American Tower Corporation: International Market Overview Fourth Quarter 2017 American Tower International Market Overview

Home , Red Compartida

Introduction International Portfolio Overview • International Markets Poised for Smartphone Growth

Advanced Wireless Markets Germany • France

Evolving Wireless Markets Argentina • Mexico • Brazil • South Africa • Chile • Peru

Developing Wireless Markets Colombia • Paraguay • India • Ghana • Uganda • Costa Rica • Nigeria

Note: Definitions and Data Sources Available on Last Page of Presentation March 22, 2018 2 International Portfolio Overview(1)

(1) Reflects the Company's Asia, EMEA and Latin America segments. (2) Portfolio also includes fiber and fiber-related assets, which are excluded from the site count. (3) Portfolio primarily consists of urban telecommunications assets, fiber and the rights to utilize certain existing utility infrastructure for future telecommunications equipment installation, all of which are excluded from the site count. (4) Portfolio also includes urban telecommunications assets, including fiber, concrete poles and other infrastructure, which are excluded from the site count. (5) Includes in-building and outdoor DAS networks. (6) Represents top 10 international tenants for the quarter ended December 31, 2017.

March 22, 2018 3 International Markets Poised for Smartphone Growth

Wireless Penetration vs. Mobile Broadband (3G/4G) Penetration(1) (Size of bubbles = Number of mobile subscribers; Wireless and Broadband penetration calculated by dividing subscriber numbers by total population) Costa Rica, despite high wireless and Broadband 180% penetration, significantly lags behind in mobile Broadband speeds 160% Advanced 140%

120%

100% Wireless

Penetration 80%

60% Evolving

40% Developing

20%

0% 0% 20% 40% 60% 80% 100% 120% Mobile Broadband (3G/4G) Penetration

AMT’s International Exposure Provides Access to Significantly Less Mature Wireless Markets

Notes: (1) Data for Peru, Ghana, & Nigeria calculated using CAGR’s from 2Q2015; Data for USA calculated using Cisco VNI 3G/4G penetration Sources: Altman Vilandrie & Co. research, Bank of America Merrill Lynch Wireless Matrix, GSMA Intelligence, BuddeComm, Statista, OECD, Cisco VNI Report

March 22, 2018 4 4 Advanced Wireless Markets Germany • France

March 22, 2018 5 Germany

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – • 2018 auction for 5G transition in the 2 GHz Indicator 57% 61% 3Q17 3Q17 CAGR (2x60 MHz) & 3.6 GHz (300 MHz) bands 54% 49% Wireless • ~80% LTE Coverage (66.3 million customers) 44% 118M 1% as of end of 2017 42% Subscribers 38% • LTE rollout by all major operators in 800 and 32% Wireless 143% 1% 2600 MHz bands Penetration • T-Mobile rolled out LTE in 900 MHz in Mar‘17 Average to increase coverage Monthly Voice 161(1) 3% • LTE-A launched by all major carriers MOU

ARPU $16 0% 2010 2011 2012 2013 2014 2015 2016 2017

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings Technology 2012 2013 2014 2015 2016 2017 2018

Urban LTE O2 Roll-out in began w/ 800 MHz in Started LTE coverage ~360 MHz LTE coverage in 2 rural areas offering LTE-A of 80% pops Holdings in 700, 800, cities Started 2G/3G (Oct 5), but 38% 900, 1800, 1900, 2100, offering VoLTE &  very limited 2600, and 3500 MHz /4G 97% of VoLTE 2Q15 VoWiFi for all buildout bands network Launch customers HSPA+ HSPA+ in LTE Mar’14 Telefonica Europe 2012

~220 MHz 4G LTE-A Covered 90% of Launched Holdings in 700, 800, coverage 36% 3G/4G launched in German population LTE with  900, 1500, 1800, 2100, LTE reaches Nov’14 by EOY 2015 900 MHz Deutsche Telekom and 2600 MHz bands 93%

~230 MHz Roll-out started in 800 Boosted LTE Rollout of Launched LTE- Holdings in 700, 800, MHz in rural areas as coverage to 90% NB-IoT 26% 3G/4G LTE A in 1Q15  900, 1500, 1800, 2100, required by regulators 2Q16 sensors Vodafone and 2600 MHz bands

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15 (2) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 3Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2018, carrier annual reports, press releases and news articles

March 22, 2018 6 France

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – Indicator • Temporary spectrum in the 3400 MHz-3800 3Q17 3Q17 CAGR MHz and 26 GHz bands for 5G trials awarded 54% 58% by ARCEP 50% Wireless 46% 70M 1% • Bouygues and SFR will end 4G roaming deal 43% Subscribers 40% by 2018 due to pressure from ARCEP, 36% Wireless accelerates LTE network buildout (Jun’16) 31% 119% 3% Penetration • ARCEP fines Orange and SFR for not meeting rural coverage agreement (Sep’16) Average Monthly Voice 88(1) 1% • LTE-A launched by all major carriers MOU • Providers to invest ~$4B to roll out 4G w/ no coverage gaps by 2020 ARPU $24 -6% • Orange announces rollout of LTE based 2010 2011 2012 2013 2014 2015 2016 2017 broadband service (Mar’17) WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Sub Mkt. Spectrum Current Customer? Share Holdings(2) Technology 2012 2013 2014 2015 2016 2017 2018

