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American Tower Corporation:International Market OverviewQ1 2017

2

American Tower International Market Overview

Developing Wireless MarketsPeru • India • Ghana • Uganda • Costa Rica • Nigeria

Advanced Wireless MarketsGermany • France

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

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

IntroductionInternational Portfolio Overview • International Markets Poised for Smartphone Growth

3

International Portfolio Overview – As of March 31, 2017(1)

(1) Reflects the Company's Asia, EMEA and Latin America segments. (2) Includes in-building and outdoor DAS networks.(3) Represents top 10 international tenants as of the quarter ended March 31, 2017.(4) Portfolio is comprised of urban telecommunications assets, fiber and the rights to utilize certain existing utility infrastructure for future telecommunications equipment installation.

4

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

Developing

Evolving

Advanced

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

Notes: (1) Data is from 4Q16; exceptions are Costa Rica (regulatory agency last published report for 4Q15), Uganda (2Q17), Ghana (1Q17) Sources: Altman Vilandrie & Co. research, Bank of America Merrill Lynch Wireless Matrix, GSMA Intelligence

5

Advanced Wireless MarketsGermany • France

6

28% 32%38%

42%44%

49%54% 57%

2009 2010 2011 2012 2013 2014 2015 2016

GermanyWIRELESS MARKET OVERVIEW:

WIRELESS CARRIER OVERVIEW:

Indicator As of 4Q16

2010 –4Q16 CAGR

Wireless Subscribers 117M 1%

Wireless Penetration 141% 1%

AverageMonthly Voice

MOU155(1) 3%

ARPU $13 -4%

Data as a % of Wireless Revenue (2)Snapshot

20162012 2013 2014 2015

Carrier-Announced Network Deployment Timelines

2017

LTELTE-A

launched in Nov14

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

Launched LTE-A in 1Q15

LTEO2 Roll-out in 800 MHz in rural areas

HSPA+97% of network

HSPA+ in 2012

Top 3 Carrier CharacteristicsAMT

Customer?Subscriber

Market ShareSpectrum Holdings

Current Technology

Telefonica Europe

38%

~360 MHzHoldings in 700, 800,

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

bands

2G/3G/4G

Deutsche Telekom 36%

~220 MHz Holdings in 700, 800,

900, 1500, 1800, 2100, and 2600 MHz bands

3G/4G

Vodafone 26%


900, 1500, 1800, 2100, and 2600 MHz bands

3G/4G

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 April 2017, carrier annual reports, press releases and news articles

Covered 90% of German population

by EOY 2015

Boosted LTE coverage to 90%

2Q16

Started offering LTE-A

(Okt 5), but very limited

buildout

Started offering

VoLTE 2Q15

LTE coverage of 80% pops

LaunchMar14LTE

Launched LTE with 900 MHz to

increase coverage

Urban LTE began w/

coverage in 2 cities

Key Catalysts

• LTE rollout by all major operators in 800 and 2600 MHz bands

• T-Mobile rolled out LTE in 900 MHz in March 2017 to increase coverage

• LTE-A launched by all major carriers• 2015 auction winners for 270MHz of spectrum

in 700, 900, 1500 and 1800 MHz were Vodafone, T-Mobile and Telefonica

7

26%31%

36% 40%43% 46% 50% 54%

2009 2010 2011 2012 2013 2014 2015 2016

FranceWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU88(1) 1%

ARPU $19 -10%

Data as a % of Wireless Revenue (2)Snapshot

20162012 2013 2014 2015


2017

LTELTE-A

launched in Jun14

LTELaunch

in Oct13

Ultra LTE-A with 300Mb/s speed rollout in November

LTE LTE-A launch Oct14

Top 3 Carrier Characteristics

AMT Customer?

