american towers 101 - 4q10

8/10/2019 American Towers 101 - 4Q10

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Introduction to the

Tower Industry & American Tower


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Forward Looking Statements

SAFE HARBOR STATEMENT UNDER THEPRIVATE 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 maydiffer materially from those indicated by these forward-looking statements as aresult of various important factors, including those described in Item 1A of our SECForm 10-K for the year ended December 31, 2010 under the caption Risk Factorsand other filings we make with the SEC. We undertake no obligation to updatethe information contained in this presentation to reflect subsequently occurring

events or circumstances. Definitions are provided at the end of the presentation andreconciliations to GAAP measures are available on our website atwww.americantower.com.

Disclaimer

Introduction to the Tower Industry & American Tower | Disclaimer


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1 The Tower Asset 1

Wireless Tower Basics 2

Types of Towers 3

Typical Tower Components 4

Sample Ownership Distribution 6

2 The Business Model 7

Recurring Long-Term Revenue Stream 8

Fixed-Cost, Long-Term Ground Interests 9

Low Ongoing Capital Requirements 10

Accommodating Additional Tenants 11

Sample Tower Leasing Scenarios 12

Sample Tower Economics U.S. 13

Tower Economics International 14

Business Model Summary 15

3 Industry & Technology Overview 16

What is a Cell Site? 17

Spectrum Tutorial 18

Spectrum Related to Network Structure 19

Narrowing Cell Radius 20

Growing Tower Demand 21

Carrier Preference for Tower Sites 22

4 Drivers of Demand 23

Highlights 24

Carrier Lease-Build Decision 25

Tower Economics 26

U.S. Wireless Industry Trends 27

U.S. Carrier Operating Performance 28

Market Diversification Fuels Ongoing Demand 29

Demand Driver: U.S. Smartphone & Connected Device Growth 30

4G Technology Migration 31

5 American Tower Overview 32

Who is American Tower? 33Long-Term Strategy 34

Customer Base 35

Revenue Overview 36

Consistent Revenue Growth 37

Capital Expense Profile 38

Commitment to Secure Real Estate U.S. 39

Consistent Adjusted EBITDA Growth 40

Cash Flow Based Returns 41

International Expansion 42

Growing Asset Base 43

Global Investment Opportunities 44

Global Expansion Considerations 45

Balance Sheet Prudence 46

The American Tower Difference 47

Executive Team 48

Summary 49

A Appendix 50

Straight-Line Revenue & Expense Example 51

Definitions 52American Tower Contacts 53

Introduction to the Tower Industry & American Tower | Contents


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1 The Tower Asset

2 The Business Model

3 Industry & Technology Overview

4

Drivers of Demand5 American Tower Overview

1Introduction to the Tower Industry & American Tower | The Tower Asset


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What is a tower?

A vertical structure built on a small parcel of land, designed to accommodatemultiple wireless tenants

Our tenants utilize many different technologies, including: telephony, mobiledata, broadcast television and radio, and paging

Wireless tenants lease vertical space on the tower and portions of the landunderneath for their equipment

What is found at the tower site?

Tower company typically owns or leases under a long term contract:

Tower structure

Ground interest (fee simple or lease)

Wireless tenant typically owns and operates:

Equipment, including the antenna array, antenna, coaxial cablesand base stations

Equipment shelters

Wireless Tower Basics



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Monopole

100 200 feet Typical use: telephony

Lattice

200 400 feet Also called self-support

Typical use: telephony

Guyed

200 2,000 feet Typical use: television and

radio broadcasting, paging andtelephony

Stealth

Range in size Generally used to maintain

aesthetic quality of area wheretower is built

Particularly useful in areas withstrict zoning regulations

Types of Towers



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1. WHIP ANTENNA

A stiff, monopole antenna, usually mounted vertically.2. ANTENNA ARRAY

A platform (typically three sided) where tenants placeequipment to provide signal transmission and reception toa specific area. The number of antennas necessary per arrayis determined based on a number of factors including:

the number of active subscribers;

the volume and type of network usage by subscribers

(e.g.: average minutes of use, voice versus data); the technology being used (e.g.: CDMA, GSM, LTE,

WiMAX);

the type of spectrum currently utilized by the tenant.

