in considering annual cash bonuses for the Chief Executive Officer and the Chief Financial Officer. In both cases, our Chief Executive Officer also
makes recommendations with respect to any adjustments to such performance goals during the year. However, our Compensation Committee ultimately retains full discretion in its determination of the
compensation to be paid to our Chief Executive Officer and in its recommendations to the Board regarding the compensation to be paid to our other executive officers, including discretion to modify the
recommendations of our Chief Executive Officer in determining the type and amounts of compensation paid to each executive officer. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2><B><I>Elements of Compensation  </I></B></FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Overview  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive compensation program is comprised of three separate elements: </FONT></P>

<UL>
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>base
salary;
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>annual
bonuses based on corporate and individual performance; and
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>equity
awards. </FONT></DD></DL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as described below, our Compensation Committee does not have any specific policies or targets for the allocation or "pay mix" of these compensation elements. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Base Salary  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to set the base salary of each executive at a level that is competitive, taking into account the overall compensation history of the particular executive
and our other executives and the base salaries paid by similarly situated companies. In addition to merit-based changes when warranted, our Compensation Committee generally recommends that base
salaries increase annually at a rate that more or less equals cost of living adjustments, as represented by indicators like the Consumer Price Index. Upon the recommendation of the Compensation
Committee, the Board increased Mr.&nbsp;Audet's salary in 2007 by an amount in excess of the normal cost-of-living increase because the Compensation </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>23</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>Committee
determined that his 2006 salary, set during his initial year with us, did not accurately reflect the responsibilities of his position or his importance to our success. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2006 and 2007, annualized base salary rates for the named executives officers are summarized below: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="91%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="52%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Named Executive Officer</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Fiscal Year<BR>
2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Fiscal Year<BR>
2007</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Annualized<BR>
Percent Increase<BR>
from 2006</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Michael T. Prior</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>400,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>410,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.5</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Justin D. Benincasa</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>210,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>220,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>4.8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>John P. Audet</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>125,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>140,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>12.0</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>William F. Kreisher(1)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>208,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="52%" style="font-family:times;"><FONT SIZE=2>Douglas J. Minster</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>145,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>149,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2.8</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.
Kreisher joined us in August 2007. </FONT></DD></DL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Annual Cash Bonus  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual cash bonus opportunity that we provide our executives is the primary incentive compensation tool that we utilize. We believe that a significant bonus
opportunity, as measured as a percentage of the executive's base salary, motivates executive performance because it makes a significant amount of the executive's overall compensation contingent upon
performance levels, individually and company-wide. We have historically set the maximum bonus opportunity at about 50% of the executive's base salary. Subject to the Compensation
Committee's and the Board's discretion discussed below, annual cash bonuses are paid based on a combination of the achievement of pre-established performance goals and a general
performance assessment, and may be paid in an amount that is higher or lower than the target bonus opportunity. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
extent to which an executive is paid some or all of the bonus opportunity is determined in large part by reference to pre-established annual performance goals, some of
which are clearly quantifiable (or otherwise objectively measurable), and others which are not. However, the Compensation Committee and the Board always have discretion to determine the extent to
which
bonuses will be paid or not, regardless of whether the pre-established criteria are fully achieved, partially achieved or not achieved at all. All performance goals are set at the
beginning of the year based on our annual budget and business plan and are reviewed and may be adjusted during the year by the Compensation Committee in their discretion. To date, the Compensation
Committee has made occasional intra-year adjustments to certain individual performance goals of our executive officers, but has not made such adjustments to the Chief Executive Officer's
individual performance goals or to any company performance goals. Our Compensation Committee believes that these performance goals do not serve as a formula for the payment of executive compensation.
Rather, they serve as important reference points to the Compensation Committee and the Board in considering executive compensation, together with a general assessment of individual and company
performance. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
our Chief Executive Officer and Chief Financial Officer, the payment of an annual cash bonus depends mostly on whether pre-established company performance goals are
achieved, subject to the Compensation Committee's and the Board's full discretion as described below. The Compensation Committee also refers to two stock price performance targets. For the past
several years, these targets have been 8% or greater annual appreciation of our common stock price (disregarding cash dividends received) and annual stock price performance equal to, or in excess of,
the performance of the Russell 3000 Index. The Compensation Committee views these targets as reference points only and recognizes that our common stock price may not reflect individual or company
performance adequately. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>24</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
our other executive officers exercise less influence over us as a whole than the Chief Executive Officer and Chief Financial Officer, the other executive officers' annual cash
bonuses are more dependent upon the achievement of individual performance goals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the end of the year, in addition to reviewing performance against pre-established goals, the Compensation Committee makes an overall assessment of the quality of each
executive officer's performance during the year. Other than with respect to the Chief Executive Officer, this assessment is based in large part on discussions between the Compensation Committee and
the Chief Executive Officer. This "general performance" assessment is the other main factor considered by the Compensation Committee and the Board in determining the level of bonuses. At the end of
the year, the Compensation Committee and the Board consider the importance of an executive officer's performance against the pre-set goals as compared to his other achievements or failures
and his general performance and may find that the latter items substantially or even completely outweigh his performance against the pre-set goals. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> 2007 Bonus Opportunity  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For 2007, the annual bonus opportunity for our executive officers was as follows: </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="69%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="69%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Named Executive Officer</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="28%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>2007 Annual Bonus<BR>
Opportunity Expressed<BR>
as % of Base Salary</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="69%" style="font-family:times;"><FONT SIZE=2>Michael T. Prior</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="69%" style="font-family:times;"><FONT SIZE=2>Justin D. Benincasa</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="69%" style="font-family:times;"><FONT SIZE=2>John P. Audet</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="69%" style="font-family:times;"><FONT SIZE=2>William F. Kreisher</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50% (pro-rated)</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="69%" style="font-family:times;"><FONT SIZE=2>Douglas J. Minster</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="28%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>50%</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2007, the Compensation Committee determined that 50% of our Chief Executive Officer's annual bonus opportunity would be based on the achievement of company performance goals and 25%
of his annual bonus opportunity would be based on stock price performance targets. For 2007, the Compensation Committee recommended to the Board that 40% of our Chief Financial Officer's annual bonus
opportunity should be based on the achievement of company performance goals and 10% should be based on stock price performance targets. The balance of the annual bonus opportunity for these executive
officers would be based on an assessment of specific individual goals and/or a general assessment of individual performance or contribution as described below. The company performance goals consisted
of annual net income, earnings per share, revenue and EBITDA (earnings before
interest, taxes and depreciation and amortization expenses) targets. The company performance goals and stock price performance targets were selected by the Compensation Committee, based on our annual
budget and business plan at the beginning of the year and the recommendations of the Chief Executive Officer and the Chief Financial Officer. The company performance goals were established at levels
that were achievable, but would require better than planned company performance. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2007, the Compensation Committee recommended to the Board that a majority, with amounts varying by executive, of the annual bonus opportunities of our other executive officers should
be based on achievement of individual performance goals and general individual performance. The Compensation Committee recommended that the balance of the annual bonus opportunities should be based on
the achievement of the company performance goals described above. Individual performance goals included, for example, tangible achievements relating to position-specific activities and
responsibilities, management skills, teamwork and collaboration, expertise, skills and knowledge, leadership (accountability and responsibility) and personnel development. For 2007, there were no
intra-year adjustments of company or individual performance goals for any of our executive officers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>25</FONT></P>

