Financing for Telcos: A Caribbean Perspective July 15, 2008

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

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) Michael Prior (978) Charles Uhrig (727) raymondjames.com Justin Cadman (727) raymondjames.com

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) scotiabank.com Howard Armstrong (876) analysysmason.com

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

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 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 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 Panel Discussion

16 Audience Q&A

17 Charles Uhrig Justin Cadman

18 Contact Information FirmContactTitle Telephone Raymond JamesCharles UhrigManaging Director, Tech & Telecom Group Raymond JamesJustin Atlantic Tele-NetworkMichael CoBankJohn ColeManaging Director, Comm. and Energy Banking Group ScotiabankTim LorimerVice President, International Corp. & Commercial Banking Analysys MasonHoward ArmstrongDirector, Caribbean Business