Launch 5G trials scheduled ~90 MHz 2G/3G/ LTE Jun’12 in for late 2018/ early  32% Holdings in 700, 800, 900, Marseille 2019 1800, 2100, 2600 MHz bands 4G Orange

~80 MHz Launch LTE-A 81% LTE coverage; 2G3G/ HSP 29% Holdings in 700, 800, 900, Dec’12 launched in 18 municipalities  1800, 2100, and 2600 MHz 4G A+ in Lyon Jun’14 covered with LTE-A SFR Numericable bands Ultra LTE-A First to ~75 MHz Launch with 300Mb/s launch 95% LTE Holdings in 700, 800, 900, 2G/3G/ in 20% HSPA+ LTE speed rollout VoLTE coverage  1800, 2100, and 2600 MHz 4G Oct’13 Bouygues bands in November Nov’15

700 & 1800 ~55 MHz 2G/3G/ 4G available at 84% of population  19% Holdings in 700,900,1800,2100, and HSPA+ LTE no additional MHz bands covered with 4G 2600 MHz bands 4G cost Dec’13 added Free Mobile

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15 (2) AV&Co. projection based on data as % of revenue for Orange 09’-12’ and 12’-16’ CAGR for Germany as similar market Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2018 , carrier annual reports, press releases and news articles, ARCEP

March 22, 2018 7 Evolving Wireless Markets Argentina • Mexico • Brazil • South Africa • Chile • Peru

March 22, 2018 8 Argentina

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – • Telecom Argentina to invest $5B by 2020 Indicator 59% 3Q17 3Q17 CAGR (announced 2018) 53% 54% 48% Wireless • ENACOM auctions 2.5 GHz (2500 MHz – 2690 46% 61M 2% MHz) bands with Movistar and Claro winning 41% Subscribers 37% 30MHz and Personal winning 40 MHz (Jul’17) 31% Wireless 138% 1% • By 2016 Argentina surpassed 60% 4G Penetration coverage across the country Average • ENACOM publishes guidelines to encourage Monthly Voice 109(1) 0% telecom competition (Jan’17) MOU

ARPU $7 13% 2010 2011 2012 2013 2014 2015 2016 2017

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings(3) Technology 2012 2013 2014 2015 2016 2017 2018

~135 MHz Announces plans Will invest 2G/3G Launch to invest $2.65B Holdings in 700, 850, $100M in further  37% HSPA+ (Jun’14) LTE over 5 years in 1700, 1850, 1900, 2000 /4G network buildout MHz network (Feb’15) América Móvil

~125 MHz 68% coverage, First 5G tests 2G/3G Launch Holdings in 700, 850, 3M users conducted w/  32% HSPA+ LTE (Dec’14) 1700, 1850, 1900, 2000 /4G (Jun’16) Ericsson MHz Telefónica

~100 MHz 2G/3G Launch 6M LTE customers, 31% LTE 86% coverage in  Holdings in 700, 850, /4G HSPA+ (Dec’14) 1700, 1900, 2100 MHz major cities Telecom Argentina Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15 (2) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 3Q15 (3) Holdings vary by region. Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2018

March 22, 2018 9 Mexico

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (1)

As of 2010 – • Ifetel to approve or reject separation of Indicator 63% 3Q17 3Q17 CAGR Telmex proposed by AMX in Q1 2018 54% 47% Wireless • March 2018 auction of 2.5 GHz (2500-2690 44% 112M 3% MHz), all operators allowed to participate 39% Subscribers 35% • Conditions published and the Wireless 30% 90% 2% minimum reference value for each 20 24% Penetration MHz is set at $18.7mm Average • Red Compartida, 20-year wholesale wireless Monthly Voice 232(1) 3% broadband procurement, was awarded to MOU Altan Consortium (2): gives access to 90 MHz of 700 MHz band (Nov’16) ARPU $7 -5% • National roaming agreement signed by 2010 2011 2012 2013 2014 2015 2016 2017 America Mobil and Telefonica (Dec’16) WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings(3) Technology 2012 2013 2014 2015 2016 2017 2018 Covered 13 Covered Purchase of ~200 MHz Mexican 65.5% of pops 2.5 GHz Holdings in AWS-1, AWS- 2G/3G HSPA+ LTE cities in 66% by Jun’15 spectrum  3, 850, 1900 MHz, 2500 /4G 2013 América Móvil GHz

Covers the metropolitan area ~61 MHz Launched 2G/3G of the Valley of Mexico with 21% HSPA+ LTE in 2013  Holdings in 850 and 1900 /4G plans to cover more cities Telefónica MHz