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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the last two years, the cash performance bonus paid to our executive officers based on achieving company and individual performance goals has varied from 40% to 100% of the overall
annual bonus opportunities and we expect future bonus levels to be comparable, if we continue to have a similar degree of success. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> 2007 Bonus Payout  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We report the amount of annual bonuses actually paid under the column entitled "Bonus" in the </FONT><FONT SIZE=2><I>Summary Compensation
Table</I></FONT><FONT SIZE=2> contained in this Proxy Statement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2007, our Chief Executive Officer was paid an annual bonus of $205,000, or 50% of his annual base salary, and our Chief Financial Officer was paid an annual bonus of $110,000, or 50%
of his annual base salary. These bonuses were awarded based largely on our 2007 results, which exceeded company performance goals, and our 2007 stock price, which exceeded stock price performance
targets. In addition, with respect to our Chief Executive Officer, the Compensation Committee considered individual performance goals in 2007, including the continued performance of our GT&amp;T
subsidiary during a time of heightened competition and regulatory uncertainty, efforts on strategic initiatives to expand and diversify our business, and his management and development of other
executives, including the recruitment of our new Senior Vice President of Corporate Development in August 2007. With
respect to our Chief Financial Officer, the Compensation Committee and the Board considered individual performance goals in 2007, including his efforts in guiding us through our initial year of
compliance with Sarbanes-Oxley Rule&nbsp;404, the reduction of general and administrative expenses at the parent level, and his success in implementing certain changes to our benefit plans and human
resource processes. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
other named executive officers were paid annual bonuses as follows: John P. Audet, $60,000, or 43% of his annual base salary, William F. Kreisher, $35,000, or 49% of his prorated
annual base salary and Douglas J. Minster $38,000, or 26% of his annual base salary. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2008, Michael T. Prior's annual maximum bonus opportunity was increased to 75%, in part based on the Compensation Committee's assessment of the incentive compensation opportunities
of the Chief Executive Officers of the companies comprising the new reference group described above, and the Compensation Committee's views on the role of our Chief Executive Officer in expanding and
diversifying our business. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Equity Compensation  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently have two equity compensation plans: our 1998 Stock Option Plan, which enables us to grant stock options to employees and directors, and our 2005
Restricted Stock and Incentive Plan, which enables us to make whole-share awards to our employees. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
equity compensation has not been a significant component of our executive compensation. Historically, we have awarded equity compensation primarily in connection with the
hiring or promotions of executive officers. For new hires, the awards are made at the next regularly scheduled Compensation Committee meeting following the hire or promotion. In general, stock options
and restricted stock awarded to date have been awarded pursuant to time-based vesting schedules, usually consisting of between three and four years, and have had a term of either seven or
ten years. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
in recent years, we have been increasing the amount of equity compensation we have been awarding. As we diversify and expand our business through acquisitions, such as Sovernet
and Commnet, we have added key employees throughout our operations and deepened our senior management team. In recent years, we have made important additions in our corporate finance group, including
our Chief Financial Officer, and in corporate development and financial planning. In addition, the relocation of our corporate headquarters to the Boston, Massachusetts area has given us </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>26</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>the
opportunity to recruit executive talent that we may not have had access to from our previous corporate headquarters in St.&nbsp;Thomas, U.S. Virgin Islands. Many of the individuals we compete
for have worked for companies that have made equity compensation a greater part of overall compensation than we have or otherwise have an expectation of receiving equity compensation. To stay
competitive in attracting and retaining talent in these circumstances, we needed to offer more equity compensation than in the past. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
the Compensation Committee believes it is an important policy of the Board to seek to keep the aggregate shares underlying outstanding stock options and unvested restricted stock
at or below 5% of our outstanding equity (calculated on a fully diluted basis), we believe that equity compensation will remain a critical recruitment, retention and incentive tool. In connection with
that belief, we are seeking stockholder approval of Proposal&nbsp;2 to provide us with a wider array of equity compensation awards and greater flexibility to use performance-based vesting criteria
if the Compensation Committee so chooses (currently, our stock option plan only provides for time-based vesting schedules). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
2007, we granted stock options to purchase an aggregate of 175,000 shares of common stock to our executive officers. This amount consisted of options to purchase 55,000 shares of
common stock awarded to Mr.&nbsp;Kreisher in connection with his joining us as our Senior Vice President of Corporate Development and options to purchase 120,000 shares of common stock awarded to
our other existing executive officers. The grant to existing executive officers was made, in part, to maintain a reasonable relationship between the equity compensation awarded to Mr.&nbsp;Kreisher,
and our existing executive officers and, in part, by the Compensation Committee's determination that we needed to increase the overall levels of our equity compensation to executives, as discussed
above. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the grant of stock options to our named executive officers in 2007, the Compensation Committee currently believes our overall equity compensation is now at a reasonable and
appropriate level. Outside special circumstances&#151;such as a major change in the compensation market, tax or accounting regulations, or a major executive hire, a need to preserve cash, a
major need to increase long-term incentives or the like&#151;the Compensation Committee expects to consider additional equity compensation to existing executives approximately every
two years, rather than annually. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B> Retirement, Benefits and Other Arrangements  </B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our executive officers currently do not receive any benefits, including retirement, medical and dental, life and disability insurance, that are not available to
all of our employees. In 2007, we did not provide any perquisites to any of our executive officers. We also have no change of control agreements with, or severance plans with respect to, any of our
executive officers. We reimburse employee relocation expenses on a case-by-case basis. In 2007, we reimbursed or paid on behalf of William F. Kreisher approximately $37,000 in
relocation expenses he incurred in joining us as Senior Vice President, Corporate Development. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2006, Cornelius B. Prior, Jr. served us both as an executive officer and as the Chairman of our Board of Directors. For 2007, Mr.&nbsp;Prior reduced his role and responsibilities
with us to that of a non-executive employee, while continuing to serve as our Executive Chairman. As compensation for his dual capacity service provided in 2007, we paid him an annual base
salary of $224,000, plus certain basic employee benefits including retirement, medical and dental and life insurance. We also provided him with the use of a company car, office space and secretarial
assistance. The Compensation Committee determined that these arrangements were warranted based on the continued contributions of Mr.&nbsp;Prior as a resource to our executive team and Board of
Directors. In his capacity as a non-executive employee, Mr.&nbsp;Prior did not participate in any of our incentive compensation programs. In his capacity as Executive Chairman, he did
not receive any board meeting fees, but did receive expense reimbursement available to all other directors. In January 2008, Mr.&nbsp;Prior relinquished his title </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>27</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_di46901_1_28"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>of
Executive Chairman. For his service to be provided in 2008, the Compensation Committee recommended that the Board award Mr.&nbsp;Prior an annual base salary of $200,000 in place of the fees and
stock grants provided to our other directors. The Compensation Committee also recommended that the board provide Mr.&nbsp;Prior with the same kind and amount of benefits that he received in 2007.
These recommendations were made in light of Mr.&nbsp;Prior's longtime service to us as founder, Chairman and Chief Executive Officer and his historical knowledge which would continue to be of
significant value to us, his continued active involvement in Company affairs and in light of similar arrangements made by other companies with founders and long-time leaders upon
retirement from management. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="di46901_compensation_committee_report"> </A>
<A NAME="toc_di46901_7"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation Committee Report    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis with management and, based on such review and discussions, we
recommended to the Board that the Compensation Discussion and Analysis be included in this Proxy Statement. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2><B>By the Compensation Committee</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>Martin
L. Budd, </FONT><FONT SIZE=2><I>Chair</I></FONT><FONT SIZE=2><BR>
Charles J. Roesslein<BR>
Henry U. Wheatley </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT></P>

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<P style="font-family:times;"><FONT SIZE=2><A
NAME="dm46901_summary_compensation_table"> </A>
<A NAME="toc_dm46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>Summary Compensation Table    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below summarizes the total compensation paid to, or earned by, each of our named executive officers for the fiscal year ended December&nbsp;31, 2007. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="93%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name and Principal Position</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Salary<BR>
($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Bonus<BR>
($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Stock<BR>
Awards<BR>
($)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Option<BR>
Awards<BR>
($)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>All<BR>
Other<BR>
Compensation<BR>
($)(3)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Total<BR>
($)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%" style="font-family:times;"><FONT SIZE=1>Michael T. Prior<BR>
Chief Executive Officer</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>410,000<BR>
393,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>205,000<BR>
200,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=1><BR>(4)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>350,591<BR>
150,732</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>24,000<BR>
24,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>989,591<BR>
767,732</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%" style="font-family:times;"><FONT SIZE=1><BR>
Justin D. Benincasa<BR>
Chief Financial Officer(5)</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
220,000<BR>
132,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
110,000<BR>
66,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=1><BR><BR>(4)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;<BR>
256,300</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
280,473<BR>
226,143</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
24,000<BR>
&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
634,473<BR>
680,443</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
William F. Kreisher<BR>
Senior Vice President,<BR>
Corporate Development(6)</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2007</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
72,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
35,000</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
329,800</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
385,651</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
37,189</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>(7)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
859,640</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%" style="font-family:times;"><FONT SIZE=1><BR>
John P. Audet<BR>
Vice President, Financial<BR>
Analysis and Planning</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
2007<BR>
2006</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
140,000<BR>
125,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
60,000<BR>
80,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=1><BR><BR>(8)</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;<BR>
118,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
105,177<BR>
37,683</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
16,800<BR>
7,500</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
321,977<BR>
368,683</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="31%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Douglas J. Minster(9)<BR>
Vice President&nbsp;&amp; General Counsel</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
2007</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
149,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
38,000</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
52,589</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
17,880</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
257,469</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts in this column reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year ended December&nbsp;31, 2007, in accordance with
Statement of Financial Accounting Standards No.&nbsp;123 (R)&nbsp;(or "SFAS&nbsp;123(R)"), of awards granted pursuant to our 2005 Restricted Stock and Incentive Plan. Assumptions used in the
calculation of these amounts are included in footnote 8 to our audited financial statements for the fiscal year ended December&nbsp;31, 2007 included in our Annual Report on
Form&nbsp;10-K filed with the SEC on March&nbsp;17, 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>The
amounts in this column reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year ended December&nbsp;31, 2007, in accordance with
SFAS&nbsp;123(R), of awards granted pursuant to our 1998 Stock Option Plan. Assumptions used in the calculation of this amount are included in Note&nbsp;8 to our Consolidated Financial Statements
for the fiscal year ended December&nbsp;31, 2007 included in our Annual Report on Form&nbsp;10-K filed with the SEC on March&nbsp;17, 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Except
with respect to Mr. Kreisher (see footnote 7) the amounts in this column reflect matching contributions by us in 2007 to each of the named executive officers pursuant to our
Employee Savings Trust Plan, our 401(k) retirement savings plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Previously
reported as "Non-equity Incentive Plan Compensation."
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.
Benincasa joined us in May 2006. His annual salary and compensation under the Bonus Plan are reflected on a pro-rata basis for 2006.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.&nbsp;Kreisher
joined us in August 2007. His annual salary and performance-based cash bonuses are reflected on a pro-rata basis for 2007.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Represents
reimbursement of Mr. Kreisher's relocation costs.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(8)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Previously
reported as "Non-equity Incentive Plan Compensation". Mr. Audet's 2006 bonus also included a $25,000 signing bonus payment.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(9)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Mr.
Minster became a named executive officer in 2007. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>29</FONT></P>

