american tower corporation: international market...

American Tower Corporation:

International Market Overview March 2015

2 March 10, 2015

American Tower International Market Overview

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

Advanced Wireless Markets Germany

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

Introduction International Portfolio Overview

3 March 10, 2015

International Portfolio Overview

(1) Represents top 10 international tenants as of the quarter ended December 31, 2014.

(2) According to its public statements, AT&T closed its acquisition of Iusacell on January 16, 2015, and expects to close on its acquisition of Nextel Mexico in mid-2015.

Brazil Chile ColombiaCosta

RicaGermany Ghana India Mexico Peru South Africa Uganda

# of Sites 11,873 1,156 3,589 464 2,031 2,038 12,977 8,716 571 1,918 1,265

AMT Ownership 100% 100% 100% 100% 100% 51% 100% 100% 100% 75% 51%

% of 4Q14 Tower Revenue ~9% <1% ~2% <1% ~1% ~2% ~6% ~8% <1% ~2% ~1%

International

Tenants(1)

% of Total

Tower

Revenue

Nextel International(2) ~6%

Telefónica ~5%

MTN ~3%

.

Iusacell(2) ~2%

Vodafone ~2%

America Móvil ~2%

Oi ~2%

Millicom ~1%

Cell C ~1%

Airtel ~1%

(1) Represents top 10 international tenants as of the quarter ended December 31, 2014.

4 March 10, 2015

Advanced Wireless Markets Germany

5 March 10, 2015

2016

Germany

WIRELESS MARKET OVERVIEW:

WIRELESS CARRIER OVERVIEW:

Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 117M 3%

Wireless

Penetration 142% 3%

Average

Monthly Voice

MOU 136 3%

ARPU $17 -7%

Key Catalysts

• LTE rollout by all major operators in

800 and 2500 MHz bands

• LTE-A testing in progress by major

carriers with plans to launch

• 2015 auctions expected to re-auction

900 & 1800 MHz bands (expiring 2016)

as well auction 2 new bands (2x30MHz

in 700 MHz, 40Mz in 1400MHz)

• O2 and E-Plus merger creates largest

mobile service provider in country

22% 25%

28% 32%

38% 42%

44% 50%

2007 2008 2009 2010 2011 2012 2013 3Q14

Data as a % of Wireless Revenue

2012 2013 2014 2015

Carrier-Announced Network Deployment Timelines

2017

Snapshot

LTE LTE-A

launched in

Nov-14

LTE Roll-out started in 800

MHz in rural areas as

required by regulators

Announced expected

launch of LTE-A in

Q1 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

Currently

developing

VoLTE

Top 4 Carrier Characteristics

AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

Deutsche Telekom

34%

20 MHz in 800

25 MHz in 900

40 MHz in 1800

25 MHz in 2100 FDD/TDD


3G/4G

Vodafone

27%

20 MHz in 800

25 MHz in 900

11 MHz in 1800



3G/4G

Telefonica Europe (1) 39%

20 MHz in 800

20 MHz in 900 (2)

90 MHz in 1800 (2)



3G/4G

Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, Bank of America Merrill Lynch Global Wireless Matrix 4Q14

LTE

(1) As of 7/14, Telefonica has acquired E-Plus; (2) New company will have to release 40 MHz of spectrum in 900 and 1800 MHz bands

Testing LTE-A

technology

Plans to cover 85% of

German population by

2016

6 March 10, 2015

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

7 March 10, 2015

2016 2012 2013 2014 2015 2017

7% 9%

12%

16% 19%

22%

26%

33%

2007 2008 2009 2010 2011 2012 2013 3Q14

Brazil



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 276M 14%

Wireless

Penetration 141% 16%

Average

Monthly Voice

MOU 130 8%

ARPU $8 -11%

Key Catalysts

• Massive 4G coverage expansion in

advance of World Cup expected to

continue ahead of 2016 Olympics

• National fiscal deficit may lead to

further spectrum auctions of 1.8 GHz

and re-auction of 700 MHz over next

two years

• Densification initiatives necessary to

bring subscribers per cell site down to

levels able to support increasing data

usage



Snapshot


AMT

Customer?

Sub Mkt.