3. PORT HOLES

Holes cut into the base and top of tower to allowcables and wiring to pass through the towerstructure, from the base station to the antennas.

4. PANEL/ANTENNA

Customer equipment which transmits a signal fromthe tower to a mobile device, or vice versa.

5. MICROWAVE DISH

A specific type of antenna, which is used in point-to-point radio, television and data communications. Alsocommonly used by wireless carriers for backhaul.

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Typical Tower Components



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6. COAXIAL CABLING

Transmission lines which carry the signal received fromthe antenna to the base-station, or vice versa.

7. REINFORCEMENT BARS

Threaded anchors which are used to reinforce tower sites toadd additional capacity to accommodate further tenants.

8. SHELTERS

Buildings at cell sites used by our tenants to house communications,radio and network equipment. Some shelters are designed to be stacked

on top of one another to conserve space at smaller tower sites.9. GENERATOR

Gas or diesel powered generators provide emergency backuppower to keep cell sites operational during power outages.

10. GROUND SPACE

The area within a tower site where carriers lease space fromthe tower company to place their shelters and generators.

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Typical Tower Components (CONTINUED)



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Owned by Tenants

Antenna equipment, including microwave equipment

Tenant shelters containing base-station equipment and HVAC, which tenantsown, operate and maintain

Coaxial cable

Owned by American Tower Tower structure owned by American Tower tower sites are generally

constructed with the capacity for ~4-5 tenants

Land parcel owned or operated pursuant to a long-term lease by American Tower

AMT

AMT

AMT

TEN

TEN

TEN

TEN

TEN

TEN

TEN

Sample Ownership Distribution



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1 The Tower Asset



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7Introduction to the Tower Industry & American Tower |The Business Model


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Rental charges are typically based on location, leased vertical space on the

tower, weight placed on tower from equipment and coax lines and

square footage leased on the ground.

Revenues (1)

SOURCES

Multiple tenants lease vertical space on the tower and portions of the ground fortheir wireless communications equipment

LONG-TERM CUSTOMER LEASES

Contracts are typically non-cancellable

Typical contract terms include an initial term of 5 to 10 years with multiple

5-year renewal periods

Annual lease escalators in the U.S. of approximately 3.5%

Escalations in international operations are typically based on local inflation rates

Historically low annual churn of less than 2%

Global Tenant Lease Renewal Schedule (1)

% OF TOTAL LEASES DUE FOR RENEWAL WITHIN 5 YEAR PERIOD

(1) Characteristics as of the year ended December 31, 2010.

5%7%

9%8%

13%

2011 2012 2013 2014 2015

Recurring Long-Term Revenue Stream



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Direct Cost of Operations (1)

SOURCES

Ground rent

Monitoring

Insurance

Real estate taxes

Utilities

Site maintenance

LAND LEASE ATTRIBUTES

Long term: average remaining ground lease term is approximately22 years until final maturity in the U.S.

Annual lease escalators in the U.S. of approximately 3%; and international aretypically based on local inflation rates

Selectively purchasing land interests where return hurdles are met

PASS THROUGH

Our international markets typically pass through a portion of their operatingexpenses to the tenant (e.g.: ground rent, fuel)

FIXED COST STRUCTURE OF TOWERS

Accommodating additional tenants requires minimaladditional operating costs


Fixed-Cost, Long-Term Ground Interests



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Capital Expenditures (1)

MINIMAL MAINTENANCE CAPEX REQUIREMENTS

Examples include: lighting system and fence repair, ground upkeep

U.S. historical average: approximately $1,500 per year, per site

International historical average: approximately $500 per year, per site

2010 spending of approximately $31 million (2)

AUGMENTATION CAPEX

Capital spending to increase capacity of tower site, including height extension,foundation strengthening, extension of ground space, etc.


