American Tower CorporationAn OverviewAugust 2011

Safe Harbor

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements concerning our goals, beliefs, strategies, future operating results and underlying assumptions. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those described in the last slide of this presentation and in Item 1A of our SEC Form 10-Q for the quarter ended June 30, 2011 and in our Amendment No. 3 to the Form S-4 filed with the SEC on August 25, 2011 under the caption “RiskNo. 3 to the Form S 4 filed with the SEC on August 25, 2011 under the caption Risk Factors” and other filings we make with the Securities and Exchange Commission. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. Definitions are provided at the end of the presentation and reconciliations to GAAP measures are available on our website at

i twww.americantower.com.

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Company OverviewAmerican Tower is a leading independent owner of telecommunications real estate and over 97% of its income is generated from leasing its properties.

Operated by American Tower

• Tower structure – constructed of galvanized steel with the

AMT

capacity for multiple tenants• Land parcel – owned or operated pursuant to long-term

leases

TENTENTENTEN

Operated by Tenant

• Antenna equipment, including microwave equipment• Tenant shelters containing base-station equipment and

TENTENTENTEN

AMTAMT

TEN

e a t s e te s co ta g base stat o equ p e t a dHVAC, which tenants own, operate and maintain

• Coaxial cable

AMTAMT

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World Leader in Independent Communication Property Leasing

American Tower is a leading independent owner of telecommunications real estate with a portfolio of over 38,000 properties in the United States, Brazil, Chile, Colombia,

Ghana, India, Mexico, Peru and South Africa.Ghana, India, Mexico, Peru and South Africa.

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Investment Highlights

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Investment Highlights

Solid Business Model FundamentalsLong-term revenue stream • Manageable costs • Secure real estate assets • Strong customer base o g e e e ue s ea a ageab e cos s Secu e ea es a e asse s S o g cus o e base

Long-Term Demand DriversAffordability of leasing model • Solid market fundamentals • Global diversificationAffordability of leasing model Solid market fundamentals Global diversification

Consistent Financial PerformanceStrong top-line growth • Consistent cash flow based returns • Conservative balance sheetStrong top line growth Consistent cash flow based returns Conservative balance sheet

Dedicated Management TeamDisciplined approach to returning capital to shareholders

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Solid Business Model Fundamentals

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Recurring Long-Term Revenue StreamAmerican Tower provides the real estate necessary for today’s wireless communication networks

Tenant Lease Characteristics:Pricing is typically based on location, amount of equipment placed on the tower, and square

footage leased on the groundLeases are typically non-cancellableLeases typically include an initial term of 5 to 10 years with multiple renewal periodsAnnual embedded lease escalators:

U S i t l 3 5%U.S.: approximately 3.5% on average

International: typically based on local inflation indices

Historically low annual revenue churn of approximately 2% Global tenant lease renewal schedule as of June 30, 2011:

2% 7% 8% 7% 12%

2011 2012 2013 2014 2015

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Diverse Customer Landscape (1)

Our customer base is comprised of over 2,500 entities, with the largest concentration from corporations and government agencies.

20%

15%

20%

5%

10%

0%

Approximately 85% of our revenues are generated from our top 20 customers; 50% f t d f i t t d t t

Investment Grade Non- Investment Grade

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over 50% of our revenues are generated from investment grade tenants.

(1) As of June 30, 2011.

Fixed Cost ProfileDirect costs of operations include:

Ground rentMonitoringMonitoringInsuranceReal estate taxesUtilitiesSite maintenanceSite maintenance

Pass-Through Expense:Our international markets typically pass through a portion of theirOur international markets typically pass through a portion of theiroperating expenses to the tenantIn Latin America, we typically pass through ground rent, while in India and EMEA, we typically pass through fuel costs

Fixed Cost Structure of Towers:Accommodating additional tenants requires minimal additionaloperating costsoperating costs

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Sample U.S. Tower Economics (1)

One Tenant Two Tenants Three Tenants

C t ti /U d C t ( $ i US) $225 000Construction/Upgrade Costs ( $ in US) $225,000 - -

Tenant Revenue $20,000 $40,000 $60,000

Operating Expenses (incl. ground rent, prop taxes, etc.) $12,000 $13,000 $14,000

Gross Margin $8,000 $27,000 $46,000

Gross Margin (%) 40% 68% 77%

G M i C i R t (2) 95% 95%Gross Margin Conversion Rate (2) - 95% 95%

Return on Investment (3) 4% 12% 20%

11(1) For illustrative purposes only. Does not reflect any American Tower financial data. (2) Calculated as the incremental gross margin divided by the incremental revenue generated by adding an additional tenant.(3) Calculated as Gross Margin divided by Construction/Upgrade Costs.