Share

Spectrum

Holdings

Current

Technology

Telefónica

29%

14 MHz in 450

20 MHz in 700

22 MHz in 800-960

21 MHz in 1700-1860

27 MHz in 1920-2165; 40 MHz in 2500

3G/4G

Telecom Italia

27%

14 MHz in 450

20 MHz in 700

17 MHz in 800-960

31 MHz in 1700-1860

22 MHz in 1920-2165; 20 MHz in 2500

3G/4G

América Móvil

25%

14 MHz in 450

20 MHz in 700

20 MHz in 800-960

28 MHz in 1700-1860

25 MHz in 1900-2165; 40 MHz in 2500

3G/4G

Tele Norte Leste

19%

14 MHz in 450

4 MHz in 800 960

33 MHz in 1700-1860

18 MHz in 1900-2165; 20 MHz in 2500

3G/4G


UMTS/

HSPA+ LTE

Launched

Apr-13

UMTS/

HSPA+ LTE Reached 76M subs

by 2014

HSPA+ LTE 93 markets by

Oct-14, 71M LTE

subs by YE

HSPA+ LTE Launched in 5

World Cup

cities in Apr-13

Deployed 4G in 16 new

cities by Dec-14,

covering 80 M subs

$4.7B in planned network upgrade spending 2013-2016

Planned $3.6B to expand

3G and 4G networks

Did not bid

on 700

MHz

Expected to

invest ~$500M

through 2015

8 March 10, 2015

9% 10%

15%

19% 23% 22% 23%

32%

2007 2008 2009 2010 2011 2012 2013 3Q14

Chile



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 26M 10%

Wireless

Penetration 148% 9%

Average

Monthly Voice

MOU 149 3%

ARPU $12 -6%

Key Catalysts

• Entel’s successful 4G LTE trial in the

APT700 band signals increased 4G

presence in future

• Rural 4G rollouts expected to drive

further coverage tower growth

• High wireless penetration and

increasing data consumption expected

to drive need for capacity



Snapshot


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

Telefónica

40%

20 MHz in 700

25 MHz in 850

30 MHz in 1,900

20 MHz in 2.6 GHz

3G/4G

Entel

39% 30 MHz in 700

60 MHz in 1,900

20 MHz in 2.6 GHz 3G/4G

América Móvil

22%

20 MHz in 700

25 MHz in 850

30 MHz in 1,900

20 MHz in 2.6 GHz

3G/4G


2016 2012 2013 2014 2015 2017

HSPA+ LTE Started

nationwide

deployment in

2013

HSPA+ LTE

HSPA+ LTE 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 2015 after

Dec-14 APT700 trial

9 March 10, 2015

2016 2012 2013 2014 2015 2017

(1) Merger approved in Apr-14, new company has 3 years to repay 50 MHz


11% 14%

16% 19%

23% 24% 25% 26%

2007 2008 2009 2010 2011 2012 2013 3Q14

Colombia



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 49M 6%

Wireless

Penetration 103% 5%

Average

Monthly Voice

MOU 202 9%

ARPU $9 -2%

Key Catalysts

• 4G networks launched across all

major players

• Auctions in 900 and 1900 MHz bands

expected in 2015

• Tigo-Une merger provides stronger

third carrier, with a $250M network

investment planned

• High wireless penetration and

increasing data consumption should

drive need for capacity



Snapshot


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

América Móvil

59% 25 MHz in 850

25 MHz in 1,900

30MHz in 2500 3G/4G

Telefónica

26% 25 MHz in 850

15 MHz in 1,900

30 MHz in AWS 3G/4G

Millicom (50%)

EPM Group (50%) (1) 15% 60 MHz in 1,900

30 MHz in AWS

50 MHz in 2500 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 2014

Covers 76 cities,

300k subs by

Nov-14

Operates

LTE in 6

markets

Covered 100

municipalities by

Aug-14

10 March 10, 2015

2016 2012 2013 2014 2015 2017

13% 16%

20% 24%

30%

35% 39%

49%

2007 2008 2009 2010 2011 2012 2013 3Q14

Mexico



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 103M 7%

Wireless

Penetration 86% 5%

Average

Monthly Voice

MOU 233 8%

ARPU $12 -7%

Key Catalysts

• AT&T acquisitions – acquired Iusacell in

1Q14, in the process of purchasing Nextel

subject to regulatory approval

• Telcel divestiture possible – reduce

market share below 50% (to avoid

‘preponderant economic agent’

classification)