2011 augmentation capex expected to be approximately $55 million (2)

Investment payback period is typically one to two years

Cost typically shared with tenant

CORPORATE CAPEX

Capital spending, primarily on IT infrastructure



(2) As reported on our Form 8-K, filed on February 23, 2011.

Low Ongoing Capital Requirements



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Augmentation Capex Examples

1. HEIGHT EXTENSION

Allows for more equipment and more wireless tenants

2. MULTIPLE ANTENNA MOUNTING SCENARIOS

Options include whips, panels, microwaves and various combinationsdetermined by internal RF engineering

3. PORT HOLE ADDITIONS

Additional entry and exit port designs accommodate additional coaxial cables

4. TOWER REINFORCEMENTS

Adds structural strength to accommodate additional tenants

5. STRENGTHENED FOUNDATION

Increases load capacity of the tower

6. SHARED GENERATOR

Provided by American Tower, maximizes compound space

7. STACKED SHELTERS

Shelter stacked atop an existing shelter using a steel platform

8. EXTENDED GROUND SPACE

Where space allows, expanded to accommodate more equipment

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Accommodating Additional Tenants



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One Tenant Two Tenants Three Tenants

Adding additional tenants, equipment and upgradesyields additional revenue, while costs stay relatively flat.

Sample Tower Leasing Scenarios



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One Tenant Two Tenants Three Tenants

Construction/Upgrade Costs($ in USD)

$225,000

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

Operating Expenses(incl. ground rent, utility, monitor)

$12,000 $13,000 $14,000

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

Gross Margin (%) 40% 68% 77%

Gross Margin Conversion Rate 95% 95%

Return on Investment (2) 4% 12% 20%

(1 ) For i ll us tra tiv e purposes onl y. D oes not reflect any A merican Tower financ ia l dat a. ( 2) Cal cu la ted a s G ro ss M arg in d iv ided by Constr uc ti on /U pg rade Cos ts .

Sample Tower Economics U.S. (1)



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Latin America

Construction cost: approximately $125-$175k per tower

Pass through land rent to our customers

Low additional operating expenses, beyond land rent

Escalators based on local inflation

Contracts denominated in local currency

India

Construction cost: approximately $40-$60k per tower

Low land rent costs

Pass through fuel costs to our customers (associated with back-up generators)

Additional operating expense for security

Contracts denominated in local currency

International build-to-suit and acquisition target returns: mid to high teen IRRs

Tower Economics International



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Several factors contribute to the

success of the tower business model Secure assets

Strong recurring cash flow characteristics

Long-term revenue

Strong contracted revenue backlog

Embedded contractual escalators

High incremental cash flow margins

Low maintenance capex

Financially strong customer base

Economics of scale

Replicate systems and processes to new markets

Ability to add additional assets to existing markets without a need forsignificant increase in overhead

Barriers to entry

Location-based business, often with zoning restrictions

High cost to build meaningful scale

Consistent demand

$20-25 billion in annual capex plans from U.S. service providers (1)

Demand from new technology overlays (e.g.: LTE)

International demand driven by

Continued deployment of voice and introductory data networks

Spectrum auctions and new market entrants

Demand from new technology overlays (e.g.: 3G and WiMAX)

(1) Source: Wall Street Research.

Business Model Summary



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1 The Tower Asset



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16Introduction to the Tower Industry & American Tower | Industry & Technology Overview


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A cell site can be located on a tower site or alternative structures, such as: rooftops, water towers, church steeples, etc.

One single tower site can support multiple carriers cell sites through collocation

A cell site is an area within a carriers wireless network, which is serviced by an antenna array.

Cell Site

n Antenna location

n Geographic area covered by antenna array

Cell Site Network

A carriers coverage area is dependent upon the capacity of its equipmentand the frequency of the signal being transmitted.

What is a Cell Site?



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Lower frequency spectrum + Higher power = Broader signal propagation

(1) For illustrative purposes only and does not reflect American Tower data.

700 MHZ

2.5 GHZ

POWER

High

Low

Spectrum Tutorial (1)



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As data usage increases, it places greater demands on cell site networks. As a result,networks become overburdened and carriers must split cell sites to meet subscriber demand.