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<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=1><A
NAME="dm46901_grants_of_plan-based_awards"> </A>
<A NAME="toc_dm46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>Grants of Plan-Based Awards    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth additional information regarding stock, option and non-equity incentive plan awards granted to our named executive officers
during the fiscal year ended December&nbsp;31, 2007. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Grant<BR>
Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>All Other<BR>
Stock Awards:<BR>
Number of<BR>
Shares of<BR>
Stock or Units (#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>All Other<BR>
Option Awards:<BR>
Number of<BR>
Securities<BR>
Underlying<BR>
Options (#)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Exercise<BR>
or Base<BR>
Price of<BR>
Option<BR>
Awards<BR>
($/Sh)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Grant Date<BR>
Fair Value<BR>
of Stock<BR>
and Option<BR>
Awards</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="25%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Michael T. Prior<BR>
Chief Executive Officer</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Option Grant</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
9/17/07</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
50,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
32.98</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
350,591</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="25%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Justin D. Benincasa<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Option Grant</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
9/17/07</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
40,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
32.98</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
280,473</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%" style="font-family:times;"><FONT SIZE=1><BR>
William F. Kreisher<BR>
Senior Vice President,<BR>
Corporate Development</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><BR>
Option Grant<BR>
<BR>
Restricted Stock Grant</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
9/17/07<BR>
<BR>
<BR>
9/17/07</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
&#151;<BR>
<BR>
<BR>
10,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR><BR><BR><BR>(2)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
55,000<BR>
<BR>
<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
32.98<BR>
<BR>
<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1><BR>
385,651<BR>
<BR>
<BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="25%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
John P. Audet<BR>
Vice President, Financial<BR>
Analysis and Planning</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Option Grant</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
9/17/07</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
15,000</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
32.98</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
105,177</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="25%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Douglas J. Minster<BR>
Vice President&nbsp;&amp;<BR>
General Counsel</FONT></TD>
<TD WIDTH="1%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="CENTER" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
Option Grant</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
9/17/07</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
7,500</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
32.98</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=1><BR>
52,589</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Option
grants included in this column vest 25% annually commencing one year from the date of grant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>One-third
of this award vested immediately upon grant and was purchased by us in exchange for our payment of Mr.&nbsp;Kreisher's tax obligations arising from his
election to accelerate certain tax liabilities in connection with the award pursuant to Section 83(b) of the Internal Revenue Code. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=1><A
NAME="dm46901_outstanding_equity_awards_at_fiscal_year-end"> </A>
<A NAME="toc_dm46901_3"> </A>
<BR></FONT><FONT SIZE=2><B>Outstanding Equity Awards at Fiscal Year-End    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth additional information regarding the equity awards granted to our named executive officers that were outstanding as of
December&nbsp;31, 2007. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Stock Awards</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Option Awards</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=4 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Restricted Shares<BR>
That Have Not<BR>
Vested</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of Securities<BR>
Underlying Unexercised<BR>
Options</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Grant<BR>
Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Exercise<BR>
Price</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2 style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Market<BR>
Value</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%" style="font-family:times;"><FONT SIZE=1>Michael T. Prior<BR>
President and Chief<BR>
Executive Officer</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/07<BR>
9/14/06<BR>
7/25/05</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
10,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>50,000<BR>
30,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>(1)<BR>(2)<BR></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32.98<BR>
18.70<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/17<BR>
9/14/13<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
10,834</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR><BR>(3)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
364,131</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%" style="font-family:times;"><FONT SIZE=1>Justin D. Benincasa<BR>
Chief Financial Officer<BR>
and Treasurer</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/07<BR>
9/14/06<BR>
5/17/06</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
8,750<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>40,000<BR>
26,250<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>(1)<BR>(2)<BR></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32.98<BR>
25.63<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/17<BR>
5/17/13<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
6,667</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR><BR>(4)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
224,078</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%" style="font-family:times;"><FONT SIZE=1>John P. Audet<BR>
Vice President, Financial<BR>
Analysis and Planning</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/07<BR>
9/14/06<BR>
1/1/06</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
2,500<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>15,000<BR>
7,500<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>(1)<BR>(2)<BR></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32.98<BR>
18.70<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/17<BR>
9/14/13<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
5,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR><BR>(5)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
168,050</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%" style="font-family:times;"><FONT SIZE=1>William Kreisher<BR>
Senior Vice President,<BR>
Corporate Development</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/07<BR>
9/17/07</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>55,000<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>(1)<BR></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32.98<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/17<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
6,667</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR>(6)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
224,078</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%" style="font-family:times;"><FONT SIZE=1>Douglas J. Minster<BR>
Vice President,<BR>
General Counsel</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/07<BR>
9/14/06<BR>
5/25/05</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
2,500<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>7,500<BR>
7,500<BR>
&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>(1)<BR>(2)<BR></FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>32.98<BR>
18.70<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>9/17/17<BR>
9/14/13<BR>
&#151;</FONT></TD>
<TD WIDTH="1%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
2,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1><BR><BR>(7)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=1>&#151;<BR>
&#151;<BR>
84,025</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>One-fourth
vests on each of the next four annual anniversaries of grant. </FONT></DD></DL>
<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=33,EFW="2184829",CP="ATLANTIC TELE-NETWORK, INC.",DN="1",CHK=471147,FOLIO='30',FILE='DISK106:[08ZBH1.08ZBH46901]DM46901A.;36',USER='MSULLIV',CD='23-APR-2008;11:20' -->
<A NAME="page_dm46901_1_31"> </A>
<DL compact>
<DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>One-third
vests on each of the three annual anniversaries of grant beginning September 14, 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Will
be fully vested on July&nbsp;25, 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>One-third
vests on each of the next three annual anniversaries of grant.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>2,500
options vested on January 1, 2008. The remaining 2,500 options vest on January&nbsp;1, 2009.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(6)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>2,222
shares vest on each of September 17, 2009 and 2010 while the remaining 2,223 shares vest on September&nbsp;17, 2011.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-9pt;'><FONT SIZE=1>(7)</FONT></DT><DD style="font-family:times;"><FONT SIZE=1>Vested
on January 1, 2008. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=1><A
NAME="dm46901_option_exercises_and_stock_vested"> </A>
<A NAME="toc_dm46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>Option Exercises and Stock Vested    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our named executive officers exercised any stock options during the fiscal year ended December&nbsp;31, 2007. The table below sets forth information
regarding vesting during fiscal year 2007 of stock awards granted to our named executive officers. </FONT></P>