Subscriber Market Share

Spectrum Holdings

Current Technology

Orange

40%


900, 1800, 2100, 2600 MHz bands

2G/3G/4G

SFR Numericable

27%

~80 MHz Holdings in 700, 800, 900, 1800, 2100, and

2600 MHz bands

2G3G/4G

Bouygues

17%~75 MHz

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

2600 MHz bands

2G/3G/4G

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 marketSources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix April 2017, carrier annual reports, press releases and news articles, ARCEP

81% LTE coverage; 18 municipalities

covered with LTE-A

85% LTE coverage

Launch Dec12 in Lyon

HSPA+

HSPA+

First to launch VoLTENov15

Launch Jun12 in Marseille

Key Catalysts

• LTE-A launched by all major carriers• Bouygues and SFR will end 4G roaming deal

by 2018 due to pressure from ARCEP, accelerates LTE network buildout (Jun16)

• Orange announces rollout of LTE based broadband service (Mar17)

• ARCEP fines Orange and SFR for not meeting rural coverage agreement (Sep16)

• 2015 auction for 700 MHz band winners wereSFR, Orange, Bouygues, Free Mobile

8

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

9

29% 31%37%

41%46% 48% 53% 54%

2009 2010 2011 2012 2013 2014 2015 2016

20162012 2013 2014 2015 2017

ArgentinaWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU109(1) 0%

ARPU $8 16%

Key Catalysts

• Telecom Argentina signed $100M loan for further 4G rollout (Apr17)

• ENACOM publishes guidelines to encourage telecom competition (Jan17)

• Seeks to organize an international spectrum tender in 2017

• All operators surpassed 40% LTE coverage in 2016

• Winners of 2014 auction for 700 and 1700 MHz band were Personal, Claro and Telefonica

Data as a % of Wireless Revenue (2)


Snapshot

HSPA+

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 April 2017

HSPA+ LTE Launch (Dec14)

HSPA+


Customer?Subscriber

Market ShareSpectrum Holdings(3)

Current Technology

América Móvil

35%~135 MHz

Holdings in 700, 850, 1700, 1850, 1900, 2000

MHz

2G/3G/4G

Telefónica

33%~125 MHz

Holdings in 700, 850, 1700, 1850, 1900, 2000

MHz

2G/3G/4G

Telecom Argentina

31%~100 MHz

Holdings in 700, 850, 1700, 1900, 2100 MHz

2G/3G/4G

LTE

LTE Launch(Dec14)

Launch (Jun14)

6M LTE customers, 86% coverage in

major cities

68% coverage, 3M users(Jun16)

Will invest $100M in further network buildout

Announces plans to invest $2.65B over 5 years in

network (Feb15)

10

20%24%

30%35%

39%44% 47%

54%

2009 2010 2011 2012 2013 2014 2015 2016

20162012 2013 2014 2015 2017

MexicoWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU225(1) 3%

ARPU $7 -8%

Key Catalysts

• Red Compartida, 20-year wholesale wireless broadband procurement, was awarded to Altan Consortium (2): gives access to 90 MHz of 700 MHz band (Nov16)

• America Mobil and Telefonica sign national roaming agreement (Dec16)

• AT&T driving aggressive LTE deployment• 1Q16 AWS spectrum auction results –

Raised $2.4B USD from sale of AWS-1 and AWS-3 spectrum; Telcel to pay $1.8B USD for 60 MHz; AT&T to pay $0.7B for 20 MHz



Snapshot

LTE

HSPA+ Has been advertising HSPA+ network as 4G

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 April 2017

HSPA+ Launched in 2013LTE

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

HSPA+ LTECovered 13

main Mexican cities in 2013

LTEHSPALTE launched in 3 cities by

Oct14

Covered 65.5% of pops

by Jun15


Customer?Subscriber

Market ShareSpectrum Holdings(3)

Current Technology

América Móvil 65%

~140 MHzHoldings in AWS-1, AWS-

3, 850, 1900 MHz

2G/3G/4G

Telefónica 24%

~61 MHzHoldings in 850 and 1900

MHz

2G/3G/4G

AT&T(4)

11%~130 MHz

Holdings in AWS-1, SMR, 850, 1900 MHz

2G/3G/4G

Covers 70 million pops in 144 cities (as of Oct16), with plans to cover 100

million by 2018

11

12%16% 19%

23% 26%32%

39%48%

2009 2010 2011 2012 2013 2014 2015 2016

20162012 2013 2014 2015 2017

BrazilWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU(1)112 0%

ARPU $6 1%

Key Catalysts

• Nokia and TIM sign contract to buildout LTE network in 700 MHz band (Mar17)

• Vivo and Claro move forward with their site sharing partnership, will add 180 joint base stations in rural areas (May16)

• Oi filed for bankruptcy protection in June’16, with a recovery plan since

• Carriers completed massive 4G coverage expansion in lead up to World Cup and 2016 Olympics

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



Snapshot


Customer?Sub Mkt.