Revenue Growth: Tower Leasing

Adding additional tenants, equipment and upgrades yields additional revenue, hil t t l ti l fl t

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while costs stay relatively flat

Capital Requirements

Revenue-Maintaining CapexCapital Improvements

• Includes spending on lighting system and fence repair and

Capital Expenditures2011 Outlook (1)

Includes spending on lighting system and fence repair and ground upkeep. Historically low levels of $500 and $1,500 per site per year in our international and U.S. markets, respectively.

Corporate• Capital spending primarily on IT infrastructure.

Corporate (~$10M)

Capital Improvements (~$55-$65M)

Redevelopment (~$55M)

Revenue-Generating CapexRedevelopment

• Capital spending to increase capacity of tower site (e.g. height

Ground lease purchases

(~$80-$100M)

Discretionary capital projects (~$180-$240M)

extension, foundation strengthening, etc.).

• Investment payback period is typically one to two years, and the cost is typically shared with tenant.

Ground Lease Purchases• Capital spending to purchase land under our sites.Capital spending to purchase land under our sites.

Discretionary Capital Projects• Capital spending primarily for the construction of new

communications sites.

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Capital is primarily spent on discretionary projects in both the U.S. and international.

(1) Based on the midpoint of Outlook as outlined in the Company’s Form 8-K, filed on August 2, 2011.

Commitment to a Secure Real Estate PortfolioLand Characteristics:(1)

Over 25% of the land under our U.S. towers is owned or operated under a capital leaseAnnual escalators: approximately 3% in the US, and typically based on local inflation rates internationallyAnnual escalators: approximately 3% in the US, and typically based on local inflation rates internationallyOther US land characteristics:

The average remaining ground lease term is approximately 22 years

Successful land lease renewal history, with a renewal rate of approximately 99%

Average term extensions are over 20 yearsAverage term extensions are over 20 years

U.S. ground lease renewal schedule as of June 30, 2011:

<1% <1% <1% 1% 1% 1% 1% 1% 2% 2%<1% <1% <1% 1% 1% 1% 1% 1% 2% 2%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

14(1) As of June 30, 2011.

Commitment to a Secure Real Estate Portfolio, continuedUS land ownership characteristics:(1)

25% of land owned or operated pursuant to a capital leaseApproximately 96% of our landowners hold a single ground leaseMaximum ownership for one landowner is approximately 2 0% of our total ground leasesMaximum ownership for one landowner is approximately 2.0% of our total ground leases

25%

5% 3%1%

AMT OwnedIndividuals

66%

U.S. GovernmentAggregatorsOther

Commitment to land purchases:Annual capital spending on land purchases has continued to increase over the years

$30

$40

600

800

$-

$10

$20

0

200

400

2009 2010 2011

# of Sites

Rev. Secured ($m)

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Long-term leases + Successful renewal rates + Owned land = Secure Real Estate

(1) As of June 30, 2011.

Demand Drivers

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Carrier Lease-Build Decision(1)

Significant economic incentive exists for carriers to choose a collocation model over building their own site

Significant time to market advantage from leasing space on an existing tower site

Building a site may involve years of work to secure ground interests and zoning approvals

An ExamplePRESENT VALUE OF CARRIER NETWORK BUILD-OUT ALTERNATIVES

Term Carrier Build Tower Lease Savingsg

5 years $286,638 $89,575 $197,062

10 years $333,079 $158,720 $174,359

15 $368 070 $212 094 $155 97615 years $368,070 $212,094 $155,976

20 years $394,433 $253,293 $144,140

CARRIER BUILD SCENARIO$225,000 construction cost, $1,250 monthly operating expenses with 3% annual escalator, 9% Weighted Average Cost of Capital (WACC)

TOWER LEASE SCENARIO$1,800 monthly lease with 3.5% annual escalator, 9% WACC

17(1) For illustrative purposes only. Does not reflect any American Tower financial data.

Demand Driver HighlightsPrimary Revenue Impact to American Tower

New Lease Revenue Amendment Revenue(Increase to existing leases)

New entrants

(Increase to existing leases)

Spectrum auctions

Data network deployments

Growing wireless penetration (Voice network deployments)

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U.S. Growth Market Opportunities

2010 Data Usage by Device: U.S. (MB/Mo )

U.S. Smartphone Projections

1,708

(MB/Mo.)

