American Tower Corporation: International Market Overview

American Tower Corporation: International Market Overview Q1 2016

2 June 3, 2016

American Tower International Market Overview

Developing Wireless Markets Peru • India • Ghana • Uganda • Costa Rica • Nigeria

Advanced Wireless Markets Germany

Evolving Wireless Markets Mexico • Brazil • South Africa • Chile • Colombia

Note: Definitions and Data Sources Available on Last Page of Presentation

Introduction International Portfolio Overview

3 June 3, 2016

International Portfolio Overview – As of March 31, 2016

(1) Includes in-building and outdoor DAS networks, excludes Viom. (2) Represents top 10 international tenants as of the quarter ended March 31, 2016, excludes Viom.

India Germany Ghana Nigeria South Africa Uganda EMEA Brazil Chile Colombia Costa

Rica Mexico Peru Latin America

# of Sites(1) 15,361 2,028 2,126 4,717 1,927 1,393 12,191 18,113 1,212 3,765 484 8,852 618 33,044

% of 1Q16 Property Revenue 5.0% 1.1% 2.2% 4.4% 1.4% 1.1% 10.2% 8.3% 0.6% 1.4% 0.4% 6.6% 0.3% 17.6%

% of 1Q16 Property Gross Margin 3.2% 1.3% 1.8% 2.9% 1.3% 0.8% 8.0% 7.3% 0.4% 1.0% 0.4% 6.9% 0.3% 16.2%

International Tenants(2)

% of Total Tower

Revenue

Telefónica ~5%

Airtel ~5%

AT&T ~4%

MTN ~3%

Telecom Italia ~2%

Nextel International ~2%

Vodafone ~2%

Oi ~1%

America Móvil ~1%

Idea ~1%

4 June 3, 2016

0%

30%

60%

90%

120%

150%

180%

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

International Markets Poised for Smartphone Growth

Wireless Penetration vs. Mobile Broadband (3G/4G) Penetration(1)

(Size of bubbles = Number of mobile subscribers)

Wire

less

Pe

netr

atio

n

Mobile Broadband (3G/4G) Penetration

Emerging Rapidly Evolving

Advanced

AMT’s 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).

Source: Altman Vilandrie & Co. research, Bank of America Merrill Lynch Wireless Matrix, GSMA Intelligence

5 June 3, 2016

Advanced Wireless Markets Germany

6 June 3, 2016

28% 32%

38% 42% 44%

49% 54%

2009 2010 2011 2012 2013 2014 4Q15

Germany WIRELESS MARKET OVERVIEW:

WIRELESS CARRIER OVERVIEW:

Indicator As of 4Q15

2010 – 4Q15 CAGR

Wireless Subscribers 114M 1%

Wireless Penetration 139% 1%

Average Monthly Voice

MOU 148(1) 3%

ARPU (per SIM card) $14 -3%

Key Catalysts • LTE rollout by all major operators in 800 and

2500 MHz bands • LTE-A launched or testing in progress by major

carriers • 2015 auctions for 270MHz of spectrum in 700,

900, 1500 and 1800 results: • Vodafone, €2.1B ($2.4B USD)/110MHz • Deutsche Telekom, €1.8B ($2.0B

USD)/100MHz • Telefonica, €1.2B ($1.4 USD)/60MHz

Data as a % of Wireless Revenue (1) Snapshot

2016 2012 2013 2014 2015

Carrier-Announced Network Deployment Timelines

2017

LTE LTE-A

launched in Nov-14

LTE Roll-out started in 800 MHz in rural areas as required by regulators

Launched LTE-A in first half of

2015

LTE Urban LTE began w/ coverage in 2

cities

O2 Roll-out in 800 MHz in rural areas

Launched in Mar-14 HSPA+

97% of network

HSPA+ in 2012

Top 3 Carrier Characteristics AMT

Customer? Subscriber

Market Share Spectrum Holdings

Current Technology

Deutsche Telekom 35%

~220 MHz Holdings in 700, 800,

900, 1500, 1800, 2100, and 2500 MHz bands

3G/4G

Vodafone

27% ~280 MHz

Holdings in 700, 800, 900, 1500, 1800, 2100, and 2600 MHz bands

3G/4G

Telefonica Europe (2)