ShareSpectrum Holdings(2)

Current Technology

Telefónica 30%

~107 MHzHoldings in 450, 700, 800, 1800,

1900, 2100, and 2500 MHz bands

2G/3G/4G

Telecom Italia 26%

~73 MHzHoldings in 450, 700, 800, 1700-1860, 1920-2165, and 2500 MHz

bands

2G/3G/4G

América Móvil 25%

~106 MHzHoldings in 450, 700, 800, 1700-1860, 1900-2165, and 2500 MHz

bands

2G/3G/4G

Tele Norte Leste 17%

~47 MHzHoldings in 450, 800, 1700-1860, 1900-2165, and 2500 MHz bands

2G/3G/4G

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; do not include MHz total from 4Q15 auctionSources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix April 2017, press releases, RCR

UMTS/HSPA+ LTE Launched

Apr13

UMTS/HSPA+ LTE

Reached 76M subs by EOY 2014

HSPA+ LTE93 markets by

Oct14, 71M LTE subs by EOY 2014

HSPA+ LTELaunched in 5 World Cup

cities in Apr13

$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,; LTE-A launched in Jun16

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

LTE-A launched in Jun16

90% Coverage of urban pop by

4Q17

12

16%19%

22%26%

31%35%

39%45%

2009 2010 2011 2012 2013 2014 2015 2016

20162012 2013 2014 2015 2017

South AfricaWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU(1)142 6%

ARPU $7 -7%

Key Catalysts

• Additional spectrum auctions over next few years (700 MHz, 800 MHz, and 2.6 GHz) will aid carriers’ 4G expansion‒ Originally Jan17, postponed twice to

unconfirmed date • LTE-A launched or testing in progress by

major carriers; buildout constrained by lack of spectrum

• 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


Customer?Subscriber


Current Technology

Vodafone 42%

~81 MHzHoldings in 900,

1800, and 2100 MHz bands

3G/4G

MTN Group 36%



2G/3G/4G

Saudi Oger Ltd. 18%



3G/4G

Telkom SA 4%

~160 MHzHoldings in 1800, 2100, 2300, and 3500 MHz bands

3G/4G

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 April 2017, annual reports

HSPA+ LTELaunched in Jo’burgin 2012

HSPA+ LTELaunched in

3 cities in Dec12

HSPA+ LTE Reached 6 cities

1,000 LTE sites by Nov14

LTE-A trials since Nov14; rolled out to 27 suburbs

by May15

VoLTE trials launched in

Sep14

HSPA+ LTE Trials since 2012

Upgraded infrastructure

in 4Q14

LTE launched in

Sep15

2,600 LTE sites by EOY

2015

Plans for 4,000 base stations

LTE-A launched in 3 suburbs in

Mar16

8 LTE-A sites by Apr16

LTE-A launched in 3 cities Apr16

Added 3,148 LTE sites in

2015

55% LTE coverage

Feb16

13

15%19% 21% 22% 23%

30%35% 37%

2009 2010 2011 2012 2013 2014 2015 2016

ChileWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU(1)137 -3%

ARPU $11 0%

Key Catalysts

• Entel finished national LTE-A rollout in Mar17, both Movistar and Claro are investing in further buildout