250

Smartphone users expected to surpass 100M in 2011

122

157

190

150

200

milli

ons)

518X

79

405

1933

61

91

50

100

Uni

ts (i

n m

24X

123X

3 79

Feature Phones Smartphones Tablets Laptops/ netbooks

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-2007 2008 2009 2010E 2011E 2012E 2013E

# of Smartphones Connected (1)

19(1) “Connected Devices” include netbooks, laptops, and tablets with embedded modems, USB modems, e-readers, portable gaming consoles, digital picture frames, portable navigation devices, MPS players, and digital cameras.

Source: Altman Vilandrie and Company analysis, SNL Kagan – Economics of Mobile Programming 2011, Cisco VNI Mobile 2011, Strategy Analytics, eMarketer, IDC.

Devices (1)

International Market Growth Opportunities

Increased data adoption and use

Spectrum auctions

Growing subscriber base

Future growth in tower demand

+ + =

Brazil: NII Holdings a top winner

Mexico: Telefonica and NII Holdings South Africa: carriers beginning to

invest in data networks; data as a t f i i t d

India: Rapidly growing wireless market, with subscriber growth expected to be appro imatel 52%(1) o er the ne t t o

Data Adoption Spectrum Auctions Subscriber Base

gwere top winners

Colombia: expected future build out of new mobile broadband network

India: spectrum will be utilized to continue the deployment of voice and

percent of service revenues is expected to be almost 20% by year end 2012 (1)

approximately 52%(1) over the next two years

Ghana: Growing wireless market, carriers focused on improving the quality and coverage of voice networks

continue the deployment of voice and initial data networks

Chile: NII Holdings and VTR were top winners, expected to invest in 3G network deployments

Peru: spectrum auction possible in 2011, which we expect would result in investment in data networks

20(1) Source: Wall Street Research.

Consistent financial performance

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Consistent Growth in Revenue and Profitability

$584

($ in millions)

6

$443

$3

89

$316

$240

$2

15

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Q1 2006

Q2 2006

Q3 2006

Q4 2006

Q1 2007

Q2 2007

Q3 2007

Q4 2007

Q1 2008

Q2 2008

Q3 2008

Q4 2008

Q1 2009

Q2 2009

Q3 2009

Q4 2009

Q1 2010

Q2 2010

Q3 2010

Q4 2010

Q1 2011

Q2 2011

Rental and Management Revenue Rental and Management Gross Margin Adjusted EBITDA

22(1) CAGR is based on a compounded annual growth rate over a 4.5 year period.

Historical Investment Capacity ($ in millions)

$421 $1,668

$900$893

$225 $1,355

$250$347

$237

$296

$215 $761

Capex Acquisitions Share repurchases Total Investment

2009 2010 1H 2011

Discretionary capital projects Land purchasesRedevelopment

MaintenanceCorporate

Acquisitions of communications sites based on risk adjusted

hurdle rates

Total shares repurchased since 2008: 20.2 million

Average price paid for repurchased shares: $42.57/share

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American Tower has remained committed to its disciplined capital allocation strategy

Cash Flow Based Returns

Recurring Free Cash Flow($ i illi )

Return on Invested Capital($ in millions)

8.5%

10.9%$979

$548

2006 2007 2008 2009 2010 2Q11A 2006 2007 2008 2009 2010 2Q11A(1)

(2)

Actual 2Q11 RFCF

Impact of annualization

Strong operational results and disciplined investments support RFCF and ROIC growth

(1) RFCF for Q2 2011 annualized. CAGR is based on compounded annual growth rate over a 4.5 year period.(2) Q2 2011 Adjusted EBITDA less improvement and corporate capital expenditures annualized divided by 6/30/2011 gross property, plant and equipment, goodwill and intangible assets. Annualized numbers have been prepared for illustrative purposes only and are not indicative of expected Company results for 2011.Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

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g p p pp g

Balance Sheet PrudenceAs of June 30, 2011 (1)

($ in millions)

$1,075 $1,000

$1,750

$600 $500 $1,000

$300 $700

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

B k D bt D B k D bt A il bl S iti ti S i N tBank Debt Drawn Bank Debt Available Securitization Senior Notes

4.3x

Net Leverage Ratio(2,3)

3.8x 3.8x3.4x 3.5x 3.6xCorporate Credit Ratings:

Moody’s: Baa3S&P: BB+Fitch: BBB-

2006 2007 2008 2009 2010 2Q11 LTM

Our conservative balance sheet and investment grade ratings enables us to g gopportunistically access the capital markets

(1) Excludes approximately $258.2 million of other subsidiary debt, which is comprised primarily of capital leases and international subsidiary debt.(2) Definitions are provided at the end of this presentation.(3) Reflects metrics for the last twelve months.