Has been advertising HSPA+ HSPA+ network as 4G Covers 70 million pops in ~130 MHz 2G/3G 144 cities (as of Oct16), 13% LTE  Holdings in AWS-1, SMR, /4G with plans to cover 100 850, 1900 MHz LTE launched million by 2018 HSPA inLTE 3 cities by Oct’14 AT&T(4) Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15/3Q15 (2) Altan consortium consists of Morgan Stanley, IFC, Axtel, Megacable, Multitel (3) Holdings vary by region (4) AT&T completed acquisitions of Iusacell and Nextel; Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2018

March 22, 2018 10 Brazil

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (1)

As of 2010 – Indicator • Anatel set to allocate 2300 MHz – 2400 58% 3Q17 3Q17 CAGR MHz band for mobile use 48% Wireless • Nokia and TIM sign contract to buildout 240M 2% Subscribers LTE network in 700 MHz band (Mar’17) 39% • Vivo and Claro move forward with their site 32% Wireless 26% 115% 1% sharing partnership, will add 180 joint base 23% Penetration 19% stations in rural areas (May’16) 16% Average • Oi’s Creditors approve plan to exit Monthly Voice 129 2% bankruptcy protection that depends on a MOU(1) $1.2 billion capital increase and monthly fines to Anatel (Dec’17) ARPU $7 1% • Oi filed for bankruptcy protection 2010 2011 2012 2013 2014 2015 2016 2017 in June’16 WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Sub Mkt. Spectrum Current Customer? Share Holdings(2) Technology 2012 2013 2014 2015 2016 2017 2018 Reached 47% of pops 57% 4G UMTS/ Launched ~107 MHz 2G/3G/ LTE covered and coverage of availability  31% Holdings in 450, 700, 800, 1800, HSPA+ Apr’13 183 cities by EOY 2015 reached 1900, 2100, and 2500 MHz bands 4G Telefónica $3.6B in planned capex 2015-2017 ~73 MHz Reached UMTS/ 90% Coverage of Holdings in 450, 700, 800, 1700- 2G/3G/ 76M subs by 25% LTE 411 cities covered,; LTE- urban pop by  1860, 1920-2165, and 2500 MHz EOY 2014 4G HSPA+ A launched in Jun’16 4Q17 Telecom Italia bands

~106 MHz 93 markets by Planned $3.6B to expand LTE-A coverage 2G/3G/ 3G and 4G networks 25% Holdings in 450, 700, 800, 1700- HSPA+ LTE Oct14, 71M LTE in 140 cities  1860, 1900-2165, and 2500 MHz 4G subs by EOY 2014 LTE-A launched in Jun’16 América Móvil bands

Launched in Did not bid Expected to Moving forward ~47 MHz 2G/3G/ 5 World Cup on 700 invest ~$500M with bankruptcy  17% Holdings in 450, 800, 1700-1860, HSPA+ LTE cities in 1900-2165, and 2500 MHz bands 4G MHz through 2015 proceedings Tele Norte Leste Apr’13

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15/3Q15 (2) Holdings vary by region, calculated using mean holdings, weighting each region equally Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2018, press releases, RCR

March 22, 2018 11 South Africa

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – • Additional spectrum auctions over the Indicator next few years (700 MHz, 800 MHz, and 2.6 3Q17 3Q17 CAGR 54% GHz) will aid carriers’ 4G expansion 45% Wireless ‒ Originally Jan’17, postponed twice to 91M 9% 39% Subscribers unconfirmed date 35% 31% Wireless • LTE-A launched or testing in progress by 26% 162% 7% 22% Penetration major carriers; buildout constrained by lack 19% of spectrum Average • Increased emphasis on rural coverage by Monthly Voice 150 6% regulatory authorities likely to lead to MOU(1) demand for tower space ARPU $8 -4% 2010 2011 2012 2013 2014 2015 2016 2017

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings Technology 2012 2013 2014 2015 2016 2017 2018 ~81 MHz LTE VoLTE trials 2,600 LTE 55% LTE 8 LTE-A Holdings in 900, HSPA+ launched in sites by EOY coverage sites by 44% 3G/4G Launched in Sep’14 2015 Feb’16 Apr’16  1800, and 2100 MHz Jo’burg in 2012 Vodafone bands

~81 MHz 1,000 LTE Added 3,148 LTE-A launched South Africa’s Holdings in 900, 2G/ HSPA+ LTE sites by LTE sites in in 3 suburbs in first 5G trial 34% Launched in 3 2015  1800, and 2100 MHz 3G/4G cities in Dec’12 Nov’14 Mar’16 Jan’18 MTN Group bands

~81 MHz Upgraded LTE Plans for 4,000 base stations Holdings in 900, Trials since 17% 3G/4G HSPA+ LTE infrastructure launched in LTE-A launched in 3 cities  1800, and 2100 MHz 2012 in 4Q14 Sep’15 Apr’16 Saudi Oger Ltd. bands

~160 MHz LTE-A trials since Nov14; Reached Holdings in 1800, HSPA+ rolled out to 27 suburbs 5% 3G/4G LTE 6 cities  2100, 2300, and by May’15 Telkom SA 3500 MHz bands