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<TABLE WIDTH="88%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Stock Awards</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="24%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of Shares<BR>
Acquired on Vesting (#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Value Realized<BR>
on Vesting ($)(2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Michael T. Prior<BR>
Chief Executive Officer</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>10,834</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>298,477</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Justin D. Benincasa<BR>
Chief Financial Officer</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>William F. Kreisher<BR>
Senior Vice President, Corporate Development</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>3,333</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>109,922</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="55%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>John P. Audet<BR>
Vice President, Financial Analysis and Planning</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>2,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>73,250</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="55%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>Douglas J. Minster<BR>
Vice President&nbsp;&amp; General Counsel</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>2,500</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP" style="font-family:times;"><FONT SIZE=2>73,250</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
one-third of Mr.&nbsp;Kreisher's award of restricted stock granted on September&nbsp;17, 2007. Pursuant to an election by Mr.&nbsp;Kreisher in accordance
with Section&nbsp;83(b) of the Internal Revenue Code, these shares vested immediately upon grant and were purchased by us to satisfy Mr.&nbsp;Kreisher's tax obligations arising from that award.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Reflects
the market value of the shares based on the vesting date closing price of our common stock. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="dm46901_potential_payments_upo__dm402391"> </A>
<A NAME="toc_dm46901_5"> </A>
<BR></FONT><FONT SIZE=2><B>Potential Payments Upon Termination or Change of Control    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of our employees, including our named executive officers, are employees-at-will and, as such, do not have employment contracts or
retention agreements with us. In addition, we do not have change-in-control or severance agreements with any of our named executive officers. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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 </FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_director_compensation"> </A>
<A NAME="toc_do46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>DIRECTOR COMPENSATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Compensation Committee has the responsibility of reviewing and making recommendations to the Board regarding director compensation. We use a combination of
cash and stock-based incentive compensation to attract and retain qualified directors. In setting director compensation, we consider the time demand and the requisite knowledge and expertise required
to effectively fulfill their duties and responsibilities to us and our stockholders. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below summarizes the compensation paid to, or earned by, our non-employee directors for the fiscal year ended December&nbsp;31, 2007. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Fees<BR>
Earned<BR>
or Paid<BR>
in Cash<BR>
($)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Stock<BR>
Awards ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>All other<BR>
compensation ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Total($)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Cornelius B. Prior, Jr.(2)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>224,000</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>28,850(2)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>252,850</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Charles J. Roesslein</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>67,500</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Henry U. Wheatley</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>62,500</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Martin L. Budd</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,190</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>57,500</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Brian A. Schuchman</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>27,190</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>50,500</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%" style="font-family:times;"><FONT SIZE=2>Ernst A. Burri(5)</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,500</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="2%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>7,500</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>The
amounts in this column reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year ended December&nbsp;31, 2007, in accordance with
Statement of Financial Accounting Standards No.&nbsp;123 (R)&nbsp;(or "SFAS&nbsp;123(R)"), of awards granted pursuant to our 2005 Restricted Stock and Incentive Plan. Assumptions used in the
calculation of these amounts are included in footnote 8 to our audited financial statements for the fiscal year ended December&nbsp;31, 2007 included in our Annual Report on
Form&nbsp;10-K filed with the SEC on March&nbsp;17, 2008.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>In
2007, Cornelius B. Prior, Jr. served us both as a non-executive employee and as our Executive Chairman. As compensation for his dual capacity service provided in 2007,
we paid him an annual base salary of $224,000, plus certain benefits, including $24,000 in matching contributions pursuant to our 401(k) retirement savings plan, medical and dental and life insurance,
that are available to all of our employees. We also provided him with the use of a company car. In his capacity as a non-executive employee, Mr.&nbsp;Prior did not participate in any of
our incentive compensation programs. In his capacity as Executive Chairman, he did not receive any board meeting fees, but did receive expense reimbursement available to all other directors.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Includes
$40,000 in fees earned by Mr.&nbsp;Wheatley which were paid in shares of our common stock in lieu of cash payment pursuant to our Director's Remuneration Plan.
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Represents
1,000 shares of restricted stock granted under our Directors' Remuneration Plan to the recipient on May&nbsp;31 2007 upon his initial election to the Board. These shares
vest in full, provided the recipient is then a director, on the earlier of either May&nbsp;31, 2009 or upon a change in control (as defined in the Directors Remuneration Plan).
<BR><BR></FONT></DD><DT style='font-family:times;margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD style="font-family:times;"><FONT SIZE=2>Mr.&nbsp;Burri's
term of service as director expired at our annual stockholders' meeting in May 2007. </FONT></DD></DL>

<P style="font-family:times;"><FONT SIZE=2><B><I>Retainers and Meeting Fees  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December&nbsp;31, 2007, our non-employee directors received an annual retainer of $40,000 and an attendance fee for Board
or committee meetings of $3,000 per meeting and $1,500 per telephonic Board meeting in which they participate and $1,500 for each principal meeting of the Audit Committee. In addition to the retainers
and meeting fees, the Chair of the Audit Committee received an additional annual payment of $5,000 and the Chair of the Compensation Committee received an additional annual payment of $2,500.
Directors who are also our employees do not receive compensation for service as director. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>32</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_do46901_1_33"> </A>

<P style="font-family:times;"><FONT SIZE=2><B><I>Stock Deferral Program for Non-Employee Directors  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our non-employee directors have the option under our Directors' Remuneration Plan (the "Directors' Plan"), adopted by the board of directors in 1999,
of electing to receive either 50% or 100% of their annual retainer in shares of common stock on a deferred basis. Upon election, the amount deferred is converted into stock units, where each stock
unit is equal to the value of one share of common stock. For purposes of these elections, the shares are valued at the mean between the high and low reported per share sales price on the last trading
day in the month preceding the date of the election. Directors' annual retainers relate to their terms of office that run from one annual stockholders' meeting to the next (the "Term"). The objectives
of this program are to provide deferred benefits to our non-employee directors, increase the director's beneficial ownership of our common stock and more closely align the director's
interests in our long-term growth and profitability with that of our stockholders. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table shows for each of the last three Terms the aggregate amounts of annual retainer which participating directors have elected to take in stock units under the Directors'
Plan and the number of stock units allocated to them under the Directors' Plan: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="55%" ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1><B>Term of Office<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Aggregate Value of<BR>
Annual Retainers<BR>
Paid in Stock Units</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1><B>Number of<BR>
Stock Units</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%" style="font-family:times;"><FONT SIZE=2>2005-2006</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,938</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="55%" style="font-family:times;"><FONT SIZE=2>2006-2007</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>60,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>2,638</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="55%" style="font-family:times;"><FONT SIZE=2>2007-2008</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>40,000</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>1,581</FONT></TD>
</TR>
</TABLE></DIV>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
director receives dividend equivalents on his stock units, which are equal to 115% of the value of dividends paid on our common stock. If the 2008 Plan is approved by stockholders
pursuant to Proposal&nbsp;2, this stock deferral program will continue to be available to non-employee directors under the 2008 Plan, except that dividend equivalents will be equal to
100% of any dividends paid on our common stock. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><B><I>Restricted Stock Grant to New Board Members  </I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Directors' Plan, non-employee directors are given a one time grant of 1,000 shares of restricted common stock upon their initial election or
appointment to the Board. The shares vest (i)&nbsp;two years after such grant upon continuous service on the Board, (ii)&nbsp;upon termination of service on the Board by reason of death or
permanent disability or (iii)&nbsp;upon a change of control, defined as (A)&nbsp;the acquisition by any individual of 50% or more of our common stock or the combined voting power of our
securities, (B)&nbsp;the time at which the now current Board ceases to constitute a majority of the Board, or (C)&nbsp;the disposal of substantially all of our assets via merger, liquidation or
dissolution. On May&nbsp;31, 2007, each of Mssrs. Budd and Schuchman received the one-time grant of 1,000 shares of restricted common stock. If the 2008 Plan is approved by stockholders
pursuant to Proposal&nbsp;2, these grants will continue to be made under the 2008 Plan, except that new directors will receive a one-time payment of $30,000 paid entirely in restricted
stock that vests over three years. The per share price will be determined as of the close of the Nasdaq market on the date of the director's election to the&nbsp;Board. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>33</FONT></P>