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Dedicated Management Team

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Long-Term Strategy

American Tower remains focused on driving return on invested capital

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Executive Management

Jim Taiclet was named Chief Executive Officer in October 2003 and Chairman of the Board in February 2004. He was appointed President and Chief Operating Officer of American Tower Corporation in September 2001. Taiclet joined American Tower from Honeywell International, where as President of Honeywell Aerospace Services, he led a

James TaicletChairman, President and Chief Executive Officer

Tom BartlettEVP, Chief Financial Officer

Tom Bartlett was named Chief Financial Officer on April 1, 2009. Prior to joining the company, Bartlett served as Senior Vice President and Corporate Controller with Verizon Communications. In this role, he was responsible for corporate-wide accounting, tax planning and compliance, SEC financial reporting, budget reporting and analysis, and

global organization of 10,000 employees providing aircraft equipment repair, part distribution, logistics, and space operations services. Prior to Honeywell, Taiclet served as Vice President, Engine Services at Pratt & Whitney, a unit of United Technologies Corporation. He was also previously a consultant at McKinsey & Company, specializing in telecommunications and aerospace. Taiclet began his career as an Air Force officer and pilot and served in the Gulf War. He holds a Masters Degree in Public Affairs from Princeton University, where he was a Wilson Fellow, and is a Distinguished Graduate of the United States Air Force Academy. Taiclet serves on the Board of Directors of PCIA,

capital expenditures planning functions. He also served as both Chief Compliance Officer and Principal Accounting Officer for Verizon. In his nearly 25 years with Verizon and its predecessor organizations, Bartlett held a number of leadership positions both in the U.S. and abroad. He served as President and Chief Executive Officer of Bell Atlantic International Wireless, responsible for all wireless activities in Latin America, Europe and Asia, and was also an area President in Verizon’s U.S. wireless business responsible for all operational aspects in both the Northeast and Mid-Atlantic states. Bartlett has also held roles as Senior Vice President and Treasurer as well as Senior Vice President in Investor

the principal trade association for the wireless infrastructure industry, and on the Board of Directors of Faulkner Hospital, part of the Partners Healthcare system . He is also a member of the Corporate Advisory Board of the Boston Club, which identifies and recommends qualified women for openings on corporate boards. Taiclet was named as one of 100 Best Performing CEO’s in the World over the preceding decade in the January 2010 issue of the Harvard Business Review.

Relations. He earned his MBA from Rutgers University and holds a degree in engineering from Lehigh University. He is also a Certified Public Accountant.

Ed DiSanto Hal Hess St M h ll S

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Ed DiSantoEVP, Chief Administrative Officer and General Counsel

Hal HessEVP, International Operations and President, Latin America & EMEA

Steven MarshallEVP and President, US Tower

Amit SharmaEVP and President, Asia

SummaryAMT generates over 97% of its revenues from leasing real estate

Resilient business model, even in uncertain economic environmentsOur revenues are highly predictable due to low annual churn and our contractual annual escalators

Our properties are investment gradeOur major tenants are investment grade corporations or government entities

American Tower has investment grade corporate ratings from Moody’s and Fitch

Global investment by wireless carriers in substantial network development continues

High visibility to drivers of revenue and profitability for 2011 and beyond

Solid balance sheet, ample liquidity and significant cash generationSignificant capacity to invest to fuel strong future growthg y g g

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DefinitionsAdjusted EBITDA: net income before income (loss) from discontinued operations, net, income from

equity method investments, income tax provision (benefit), other income (expense), loss on retirement of long-term obligations, interest expense, interest income, other operating expenses, depreciation, amortization and accretion and stock-based compensation expenseamortization and accretion, and stock based compensation expense.

Gross Margin: segment revenue less segment operating costs, international rental and management segment includes interest income, TV Azteca, net.

Recurring Free Cash Flow per Share: Recurring Free Cash Flow divided by the diluted weighted average common shares outstanding.

Return on Invested Capital: Last quarter annualized Adjusted EBITDA less improvement and corporate capital expenditures divided by gross property, plant and equipment, goodwill and intangible assets.

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Further Information AvailableFurther Information AvailableFor more information on the tower industry and American Tower, please refer to our “Introduction to the Tower Industry and American Tower” presentation, which can be found in the Investor Relations section of our website under Presentations and Webcasts. This presentation provides an overview of the tower business model and information on American Tower’s operating performance and financial strategy.

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