March 22, 2018 12 Chile

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – Indicator • Claro conducted a 5G lab trial using the 3Q17 3Q17 CAGR 27 GHz band, the first in Latin America Wireless • Entel finished national LTE-A rollout in 25M 2% 41% Subscribers Mar’17, both Movistar and Claro are 37% investing in further buildout 35% 30% Wireless • Rural 4G rollouts should further drive 23% 134% 1% 21% 22% Penetration coverage tower growth 19% Average • Minimum connection speed rules to be Monthly Voice 132 -3% introduced will drive investment MOU(1) • Minimum speed will be a % of average speed available on each ARPU $12 1% plan; providers required to provide 2010 2011 2012 2013 2014 2015 2016 2017 app for speed tests WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current 2012 2013 2014 2015 2016 2017 2018 Customer? Market Share Holdings Technology

LTE-A $3.5B First to ~110 MHz LTE 175k subs launched in investment achieve  37% Holdings in 700, 1900, 3G/4G HSPA+ by Dec’14 two cities as of promised national LTE- and 2600 MHz bands Aug’16 2016-2020 A coverage Entel

Started $3.5B ~95 MHz 200K LTE nationwide LTE-A launch investment Holdings in 700, 850, subs by 35% 3G/4G HSPA+ LTE deployment in Jul’16 promised  1900, and 2600 MHz Dec’14 bands 2013 2016-2020 Telefónica

~95 MHz More than LTE-A First 5G lab 250k subs Holdings in 700, 850, 1,100 LTE launched in trial in 27 28% 3G/4G HSPA+ LTE by Dec’14 sites by Santiago in GHz band,  1900, and 2600 MHz 4G nationwide bands Mar’15 Oct’16 Dec’17 América Móvil in Jun’13

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15 (2) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 3Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, SUBTEL, Bank of America Merrill Lynch Global Wireless Matrix January 2018

March 22, 2018 13 Peru

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – Indicator • Telefónica to spend $108m for 4G 3Q17 3Q17 CAGR • New entrants such as Dolphin Telecom (3) and Bitel stimulate demand for towers Wireless 36M(1) 6% • Dolphin signed MVNO agreement Subscribers in early 2017 34% 38% 30% Wireless • 2Q16 700 MHz auction results – Entel: 27% 101% 4% 25% Penetration 2x15 MHz ($290M USD); Claro: 2x15 MHz 19% 22% ($306M USD); Movistar: 2x15 MHz ($315M 17% Average USD) Monthly Voice 168 10% • As a result, Claro doubled its 4G MOU(2) footprint in 4Q16 • Government encourages expansion to ARPU $8 0% sparsely populated areas driving coverage 2010 2011 2012 2013 2014 2015 2016 2017 tower demand WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings Technology 2012 2013 2014 2015 2016 2017 2018 LTE-A, Will invest ~145 MHz 5 cities/300k VoLTE $400M in 4G Holdings in 700, 850, 2G/3G subs by 41% HSPA+ LTE launch network by  900, 1700/2100, 1900, 2015 /4G Launched in Lima Jan’14 Q316 2019 Telefónica and 3500 MHz bands

~2.000 locations ~110 MHz 2G/3G  33% Holdings in 700,1900 HSPA+ LTE reached with and 2600 MHz bands /4G Launched in May’14 LTE by 4Q16 América Móvil

~145 MHz ~1B Network 2G/3G Targeted nationwide 14% Holdings in 700, 850, coverage by EOY investment  1900, 2600 MHz, and /4G W-CDMA LTE Launched in Lima Oct’14 2015 16’-20’ Entel AWS bands

Launched operations Launch in 500 ~85 MHz 2G/3G GSM/ in Jul’15; $400M  11% Holdings in 900 and investment over the LTE population 1900 MHz bands /4G centers Dec’16 Viettel UMTS next 10 years

Notes: (1) Adjusted BAML data to account for Bitel subscribers. (2) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15/3Q15 (3) Dolphin Telecom announced plans to become a mobile operator in Peru in February 2017; Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2018; Gartner Mobile Services Forecast 1Q15

March 22, 2018 14 Developing Wireless Markets Colombia • Paraguay • India • Ghana • Uganda • Costa Rica • Nigeria

March 22, 2018 15 Colombia

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – Indicator • MinTIC asks for parties interested in the 3Q17 3Q17 CAGR 700, 1900 MHz spectrum auction to come forward (Mar’17); date of auction delayed Wireless 51M 2% until 2018 Subscribers • LTE networks launched by all major 30% 33% 36% 26% Wireless players, outnumber 3G connections for the 24% 104% 1% 24% Penetration first time in Apr’17 19% 23% • CRC reviewing barriers to infrastructure Average deployment, paving the way for future tower Monthly Voice 211 4% deployments MOU(1) • Tigo-Une merger provides stronger third ARPU $6 1% carrier; $250M network investment 2010 2011 2012 2013 2014 2015 2016 2017 announced at time of merger WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings Technology 2012 2013 2014 2015 2016 2017 2018 ~80 MHz Covered 374 Plans to reach 100% nationwide Holdings in 850, HSPA+ LTE municipalities 57% 3G/4G coverage by 2018  1900, and 2500 MHz by Oct’16 América Móvil bands