• 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

Entel

38%~110 MHz

Holdings in 700, 1900, and 2600 MHz bands

3G/4G

Telefónica

36%~95 MHz

Holdings in 700, 850, 1900, and 2600 MHz

bands

3G/4G

América Móvil

26%~95 MHz


bands

3G/4G

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 April 2017

20162012 2013 2014 2015 2017

HSPA+ LTE

HSPA+ LTE

HSPA+ LTE

$3.5B investment promised

2016-2020

Started nationwide

deployment in 2013

4G nationwide in Jun13

175k subs by Dec14

250k subs by Dec14

200K LTE subs by Dec14

LTE-A launch Jul16

LTE-A launched in

two cities as of Aug16

More than 1,100 LTE

sites by March15

LTE-A launched in Santiago in

Oct16

$3.5B investment promised

2016-2020

First to achieve national LTE-A

coverage

14

16%19%

23% 24% 24% 26%30%

33%

2009 2010 2011 2012 2013 2014 2015 2016

2017201620152012 2013 2014

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 April 2017; Gartner Mobile Services Forecast 1Q15

ColombiaWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR




MOU(1)208 4%

ARPU $6 0%

Key Catalysts

• MinTIC asks for parties interested in the 700, 1900 MHz spectrum auction to come forward (Mar17); date of auction not announced as of Apr17

• LTE networks launched across all major players, outnumber 3G connections for the first time in Apr17

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

• Tigo-Une merger provides stronger third carrier; $250M network investment announced at time of merger



Snapshot


Customer?Subscriber


Current Technology

América Móvil 57%



3G/4G

Telefónica 27%

~75 MHzHoldings in 850,1900, and AWS

bands

3G/4G

Millicom (50%)EPM Group (50%) 15%


2500 MHz, and AWSbands

3G/4G

HSPA+ LTE

HSPA+ LTE

HSPA+ LTE

UMTS/HSPA+

Launched Dec 13

Launched Dec13

LTE First Colombian 4G network

288k LTE customers by

EOY 2014

Covers 76 cities, 300k subs by Nov14

Operates LTE in 6 markets

Covered 374 municipalities

by Oct16

Plans to reach 100% nationwide coverage by 2018

Launched VoLTE in

Sep16

LTE coverage in 75 cities

15

Developing Wireless MarketsPeru • India • Ghana • Uganda • Costa Rica • Nigeria

16

20162012 2013 2014 2015 2017

15% 17%19%

22%25%

27%30%

34%

2009 2010 2011 2012 2013 2014 2015 2016

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 April 2017; Gartner Mobile Services Forecast 1Q15

PeruWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR

Wireless Subscribers 35M(1) 6%



MOU(2)155 8%

ARPU $7 0%

Key Catalysts

• New entrants such as Dolphin Telecom (3)

and Bitel stimulate demand for towers• 2Q16 700 MHz auction results – Entel:

2x15 MHz ($290M USD); Claro: 2x15 MHz ($306M USD); Movistar: 2x15 MHz ($315M USD)

• As a result, Claro doubled its 4G footprint in 4Q16

• Government encourages expansion to sparsely populated areas driving coverage tower demand



Snapshot


Customer?Subscriber


Current Technology

Telefónica 44%


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

2G/3G/4G

América Móvil 35%

~110 MHzHoldings in 700,1900 and 2600 MHz bands

2G/3G/4G

Entel 14%

~145 MHzHoldings in 700, 850, 1900, 2600 MHz, and

AWS bands

2G/3G/4G

Viettel

7%~85 MHz

Holdings in 900 and 1900 MHz bands

2G/3G/4G

HSPA+ LTELaunched

LTE in Lima Jan14

HSPA+ LTE

W-CDMA LTE

In May14, launched in 2

cities

Launched 4G in Lima

Oct14

Will invest $400M in 4G network by

2019

5 cities/300k subs by

2015

Targeted nationwide coverage by EOY

2015

~2.000 locations reached with LTE by 4Q16

LTE-A, VoLTElaunch Q316

GSM/UMTS

Launched operations in Jul15; $400M

investment over the next 10 years

LTELaunch in 500

population centers Dec16

~1B Network investment

16’-20’