Network Structure For Voice Deficiencies in Existing NetworkStructure as a Result of Data Usage

NETWORK NEEDS CELL-SPLITTING

TRENDS

Smartphonepenetration doubles

Bandwidth ofapplications increases

Spectrum Related to Network Structure

19Introduction to the Tower Industry & American Tower | Industry & Technology Overview 19Introduction to the Tower Industry & American Tower | Industry & Technology Overview


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Signal Strength Curve

As the market migrates toward 4G, the increasing demand for advanced applicationsand higher quality of service result in a narrower range at which signals can betransmitted. As a result, carriers will need to invest in denser networks.

PROLIFERATIONOFADVANC

EDWIRELESSHANDSETS

ACCEPTABLESIGNALINTERFERENCE

Cell Radius 3

Cell Radius 2

Cell Radius 1

DISTANCEMORE

LESS

Narrowing Cell Radius



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NETWORK DESIGNED FOR

INITIAL VOICE AND 3G SERVICES

Quality of voice services on the rise

Smartphones introduced to the market

AS DATA USAGE RISES, THE

EXISTING NETWORK STRUCTUREPROVES DEFICIENT FOR DATASIGNAL PROPAGATION

Smartphone penetration on the rise

New smartphone handsets introduced

BUILDING NEW CELL SITES IS

THEREFORE REQUIRED TO CREATEADEQUATE COVERAGE FORSEAMLESS DATA USAGE

Carriers consistently invest in networksto meet growing demand

The result: growing demand for towers to meet the requirements of increased data usage

Original Cell Site New Cell Site

Growing Tower Demand

21Introduction to the Tower Industry & American Tower | Industry & Technology Overview 21Introduction to the Tower Industry & American Tower | Industry & Technology Overview


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Technology Capability

Population Coverage Area Wide Narrow

Satellite Tower Site DAS Network Wifi Femtocell

Mobility

Uses Licensed Spectrum

Low Latency

Tower sites continue to be our customers number one preference, as they providethe most technologically efficient and cost-effective option.

Carrier Preference for Tower Sites



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1 The Tower Asset



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23Introduction to the Tower Industry & American Tower | Drivers of Demand


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Affordability of the leasing model

More cost-effective for carriers to lease rather than build their own towers

Time-to-market advantages

Increasing demands on networks from existing data users

Increasing penetration of data devices

Highlights



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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 Example

PRESENT VALUE OF CARRIER NETWORK BUILD-OUT ALTERNATIVES

Term Carrier Build Tower Lease Savings

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

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

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

20 years $394,433 $253,293 $141,140

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

(1) For illustrative purposes only and does not reflect American Tower financial data.

Carrier Lease-Build Decision (1)



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U.S. Connections Per Cell Site (2) (3) Carrier Cell Site Economics

(1) For illustrative purposes only and does not reflect American Tower financial data.

(2) Source: CTIA Semi-Annual Wireless Industry Survey.

(3) Connections is defined as any device whose signal is sent and received over a wireless network. It includes phones,

smartphones, wireless data cards, laptop wireless modem cards, etc. Any one subscriber may have multiple connections.

Minor cost of leasing for carrier + Cost and engineering complexity of moving a cell site =Continued tower demand and low annual churn

1,0501,007 1,010 974

1,037

1,1321,191 1,197

1,1161,156

0

200

400

600

800

1000

1200

1400

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

U.S. LEASE COST PER TOWER

CARRIER REVENUE PER CELL SITE

$1,800 per month (1)

$55,673 per month2009 Average monthly wireless bill: $48.16 (2)

X 2009 Average connections per cell site: 1,156 (2) =

Tower Economics (1)



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Spectrum auctions + Introduction of new handsets + Next generation network upgrades

= $20-25 billion of annual carrier capexStrong demand for future towers


U.S.CARRIERCAPEX

(1)

($INBILLIONS)

PCS Auctions1.9 GHz

AWS Auction1.7-2.1 GHz

700 MHzAuction

$0

$5

$10

$15

$20

$25

$30

2011E20102009200820072006200520042003200220012000

2G

3G 3.5G

4G

U.S. Wireless Industry Trends



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With wireless carrier service revenues and adjusted EBITDA expected to increase,

current levels of capital expenditures become more sustainable.