~75 MHz Covers 76 cities, Launched 28% Holdings in 850, 3G/4G HSPA+ LTE 300k subs by VoLTE in  1900, and AWS Launched Nov’14 Sep’16 Telefónica bands Dec‘13

288k LTE customers by HSPA+ LTE EOY 2014 ~140 MHz Launched Dec’13 LTE coverage Millicom (50%) Holdings in 1900, 15% 3G/4G in 75 cities EPM Group (50%)  2500 MHz, and AWS bands UMTS/ First Colombian Operates LTE 4G network LTE in 6 HSPA+ markets

March 22, 2018 16 Paraguay

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share 4Q2016 As of 2010 – Indicator • 700 MHz auction Jan ‘18, generated $85 3% 4Q16 4Q16 CAGR million Wireless • Auction saw 7, 2x5 MHz paired bands 16% 7.5M 4% Subscribers sold • Tigo Paraguay won auction with ~30 Wireless 107% 2% MHz, followed by Claro and Personal 48% Penetration with ~20 MHz each 33% • Vox did not participate Data as % of 50% 40% Revenue(1) • Tigo to invest $100mm to provide 66% coverage with LTE by 2020 • Personal reaches 250k LTE subscribers in ARPU(1) $7 11% Oct’16 Claro Personal Tigo Vox

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share(2) Holdings(3) Technology 2012 2013 2014 2015 2016 2017 2018

~80 MHz 2G/3G Claro to deploy LTE on 16% Holdings in 750, 1700, 1700 MHz/2100 MHz Launch /4G HSPA+ LTE (Apr’16) América Móvil 1900, 2100 MHz acquired in Dec’15

Scrutiny over ~70 MHz 4G coverage 250k LTE 2G/3G Launch “unlicensed 33% Holdings in 750, reaches 50 subs /4G HSPA+ LTE (Feb’13) launch” from 850,1900 MHz cities (Apr’16) (Oct’16) Telecom Argentina Conatel ~165 MHz Tigo covers 127 2G/3G Tigo to deploy LTE on Launch Holdings in 750, districts with 4G  48% HSPA+ 1700 MHz/2100 MHz LTE (Mar’16) 850,1700, 2100, 1900, /4G acquired in Dec’15 by end of 2017 Millicom 2600 MHz

Vox to launch ~100 MHz HSPA Launch 2G/3G 4G expansion 3% Holdings in 900, 1700, LTE (Dec’12) /4G + by end of 2016 Hola 2100, 2600 MHz Notes: (1) Claro and Millicom 2017 annual reports used as benchmark for Data as a % of revenue and ARPU, growth represents YoY growth (2) Calculated from Dec’16 numbers (3) Spectrum holdings from 2018 750 MHz auction not released, calculated based on amount paid and price per band. Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, RCR Wireless, Conatel

March 22, 2018 17 India

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (1)

As of 2010 – • India planning mass spectrum sale of Indicator 3Q17 3Q17 CAGR more than 3,000 MHz of frequencies across numerous bands Wireless • 3Q16 spectrum auction: 700, 800, 900, 1.1B 11% 1800, 2100, 2300, 2500 MHz; Winners: Subscribers 33% 40% Vodafone, Airtel, Reliance Jio, and Idea 28% Wireless 89% 5% Cellular 22% Penetration • 60% unsold, no bids for 700 MHz; 17% 14% 17% • New entrant Jio to acquire RCom Average 12% • Vodafone and Idea merger set to close in Monthly Voice 374 0% 1H18, creating India’s largest mobile MOU(1) operator Aircel filed for bankruptcy in late February ARPU $2 -4% • 2018 (~7% market share) 2010 2011 2012 2013 2014 2015 2016 2017

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Sub Mkt. Spectrum Current Customer? Share(2) Holdings(3) Technology 2012 2013 2014 2015 2016 2017 2018

~49 MHz 2G/3G First 4G LTE coverage across Widest coverage with 32%  Holdings in 900, 1800, 2100, and /4G HSPA+ LTE compatible phones 300 cities/towns in 180,000 mobile sites Bharti, Singtel 2300 MHz bands in Feb’14 Aug’15 (2G/3G/4G)

Launched 4G HSPA+ in 5 major cities ~60MHz LTE Merger 2G/3G by early 2016 to 35% Holdings in 900, 1800, 2100, 2300  finalize and 2500 MHz bands /4G LTE expansion Apr’18 HSPA LTE to 20 circles by Vodafone/Idea Mar’17