17

10% 12%14% 17%

17%22%

28%33%

2009 2010 2011 2012 2013 2014 2015 2016

20162012 2013 2014 2015 2017

Notes: (1) Adjusted BAML data to account for Jio subscribers. (2)AV&Co. projection based on Bank of America Merrill Lynch Wireless Matrix 2Q15/3Q15. (3)Spectrum holdings vary by region; calculated using mean holdings, weightingeach region equally. (4) Vodafone and Idea announced merger in Mar17. (5) Includes Aircel; Sources: American Tower research & analysis, AV&Co. research & analysis, BAML Global Wireless Matrix April 2017

IndiaWIRELESS MARKET OVERVIEW:



2010 –4Q16 CAGR

Wireless Subscribers 815M(1) 9%



MOU(2)373 0%

ARPU $3 -2%



Snapshot


Customer?Sub Mkt.

ShareSpectrum Holdings(3)

Current Technology

Bharti, Singtel 33%

~49 MHzHoldings in 900, 1800, 2100, and

2300 MHz bands

2G/3G/4G

Vodafone(4) 25%

~31 MHzHoldings in 900, 1800, 2100, and

2500 MHz bands

2G/3G/4G

Aditya Birla Group(4) 23%

~28 MHzHoldings in 900, 1800, 2100, 2300

and 2500 MHz bands

2G/3G/4G

Reliance Communications

11%~20 MHz(5)

Holdings in 850, 900, 1800 and 2100 MHz bands

2G/3G/4G

Jio Communications 9%

~39 MHzHoldings in 850, 1800 and

2300 MHz bands4G

HSPA+ LTEFirst 4G

compatible phones in Feb14

HSPA+ LTE

HSPA+ LTEFirst LTE circle launch independently in Nov15; partnership with Reliance

Jio to cover 10 total circles

Launched 4G in 5 major cities by

early 2016

HSPA LTELTE expansion to 20

circles by Mar17; VoLTElaunch planned for 2017

LTE coverage across 300 cities/towns in

Aug15

Widest coverage with 180,000 mobile sites

(2G/3G/4G)

LTELTE launch in Dec’15, full deployment over 3 years (in 1800MHz & 2.3GHz)

Key Catalysts

• 3Q16 spectrum auction: 700, 800, 900, 1800, 2100, 2300, 2500 MHz; Winners: Vodafone, Airtel, Reliance Jio, and Idea Cellular

• 60% unsold, no bids for 700 MHz; Auction of unsold spectrum and 3.3/3.4 GHz planned for late 2017

• New entrant Jio leads to price war with free offering

• Consolidation 2017: Vodafone and Idea, Telenor and Airtel, Aircel and RCOM

• Development plan for expanding coverage to unserved villages (executed by BSNL) entails the deployment of ~7k towers

18

48%

22%

15%

13%2%

MTN Vodafone Milicom Airtel Other

2016 20172012 2013 2014 2015

HSPA+

Notes: (1) Data from 2Q16; 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 Jan17 , BuddeCom Ghana Mobile Report 3Q16, NCA

GhanaWIRELESS MARKET OVERVIEW:



2010 –1Q17 CAGR




MOU134(1) 2%

Yearly ARPU $3(1) -14%

Key Catalysts

• Changing competitive landscape due to Milicom and Bharti merger

• Rapidly growing subscriber base and solid macroeconomic conditions expected to drive growth in wireless

• MTN Ghana launched 4G in all regions in Jun16, the first nationwide 4G network, with smaller entrants launching regional 4G networks

• 4Q15 800 MHz auction results – MTN Ghana won 2x10 MHz (only MTN result announced)


Snapshot


Customer?Subscriber


Current Technology

MTN Group 48%


bands

2G/3G/4G

Vodafone 22%

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

2G/3G

Milicom 15%

~20 MHzHoldings in 900 and

18002G/3G

Bharti

13% Holdings in 900, 1800, and 2100 MHz bands 2G/3G

HSPA+

UMTS/HSPA

UMTS/HSPA

Launched HSPA+ in 2012; marketed

as 3.75G

Subscriber Market ShareJan17

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

and 1.2k 3G+ sites

Spent $24M on 3G network; plan

to deploy 275 new cell sites

$62M network investment

promised in 2014

Spent $122M on network LTE

Invested $18M in LTE rollout, launched in

2016

7.6M homes passed by

Dec15

Invested 700M in network2,000 cell sites by May15

Signed merger deal Mar17

19

Notes: (1) CAGR based on ‘07-1Q15 period (2) Based on 2016 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 3Q16