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<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_related_person_transactions"> </A>
<A NAME="toc_do46901_2"> </A>
<BR></FONT><FONT SIZE=2><B>RELATED PERSON TRANSACTIONS    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_policy_on_related_person_transactions"> </A>
<A NAME="toc_do46901_3"> </A></FONT> <FONT SIZE=2><B>Policy on Related Person Transactions    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board has a written Related Person Transaction Policy that sets forth our policies and procedures for the reporting, review, and approval or ratification of
each related person transaction. Our Audit Committee is responsible for implementing this policy and determining that any related person transaction is in our best interests. The policy applies to
transactions and other relationships that would need to be disclosed in this proxy statement as related person transactions pursuant to SEC rules. In general, these transactions and relationships are
defined as those involving a direct or indirect interest of any of our executive officers, directors, nominees for director and 5% stockholders, as well as specified members of the family or household
of any of these individuals or stockholders, where we or any of our affiliates have participated in the transaction(s) as a direct party or by arranging the transaction(s) and the transaction(s)
involves more than $100,000 in any calendar year. The policy also provides that certain types of transactions are deemed to be pre-approved or ratified, as applicable by our Audit
Committee. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B><I> Acquisition of Minority Interest in Commnet  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition of Commnet Wireless,&nbsp;LLC, in September 2005, we entered into a put and call agreement with Brian Schuchman, one of our
current directors, to purchase Mr.&nbsp;Schuchman's 5% equity interest in Commnet. Mr.&nbsp;Schuchman is the founder of Commnet and was the remaining minority equity holder in Commnet. Under the
put and call agreement, we were obligated to acquire Mr.&nbsp;Schuchman's equity interest between April&nbsp;15 and October&nbsp;15, 2007, at a purchase price based on a fixed multiple to a
predefined earnings number based on Commnet's financial results during the 12&nbsp;month period prior to the exercise of the put and call. In January 2007, prior to the agreed upon purchase period,
but consistent with the pricing calculation provided for in the put and call agreement, we purchased Mr.&nbsp;Schuchman's equity interest for $6.5&nbsp;million in cash and 21,000 shares of our
common stock. </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2><B><I> Sale of Assets Located in Haiti  </I></B></FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2001, we curtailed the operations and funding of our subsidiaries ATN-Haiti and Transnet&nbsp;S.A. (the "Haitian Subsidiaries"),
wrote-down our investment and began exploring strategic alternatives for the use or disposition of the remaining assets of these subsidiaries. In May 2006, our Board authorized us to enter
into discussions to sell, at fair value, subject to review and final approval by the Audit Committee, the remaining assets of the Haitian Subsidiaries, consisting primarily of an office building and
13 tower sites located in Haiti, to Cornelius B. Prior, Jr., our Chairman, who is also the father of our Chief Executive Officer. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2007, upon final approval by the Board of Directors and Audit Committee, we completed the sale of the remaining assets of the Haitian Subsidiaries to Access Haiti,&nbsp;S.A.,
a Haitian company in which Mr.&nbsp;C.B. Prior, Jr., is a significant equity holder, for $750,000 and the release by Access Haiti,&nbsp;S.A. of certain indebtedness of Transnet&nbsp;S.A. In
connection with the sale, Mr.&nbsp;C.B. Prior, Jr., has agreed to indemnify us for any claims made against the Haitian Subsidiaries by creditors and vendors of the Haitian Subsidiaries in excess of
$200,000 in the aggregate. In addition, Mr.&nbsp;C.B. Prior, Jr., has agreed to assist us in dissolving the Haitian Subsidiaries. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
impact of the remaining activities of the Haitian Subsidiaries on our results of operations for 2002 through August 2007 was not significant to our consolidated financial statements.
As of August 2007, the net book value of the Haiti assets was $655,000. After taking into account outstanding claims, legal and other related expenses incurred in connection with the transaction and
the dissolution of the Haitian Subsidiaries, we recorded a loss of $258,000 which is included in Gain on Disposition of </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>34</FONT></P>

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<A NAME="page_do46901_1_35"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>Long-Lived
Assets, within the accompanying Statements of Operations. In addition, we cancelled the remaining debt obligations of ATN-Haiti owed to us, which we had previously
written off in 2001. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_additional_information"> </A>
<A NAME="toc_do46901_4"> </A>
<BR></FONT><FONT SIZE=2><B>ADDITIONAL INFORMATION    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_stockholder_proposals_for_2009_annual_meeting"> </A>
<A NAME="toc_do46901_5"> </A></FONT> <FONT SIZE=2><B>Stockholder Proposals for 2009 Annual Meeting    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All suggestions from stockholders are given careful attention. Proposals intended for consideration at next year's annual meeting of stockholders should be sent
to Atlantic Tele-Network,&nbsp;Inc.; Attn:&nbsp;Secretary, 10&nbsp;Derby Square, Salem, MA&nbsp;01970. To be considered for inclusion in our proxy materials for that meeting, such
proposals must be received by us by December&nbsp;23, 2008, and must comply with certain rules and regulations promulgated by the SEC. A stockholder who wishes to make a proposal at the 2009 annual
meeting, but does not wish to have the proposal included in the proxy statement for that meeting, must give notice of the proposal to us no later than March&nbsp;6, 2009, in order for the notice to
be considered timely under Rule&nbsp;14a-4(c) of the SEC. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_householding_of_annual_meeting_materials"> </A>
<A NAME="toc_do46901_6"> </A>
<BR></FONT><FONT SIZE=2><B>Householding of Annual Meeting Materials    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some banks, brokers and other nominee record holders may be participating in the practice of "householding" proxy statements and annual reports. This means that
only one copy of our proxy statement and annual report to stockholders may have been sent to multiple stockholders in your household. We will promptly deliver a separate copy of either document to you
if you contact us at the following address or telephone number: Investor Relations, Atlantic Tele-Network,&nbsp;Inc., 10 Derby Square, Salem, MA 01970, (978)&nbsp;619-1300.
If you want to receive separate copies of the proxy statement or annual report to stockholders in the future, or if you are receiving multiple copies and would like to receive only one copy per
household, you should contact your bank, broker or other nominee record holder, or you may contact us at the above address or telephone number. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2><A
NAME="do46901_annual_report_and_other_sec_filings"> </A>
<A NAME="toc_do46901_7"> </A>
<BR></FONT><FONT SIZE=2><B>Annual Report and Other SEC Filings    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Annual Report on Form&nbsp;10-K, Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form&nbsp;8-K are
available on our website at www.atni.com. These filings and other SEC filings, including our proxy statement, are also available on the SEC's website at www.sec.gov. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>A copy of these filings, including our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2007 (excluding exhibits) may
be obtained, at no cost, by writing to Atlantic Tele-Network,&nbsp;Inc., Attn: Secretary, 10&nbsp;Derby Square, Salem, MA 01970.</B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Annual Report for the year ended December&nbsp;31, 2007, which is being mailed to stockholders with this proxy statement, is not incorporated into this proxy statement and is not
deemed to be part of the proxy soliciting material. </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2>By order of the Board of Directors,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%" style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%" style="font-family:times;"><BR><FONT SIZE=2>DOUGLAS J. MINSTER</FONT><BR>
<FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
</TABLE>
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<P style="font-family:times;"><FONT SIZE=2>April&nbsp;22,
2008 </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>35</FONT></P>

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 </FONT></P>

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<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="la46901_appendix_a"> </A>
<A NAME="toc_la46901_1"> </A>
<BR></FONT><FONT SIZE=2><B>APPENDIX A    <BR>    </B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2><I>[As approved by the Board of Directors<BR>
on March&nbsp;12, 2008 and proposed for<BR>
stockholder approval on May 15, 2008]  </I></FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><B>Atlantic Tele-Network,&nbsp;Inc. 2008 Equity Incentive Plan  </B></FONT></P>