• 2015 spectrum auction – Government has

announced upcoming auctions of 60 MHz

between 1.71 – 2.17 GHz

• Wholesale 700MHz network deployment

may present upside



Snapshot

LTE HSPA+ Has been advertising

HSPA+ network as 4G


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

América Móvil

69% 77 MHz 3G/4G

Telefónica

20% 61 MHz 3G/4G

Acquired by AT&T

Grupo Salinas(50%)

Grupo Televisa(50%)

9% 54 MHz 2G/3G

Acquisition by AT&T

pending approval

NII Holdings

3% 53 MHz

23 MHz in 800

30 MHz in 1700-2100

2G/3G


HSPA+ Launched

in 2013 LTE Aims to offer

LTE in 50

cities in 2015

HSPA+ LTE Covered 13

main Mexican

cities in 2013

Announced LTE

upcoming, but no

date set

LTE HSPA LTE launched

in 3 cities by

Oct-14

Plans to

expand

network

Covered 53

cities by

Jan-15

11 March 10, 2015

2016 2012 2013 2014 2015 2017

10%

13% 16%

19% 22%

26% 30% 34%

2007 2008 2009 2010 2011 2012 2013 3Q14

South Africa



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 81M 11%

Wireless


Average

Monthly Voice

MOU 105 1%

ARPU $8 -14%

Key Catalysts

• Additional spectrum auctions over

next few years (800 MHz, 2.6 GHz, and

3.5 MHz) 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


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

Vodafone

40% 22 MHz in 900

24 MHz in 1800

35 MHz in 2100 3G/4G

MTN Group

33% 22 MHz in 900

24 MHz in 1800

35 MHz in 2100 3G/4G

Saudi Oger Ltd.

24% 22 MHz in 900

24 MHz in 1800

35 MHz in 2100 3G/4G

Telkom SA

2%

24 MHz in 1800

20 MHz in 2100

60 MHz in 2300

56 MHz in 3500

3G/4G


HSPA+ LTE Launched

in Jo’burg

in 2012

HSPA+ LTE Launched in

3 cities in

Dec-12

HSPA+ LTE LTE since ‘13;

reached 6 cities

as of 2014

1,000 LTE

sites by

Nov-14

Trialing LTE-A as of Nov-

14; plans to roll out to 50

suburbs by Mar-15

VoLTE trials

launched in

Sep-14

HSPA+ LTE Trials since

2012

Expect 2,000 LTE

base stations by

Feb-15

Upgraded

infrastructure

in 4Q14

12 March 10, 2015

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

13 March 10, 2015

2016 2012 2013 2014 2015 2017


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

Grupo ICE / Kolbi

64% 550 MHz split between

850, 1800, and 2.6 GHz 3G/4G

Telefónica

18% 10 MHz in 850 MHz

30 MHz in 1800 MHz

20 MHz in 2100 MHz 3G/4G

América Móvil

18% 35 MHz in 1800 MHz

35 MHz in 2100 MHz 3G/4G

(1) Data from Sutel regulatory agency; latest data is from 2013 (2) CAGR for Data as % of Revenue and ARPU calculated with 2011 numbers, as market was a monopoly before 2011

Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeComm, Sutel

Costa Rica



Indicator As of

4Q13

2007 –

4Q13 CAGR

Wireless

Subscribers 7.9M 32%

Wireless


Data as % of

Revenue 26% 61%

ARPU $7 -21%

Key Catalysts

• ICE market share has declined rapidly

since monopoly ended in 2011

• Upcoming auction of 1800, 1900 and

2100 MHz expected to further increase

competitiveness; bids limited to 3

current operators

• All three carriers recently launched

LTE networks and are currently in build-

out phase


Snapshot

HSPA+

Subscriber Market Share

64% 18%

18%

Kolbi Movistar Claro

LTE

LTE

in

Nov-

13

HSPA+ LTE LTE

network in

Apr-14

HSPA LTE LTE

network in

Jul-14

(2)

(2)

(1)

(1)

(1)

354 LTE base

stations reaching

4M people by

YE 2014

Addt’l

network roll-

out in 2015

Will triple coverage by

YE 2016

14 March 10, 2015

2016 2012 2013 2014 2015 2017

Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeCom, National Communications Authority of Ghana