38%


900, 1800, 1900, 2000, 2100, 2600, and 3500

MHz bands

2G/3G/4G

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 (2) As of 7/14, Telefonica has acquired E-Plus Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16, carrier annual reports, press releases and news articles

LTE

Covered 90% of German population by EOY 2015

Boosts LTE coverage to 90% by summer 2016

Testing LTE-A technology

Started offering VoLTE April 2015

7 June 3, 2016

Evolving Wireless Markets Mexico • Brazil • South Africa • Chile • Colombia

8 June 3, 2016

20% 24%

30% 35% 39%

44% 47%

2009 2010 2011 2012 2013 2014 4Q15

2016 2012 2013 2014 2015 2017

Mexico WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 224 4%


Key Catalysts • AT&T acquired Iusacell and Nextel (2015) • 1Q16 AWS spectrum auction results –

Government raised $2.4B USD (~MXN 41B) from sale of AWS-1 and AWS-3 spectrum; Telcel to pay $31B MXN (~$1.8B USD) for 60 MHz; AT&T to pay $12.7B MXN (~MXN 0.7B) on 20 MHz

• Wholesale 700 MHz network deployment presents potential upside; bids due for Red Compartida in Aug ’16, contract to be awarded Nov ’16

Data as a % of Wireless Revenue (1)


Snapshot

LTE

HSPA+ Has been advertising HSPA+ network as 4G

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

HSPA+ Launched in 2013 LTE

Covers the metropolitan area of the Valley of Mexico with plans to cover more cities

HSPA+ LTE Covered 13

main Mexican cities in 2013

LTE HSPA LTE launched in 3 cities by

Oct 14

Covered 65.5% of pops by June 2015



Market Share Spectrum Holdings(2)

Current Technology

América Móvil 69%

~140 MHz Holdings in AWS-1, AWS-

3 and other bands 3G/4G

Telefónica

23% ~270 MHz

Holdings in 850 and 1900 MHz

2G/3G/4G

AT&T(3)

8% ~130 MHz

Holdings in AWS-1 and other bands

2G/3G/4G

Covers 45 million pops in 42 cities (as of April 2016), with plans to cover 100 million by

2018

9 June 3, 2016

12% 16%

19% 23% 26%

32% 39%

2009 2010 2011 2012 2013 2014 4Q15

2016 2012 2013 2014 2015 2017

Brazil WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 115 1%


Key Catalysts • Mobile infrastructure sharing law

(Antenna Law) enacted, making sharing excess capacity on existing mobile network sections compulsory

• Massive 4G coverage expansion in lead up to World Cup will continue in advance of 2016 Olympics

• Anatel raised ~R$763 (~$190M USD) in 4Q15 auction of 1.8, 1.9, and 2.5 GHz spectrum



Snapshot


Customer? Sub Mkt.

Share Spectrum Holdings(2)

Current Technology

Telefónica 28%

~165 MHz Holdings in 450, 700, 850, 900,

1800, 1900, 2100, and 2500 MHz bands

2G/3G/4G

Telecom Italia 26%

~125 MHz Holdings in 450, 700, 800-960,

1700-1860, 1920-2165, and 2500 MHz bands

3G/4G

América Móvil 26%

~145 MHz Holdings in 450, 700, 800-960,

1700-1860, 1900-2165, and 2500 MHz bands

3G/4G

Tele Norte Leste 19%

~80 MHz Holdings in 450, 800-960, 1700-1860, 1900-2165, and 2500 MHz

bands

3G/4G

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 (2) Holdings vary by region, do not include MHz total from 4Q15 auction Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16, press releases, RCR