First LTE circle ~60MHz HSPA+ LTE launch independently Jio  17% Holdings in 850, 900, 1800, 2100 2G/3G in Nov’15 acquired and 2300 MHz bands /4G LTE launch in RCom Dec’15, full Dec’17 Jio/RCom LTE deployment over 3 years Notes: (1)AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15/3Q15. (2)Market shares exclude MTNL and BSNL which account for ~10% of wireless market and Aircel which accounts for ~7% (3)Spectrum holdings vary by region; calculated using mean holdings, weighting each region equally. Sources: American Tower research & analysis, AV&Co. research & analysis, BAML Global Wireless Matrix January 2018, TRAI

March 22, 2018 18 Ghana

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share 3Q2017 As of 2010 – Indicator • Data demand expected to grow at ~83% 2% 2Q17 3Q17 CAGR CAGR through 2020 Wireless • Changing competitive landscape due to 11% 36M 11% Subscribers Millicom and Bharti merger • Rapidly growing subscriber base and 15% Wireless 48% 131% 8% solid macroeconomic conditions expected to Penetration drive growth in wireless • MTN launched 4G in all regions in Jun’16, Average 24% Monthly Voice 119 0% the first nationwide 4G network, w/ smaller MOU entrants launching regional 4G networks • 4Q15 800 MHz auction results – MTN Yearly ARPU $3(1) -14% Ghana won 2x10 MHz (only MTN result MTN Vodafone Milicom Airtel Other announced) WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings Technology 2012 2013 2014 2015 2016 2017 2018 Invested $18M Spent $96M on network ~20 MHz Spent $122M in LTE rollout, in 2014; 2.3k 2G sites Holdings in 800, 900, 2G/3G HSPA+ on network LTE launched in 48% and 1.2k 3G+ sites  1800, and 2100 MHz /4G 2016 MTN Group bands

~65 MHz UMTS/HSPA Invested 700M in network  24% Holdings in 900, 1800, 2G/3G 2,000 cell sites by May’15 and 2100 MHz bands Vodafone

Spent $24M on 7.6M homes 3G network; plan passed by UMTS/HSPA to deploy 275 Dec’15 ~20 MHz new cell sites Signed merger 26% Holdings in 900 and 2G/3G  1800 and 2100 MHz deal Mar’17 bands Launched HSPA+ $62M network Airtel Tigo HSPA+ in 2012; marketed investment as 3.75G promised in 2014

Notes: (1) Data from 2Q17; AV&Co. projection based on 2008-4Q14 CAGR Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeCom, National Communications Authority of Ghana Statistics Report January 2018 , BuddeCom Ghana Mobile Report 3Q16, NCA

March 22, 2018 19 Uganda

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share 4Q2017 As of 2010 – Indicator • Major MNOs to outsource tower builds 3% 3Q17 3Q17 CAGR • Airtel, MTN Uganda and Smile (3) to expand 4% 9% Wireless 4G networks and services, however 24M 20% Subscribers buildout restricted by lack of spectrum • Rural coverage improvement initiatives Wireless 66% 16% underway, including 770km fiber ring to 51% Penetration towns in western Uganda 33% • New market entrant Vodafone launched 4G Data as % of 30%(1) 7% LTE network in Feb’15 in 2 cities using 2.6 Revenue GHz band

(2) Yearly ARPU $2.06 -16% MTN Group Bharti Africell UCOM Other

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current 2012 2013 2014 2015 2016 2017 2018 Customer? Market Share Holdings Technology Launched LTE Expanded LTE Plans to invest 114M in up to 44 MHz 2G/3G HSPA+ LTE in Kampala in network to all major network expansion and 51% Holdings in 2300, 2500, /4G Apr’13 towns in Jul’15 upgrade  2600, 3500 and 900, MTN Group 1800 MHz bands LTE launched Apr16 Equipment with 170 sites and up to 14MHz 2G/3G GSM/HSPA HSPA+ upgrade at 674 LTE 33% Holdings in 900, 1800, rural-focused  /4G sites expansion plans Bharti 2100 MHz band

up to 44 MHz Launched $150M investment to LTE in 9% Holdings in 900, 1800, 2G/3G HSPA LTE upgrade operations  2100, 2300, 2500, Aug’13 UCOM 3500 MHz bands

Further buildout unlikely in Holdings in 800, 1800 2G/3G Capacity expansions in major 4% 2017 due to high debt and  and 2100 MHz bands /4G UMTS/HSDA cities Africell disputes with competitors

Notes: (1) CAGR based on ‘07-1Q15 period (2) Based on 2017 MTN (3) Smile announced $46M network investment in Apr17. Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeCom, MTN 2016 Annual Report, MTN 2017, BuddeCom Uganda Mobile Report 3Q17