Ghana



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 30M 23%

Wireless


Average

Monthly Voice

MOU 123 1%

Yearly ARPU $4 -15%

Key Catalysts

• Rapidly growing subscriber base and

solid macroeconomic conditions

expected to drive growth in wireless

• 20% import tax on smartphones to be

abolished in 2015

• Larger carriers continue to improve 3G

network capacity and quality, while

smaller entrants launch first 4G

networks after 2.6 GHz auction


Snapshot


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

MTN Group

46% Holdings in

900/1800/2100 bands 2G/3G

Vodafone

23% Holdings in

900/1800/2100 bands 2G/3G

Milicom

14% 8 MHz in 900

10 MHz in 1800 2G/3G

Bharti, Singtel,

Vodafone

12% Holdings in

900/1800/2100 bands 2G/3G

HSPA+

UMTS/HSPA

UMTS/HSPA

HSPA Launched HSPA+

in 2012; marketed

as 3.75G

46%

23%

14%

12% 7%

MTN Vodafone Tigo Airtel Other


Spent $96M on network in

2014; has 2.3k 2G sites and

1.2k 3G+ sites by YE 2014

Spending $20M in

2014 on network

Multi-million dollar

network investment

promised in 2014

$62M network

investment

promised in 2014

15 March 10, 2015

2016 2012 2013 2014 2015 2017

8% 9%

10% 12%

14%

17% 17%

21%

2007 2008 2009 2010 2011 2012 2013 3Q14


India



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 927M 25%

Wireless

Penetration 73% 23%

Average

Monthly Voice

MOU 365 -3%

ARPU $3 -16%

Key Catalysts

• 1800 MHz and 2100 MHz spectrum

auctions set for March 2015

• Fastest-growing smartphone market

in Asia-Pacific region

• Airtel, Nokia expected to use FDD-LTE

technology using 1800 MHz band to roll

out LTE in 2015

• Reliance Jio Infocomm expected to

launch 4G in 2015 in all states using

1800 and 2300 MHz bands



Snapshot


AMT

Customer?

Sub Mkt.

Share

Spectrum

Holdings

Current

Technology

Bharti, Singtel,

Vodafone

23%

Avg. 7 MHz in 900 (22 circles)

5 MHz in 1900 (13 circles)


20 MHz in 2.3 GHz (4 circles)

3G/4G

Vodafone

19% Avg. 8 MHz in 900 (3 circles)


Avg ~4 MHz in 1800 (11 circles) 2G/3G

Aditya Birla Group

15% Avg. 6MHz in 900 (18 circles)

5 MHz in 1900 (11 Circles)

Avg. 5 MHz in 1800 (19 circles) 2G/3G

Reliance

Communications

12% 5 MHz in 800

1 MHz in 1800

5 MHz in 1900 (13 circles) 2G/3G

HSPA+ LTE

First 4G

compatible

phones in

Feb-14

HSPA+ LTE

HSPA+ LTE Launching 4G in

2015: 5k towns/cities

and 215k villages

Hadn’t announced specific

4G launch date as of Dec-14;

focus remains on 3G

HSPA LTE Have not announced specific

4G rollout date as of Oct-14;

Trialed using 1800 MHz band

Announced plan

to launch 4G in

11 addt’l states

in Jan-15

16 March 10, 2015

2016 2012 2013 2014 2015 2017

7% 9%

11% 13% 13%

18%

21%

26%

2007 2008 2009 2010 2011 2012 2013 3Q14

(1) Entel also owns the MNO Americatel Peru


Peru



Indicator As of

3Q14

2007 –

3Q14 CAGR

Wireless

Subscribers 30M 13%

Wireless

Penetration 96% 11%

Average

Monthly Voice

MOU 146 10%

ARPU $9 -3%

Key Catalysts

• All three major carriers launched LTE

coverage in 2014

• Auctions in 700 MHz band expected in

2015

• Operators expanding coverage in

sparsely populated areas driving tower

demand

• New market entrants such as Viettel

expected to stimulate demand for

towers



Snapshot


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

Telefónica

54%

25 MHz in 850

30 MHz in 1900

20 MHz in 2.6 GHz

40 MHz in AWS

2G/3G

América Móvil

41% 60 MHz in 1900

20 MHz in 2.6 GHz 2G/3G

Entel 5%

25 MHz in 850

30 MHz in 1900

20 MHz in 2.6 GHz

40 MHz in AWS

2G/3G

Viettel

New

Entrant 58 MHz in 900

25 MHz in 1900 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

Expected to invest

$400M in 4G network

by 2019

(1)