Service Revenue (in billions)

Adjusted EBITDA as % of Service Revenue

Capex as % of Service Revenue

U.S. Carrier Operating Performance (1)



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Domestic

Mature wireless market

Rising smartphone penetration,with data expected to make upapproximately 40% of servicerevenues by year end 2012 (1)

Carriers are focused aggressivelyon investment in data networks

International

BRAZIL CHILE COLOMBIA GHANA INDIA MEXICO PERU SOUTH AFRICA

Recent Spectrum Auctions

Brazil: NII Holdings a top winner

Chile: nationwide 3G network build outexpected over next few years

Colombia: expected future build out ofnew mobile broadband network

Mexico: Telefnica and NII Holdings weretop winners

India: spectrum will be utilized tocontinue the deployment of voice andinitial data networks

India

Rapidly growing wireless market, with subscriber growthexpected to be approximately 52% over the next two years(1)

Peru

Spectrum auction possible in 2011, which we expect wouldresult in investment in data networks

South Africa

Mature wireless market carriers focused on building outdata networks

Ghana

Growing wireless market carriers focused on improving thequality and coverage of voice networks

Increased data

adoption and use+

Spectrum

auctions+

Growing

subscriber bases=

Future growth in

tower demand


Market Diversification Fuels Ongoing Demand



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Smartphone & Connected Devices(1)Projections

SMARTPHONE USERS EXPECTED TO SURPASS 100M IN 2011

2010 Data Usage by Device

(MB/MONTH)

(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.

UNITS(INMILLIONS)

3.379

405

1708

Feature Phones Smartphones Tablets Laptops/Netbooks

Connected Devices

24X FEATURE PHONES

123X FEATURE PHONES

518X FEATURE PHONES

19

33

61

91

122

157

190

1317

43

80

138

202

2007 2008 2009 2010E 2011E 2012E 2013E

# of Smartphones # of Connected Devices

Demand Driver: U.S. Smartphone & Connected Device Growth



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4G subscriber migration and usage will drive future demand for cell site leasing.

Current

Initial network overlay

Antenna and base station investment

Limited deployment to introduce4G to users

2-5 Years

Overlay network and fill in coveragegaps based on usage trends

Urban investment first, suburbandeployment follows

5-10 Years

Full network migration

Deploy 4G across all cell sites

Fill in sites needed based onusage trends

4G Technology Migration



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1 The Tower Asset



4

Drivers of Demand

5 American Tower Overview

32Introduction to the Tower Industry & American Tower | American Tower Overview


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1995 2000 2005 2010

1999

American Towerenters Mexico

2000

American Tower

enters Brazil

2005

Merger in the U.S.with SpectraSite, Inc.

2007

American Tower

enters India

2010

American Towerenters Chile,Colombia, Ghana,Peru & South Africa

Continued U.S. and International market expansion through acquisition and new site construction

Global headquarters located in Boston, Massachusetts

Global portfolio includes over 35,000 owned sites

American Tower (NYSE: AMT) is a leading independent owner,

operator and developer of broadcast and wireless communications sites.

Who is American Tower?

Tower Count

U.S. International0

5,500

11,000

16,500

22,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



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American Tower remains focused on

driving return on invested capital.

Long-Term Strategy



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American Towers customer base includes the leading wireless carriersin the U.S. as well as those in our international markets.

Tower Revenue by Customer (1)

(1) Characteristics as of the year ended December 31, 2010. (2) Domestic Other consists of government agencies, microwave backhaul providers and other wireless applications.

