International Wireless Markets

Diverse Demand Drivers

Coverage Technology Wireless Penetration

Nationwide wireless voice Lack of fixed-line Wireless penetration
coverage build- infrastructure makes continues to increase,
Emerging outs continue, with many mobile the cost- and improving network
areas having no access effective choice quality is key for carriers
to reliable service for communication to add customers

Recent and upcoming Carriers are continuing to Increasing penetration

spectrum auctions help invest in denser of smartphones and
to catalyze 3G networks as usage other wireless devices
Rapidly incremental network increases with initial xxx
Evolving investment 4G builds underway

Recent and upcoming 4G network coverage Exploding mobile

spectrum auctions help build-outs underway with video/gaming usage,
to catalyze densification initiatives next generation voice
Advanced incremental network expected to accelerate technology over 4G and
investment over next several years connected homes and
vehicles expected to
drive additional demand

1
 Global Expansion Considerations
Three Pillar Analysis Approach to New Market
Expansion

Country Wireless Market Opportunity / Counterparty

Political stability and rule of Competitive wireless Build-to-suit, merger, acquisition
law Three or more
market or joint venture
Solid macro-economic wireless carriers Evaluate options based on their
fundamentals Stage of wireless maturity economic benefits as well as
structure
Property
Business rights
environment Voice penetration
Future potential
Regulatory environment Data network deployments
investment/expansion within
region
Long-Term Strategy

American Tower remains focused on driving AFFO per share growth while increasing
return on invested capital.

3
International Markets Poised for
Smartphone Growth 180%
Wireless Penetration vs. Mobile Broadband (3G/4G) Penetration(1)
(Size of bubbles = Number of mobile subscribers)

Advanced
150%

120%
Penetration
Wireless

90%

60%
Rapidly Evolving
Emerging
30%

0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Mobile Broadband (3G/4G) Penetration

AMTs International Exposure Provides Access to Significantly Less Mature Wireless Markets

(1) Data is from 4Q15; exceptions are Costa Rica (regulatory agency last published report for 4Q14), and Uganda
subs (3Q15). June 3, 2016 4

Source: Altman Vilandrie & Co. research, Bank of America Merrill Lynch Wireless Matrix, GSMA
Mexico
WIRELESS MARKET OVERVIEW:

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

Indicator As 2010 AT&T acquired Iusacell and Nextel (2015)

of 4Q15 CAGR
4Q1 1Q16 AWS spectrum auction results
5 44%
Wireless 107M 3% 47%
Subscriber Government raised $2.4B USD (~MXN
s 39%
35%
Wireless 89% 2%
41B) from sale of AWS-1 and AWS-3
Penetratio
n
30%
Average spectrum; Telcel to pay $31B MXN (~$1.8B
Monthly 224 4%
Voice MOU(1) 24%
ARPU $9 -4% USD) for 60 MHz; AT&T to pay $12.7B 20%
(per SIM card) MXN (~MXN 0.7B) on 20 MHz
Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines
Wholesale 700 MHz network
AMT Subscriber deployment Current
Spectrum presents potential
Customer? Market Share Technology 2012 2013 2014 2015 2016 2017
upside; bids due for Red
Holdings(2)
69%
~140 MHz Compartida in Aug 16, contract
to be
Holdings in AWS-1, AWS- 3G/4G HSPA+
Covered 13
Covered 65.5% of pops
Amrica Mvil 3 and other bands LTE main Mexican by June 2015
awarded Nov 16 cities in 2013

~270 MHz
Holdings in 850 and 1900 2G/3G Launched
Covers the metropolitan area
23% MHz 2009 /4G HSPA+ LT of the Valley of Mexico with
in 2013
plans to cover more cities
Telefnica
2010 E
2011
HSPA+ Has been advertising
HSPA+ network as 4G
~130 MHz Covers 45 million pops in 42
8% 2012
Holdings in AWS-1
other bands
and
2G/3G
/4G LTE cities
plans(as
to of April100
cover 2016), withby
million
2018
2013
HSPA LTE launched
inL3TcEites
AT&T(3) by
2014 4Q15 Oct 14
Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 (2) Holdings vary by region (3) 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 1Q16

June 3, 2016
5
 Consistent Revenue Growth
Total Rental & Management Revenue $3,287
($ in Millions)

$1,426

(1)
2007 2008 2009 2010 2011 2012 2013

Strong organic core growth and contributions from new assets lead to continued growth in
revenue, both in the U.S. and internationally.

(1) Reflects the acquisition of Global Tower Partners as of October 1,

2013.
6
 Strong International Operating
Profit Growth
International Rental & Management Operating
Profit
($ in Millions) 39,330
Operating Profit Tower Count
$574

$453

3,201 $338

$217
$166 $172
$140

2007 2008 2009 2010 2011 2012 2013

~1.8 Tenants per ~1.6 Tenants per
Tower Tower

Acquisition of primarily single tenant towers positions our international business well for
future organic leasing growth.

Definitions are provided at the end of this 7

presentation.
 Consistent Adjusted EBITDA
Growth
Adjusted EBITDA(1)
($ in Millions) $2,176

$979

2007 2008 2009 2010 2011 2012 2013

Strong growth with maintenance of high margins

(1) Definitions and reconciliations to GAAP measures are provided at the end of this 56
presentation.
 Geographically Diverse, Long-Term Revenue Base
Rental and Management Non-Cancellable Tenant Lease Revenue(1)
Revenue by Region(1)
Total Revenue by Market
~$23B
Non-cancellable
5%
8% tenant lease
4% revenue of almost
7x our 2013
8% rental &
management
9% 66% segment revenue

$3.3B

US Mexico
Brazil Other Latin America(2)(3) Non-Cancellable Tenant 2013 Rental &
India EMEA Lease Revenue Management Revenue

We have diversified our revenue base into Long-term contracts result in significant,
international markets non-cancellable tenant lease revenue

(1) Characteristics for the quarter ended June 30, 2014. 58

(2) Includes Chile, Colombia, Peru, Costa Rica and Panama.
(3) Figure above includes assets in Panama which sold during Q3
2014.