UMTS/ HSPA+ LTE Launched

Apr 13

UMTS/ HSPA+ LTE

Reached 76M subs by

YE ‘14

HSPA+ LTE 93 markets by

Oct 14, 71M LTE subs by YE

HSPA+ LTE Launched in

5 World Cup cities in

Apr 13

$3.6B in planned capex 2015-2017

Planned $3.6B to expand 3G and 4G networks

Did not bid on 700 MHz

Expected to invest ~$500M through 2015

411 cities covered Feb-16 Plans to launch LTE-A in 1H16

Reached 47% of pops covered and coverage of 183 cities by EOY 2015

Plans for trial of LTE-A in Nov 2016

10 June 3, 2016

16% 19%

22% 26% 31%

35% 39%

2009 2010 2011 2012 2013 2014 4Q15

2016 2012 2013 2014 2015 2017

South Africa WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 139 7%


Key Catalysts • Additional spectrum auctions over

next few years (700 MHz, 800 MHz, and 2.6 GHz) will aid carriers’ 4G expansion

• Increased emphasis on rural coverage by regulatory authorities likely to lead to demand for tower space

• Growing data usage expected to drive network build-outs and densification initiatives



Snapshot




Current Technology

Vodafone 38%

81 MHz Holdings in 900,

1800, and 2100 MHz bands

3G/4G

MTN Group 34%



3G/4G

Saudi Oger Ltd. 25%



3G/4G

Telkom SA 3%

160 MHz Holdings in 1800, 2100, 2300, and 3500 MHz bands

3G/4G

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16, annual reports

HSPA+ LTE Launched in Jo’burg in 2012

HSPA+ LTE Launched in

3 cities in Dec ’12

HSPA+ LTE Reached 6 cities

1,000 LTE sites by Nov 14

LTE-A trials since Nov ’14; rolled out to 27 suburbs by May ’15

VoLTE trials launched in

Sep ’14

HSPA+ LTE Trials since 2012

Upgraded infrastructure

in 4Q 14

LTE launched in

Sep ’15

2,600 LTE sites by EOY

2015

Plans for 4,000 base stations

LTE-A trials

LTE-A trials

LTE-A launched in 3 cities Apr ’16

11 June 3, 2016

15% 19%

21% 22% 23% 30% 35%

2009 2010 2011 2012 2013 2014 4Q15

Chile WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 146 -2%


Key Catalysts • Entel’s successful 4G LTE trial in the

APT700 band signals will increase 4G presence in future

• Rural 4G rollouts should further drive coverage tower growth

• High wireless penetration and increasing data consumption will drive need for capacity

• Minimum connection speed rules to be introduced will drive investment



Snapshot

Top 3 Carrier Characteristics

AMT Customer?

Subscriber Market Share

Spectrum Holdings

Current Technology

Telefónica

38% ~145 MHz

Holdings in 700, 850, 1900, 2600, and 3500 MHz bands

3G/4G

Entel

38% ~110 MHz

Holdings in 700, 1900, and 2600 MHz

bands

3G/4G

América Móvil

24% ~95 MHz

Holdings in 700, 850, 1900, and 2600 MHz

bands

3G/4G

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, SUBTEL, Bank of America Merrill Lynch Global Wireless Matrix 1Q16

2016 2012 2013 2014 2015 2017

HSPA+ LTE

HSPA+ LTE

HSPA+ LTE

$2.1B investment promised 2015-2017

Started nationwide

deployment in ‘13

4G nationwide in Jun-13

175k subs by Dec-14

250k subs by Dec-14

200K LTE subs by Dec-

14

$200M LTE investment

promised 2014-2016

Expects to deploy LTE nationwide in ‘15 after Dec-14 APT700 trial

More than 1,100 LTE

sites by March-15

12 June 3, 2016

2017 2016 2015 2012 2013 2014

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 (2) Merger approved in Apr-14, new company has 3 years to repay 50 MHz Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16