March 22, 2018 20 Costa Rica

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share 3Q2017 As of 2010 – 1% Indicator • 70 MHz of spectrum (2×20MHz in 1800MHz 4Q16 4Q16 CAGR and 2×15MHz in 1900MHz/2100MHz ) left over from 2011 auction auctioned Jul’17 Wireless 8.3M 18% Subscribers • Movistar and Claro each win 35 22% MHz Wireless 58% 170% 17% • Auction of 100 MHz of 700 MHz band likely Penetration to occur late 2018 / early 2019 19% • Sutel lifts tariff regulations from 4 out of Data as % of 50% 31% eleven markets analyzed (Dec’16) (1) Revenue • ICE market share has declined rapidly since monopoly ended in 2011 ARPU $9.3 -4% Grupo ICE / Kolbi Amerca Movil • Fonatel funds network expansion Telefonica Other projects to underserved communities WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current Customer? Market Share Holdings Technology 2012 2013 2014 2015 2016 2017 2018 $19.9M investment on 354 LTE base stations LTE in 4G expansion; Rolls ~550 MHz reaching 4M people by 2G/3G HSPA+ LTE Nov’13 out to 24 new  58% Holdings in 850, 1800, EOY 2014 and 2600 MHz bands /4G locations Grupo ICE / Kolbi

~60 MHz LTE Addt’l Deploys vIMS 2G/3G network in network roll- as prep. for 22% Holdings in 850, 1800, HSPA LTE  Jul’14 out in 2015 VoLTE and 2100 MHz bands /4G Telefónica

LTE ~70 MHz 2G/3G Will triple coverage by  19% Holdings in 1800 and HSPA+ LTE network in EOY 2016 2100 MHz bands /4G Apr’14 América Móvil

Notes: (1) The four deregulated markets are international telephony, fixed internet, international roaming and transit telecommunications Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeComm Costa Rica Mobile Report 3Q2017, Sutel

March 22, 2018 21 Nigeria

WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Data as a % of Wireless Revenue (2)

As of 2010 – Indicator • All carriers currently expanding LTE 3Q17 3Q17 CAGR • National Broadband Plan seeks to cover 50% Wireless 80% of population with 3G by 2018 140M 8% Subscribers • Ntel deploys LTE-A in three cities (1Q17) 41% • Low penetration vs. other African nations 32% Wireless 28% 74% 4% presents growth opportunities 23% Penetration 21% • MTN was only bidder in May’16 2.6GHz 7% Average auction due to high prices (won 2x30 MHz) 6% Monthly Voice 164 11% MOU(1)

ARPU $3 -11% 2010 2011 2012 2013 2014 2015 2016 2017

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current 2012 2013 2014 2015 2016 2017 2018 Customer? Market Share Holdings Technology

2G coverage was Rolled out 4G $1.2B network upgrade 110 MHz 2G/3G 87% of population; on 800MHz  36% Holdings in 700, 800, 900, HSPA 3G was 49% of Bought spectrum in LTE acquired from 1800, 2100, 2600 MHz /4G 700 MHz in 2015 MTN Group population Visafone 3Q16

60 MHz 2G/3G 2014 expansion Launched in 25% Holdings in 900, 1800, HSPA resulted in 90% 3G LTE 6 cities and 2100 MHz bands /4G coverage of its network 3Q16 Globacom

60 MHz 2G/3G Coverage of 60  27% Holdings in 900, 1800, HSPA+ 3G across 36 states LTE locations by and 2100 MHz bands /(4G) Nov’16 Bharti

Launched 60 MHz 2G/3G Spent $1.2B to improve 12% Holdings in 900, 1800, HSPA LTE parts of Emirates Telecom  network and 2100 MHz bands /4G Lagos 3Q16 Corp.

March 22, 2018 22 Appendix: Spectrum Auction Summary and Definitions

March 22, 2018 23 Spectrum Auction Summary – Advanced & Evolving Wireless Markets

Highlighted Carriers are new Completed Major Auctions: 2012-2017 or recent entrants Expected: 2018-19 Year Bands Auctioned Winners Tech. Build-out Requirements

4G Licensees must cover 40% of their licensed population within six years 2014 AWS-3 AT&T, Verizon, Dish, T-Mobile and 75% of their licensed population within 12 years mmWave spectrum (28, 37, 39, 64-71 GHz and other bands) auction likely, date not announced U.S.A. CBRS 3.5 GHz (3550 MHz – 3700 MHz) bands gaining Licensees must cover 40% of their licensed population within six years 2016 600MHz T-Mobile, Dish, Comcast, AT&T 4G momentum, backed by major wireless providers and 75% of their licensed population within 12 years

700, 900, 1500, and Deutsche Telekom, Vodafone, 1800MHz spectrum renewal process and new fiber Germany 2015 4G N/A 1800 MHz Telefonica O2 regulatory framework in 2018

SFR, Orange, Bouygues, Free Licensees are required to cover 50% of rural areas by Jan22 and 3.5 GHz (3410 MHz – 3460 MHz) allocation for fixed France 2015 700 MHz 4G Mobile increase coverage on mobile transport including underground trains wireless set for 2018-2019

700, 850, 1700, 1900 2014 Personal, Claro, Telefonica 3G/4G N/A MHz Argentina No known plans Successful bidders must roll out service on 2.5 GHz (2500 MHz – 2690 2017 2500 MHz Movistar, Claro, Personal 4G MHz) bands in 24-48 months