2012 2013 2014 2015 2016 2017

UgandaWIRELESS MARKET OVERVIEW:



2010 –2Q17 CAGR



Data as % of Revenue 28%(1) 7%

Yearly ARPU $2.25(2) -17%

Key Catalysts

• Airtel, MTN Uganda and Smile (3) to expand 4G networks and services, however buildout restricted by lack of spectrum

• Rural coverage improvement initiatives underway, including 770km fiber ring to towns in western Uganda

• New market entrant Vodafone launched 4G LTE network in Feb15 in 2 cities using 2.6 GHz band


Snapshot


Customer?Subscriber


Current Technology

MTN Group

50%up to 44 MHz

Holdings in 2300, 2500,2600, 3500 and 900,

1800 MHz bands

2G/3G/4G

Bharti 33%

up to 14MHz Holdings in 900, 1800,

2100 MHz band

2G/3G/4G

UCOM

10%up to 44 MHz

Holdings in 900, 1800,2100, 2300, 2500,3500 MHz bands

2G/3G

Africell 4% Holdings in 800, 1800

and 2100 MHz bands2G/3G

/4G

HSPA+

UMTS/HSDA Capacity expansions in major cities

Subscriber Market Share4Q16

LTELaunched LTE in Kampala in

Apr13

HSPA+

Expanded LTE network to all major

towns in Jul15

HSPALaunched

LTE in Aug13

LTE $150M investment to upgrade operations

GSM/HSPA

Plans to invest 114M in network expansion and

upgrade

Equipment upgrade at 674

sites

LTE launched Apr16 with 170 sites and

rural-focused expansion plans

LTE

Further buildout unlikely in 2017 due to high debt and disputes with competitors

50%

33%

4%10%3%

MTN Group Bharti Africell UCOM Other

20

20162012 2013 2014 2015 2017


Customer?Subscriber

Market Share(1)Spectrum Holdings

Current Technology

Grupo ICE / Kolbi 58%

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

2G/3G/4G

Telefónica 22%

~60 MHzHoldings in 850, 1800, and 2100 MHz bands

2G/3G/4G

América Móvil 19%

~70 MHzHoldings in 1800 and

2100 MHz bands

2G/3G/4G

Notes: (1) Data from Sutel regulatory agency; latest data is from 4Q2015 (2) Postponed twice. (3) The four deregulated markets are international telephony, fixed internet, international roaming and transit telecommunicationsSources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeComm, Sutel

Costa RicaWIRELESS MARKET OVERVIEW:


Indicator As of 4Q15(1)

2011 –4Q15 CAGR

Wireless Subscribers 7.5M 16%


Data as % of Revenue 29% 31%

ARPU $11.45 5%

Key Catalysts

• 70 MHz of spectrum (2×20MHz in 1800MHz and 2×15MHz in 1900MHz/2100MHz ) left over from 2011 auction to be auctioned May17(2)

• Auction of 100 MHz of 700 MHz band likely to occur late 2018 / early 2019

• Sutel lifts tariff regulations from 4 out of eleven markets analyzed (Dec16) (3)

• ICE market share has declined rapidly since monopoly ended in 2011

• Fonatel funds network expansion projects to underserved communities


Snapshot

HSPA+

Subscriber Market Share4Q15

LTE LTE in Nov13

HSPA+ LTELTE

network in Apr14

HSPA LTELTE

network in Jul14

354 LTE base stations reaching 4M people by

EOY 2014

Addt’lnetwork roll-out in 2015

Will triple coverage by EOY 2016

$19.9M investment on 4G expansion; Rolls

out to 24 new locations

Deploys vIMSas prep. for

VoLTE

58%22%

19%1%

Grupo ICE / Kolbi TelefonicaAmerca Movil Other

21

5%6%

7%

21% 23%28%

32%

41%

2009 2010 2011 2012 2013 2014 2015 2016

20162012 2013 2014 2015 2017

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 3Q15Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 3Q16, Nigerian Communications Commission, GSMA