14% 16%

19% 23% 24% 25% 23%

29%

2008 2009 2010 2011 2012 2013 2014 1Q15

Colombia WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 201 5%

ARPU (per SIM card) $6 0%

Key Catalysts • 4G networks launched across all

major players, hitting 50% at end of 2014

• Auctions in 700, 900, 1900 and 2600 MHz bands expected by end of 2016

• Tigo-Une merger provides stronger third carrier, with a $250M network investment planned

• CRC reviewing barriers to infrastructure deployment, paving the way for future tower deployments



Snapshot




Current Technology

América Móvil 57%

~80 MHz Holdings in 850,


3G/4G

Telefónica 25%


1900, and 1700/2100 MHz bands

3G/4G

Millicom (50%) EPM Group (50%) (2) 18%


2500 MHz, and AWS bands

3G/4G

HSPA+ LTE

HSPA+ LTE

HSPA+ LTE

UMTS/ HSPA+

Launched Dec 13

Launched Dec 13

LTE First Colombian 4G network

288k LTE customers by

YE ‘14

Covers 76 cities, 300k subs by Nov

14

Operates LTE in 6 markets

Covered 100 municipalities by

Aug 14

Plans to cover >600 municipalities by

2019

Plans to launch VoLTE

LTE coverage in 75 cities

13 June 3, 2016

Developing Wireless Markets Peru • India • Ghana • Uganda • Costa Rica • Nigeria

14 June 3, 2016

2016 2012 2013 2014 2015 2017



Market Share(1) Spectrum Holdings

Current Technology

Grupo ICE / Kolbi

76%

~550 MHz Holdings in 850, 1800, and 2600 MHz bands

3G/4G

Telefónica

9% ~60 MHz

Holdings in 850, 1800, and 2100 MHz bands

3G/4G

América Móvil

15% ~70 MHz

Holdings in 1800 and 2100 MHz bands

3G/4G

Notes: (1) Data from Sutel regulatory agency; latest data is from 2014 (2) CAGR for Data as % of Revenue and ARPU calculated with 2011 numbers as market was monopoly before 2011 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeComm, Sutel

Costa Rica WIRELESS MARKET OVERVIEW:


Indicator As of 4Q14(1)

2007 – 4Q14 CAGR

Wireless Subscribers 7.3M 25%


Data as % of Revenue 25% 36%


Key Catalysts • ICE market share has declined rapidly

since monopoly ended in 2011 • Claro and Movistar wins in auction of

1800, 1900, and 2100 MHz will increase competitiveness

• All three networks recently launched LTE networks and are currently in build-out phase

• Sutel will decide in November 2016 if market is competitive; may give operators more control over their offerings


Snapshot

HSPA+

Subscriber Market Share

76%

9% 15%

ICE Telefonica Claro

LTE LTE in Nov-13

HSPA+ LTE LTE

network in Apr 14

HSPA LTE LTE

network in Jul 14

(2)

(2)

