1. Financing for Telcos: A Caribbean Perspective July 15, 2008

2. 2  Introductions:10  Overview of Caribbean Telco Market Environment:10  Panel Discussion:40  Audience Q&A:10 Agenda

3. 3 Raymond James Telecom Investment Banking Co-Bank Lender / Communications Division Atlantic Tele-Network Telco Perspective Introductions Full-service investment bank offering equity capital raising, M&A, and strategic advisory services. Lender to communications, agricultural, and rural energy businesses with approximately $60 billion in total assets. Offers wireless, local telephone, and international long distance voice and data services in the Caribbean and U.S. John Cole (770) 618-3213 jcole@cobank.com Michael Prior (978) 619-1301 mprior@atni.com Charles Uhrig (727) 567-5020 charles.uhrig@ raymondjames.com Justin Cadman (727) 567-5102 justin.cadman@ raymondjames.com

4. 4 Analysys Mason Telecom Consultant Scotiabank Lender Introductions Offers strategic advice, technical design, operations support, and market intelligence to telecoms, IT, and media and in over 90 countries worldwide. A leading North American financial institution serving customers in 50 countries worldwide and offering personal, commercial, corporate and investment banking services. Tim Lorimer (416) 866-6755 tim.lorimer@ scotiabank.com Howard Armstrong (876) 999-8775 howard.armstrong@ analysysmason.com

5. 5 Overview of Caribbean Telecom Environment  Competitive landscape varies widely by country – Dependent in part on state of telecom liberalization & government – Few multinational players (including Digicel and C&W) – Numerous other participants  Significant growth opportunity fueled by wireless and Internet/data – Attracting increased attention from investors – Better growth profile than North America/Western Europe due to lower penetration rates  Unique set of considerations for operators and investors alike – Political/regulatory outlook – Consolidation opportunities – Opportunities from continuing market liberalization/privatization

6. 6 Share Price Performance of Caribbean/LatAm Telcos Notes: (1) Wireless index includes AMX, NIHD, TMB, TSU, and VIV. (2) Wireline index includes ATNI, AXTEL, BRP, GVT, MXT, TMX, TNE, and TSP. (1) (2) Shares of publicly traded Caribbean / Latin American companies have outperformed the U.S. stock market. Wireless +77% Wireline +69% C&W +59% S&P +3%

7. 7 Wireless Penetration Telecom Penetration: A Growth Opportunity Source: International Telecommunications Union Wireless penetration has significant upside opportunity across much of the Caribbean/Latin America.

8. 8 Telecom Penetration: A Growth Opportunity Wireline Penetration Source: International Telecommunications Union While wireless growth should eclipse wireline growth in the region, there should continue to be modest, steady wireline growth.

9. 9 Telecom Penetration: A Growth Opportunity Internet Users Source: International Telecommunications Union Many Caribbean / Latin American countries have very low Internet usage, reflecting low penetration of data services. There is significant opportunity for broadband/data growth.

10. 10 Other Factors Driving Interest in Caribbean Telcos  Countries are closely aligned to larger economies in North American and Europe  Legal and political systems are generally advanced and parallel North American / Western European systems  Underlying economies and populations are growing steadily  Market liberalization/privatization creating new opportunities  Valuations generally still reasonable

11. 11 The Caribbean telecom industry is a hotbed of investment and M&A activity. Caribbean Telecom Transactions

12. 12 Public Company Valuations  Valuations vary depending on country and company specific factors  Caribbean & Latin American average 2008E Enterprise Value / EBITDA: – Wireless:5.3x – Wireline:3.3x  Valuations are still reasonable, and represent a discount to corresponding U.S. multiples despite a more robust growth profile. Enterprise Value / 2008E EBITDA Carib./LatAm WirelessCarib./LatAm Wireline Wireless AverageWireline Average

13. 13 Factors Influencing Valuation  Public company valuations provide investors and acquirers with a benchmark utilized when evaluating investment opportunities.  Reasons for valuation variations include: FactorLower MultipleHigher Multiple CompetitionFragmentedMonopoly/Duopoly Wireless penetrationHighly penetratedLow penetration Country sizeVery smallLarge Political environmentUnstableStable Regulatory environmentUnstableStable Per capita GDPLowHigh

14. 14 Debt and Equity Investor Considerations  Debt investors like stable cash flows and a certain regulatory/political environment. – Capacity for Caribbean telcos to take on debt depends on these factors  Equity investors are also very interested in growth opportunities. Wireless AverageWireline Average Leverage ─ Debt / 2008E EBITDA

15. 15 Panel Discussion

16. 16 Audience Q&A

17. 17 Charles Uhrig727-567-5020 Justin Cadman727-567-5102

18. 18 Contact Information FirmContactTitleEmailTelephone Raymond JamesCharles UhrigManaging Director, Tech & Telecom Group charles.uhrig@raymondjames.com(727) 567-5020 Raymond JamesJustin CadmanAssociatejustin.cadman@raymondjames.com(727) 576-5102 Atlantic Tele-NetworkMichael PriorCEOmprior@atni.com(978) 619-1300 CoBankJohn ColeManaging Director, Comm. and Energy Banking Group jcole@cobank.com(770) 618-3213 ScotiabankTim LorimerVice President, International Corp. & Commercial Banking tim.lorimer@scotiabank.com(416) 866-6755 Analysys MasonHoward ArmstrongDirector, Caribbean Business howard.armstrong@analysysmason.com(876) 999-8775