Domestic Big 4

Domestic Voice & Data

Domestic Broadcasters

Domestic Other (2)

International

22%

3%

4%

12%

AT&T22%

Sprint15%

Verizon14%

T-Mobile8%

Customer Base



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Distribution & Revenue by Market(1)

COMMUNICATIONSITES BY MARKET

Domestic WirelessDomestic ServicesMexicoBrazilChile,Colombia, PeruIndia

TOTAL REVENUEBY MARKET

Domestic WirelessDomestic ServicesMexicoBrazilChile,Colombia, PeruIndia

Revenue Backlog(1)

($ BILLIONS)


Increasing diversificationinto international markets

Long-term contracts producesignificant revenue backlog

Non-cancellable revenuebacklog is equivalent toalmost 7x our annual rental &management segment revenue

$13.5

$1.9

Revenue Backlog as of 12/31/10 2010 Rental & Management Revenue

77%

2%

8%

5%


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Total Rental & Management Revenue

($ MILLIONS)

Strong core performance and growing international presencelead to continued growth in revenue.

$1,294

$1,936

2006 2007 2008 2009 2010

10.6%CAGR

Consistent Revenue Growth



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Capital is primarily allocated to discretionary projects in both the U.S. and our international markets

Recurring capex remains relatively low

Global Capital Expenditure Breakdown (1)

(1) Profiles as of the year ended December 31, 2010.

Recurring

Discretionary

56%24%

8%

9% 3%Capital Projects

Ground Lease Purchases

Redevelopment

Capital Improvements

Corporate

Capital Expense Profile



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U.S. Land Lease Characteristics(1)

Over 24% of the land under our U.S. towers is owned or operated under acapital lease

The remainder of our towers are on land subject to an operating lease

Highly fragmented landlords

Approximately 96% of landlords own only a single ground lease

Maximum ownership for one landlord is approximately2.0% of total ground leases

U.S. Ground Lease Renewal Schedule

(1)

U.S. Land Ownership by Vendor Type(1)

Individuals U.S. Government Aggregators Other (2)

(1) Characteristics as of the year ended December 31, 2010. (2) Other includes schools, colleges, universities, railway companies, etc.

Long-term leases + Successful renewal rates + Diversified land sources = Secure real estate

88%

7%4%

1%


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Adjusted EBITDA(1)

($ MILLIONS)

(1) Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

Strong core performance, maintaining industry leading margins.

2006 2007 2008 2009 2010

$868

$1,348

11.6%CAGR

Consistent Adjusted EBITDA Growth



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Recurring Free Cash Flow(2)

($ MILLIONS, EXCEPT PER SHARE AMOUNTS)

Return on Invested Capital(2)

$598

$919

(1) As outlined in our form 8-K filed on February 23, 2011.

(2) Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

(3) Last quarter Adjusted EBITDA less improvement and corporate capital expenditures annualized divided by gross property, plant and equipment, goodwill and intangible assets as of the year ended December 31, 2010.

Strong operational results and disciplined investments continue to support RFCF & ROIC growth.

200bpsincrease

15.4%CAGR,17.2%

pershareCAGR

2007 2008 2009 2010

RFCF/Share(2) $1.41 $2.27

2007 2008 2009 2010 4Q10 (3)

9.3%

11.3%

Cash Flow Based Returns(1)



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Recent Announcements

SOUTH AFRICA March 2011: the Company completed its purchase of 959 existing towers

through its local South African subsidiary from Cell C (Pty) Limited(Cell C) for an aggregate purchase price of approximately $150 million.

Pursuant to the agreement with Cell C, the Company expects to acquireapproximately 400 additional existing towers during 2011 for an aggregate purchaseprice of approximately $60 million, subject to customary closing conditions.

The Company may also acquire up to an additional 1,800 towers that are eithercurrently under construction or are expected to be constructed over the next oneto two years for an aggregate purchase price of up to approximately $230 million.

GHANA

December 2010: the Company entered into a definitive agreement withMTN Group Limited to establish a joint venture in Ghana, of which theCompany will own a 51% share through a wholly owned subsidiary.

Pursuant to the agreement, the joint venture expects to purchase a total of up to1,876 existing towers from MTN in various tranches throughout 2011 and early 2012.The Companys investment in the joint venture will be approximately $220 million.