354 LTE base stations reaching 4M people by YE

‘14

Addt’l network roll-out in 2015

Will triple coverage by YE ‘16

$19.9M investment on 4G expansion

15 June 3, 2016

2016 2012 2013 2014 2015 2017

9% 11%

13% 13% 18%

21%

29%

34%

2008 2009 2010 2011 2012 2013 2014 1Q15

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16

Peru WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 152 9%


Key Catalysts • All three major carriers launched LTE

coverage in 2014 • Auctions in 700 MHz band completed

in May 2016 • Operators expanding in sparsely

populated areas driving coverage tower demand

• New entrants such as Viettel expected to stimulate demand for towers



Snapshot




Current Technology

Telefónica 52%


900, 1700/2100, 1900, and 3500 MHz bands

2G/3G/4G

América Móvil 38%

~80 MHz Holdings in 1900 and

2600 MHz bands 2G/3G

Entel 10%

~115 MHz Holdings in 850, 1900, 2600 MHz, and AWS

bands

2G/3G

Viettel

New Entrant

~85 MHz Holdings in 900 and

1900 MHz bands 2G/3G

HSPA+ LTE Launched

LTE in Lima Jan-14

HSPA+ LTE

W-CDMA LTE

GSM/UMTS

In May-14, launched in 2

cities

Launched 4G in Oct 14 in Lima

LTE Possible bidder in future 4G auction

Expected $400M investment over the

next 10 years

Will invest $400M in 4G network by 2019

5 cities/300k subs by 2015

Targets nationwide coverage by YE ‘15

16 June 3, 2016

10% 12%

14% 17% 17%

22% 28%

2009 2010 2011 2012 2013 2014 4Q15

2016 2012 2013 2014 2015 2017

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 (2)Spectrum holdings vary by region Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16

India WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR




MOU(1) 379 1%


Key Catalysts • 2016 spectrum auction in the 700,

800, 900, 1800, 2100, 2300 and 2500 MHz bands

• Second largest smartphone market in the world

• Reliance Jio Infocomm likely to launch 4G in 2016 in all states using 1800 and 2300 MHz bands

• Capex increases for four major carriers in response to Jio, with over INR 350B planned for 2016



Snapshot


Customer? Sub Mkt.

Share Spectrum Holdings(2)

Current Technology

Bharti, Singtel, Vodafone

34% ~590 MHz

Holdings in 900, 1800, 2100, and 2300 MHz bands

3G/4G

Vodafone 27%

~295 MHz Holdings in 900, 1800, and 2100

MHz bands 2G/3G

Aditya Birla Group

24% ~270 MHz


2G/3G

Reliance Communications

14% ~715 MHz

Holdings in 800, 900, 1800, 2100, and 2300 MHz bands

2G/3G

HSPA+ LTE First 4G

compatible phones in Feb-

14

HSPA+ LTE

HSPA+ LTE First LTE circle launch independently in Nov 15; partnership with Reliance

Jio to cover 10 total circles

Launched 4G in 5 major cities by

early ‘16

HSPA LTE Rollout plans for

10 service areas in 1H16

LTE coverage across 300 cities/towns in

Aug 15

17 June 3, 2016

2016 2017 2012 2013 2014 2015

Notes: (1) AV&Co. projection based on 4Q14 data (2)Data from 1Q15, CAGR for 2008-1Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeCom, National Communications Authority of Ghana

Ghana WIRELESS MARKET OVERVIEW:


Indicator As of Dec ’15

2010 – Dec ’15 CAGR




MOU 124 1%(1)

Yearly ARPU (per SIM card) $4 -12%(2)

Key Catalysts • Rapidly growing subscriber base and

solid macroeconomic conditions expected to drive growth in wireless

• State withdrew plan to abolish 20% import tax on smartphones

• 800 MHz auction results expected to drive network growth

• Larger carriers continue to improve 3G network capacity and quality, while smaller entrants launch first 4G networks


Snapshot




Current Technology

MTN Group 46%

Holdings in 800, 900, 1800, and 2100 MHz

bands

2G/3G/(4G)

Vodafone 22%

~65 MHz Holdings in 900, 1800, and 2100 MHz bands

2G/3G

Milicom

14% ~20 MHz

Holdings in 900 and 1800

2G/3G

Bharti

14% Holdings in 900, 1800, and 2100 MHz bands 2G/3G

HSPA+

UMTS/HSPA

UMTS/HSPA

HSPA Launched HSPA+ in 2012; marketed

as 3.75G

Subscriber Market Share Dec ’15

Spent $96M on network in 2014; 2.3k 2G sites

and 1.2k 3G+ sites

Spent $20M on network

Spent $24M on 3G network; plan to deploy

275 new cell sites

$62M network investment

promised in 2014

Spent $122M on network LTE

Plans to invest $18M in LTE

rollout to launch in 2016

46%

22%

14%

14% 4%

MTN Vodafone Milicom Airtel Other

18 June 3, 2016

Notes: (1) Pre-paid + post-paid mobile subs, 3Q15; CAGR calculated using 1Q15 data (2) Based on MTN data; CAGR based on ‘07-1Q15 period (3) Acquired Warid in Apr-13 (4) Africell acquired Orange Uganda in May ’14 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeCom, MTN 1Q15 Earnings Report, MTN 2015 Annual Report

