879585--3/31/2006--ATLANTIC_TELE_NETWORK_INC

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{operation, international, foreign}

{product, market, service}

{customer, product, revenue}

{stock, price, share}

{system, service, information}

{debt, indebtedness, cash}

{capital, credit, financial}

{cost, contract, operation}

{acquisition, growth, future}

{regulation, change, law}

{operation, natural, condition}

{stock, price, operating}

{personnel, key, retain}

{control, financial, internal}

{interest, director, officer}

Risks Relating to Our Wireless and Wireline Services in Guyana Our exclusive license to provide local exchange and long distance telephone services in Guyana is subject to significant political and regulatory risk. Any significant decline in the price or volume of international long distance calls to Guyana could adversely affect our financial condition and results. The regulation of the rates that GT T may charge for local wireline telephone service may adversely affect our profitability, revenue growth and our ability to make additional network investment in Guyana. GT T is engaged in significant tax disputes with the Guyanese tax authorities which could adversely affect our financial condition and results of operations. Political transition in Guyana may adversely affect our operations. Other Risks Relating to Our Businesses and Industry Increased competition may adversely affect growth, require increased capital expenditures, result in the loss of existing customers and decrease our revenues. retail wireless businesses may not continue to grow at the same rate as in the past. A significant portion of our U.S. wireless revenue is derived from a small number of customers. Our failure to maintain favorable roaming arrangements could have a material adverse effect on our ability to provide service to retail wireless customers who travel outside our coverage area. Our foreign operations are subject to economic, political and other risks that could adversely affect our revenues or financial position. Regulatory changes may impose restrictions that adversely affect us or cause us to incur significant unplanned costs in modifying our business plans or operations. The loss of certain licenses would adversely affect our ability to provide wireless and broadband services. Rapid and significant technological changes in the telecommunications industry may adversely affect us. We rely on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure. If these suppliers or vendors experience problems or favor our competitors, we could fail to obtain sufficient quantities of the products and services we require to operate our businesses successfully. If we lose our senior management, our business may be adversely affected; we rely on local management to run our operating units. Our network capacity and customer service system may not be adequate and may not expand quickly enough to support our customer growth. Our wireless and wireline revenues depend on the reliability and performance of our network infrastructure. The occurrence of severe weather and natural catastrophes may materially disrupt our operations. Concerns about the actual or perceived health risks relating to electromagnetic and radio frequency emissions, as well as the attendant publicity or possible resultant litigation, may have a negative effect on our financial condition or the results of our operations. Our economic interest in our Bermuda affiliate may be reduced in 2008. We may be unable to realize the value that we believe exists in businesses that we acquire. Risks Related to Our Capital Structure Our debt instruments include restrictive and financial covenants that limit our operating flexibility. If we fail to meet our payment or other obligations under the credit facility, the lenders could foreclose on and acquire control of substantially all of our assets. Our Chairman controls the vote of a majority of our common stock and may at times have interests adverse to the interests of the other holders of our common stock; Future sales of our common stock may depress the market price of our common stock. Low trading volume of our stock may limit your ability to sell shares and/or result in lower sale prices. We may not pay dividends in the future. In the future, we may cease to voluntarily comply with American Stock Exchange corporate governance listing standards. Preparations for Section 404 of the Sarbanes-Oxley Act of 2002 will increase our administrative costs and a finding of ineffective internal controls could cause investors to lose confidence in our reported financial information

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879585--3/31/2006--ATLANTIC_TELE_NETWORK_INC_/DE