The joint venture closed an initial tranche of 400 towers in early May.

The joint venture expects to close approximately 500 additional towers in the thirdquarter of 2011 and the remaining balance of approximately 976 towers in thefourth quarter of 2011 and early 2012, subject to customary closing conditions.

Over 37,000 Sites Worldwide(1)

UNITED STATES 21,241

INDIA 7,928

MEXICO 2,853

BRAZIL 2,351

COLOMBIA 1,124

PERU 475

CHILE 253

SOUTH AFRICA 959

(1) Current site count as of March 31, 2011.

International Expansion



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2011 Outlook(1)

CHILE (VTR)Completed acquisition of 140 sites from VTR in Q1 2011

SOUTH AFRICA (CELL C)

Expect to close on initial 960 sites for approximately $140 million by end of Q1 2011

2011 PF(2)

SOUTH AFRICA (CELL C)

Up to an additional 440 existing towers expected to close during 2011

GHANA (JOINT VENTURE WITH MTN)

Expect to close on initial tranche of towers in the first half of 2011

CHILE & COLOMBIA (TELEFNICA)

Up to approximately 350 remaining sites expected to close during 2011

BRAZIL

Expect to purchase approximately 565 sites during Q1 2011

Site Count

(IN THOUSANDS)

2009 2010 2011 Outlook (1) 2011 PF (2)

Domestic International

(1) Reflects midpoint of 2011 outlook for new site construction, the VTR acquisition and the initial tranche of Cell C towers, as outlined in our form 8-K filed on February 23, 2011.

(2) Includes towers in 2011 outlook and all announced acquisitions expected to close in 2011, as outlined in our form 8-K filed on February 23, 2011.

19.8 21.2 21.6 21.6

6.8

13.916.0

18.8

Growing Asset Base



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Wireless Market Penetration(1)

EMERGING ESTABLISHED MATURE

(1) Source: Wall Street Research .

Focused on identifying compelling tower asset investment opportunities globally

AMT operations Currently no AMT operations

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

Bangladesh

Nigeria

India

Pakistan

China

Indonesia

Canada

Ghana

Peru

Mexico

Egypt

Morocco

Colombia

Philippines

Turkey

Japan

US

SouthAfrica

Brazil

Thailand

France

Korea

Malaysia

Taiwan

Hungary

Ireland

Chile

Denmark

Poland

Spain

Ukraine

Australia

Argentina

UK

C

zechRepublic

Israel

Germany

HongKong

Singapore

Italy

Russia

Finland

Greece

Global Investment Opportunities



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Three Pillar Analysis Approach to New Market Expansion

COUNTRY

Political stability

Solid macro-economic fundamentals

Business environment

Property rights

Regulatory environment

WIRELESS MARKET

Competitive wireless market

3+ wireless carriers

Stage of wireless maturity

Voice penetration

Data network deployments

OPPORTUNITY/COUNTERPARTY

Build-to-suit, merger, acquisition or joint venture

Evaluate options based on their economicbenefits as well as structure

Future potential investment/expansionwithin region

Global Expansion Considerations



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(1) Excludes approximately $46.3 million of other debt, which is comprised primarily of capital leases, and $72.9 million of

international subsidiary debt.

(2) Definitions are provided at the end of this presentation.

12.31.10 Pro Forma(1)

($ MILLIONS)

APPROXIMATELY $1.8 BILLIONOF TOTAL LIQUIDITY(1)

Net Leverage Ratio(2) Interest Expense

($ MILLIONS)

Interest Coverage Ratio(2)

$625

$1,750

$600 $500

$1,000

$300

$700

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Bank Debt Securitization Senior Notes

$236

$254 $250 $246

2007 2008 2009 2010

4.2x4.3x

4.7x

5.5x

2007 2008 2009 2010

3.8x

4.3x

3.4x 3.5x

2007 2008 2009 2010

Balance Sheet Prudence



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Our Vision

To be the premier infrastructure provider in the eyes of our employees, customersand communities, enabling the deployment of advanced services that make wirelesscommunication possible everywhere.