2012 2013 2014 2015 2016 2017

Uganda WIRELESS MARKET OVERVIEW:



2010 – 4Q15 CAGR

Wireless Subscribers 22.6M(1) 27%

Wireless Penetration 44%(2) 17%

Data as % of Revenue 26%(2) 7%

Yearly ARPU (per SIM card) $2.29(2) -19%

Key Catalysts • New market entrant Vodafone launched

4G LTE network in Feb. ’15 in 2 cities using 2.6 GHz band

• Smile expected to expand 4G networks and services

• Low wireless penetration presents opportunities for significant growth

• Rural coverage improvement initiatives underway


Snapshot




Current Technology

MTN Group 44%

up to 44 MHz Holdings in

2300/2500/3500 and 900/1800 MHz bands

3G/4G

Bharti(3) 32%

up to 14MHz Holdings in 900/1800

MHz band 2G/3G

Africell(4)

4% Holdings in 2100 and 800 MHz bands 3G/4G

UCOM 8%

up to 44 MHz Holdings in

2300/2500/3500 and 900/1800 MHz bands

2G/3G

HSPA+

UMTS/HSDA Capacity expansions in major cities but HSPA+/LTE plans

unknown

Subscriber Market Share 1Q15

44%

32%

4% 8%

MTN Airtel Africell Uganda Telecom

LTE Launched LTE in Kampala in

Apr 13

HSPA+

Expanded LTE network to all major

towns in Jul 15

HSPA Launched

LTE in Aug-13

LTE $150M investment to upgrade operations

GSM/HSPA

Plans to deploy 100 4G base stations and 200 3G sites

Equipment upgrade at 674

sites

LTE launched April ’15 with 170 sites and expansion plans

focused on rural areas LTE

19 June 3, 2016

5% 6% 7%

21% 23% 28% 32%

2009 2010 2011 2012 2013 2014 2015

2016 2012 2013 2014 2015 2017

Notes: (1) AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 1Q15 Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 1Q16, Nigerian Communications Commission, GSMA

Nigeria WIRELESS MARKET OVERVIEW:


Key Catalysts • Low penetration compared to other

African nations presents growth opportunities

• 2.6 GHz spectrum auction scheduled for May 2016

• National Broadband Plan seeks to cover 80% of population with 3G by 2018

• Trends towards consolidation of wireless providers and infrastructure companies may create opportunities

Snapshot


2010 – 4Q15 CAGR




MOU(1) 139 11%


Data as a % of Wireless Revenue

Carrier-Announced Network Deployment Timelines Top 4 Carrier Characteristics AMT



Current Technology

MTN Group 42%

Holdings in 700, 800, 900, 1800, and 2100 MHz

bands 2G/3G

Bharti

21% Holdings in 900, 1800, and 2100 MHz bands 2G/3G

Globacom

21% ≥ 20 MHz


2G/3G

Emirates Telecom Corp.

16% ≥ 20 MHz


2G/3G

HSPA

HSPA+ LTE

HSPA

HSPA

By YE 2013, 2G coverage was 87% of population; 3G

was 49% of population

3G across 36 states

4G-LTE roll out planned in 1800 or

2100 MHz or 700/800 MHz grant from NCC

Will continue spending $1.2B to improve network

2014 expansion resulted in 90% 3G

coverage of its network

$1.2B network upgrade

Bought spectrum in 700 MHz in 2015

Likely to launch 4G on 800MHz acquired

from Visafone

20 June 3, 2016

Appendix: Spectrum Auction Summary and Definitions

21 June 3, 2016

Spectrum Auction Summary Completed Major Auctions: 2012-2016

Expected: 2016-2017 Year Bands Auctioned Winners Technology Build-out Requirements

U.S.A.