NigeriaWIRELESS MARKET OVERVIEW:


Key Catalysts

• All carriers currently expanding LTE • National Broadband Plan seeks to cover

80% of population with 3G by 2018• ntel deploys LTE-A in three cities (1Q17)• Low penetration vs. other African nations

presents growth opportunities• MTN was only bidder in May’16 2.6GHz

auction due to high prices (won 2x30 MHz)

Snapshot


2010 –4Q16 CAGR




MOU(1)148 11%

ARPU $4 -8%


Carrier-Announced Network Deployment TimelinesTop 4 Carrier CharacteristicsAMT

Customer?Subscriber


Current Technology

MTN Group 40%

110 MHzHoldings in 700, 800, 900,

1800, 2100, 2600 MHz

2G/3G/4G

Globacom

24%60 MHz


2G/3G/4G

Bharti 22%

60 MHzHoldings in 900, 1800, and 2100 MHz bands

2G/3G/(4G)

Emirates Telecom Corp.

13%60 MHz


2G/3G/4G

HSPA

HSPA+ LTE

HSPA

HSPA

By EOY 2013, 2G coverage was 87% of

population; 3G was 49% of population

3G across 36 statesCoverage of 60

locations by Nov16

Spent $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

Rolled out 4G on 800MHz

acquired from Visafone 3Q16

LTE

LTELaunched in

6 cities 3Q16

LTELaunched parts of

Lagos 3Q16

22

Appendix: Spectrum Auction Summary and Definitions

May 19, 2017 23Confidential – Do Not Reproduce

Spectrum Auction SummaryCompleted Major Auctions: 2012-2016

Expected: 2017-18Year Bands Auctioned Winners Tech. 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, date not announced2016 600MHz T-Mobile, Dish, Comcast, AT&T 4G Licensees must cover 40% of their licensed population within six years

and 75% of their licensed population within 12 years

Germany 2015 700, 900, 1500, and 1800 MHz

Deutsche Telekom, Vodafone, Telefonica O2

4G N/A No known plans

France 2015 700 MHz SFR, Orange, Bouygues, Free Mobile

4G Licensees are required to cover 50% of rural areas by Jan22 and increase coverage on mobile transport including underground trains No known plans

Argentina 2014 700, 850, 1700, 1900 MHz Personal, Claro, Telefonica 3G/4G N/A International spectrum tender potentially taking place in 2017

Mexico2016 1710-1780 (AWS-1),

2110-2180 (AWS-3) AT&T, America Movil 4G N/ANo known plans

2016 700 MHz Altan Consortium 4G Awardee of “Red Compartida” government contract is required 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

Chile2012 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 plans2014 700 MHz Claro, Entel, Movistar 4G Requires coverage of 854 km of roads, 503 schools, 98% of population

Colombia 2013 1.7, 2.5 GHz 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 likely to occur in 2017 (date not announced)

Peru2013 AWS Movistar, Nextel (Entel) 4G $400mn of investment required in the first 10 years for each block of

spectrumNo known plans

2016 700MHz Entel, Claro, Movistar 4G each licensee required to roll out LTE to 195 underserved towns (15 in y1, 129 in y2, 51 in y3)

India

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

2G N/A

No known plans

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 800, 900, 1800 and 2100 MHz

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

2G/3G N/A

2016 800, 1800, 2100, 2300, and 2500 MHz

Reliance Jio, Bharti Airtel, Idea, Vodafone

2G/3G/4G N/A

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

Uganda no major auctions No known plans

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

Costa Rica no major auctions Auction in 1800, 1900 and 2100 MHz bands in May 2017; Auction of 700 MHz likely to occur late 2018 / early 2019

Nigeria2014 2.3GHz Bitflux (consortium of VDT,

BitCom, and Superflex) 3G/4G N/ANo 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

Highlighted Carriers are new or recent entrants

24

Definitions and Data Sources

Definitions

Data Sources - Global Wireless Matrix 10 April 2017

- 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.

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.

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