-- $150 million Account Receivable Securitization

SAINT JOHN, NB,Dec. 20 2001 --Aliant Telecom Inc. ("Aliant Telecom")
today announced that on December 13, 2001, it entered into a $150,000,000
account receivable securitization arrangement led by Scotia Capital Inc. Under
this arrangement, Aliant Telecom's accounts receivable are sold on a revolving
basis to Bay Street Trust in consideration of the provision of short-term
funds. The proceeds realized by Aliant Telecom will be used to repay short-
term debt owing to its parent company, Aliant Inc., and for other general
corporate purposes.
    Under this arrangement Aliant Telecom will continue to manage and service
all of its customer accounts.
    Aliant Telecom is a wholly owned subsidiary of Aliant Inc. (TSE:AIT).
Aliant Inc. is one of Canada's top high-tech companies, providing integrated
communications and IT solutions through subsidiaries operating worldwide. By
combining industry-leading expertise from across the group of companies,
Aliant Inc. utilizes the Aliant Premium (TM) model to deliver unique, end-to-
end solutions to customers. With 10,000 employees and a market capitalization
of almost $5 billion, Aliant Inc. ranks in the top 100 publicly traded
companies in the country.
    To learn more about Aliant Inc. and its operating companies, visit
www.aliant.ca.
    %SEDAR: 00012285EB




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For further information: Robyn Tingley, Communications & Public Affairs,
Aliant Inc., (506) 694-6445, robyn.tingley@aliant.ca