1710-1780 (AWS-1), 2016 AT&T, America Movil 4G N/A 2110-2180 (AWS-3) 2.5 GHz (2500-2690 MHz) auction set to take place March Mexico 2018, all carriers allowed to participate Awardee of “Red Compartida” government contract is required to build 2016 700 MHz Altan Consortium 4G out a nationwide LTE wholesale network

Claro, TNL, Vivo, Telecom Italia Coverage in major cities and rural areas required before soccer world 2012 450MHz, 2.5GHz 4G Mobile, Sunrise, Sky Brasil cup and Olympic games (2016) Auction of “Lot C” of spectrum auction from 2015 will include additional 1.9 and 2.5 MHz spectrum; also potential re- Brazil 2014 700MHZ Claro, TIM, Vivo, Algar 4G Responsible for clearing 700 MHz of legacy interference auction of 700 MHz; Anatel to allocate 2300 MHz – 2400 MHz band for mobile use Telefonica Brasil, Claro, TIM 2015 1.8, 1.9, 2.5-2.69 GHz 4G N/A Brasil

South no major auctions Plans to auction spectrum in 800MHz, 2.6GHz, 3.5 GHz Africa

Claro, Entel, Movistar 12 months to deploy their networks across most of Chile; must also 2012 2.6 GHz 4G (20 MHz each) connect ~583 isolated areas within 24 months Chile No known plans

2014 700 MHz Claro, Entel, Movistar 4G Requires coverage of 854 km of roads, 503 schools, 98% of population

$400mn of investment required in the first 10 years for each block of 2013 AWS Movistar, Nextel (Entel) 4G spectrum Peru No known plans Each licensee required to roll out LTE to 195 underserved towns (15 in 2016 700MHz Entel, Claro, Movistar 4G y1, 129 in y2, 51 in y3) Sources: Regulatory authorities, Press releases, Fierce Wireless, AV&Co. Research & Analysis; Note: N/A indicates no major build-out requirements or no data available

March 22, 2018 24 Spectrum Auction Summary – Developing Wireless Markets

Highlighted Carriers are new Completed Major Auctions: 2012-2017 or recent entrants Expected: 2018-19 Year Bands Auctioned Winners Tech. Build-out Requirements

Movistar, Claro, Tigo, DirecTV, Purchase ~550K tablets for poor students and improve wireless Auctions in 700, 900, 1900 and 2500 MHz bands delayed Colombia 2013 1.7, 2.5 GHz 4G Avantel internet quality in rural areas into 2018 (no date announced)

January 2018 Auction of 700 MHz bands (2x5 MHz paired Paraguay 2015 1.7, 2.1 GHz Tigo, Claro 4G N/A blocks in 713-803 MHz bands), Tigo wins ~30 MHz, with Claro and Peronal winning ~20 MHz (unofficially)

Vodafone, Airtel, Uninor, Idea, 2012 800, 1800 MHz 2G N/A Videocon

Vodafone, Airtel, Idea, Uninor, 2014 900, 1800 MHz 2G N/A RCOM, Aircel, Jio Planning mass spectrum sale of more than 3,000 MHz of frequencies in the 700 MHz, 800 MHz, 900 MHz, 1800 MHz, India 2013 800, 900, 1800 MHz MTS India 2G N/A 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz-3400 MHz and 3400 MHz – 3600 MHz bands 800, 900, 1800 and Airtel, Vodafone, Idea, RCOM, 2015 2G/3G N/A 2100 MHz Jio, Aircel, Tata

800, 1800, 2100, Reliance Jio, Bharti Airtel, Idea, 2G/3G/4 2016 N/A 2300, and 2500 MHz Vodafone G

Uganda no major auctions No known plans

Ghana 2015 800 MHz MTN Ghana 4G N/A No known plans

Costa 2017 1800, 1900, 2100 MHz Movistar, Claro 3G/4G N/A Auction of 700 MHz likely to occur late 2018 / early 2019 Rica

Bitflux (consortium of VDT, BitCom, 2014 2.3GHz 3G/4G N/A and Superflex) Nigeria No known plans

2016 2.6GHz MTN 3G/4G N/A

Sources: Regulatory authorities, Press releases, Fierce Wireless, AV&Co. Research & Analysis; Note: N/A indicates no major build-out requirements or no data available

March 22, 2018 25 Definitions and Data Sources

Definitions . ARPU: The monthly average revenue per user is calculated by dividing service revenues by the average subscriber base during the quarter.

. Data as % of ARPU: Data revenue including messaging revenues, as reported by carriers as percentage of ARPU

. Subscribers: Data based on reported subscribers by carriers. This may include more than one SIM card per user, which may be counted as multiple subscribers.

. Voice Minutes of Use: The minutes of use per month per average user is calculated by dividing total minutes of use as reported by carriers, using estimates where available, by the average subscriber base during the quarter.

. Wireless Penetration: Mobile subscribers as a percentage of country population.

Data Sources . - Global Wireless Matrix 05 January 2018

. - Research and Analysis

March 22, 2018 26