<P style="font-family:times;"><FONT SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of the Atlantic Tele-Network,&nbsp;Inc. 2008 Equity Incentive Plan (the "Plan") is to attract and retain persons who are expected to make important
contributions to the Company and its Affiliates, to provide an incentive for them to achieve the Company's goals, and to enable them to participate in the growth of the Company by granting Awards with
respect to the Company's Common Stock. Certain capitalized terms used herein are defined in Section&nbsp;7 below. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be administered by the Committee; provided, that the Board may in any instance perform any of the functions of the Committee hereunder. The Committee shall have authority
to adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the Plan as it shall from time to time consider advisable, and to interpret the provisions
hereof in its discretion. The Committee's determinations hereunder shall be final and binding. The Committee may, subject to applicable law, delegate to one or more executive officers of the Company
the power to make Awards to Participants who are not Reporting Persons or Covered Employees and all determinations hereunder with respect thereto, provided that the Committee shall fix the maximum
number of shares that may be subject to such Awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
directors and all employees and consultants of the Company or any Affiliate capable of contributing to the successful performance of the Company are eligible to be Participants in
the Plan. Incentive Stock Options may be granted only to persons eligible to receive such Options under the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
Available for Awards. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amount.&nbsp;&nbsp;&nbsp;&nbsp;Subject to adjustment under subsection&nbsp;(c), up to an aggregate of 1,500,000 shares of Common
Stock, plus the shares subject to any Award that expires or is terminated unexercised or is forfeited, to the extent of such expiration, termination, or forfeiture, may be issued pursuant to Awards,
including Incentive Stock Options, under the Plan. Shares issued under the Plan may consist of authorized but unissued shares or treasury shares. Common Stock issued through the assumption or
substitution of outstanding grants from an acquired company shall not reduce the shares available for Awards under the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Limit on Individual Grants.&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares of Common Stock that may be granted to any
Participant in any fiscal year (i)&nbsp;subject to Options or Stock Appreciation Rights or (ii)&nbsp;subject to other types of Awards with respect to which Performance Goals apply, shall not
exceed 150,000 shares, subject to adjustment under subsection&nbsp;(c). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Adjustments.&nbsp;&nbsp;&nbsp;&nbsp;Upon any equity restructuring, whether a stock dividend, recapitalization, split-up
or combination of shares, or otherwise, the number of shares in respect of which Awards may </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-1</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>be
made under the Plan, the number of shares subject to outstanding Awards, the exercise price with respect to any of the foregoing, and the limit on individual grants in subsection&nbsp;(b) shall
be proportionately adjusted, provided that the number of shares subject to any Award shall always be a whole number. In the event the Committee determines that any other reorganization,
recapitalization, merger, spin-off or other corporate transaction affects the Common Stock such that an adjustment is required in order to preserve the benefits intended to be provided by
the Plan, the Committee shall equitably adjust any or all of the number and kind of shares in respect of which Awards may be made under the Plan, the number and kind of shares subject to outstanding
Awards, the exercise price with respect to any of the foregoing, and the limit on individual grants in subsection&nbsp;(b), provided that the number of shares subject to any Award shall always be a
whole number. Any adjustment made pursuant to this subsection shall be subject, in the case of Incentive Stock Options, to any limitation required under the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards
under the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Types of Awards.&nbsp;&nbsp;&nbsp;&nbsp;The Committee may grant Options, Restricted Stock, Restricted Stock Units, Stock
Equivalents and Awards of shares of Common Stock that are not subject to restrictions or forfeiture. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions of Awards.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall select the Participants to receive Awards and determine the terms and conditions of each Award. Without limiting the foregoing but subject to the
other provisions of the Plan and applicable law, the Committee shall determine (A) the number of shares of Common Stock subject to each Award or the manner in which such number shall be determined,
(B) the price, if any, a Participant shall pay to receive or exercise an Award or the manner in which such price shall be determined, (C) the time or times when an Award may vest or be exercised or
settled, (D)&nbsp;any Performance Goals, restrictions or other conditions to vesting, exercise, or settlement of an Award, (E)&nbsp;whether an Award may be settled in the form of cash, Common
Stock or other securities of the Company, Awards or other property, and the manner of calculating the amount or value thereof, (F)&nbsp;the duration of any Restricted Period or any other
circumstances in which an Award may be forfeited to the Company, (G)&nbsp;the effect on an Award of the disability, death, retirement or other termination of service of a Participant, and (H) the
extent to which, and the period during which, the Participant or the Participant's legal representative, guardian or Designated Beneficiary may receive payment of an Award or exercise rights
thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;The
Committee shall determine the form of consideration and manner of payment of the exercise price of any Award. Without limiting the foregoing, the Committee may,
subject to applicable law, permit such payment to be made in whole or in part in cash or by surrender of shares of Common Stock (which may be shares retained from the respective Award) valued at their
Fair Market Value on the date of surrender, or such other lawful consideration, including a payment commitment of a financial or brokerage institution, as the Committee may determine. The Company may
accept, in lieu of actual delivery of stock certificates, an attestation by the Participant in form acceptable to the Committee that he or she owns of record the shares to be tendered free and clear
of claims and other encumbrances. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;Any
Award may be made alone, in addition to, or in relation to any other Award. The terms of Awards of each type need not be identical, and the Committee need not
treat Participants uniformly. No Award shall be transferable except upon such terms and conditions and to such extent as the Committee determines, provided that no Award shall be transferable for
value and Incentive Stock Options may be transferable only to the extent permitted by the Code. No Award to any Participant subject to United States income taxation shall provide for the deferral of
compensation that does not comply with Section&nbsp;409A of the Code. The achievement or satisfaction of any Performance Goals, </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-2</FONT></P>

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<BR>

<P style="font-family:times;"><FONT SIZE=2>restrictions
or other conditions to vesting, exercise, or settlement of an Award shall be determined by the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Provisions Applicable to Certain Types of Awards.&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Options and Stock Appreciation Rights.&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for any Option or Stock Appreciation Right shall
not be less than 100% of the Fair Market Value of the Common Stock on the Date of Grant; provided that if the Board approves the grant of an Option or Stock Appreciation Right with an exercise price
to be determined on a future date, the exercise price shall be no less than 100% of the Fair Market Value of the Common Stock on such future date. No Option or Stock Appreciation Right shall have a
term longer than ten years. No Incentive Stock Option may be granted more than ten years after the effective date of the Plan. The Committee shall determine the manner of calculating the excess in
value of the shares of Common Stock over the exercise price of a Stock Appreciation Right. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;Restricted
Stock and Restricted Stock Units. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;Shares
of Restricted Stock and shares subject to Restricted Stock Units may not be sold, assigned, transferred, pledged or otherwise encumbered, except as permitted by
the Committee, during the applicable Restricted Period. Restricted Stock Units may be settled in shares of Common Stock or other securities of the Company, cash, Awards or other property as determined
by the Committee. The Company shall deliver certificates with respect to shares of Restricted Stock and Restricted Stock Units that are settled in shares to the Participant or, if the Participant has
died, to the Participant's Designated Beneficiary at the expiration of the Restricted Period. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;Notwithstanding
clauses&nbsp;(D) or (E)&nbsp;of Section&nbsp;5(b)(i) or Section&nbsp;6(i), </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;forfeiture
restrictions on shares of Restricted Stock and Restricted Stock Units that lapse solely based on the length of the Participant's service shall lapse with
respect to no more than one-third of such shares per year; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;forfeiture
restrictions on shares of Restricted Stock and Restricted Stock Units that lapse based on the achievement of Performance Goals shall lapse based on a
performance period of at least one year; </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>provided
that the foregoing limitations set forth in this Section 5(c)(ii) shall not apply to (i)&nbsp;lapses of restrictions in connection with the disability, death, retirement or other
termination of service of the Participant or in accordance with Section&nbsp;6(e) or (ii)&nbsp;awards of Restricted Stock or Restricted Stock Units, including modifications of such awards, with
respect to an aggregate number of shares not exceeding ten percent of the total number of shares authorized for issuance under the Plan. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Provisions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Documentation.&nbsp;&nbsp;&nbsp;&nbsp;Each Award under the Plan shall be evidenced by documentation in the form prescribed by the
Committee and delivered to or executed and delivered by the Participant specifying the terms and conditions of the Award and containing such other terms and conditions not inconsistent with the
provisions hereof as the Committee considers necessary or advisable to achieve the purposes of the Plan or to comply with applicable law and accounting principles. Any such documentation may be
maintained solely in electronic format. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Termination and Forfeiture.&nbsp;&nbsp;&nbsp;&nbsp;The terms of any Award may include such continuing provisions for termination of
the Award and/or forfeiture or recapture of any shares, cash or other property previously issued pursuant thereto relating to competition or other activity or circumstances detrimental to the Company
as the Committee may determine to be in the Company's best interests. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-3</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Dividends.&nbsp;&nbsp;&nbsp;&nbsp;In the discretion of the Committee, any Award may provide the Participant with dividends or
dividend equivalents payable (in cash, in shares of Common Stock, or in the form of Awards under the Plan) currently or deferred and with or without interest. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Committee Discretion.&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided hereby or in a particular Award, any determination or
action with respect to an Award may be made or taken by the Committee at the time of grant or at any time thereafter. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.&nbsp;&nbsp;&nbsp;&nbsp;In order to preserve a Participant's rights under an Award in the event of a change in
control of the Company (as defined by the Committee), the Committee in its discretion may, at the time an Award is made or at any time thereafter, take such actions, including without limitation one
or more of the following: (i)&nbsp;providing for the acceleration of any time period relating to the vesting, exercise, or settlement of the Award, (ii)&nbsp;providing for payment to the
Participant of cash or other property with a Fair Market Value equal to the amount that would have been received upon the vesting, exercise, or settlement of the Award in connection with the change in
control, (iii)&nbsp;adjusting the terms of the Award in a manner determined by the Committee to reflect the change in control, (iv)&nbsp;causing the Award to be assumed, or new rights substituted
therefor, by another entity, or (v)&nbsp;terminating the Award, as the Committee may consider equitable to Participants and in the best interests of the Company. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Tax Withholding.&nbsp;&nbsp;&nbsp;&nbsp;A Participant shall pay to the Company, or make provision satisfactory to the Committee for
payment of, any taxes required by law to be withheld in respect of Awards under the Plan no later than the date of the event creating the tax liability. The Company and its Affiliates may, to the
extent permitted by law, deduct any such tax obligations from any payment of any kind due to the Participant under the Plan or otherwise. In the Committee's discretion, the minimum tax obligations
required by law to be withheld in respect of Awards may be paid in whole or in part in shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their
Fair Market Value on the date of retention or delivery. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Legal Compliance.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not be required to issue any shares of Common Stock or take any other
action pursuant to the Plan unless the Company is satisfied that all requirements of law, or of any stock exchange on which the Common Stock is then listed, in connection therewith have been or will
be complied with, and the Committee may impose any restrictions on the rights of Participants hereunder as it shall deem necessary or advisable to comply with any such requirements. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Foreign Nationals.&nbsp;&nbsp;&nbsp;&nbsp;Awards may be made to Participants who are foreign nationals or employed outside the
United States on such terms and conditions different from those specified herein as the
Committee considers necessary or advisable to achieve the purposes of the Plan or to comply with applicable laws. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Awards.&nbsp;&nbsp;&nbsp;&nbsp;The Committee may amend, modify or terminate any outstanding Award, including without
limitation changing the dates of vesting, exercise or settlement, causing the Award to be assumed by another entity, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided
that the Participant's consent to such action shall be required unless the terms of the Award permit such action, the Committee determines that such action is required by law, or the Committee
determines that the action, taking into account any related action, would not materially and adversely affect the Participant. The foregoing notwithstanding, without further approval of the
stockholders of the Company, the Committee shall not authorize the amendment of any outstanding Option or Stock Appreciation Right to reduce the exercise price and no Option or Stock Appreciation
Right shall be canceled and replaced with an Award exercisable for Common Stock at a lower exercise price. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-4</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<A NAME="page_la46901_1_5"> </A>
<BR>