2014 AWS-3 AT&T, Verizon, Dish, T-Mobile

4G Licensees must cover 40% of their licensed population within six years and 75% of their licensed population within 12 years 28, 37, 39, 64-71 GHz and other mmWave

spectrum auction likely following end of FCC’s review this summer 2016 600MHz TBD 4G

Licensees must cover 40% of their licensed population within six years and 75% of their licensed population within 12 years

Germany 2015 700MHz, 900MHz, 1500MHz, 1800MHz,

Deutsche Telekom, Vodafone, Telefonica O2

4G N/A no known plans

Mexico 2016 1710-1780 MHz, 2110-2180 MHz (AWS-1, AWS-3)

AT&T, America Movil 4G N/A

Awardee of “Red Compartida” government contract will receive spectrum in 700 MHz frequencies to build out a nationwide LTE wholesale network

Brazil

2012 450MHz, 2.5GHz Claro, TNL, Vivo, Telecom Italia Mobile, Sunrise, Sky Brasil

4G Coverage in major cities and rural areas required before soccer world 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-auction of 700 MHz 2014 700MHZ Claro, TIM, Vivo, Algar 4G Responsible for clearing 700 MHz of legacy

interference

2015 1.8, 1.9, 2.5-2.69 GHz

Telefonica Brasil, Claro, TIM Brasil

4G N/A

Chile 2012 2.6 GHz Claro, Entel, Movistar

(20 MHz each) 4G

12 months to deploy their networks across most of Chile; must also connect ~583 isolated areas within 24 months no known plans

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

Colombia 2013 1.7 GHz, 2.5GHz Movistar, Claro, Tigo, DirecTV, Avantel 4G

Purchase ~550K tablets for poor students and improve wireless internet quality in rural areas

Auctions in 700, 900, 1900 and 2500 MHz bands in 2016

Peru 2013 AWS Movistar, Nextel (Entel) 4G $400mn of investment required in the first 10 years for each block of spectrum Auction held in 700 MHz band in May 2016

India

2012 800, 1800MHz Vodafone, Airtel, Uninor, Idea, Videocon

2G N/A

Plans to auction spectrum in the 700, 800, 900, 1800, 2100, 2300 and 2500 MHz bands in mid-2016

2014 900, 1800 MHz Vodafone, Airtel, Idea, Uninor, RCOM, Aircel, Jio

2G N/A

2013 800, 900, 1800 MHz MTS India 2G N/A

2015 800MHz, 900MHz, 1800MHz and 2100MHz

Airtel, Vodafone, Idea, RCOM, Jio, Aircel, Tata

2G/3G N/A

S. Africa no major auctions Plans to auction spectrum in 800MHz, 2.6 GHz and 3.5 GHz bands

Uganda no major auctions no known plans

Ghana 2015 800 MHz Scancom Ghana Limited 4G N/A no known plans

Costa Rica 2011 850, 1800, 2100 MHz Movistar, Claro 4G N/A Auctions expected in 1700, 1800, 1900 and 2100 MHz bands

Nigeria 2014 2.3GHz Bitflux (consortium of VDT, BitCom, and Superflex) 3G/4G N/A Auction of 2.6GHz band is ongoing

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

Highlighted Carriers are new or recent entrants

22 June 3, 2016

Definitions and Data Sources

Definitions

Data Sources - Global Wireless Matrix 12 April 2016 Corrected

- Research and Analysis

- Research and Analysis

ARPU: The monthly average revenue per user is calculated by dividing service revenues by the average subscriber base during the quarter. Each SIM card is considered a user for the purposes of this calculation.

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.

American Tower Corporation: International Market Overview

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