5 cities/300k

subs by 2015

17 March 10, 2015

2016 2012 2013 2014 2015 2017

(1) Based on MTN data. (2) Acquired Warid in Apr-13, currently ‘Airtel-Warid’ ; (3) Orange Uganda was sold to Africell in May-14, pending regulatory approval

Sources: American Tower research & analysis, Altman Vilandrie & Co. research & analysis, BuddeCom, MTN 3Q14 Earnings Report

Uganda



Indicator As of

2Q14

2007 –

2Q14 CAGR

Wireless

Subscribers 20M 26%

Wireless

Penetration 54% 22%

Data as % of

Revenue 24% 7%

Yearly ARPU $3 -17%

Key Catalysts

• New market entrant Vodafone launched

4G LTE network in Feb. ’15 in 2 cities

using 2.6 GHz band

• Low wireless penetration presents

opportunities for significant growth

• Rural coverage improvement initiatives

underway


Snapshot


AMT

Customer?

Subscriber

Market Share

Spectrum

Holdings

Current

Technology

MTN Group

49% 30MHz in 2.3/2.5/3.5 GHz

Up to 14MHz in

900/1800MHz 3G/4G

Bharti / Warid

33% Up to 14MHz in

900/1800MHz 2G/3G

Orange / Africell 3%

2.1 GHz

800 Mhz 3G/4G

UCOM

14% 30MHz in 2.3/2.5/3.5 GHz

Up to 14MHz

in900/1800MHz 2G/3G

HSPA+

UMTS/HSDA Capacity expansions in major

cities but HSPA+/LTE plans

unknown


49%

33%

3% 14%

MTN Airtel Africell Uganda Telecom

LTE

Launched

LTE in

Kampala in

Apr-13

HSPA+ HSPA+ marketed as

3.75G under

expansion (2)

(3)

$70M investment to

upgrade

infrastructure

HSPA Launched

LTE in

Aug-13 LTE

Goal to cover all

major towns in

country in next year

GSM/HSPA

(1)

(1)

18 March 10, 2015

Appendix: Spectrum Auction

Summary and Definitions

19 March 10, 2015

Completed Major Auctions: 2012-2014 Expected: 2015-2016

Year Bands Auctioned Winners Technology Build-out Requirements(1)

Germany no major auctions

2015 auctions will re-auction 900 & 1800 MHz

bands (expiring 2016) as well auction 2 new

bands (2x30MHz in 700 MHz, 40Mz in

1400MHz)

Mexico no major auctions 2015 mobile auctions for 60MHz in 1.7-2.1GHz

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) Potential auction of 1.8 GHz band and re-

auction of 700 MHz

2014 700MHZ Claro, TIM, Vivo, Algar 4G Responsible for clearing 700 MHz of

legacy interference

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

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 expected in 900, 1900 MHz bands

Peru 2013 AWS Movistar, Nextel (Entel) 4G $400mn of investment required in the

first 10 years for each block of

spectrum

Auctions expected in 700 MHz band

India

2012 800, 1800MHz Vodafone, Airtel, Uninor,

Idea, Videocon 2G N/A

Potential auctions in 700, 800, 900, 1800, 2100

MHz 2014 900, 1800 MHz Vodafone, Airtel, Idea,

Uninor, RCOM, Aircel, Jio 2G N/A

2013 800, 900, 1800 MHz MTS India 2G 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 no major auctions

(last assignment in 2008) no known plans

Costa Rica Only auction in 2010 Auctions expected in 1800, 1900/2100 MHz

bands

Spectrum Auction Summary

Highlighted Carriers

are new or recent

entrants

(1)N/A indicates no major build-out requirements or no data available

Sources: Regulatory authorities, Press releases, AV&Co. Research & Analysis

20 March 10, 2015

Definitions and Data Sources

Definitions

Data Sources

- Global Wireless Matrix 4Q14

- 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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