<P style="font-family:times;"><FONT SIZE=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Definitions. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Affiliate"
means any business entity in which the Company owns directly or indirectly 50% or more of the total voting power or has a significant financial interest as determined by the
Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Award"
means any award of shares of Common Stock or right with respect to shares described in Section&nbsp;5(a). </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Board"
means the Board of Directors of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Code"
means the Internal Revenue Code of 1986, as amended from time to time, or any successor law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Committee"
means one or more committees appointed by the Board to administer the Plan or a specified portion thereof. Each such committee shall be comprised of not less than two members
of the Board who shall meet such criteria as the Board may specify from time to time. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Common
Stock" means the Common Stock, $0.01 par value, of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Company"
means Atlantic Tele-Network,&nbsp;Inc., a Delaware corporation. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Covered
Employee" means a "covered employee" within the meaning of Section&nbsp;162(m) of the Code. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Date
of Grant" means the date on which all requirements under applicable law and the Company's certificate of incorporation and bylaws for the effective grant of an Award have been
satisfied. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Designated
Beneficiary" means the beneficiary designated by a Participant, in a manner determined by the Committee, to receive amounts due or exercise rights of the Participant in the
event of the Participant's death. In the absence of an effective designation by a Participant, "Designated Beneficiary" means the Participant's legal representative. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time, or any successor law. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Fair
Market Value" with respect to the Common Stock or other property means the fair market value thereof determined by such methods as shall be established by the Committee from time
to time. Unless otherwise determined by the Committee in good faith, the per share Fair Market Value of the Common Stock as of any date shall mean (i) if the Common Stock is then listed or admitted to
trading on a national securities exchange, the last reported sale price on such date on the principal national securities exchange on which the Common Stock is then listed or admitted to trading or,
if no such reported sale takes place on such date, the average of the closing bid and asked prices on such exchange on such date or (ii) if the Common Stock is then traded in the
over-the-counter market, the average of the closing bid and asked prices on such date, as reported by The Wall Street Journal or other appropriate publication selected by the
Committee, for the over-the-counter market. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Incentive
Stock Option" means an Option complying with the requirements of Section&nbsp;422 of the Code or any successor provision and any regulations thereunder. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Option"
means a right to purchase shares of Common Stock and may be an Incentive Stock Option if specified by the Committee. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Participant"
means a person selected by the Committee to receive an Award under the Plan. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Performance
Goals" means or may be expressed in terms of any of, but not limited to, the following business criteria: (i)&nbsp;net income, (ii)&nbsp;earnings per share,
(iii)&nbsp;operating income, (iv)&nbsp;operating cash flow, (v)&nbsp;earnings before income taxes and depreciation, (vi)&nbsp;earnings before interest, taxes, depreciation and amortization,
(vii)&nbsp;operating margins (viii)&nbsp;reductions in operating expenses, (ix)&nbsp;sales </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-5</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<BR>

<P style="font-family:times;"><FONT SIZE=2>or
return on sales (x)&nbsp;total stockholder return (xi)&nbsp;return on equity, (xii)&nbsp;return on total capital, (xiii)&nbsp;return on invested capital, (xiv)&nbsp;return on assets,
(xv)&nbsp;economic value added, (xvi)&nbsp;cost reductions and savings, (xvii)&nbsp;increase in surplus, (xviii)&nbsp;productivity improvements, (xix)&nbsp;an executive's attainment of
personal objectives with respect to any of the foregoing criteria or other criteria such as growth and profitability, customer satisfaction, leadership effectiveness, business development, negotiating
transactions and sales or developing long term business goals. A Performance Goal may be measured over a Performance Period on a periodic, annual, cumulative or average basis and may be particular to
a Participant or may be based, in whole or in part, on the performance of the division, department, line of business, subsidiary, or other business unit, whether or not legally constituted, in which
the Participant works or on the performance of the Company generally. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Reporting
Person" means a person subject to Section&nbsp;16 of the Exchange Act. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Restricted
Period" means any period during which an Award or any part thereof may be forfeited to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Restricted
Stock" means shares of Common Stock that are subject to forfeiture to the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Restricted
Stock Unit" means the right, subject to forfeiture, to receive the value of a share of Common Stock in the future, payable in the form of cash, Common Stock or other
securities of the Company, Awards or other property, and is an unfunded and unsecured obligation of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Stock
Appreciation Right" means the right to receive any excess in value of shares of Common Stock over the exercise price of such right. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Stock
Equivalent" means the right to receive payment from the Company based in whole or in part on the value of the Common Stock, payable in the form of cash, Common Stock or other
securities of the Company, Awards or other property, and may include without limitation phantom stock, performance units, and Stock Appreciation Rights. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Transferable
for value" means a transfer on terms that would prevent the Company from relying on Securities and Exchange Commission Form&nbsp;S-8 (or any successor form)
with respect to the issuance of the Common Stock underlying the respective Award. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.
</FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Rights with Respect to Service.&nbsp;&nbsp;&nbsp;&nbsp;No person shall have any claim or right hereunder to be granted an Award.
Neither the adoption, maintenance, or operation of the Plan nor any Award hereunder shall confer upon any person any right with respect to the continuance of his or her employment by or other service
with the Company or any Affiliate nor shall they interfere with the rights of the Company or any Affiliate to terminate or otherwise change the terms of such service at any time, including, without
limitation, the right to promote, demote or otherwise re-assign any person from one position to another within the Company or any Affiliate. Unless the Committee otherwise provides in any
case, the service of a Participant with an Affiliate shall be deemed to terminate for purposes of the Plan when such Affiliate ceases to be an Affiliate of the Company. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;No Rights as Stockholder.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the applicable Award, no Participant or Designated
Beneficiary shall have any rights as a stockholder with respect to any shares of Common Stock to be issued under the Plan until he or she becomes the holder thereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Effective Date.&nbsp;&nbsp;&nbsp;&nbsp;The effective date of the Plan, from time to time, shall be the most recent date that the
Plan was adopted or that it was approved by the stockholders, if earlier (as such terms are used in the regulations under Section&nbsp;422 of the Code). </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</FONT><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Amendment of Plan.&nbsp;&nbsp;&nbsp;&nbsp;The Board may amend, suspend or terminate the Plan or any portion thereof at any time,
subject to such stockholder approval as the Board determines to be necessary or advisable to comply with any tax or regulatory requirement. </FONT></P>

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2>A-6</FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
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  <td width="89%" colspan="26" valign="bottom" style="padding:0in 0in 0in 0in;width:89.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Symbol" style="font-size:8.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;">&nbsp;&nbsp;DETACH
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 <tr height="10" style="height:.1in;page-break-inside:avoid;">
  <td width="32%" colspan="9" rowspan="2" valign="top" style="height:.1in;padding:0in 0in 0in 0in;width:32.56%;">
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  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:25.78%;">
  <p style="line-height:7.5pt;margin:0in 0in .0001pt .15in;text-indent:-.15in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.88%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">FOR</font></b></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">AGAINST</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">ABSTAIN</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">1.</font></p>
  </td>
  <td width="33%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:33.98%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">ELECTION
  OF DIRECTORS.</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.36%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="10%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:10.62%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="padding:0in 0in 0in 0in;width:.8%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:25.78%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt .15in;text-indent:-.15in;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">2.&nbsp;&nbsp;APPROVAL OF
  THE 2008 EQUITY INCENTIVE&nbsp; PLAN.</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.88%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:7.5pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:16.96%;">
  <p style="line-height:7.5pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">Nominees:</font></b><font size="1" style="font-size:7.5pt;"><br>
  01)&nbsp;Martin&nbsp;L.&nbsp;Budd</font></p>
  <p style="line-height:7.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">02)&nbsp;Thomas
  V. Cunningham<br><br></font></p>
  </td>
  <td width="17%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:17.02%;">
  <p style="line-height:7.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">03)&nbsp;Cornelius&nbsp;B.&nbsp;Prior,&nbsp;Jr.<br>
  04) Michael T. Prior<br>
  05)&nbsp;Charles&nbsp;J.&nbsp;Roesslein<br><br></font></p>
  </td>
  <td width="16%" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:16.98%;">
  <p style="line-height:7.5pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">06)&nbsp;Brian&nbsp;A.&nbsp;Schuchman<br>
  07)&nbsp;Henry&nbsp;U.&nbsp;Wheatley<br><br></font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:7.12%;">
  <p style="line-height:7.5pt;margin:0in 0in .0001pt .1in;text-indent:-.1in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" colspan="3" valign="bottom" style="padding:0in 0in 0in 0in;width:18.66%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="bottom" style="padding:0in 0in 0in 0in;width:5.88%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">FOR</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">AGAINST</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">ABSTAIN</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">FOR
  ALL nominees<br>
  listed above</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Wingdings" style="font-size:7.5pt;">o</font></p>
  </td>
  <td width="17%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:17.8%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">WITHHOLD
  authority to<br>
  vote for ALL nominees<br>
  listed above </font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.98%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Wingdings" style="font-size:7.5pt;">o</font></p>
  </td>
  <td width="15%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:15.8%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">FOR ALL nominees<br>
  listed above EXCEPT* </font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font><font size="1" face="Wingdings" style="font-size:7.5pt;">o</font></p>
  </td>
  <td width="0%" valign="bottom" style="padding:0in 0in 0in 0in;width:.8%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:25.78%;">
  <p style="margin:0in 0in .0001pt .1in;text-indent:-.1in;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">3.&nbsp;RATIFICATION OF
  SELECTION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT AUDITORS FOR 2008</font></p>
  <p align="center" style="line-height:7.5pt;margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.88%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.92%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="16" valign="top" style="padding:0in 0in 0in 0in;width:49.88%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">*To withhold authority to vote for any individual nominee
  mark the &#147;FOR ALL EXCEPT&#148; box and write that nominee&#146;s name(s)&nbsp;on the
  space provided below.</font></b></p>
  </td>
  <td width="9%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">To
  change your address, please mark this box.</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="16" valign="top" style="padding:0in 0in 0in 0in;width:49.88%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="9%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:2.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:7.5pt;margin:4.0pt 0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:11.3%;">
  <p style="line-height:7.5pt;margin:4.0pt 0in;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">EXCEPTIONS:</font></p>
  </td>
  <td width="41%" colspan="15" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.1%;">
  <p style="line-height:7.5pt;margin:4.0pt 0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="line-height:7.5pt;margin:4.0pt 0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:31.46%;">
  <p style="line-height:7.5pt;margin:4.0pt 0in;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">To include any comments, please mark this box.</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p align="center" style="line-height:7.5pt;margin:4.0pt 0in;text-align:center;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.22%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.62%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.3%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="line-height:4.0pt;margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="6" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="8" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="border:none;padding:0in 0in 0in 0in;width:28.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:8.88%;">
  <p style="line-height:6.0pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="8" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="line-height:6.0pt;margin:2.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;&nbsp;S C A N&nbsp;&nbsp; L I N E</font></b></p>
  </td>
 </tr>
 <tr height="16" style="height:12.0pt;page-break-inside:avoid;">
  <td width="2%" height="16" valign="top" style="height:12.0pt;padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" height="16" valign="top" style="height:12.0pt;padding:0in 0in 0in 0in;width:5.22%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="29%" colspan="9" height="16" valign="top" style="height:12.0pt;padding:0in 0in 0in 0in;width:29.82%;">
  <p style="margin:2.0pt 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" height="16" valign="top" style="height:12.0pt;padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:2.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="2" height="16" valign="bottom" style="height:12.0pt;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="6" height="16" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;width:8.88%;">
  <p style="line-height:6.0pt;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="41%" colspan="8" height="16" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:12.0pt;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="line-height:6.0pt;margin:2.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
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  <td width="2%" height="48" valign="top" style="height:.5in;padding:0in 0in 0in 0in;width:2.68%;">
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  <td width="35%" colspan="11" height="48" valign="top" style="height:.5in;padding:0in 0in 0in 0in;width:35.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" height="48" valign="top" style="height:.5in;padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="6%" colspan="2" height="48" valign="top" style="height:.5in;padding:0in 0in 0in 0in;width:6.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8%" colspan="6" height="48" valign="top" style="height:.5in;padding:0in 0in 0in 0in;width:8.88%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="8" height="48" valign="bottom" style="border:none;height:.5in;padding:0in 0in 0in 0in;width:41.6%;">
  <p style="line-height:6.0pt;margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Please
  sign exactly as your name appears on this Proxy. If acting as executor, as
  administrator, trustee, guardian, etc., you should so indicate when signing.
  If a corporation, please sign in the full corporate name, by duly authorized
  officer. If a partnership, please sign the full partnership name by
  authorized person. If shares are held jointly, each stockholder named should
  sign</font><font size="1" style="font-size:7.5pt;">.</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
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  <td width="6%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-right:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
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  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:23.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.5pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="border:none;border-right:solid windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.5pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:28.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.3%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="border-bottom:solid windowtext 2.25pt;border-left:none;border-right:solid windowtext 2.25pt;border-top:none;padding:0in 0in 0in 0in;width:5.34%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:1.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="8" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:23.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Date&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="5" valign="bottom" style="padding:0in 0in 0in 0in;width:23.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.5pt;">Signature&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="20" style="border:none;"></td>
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  <td width="18" style="border:none;"></td>
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  <td width="22" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="89" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="15" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="86" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="44" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>

<div style="margin:0in 0in 4.0pt;page-break-after:avoid;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- ZEQ.=1,SEQ=45,EFW="2184829",CP="ATLANTIC TELE-NETWORK, INC.",DN="1",CHK=159933,FOLIO='',FILE="DISK123:[08ZBH3.08ZBH46903]11069-3-PX_ZBH46903.CHC",USER="MSULLIV",CD='Apr 22 14:44 2008' -->


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<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 4.0pt;page-break-after:avoid;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ATLANTIC TELE-NETWORK, INC.</font></b></p>

<p align="center" style="margin:0in 0in 4.0pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">PROXY
SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS<br>
FOR THE ANNUAL MEETING OF STOCKHOLDERS<br>
TO BE HELD ON MAY&nbsp;15, 2008</font></b></p>

<p style="margin:0in 0in 6.0pt;text-align:justify;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The
undersigned hereby appoints Cornelius B. Prior,&nbsp;Jr. and Michael T. Prior,
and each of them as Proxies, with full power of substitution, and hereby
authorizes them to represent and to vote as instructed herein, all shares of
Common Stock of Atlantic Tele-Network,&nbsp;Inc. held of record by the
undersigned on April&nbsp;15, 2008, at the Annual Meeting of Stockholders to be
held on May&nbsp;15, 2008 or any adjournments or postponements thereof on the
matters set forth in the Notice and Proxy Statement dated April&nbsp;22, 2008.</font></p>

<p style="margin:0in 0in 4.0pt;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN
THE MANNER INSTRUCTED ON THE REVERSE SIDE. IF NO INSTRUCTIONS ARE INDICATED,
THE PROXY WILL BE VOTED &#147;FOR&#148; EACH OF THE MATTERS ON THE REVERSE SIDE AND, AT
THE DISCRETION OF THE PROXIES NAMED ABOVE, ON ANY OTHER MATTERS THAT
MAY&nbsp;PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS OR POSTPONEMENTS
THEREOF.</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="147" valign="top" style="padding:0in .7pt 0in 0in;width:110.0pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --><font size="1" face="Times New Roman" style="font-size:8.0pt;">Address
  Changes/Comments:</font></p>
  </td>
  <td width="526" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:394.2pt;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
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  <td width="672" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:504.2pt;">
  <p style="font-size:10.0pt;line-height:18.0pt;margin:6.0pt 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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  </font><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
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  <td width="672" colspan="2" height="10" valign="bottom" style="border:none;height:.1in;padding:0in .7pt 0in 0in;width:504.2pt;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(If you provide any
  Address Changes/Comments above, please mark the corresponding box on the
  reverse side)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:6.0pt 0in .0001pt .2in;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(CONTINUED
AND TO BE SIGNED AND DATED ON REVERSE SIDE)<br><br></font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;text-transform:uppercase;">BNY
Mellon Shareowner Services<br>
Proxy Processing<br>
PO Box 3510<br>
S Hackensack NJ 07606-9210</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