Our Mission

Create a customer-focused team environment where employeesare respected and innovation is a state of mind.

Deliver the highest level of customer service whileproviding safe, compliant and quality tower sites.

Exceed yearly performance goals to create enduring success.

Pursue meaningful opportunities to grow and strengthen the company.

Diversity Statement

We firmly believe that what makes us different, also makes us stronger. Diversity atAmerican Tower is not just a statement or a program. Our philosophy of inclusion influenceshow we relate to each other, how we manage our company and how we serve ourcustomers. Above all, its about respect and what each employee brings to American Tower.

Each of us is unique. Our employees represent a diverse team of industry veterans,seasoned professionals and new team members with fresh ideas and differentperspectives. Starting at the top and working down through every level of the organization,we all work to ensure our workplace is free from discrimination and intolerance.

At American Tower, we celebrate the diverse talent and skills of these team members,provide equal access to growth and advancement and treat each other with respect.

Our Core Principles

UNDERSTAND OUR CUSTOMERS NEEDS AND SATISFY THEM Work as a team to build lasting customer relationships by understanding

their requirements and exceeding their expectations.

HIRE GOOD PEOPLE AND EMPOWER THEM

Place the right people in the right positions, develop their talent andskills and provide opportunities for them to influence outcomes.

FOCUS ON SOLUTIONS, NOT PROBLEMS

Begin with the end in mind and involve the right people.Stay positive and work together for desired results.

DO WHAT WE SAY WERE GOING TO DO

Set realistic expectations. Communicate clearly.Be accountable for your actions.

HAVE FUN

Recognize our success, celebrate together andcontribute to a positive work environment.

PLAY TO WIN Put integrity first. Be competitive. Work together

as a team to exceed expectations.

The American Tower Difference



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JAMES TAICLET

Chief Executive Officer

TOM BARTLETT

Chief Financial Officer

ED DISANTO

Executive Vice President,Chief Administrative Officer andGeneral Counsel

HAL HESS

Executive Vice President,International Operations andPresident, Latin America and EMEA

STEVEN MARSHALL

Executive Vice Presidentand President, U.S. Tower Division

AMIT SHARMA

Executive Vice Presidentand President, Asia

Executive Team



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Resilient business model, even in uncertain economic environments

Wireless industry continues to invest in substantial network development High visibility to drivers of revenue and profitability for 2011 and beyond

Significant capacity to invest to fuel strong future growth

Continued benefit from the strength of its free cash flow generation and solid balance sheet

Summary



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A Appendix



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Straight-Line Revenue

ASSUMPTIONS:Monthly lease rate: $1,800Annual escalator: 3.5%Initial term: 10 yearsRenewal terms: 3, 5 year

Straight-Line Expense

ASSUMPTIONS:Monthly ground rent expense: $750Annual escalator: 3%Initial term: 10 yearsRenewal terms: 4, 5 year

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

REVENUE IS STRAIGHT-LINED OVERTHE INITIAL AND CURRENT TERM

EXPENSE IS STRAIGHT-LINEDOVER THE FULL TERM

Variance represents non-cash revenue.

1 25

Cash GAAP

1 30

Cash GAAP

Straight-Line Revenue & Expense Example (1)



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ADJUSTED EBITDA

Operating income before depreciation, amortization and accretion, other

operating expenses, and stock-based compensation expense, plus interestincome, TV Azteca, net.

FREE CASH FLOW

Cash provided by operating activities less payments for purchase of property andequipment and construction activities.

INTEREST COVERAGE RATIO Adjusted EBITDA divided by interest expense.

NET DEBT

Total long-term obligations, including current portion, less cash and cashequivalents.

NET LEVERAGE Net Debt divided by annual Adjusted EBITDA.

RECURRING FREE CASH FLOW

Adjusted EBITDA before straight-line revenue and expense, plus interest income,

less interest expense, cash paid for income taxes and cash payments related toredevelopment, capital improvement and corporate capital expenditures.

RECURRING FREE CASH FLOW PER SHARE

Recurring Free Cash Flow divided by the diluted weighted average commonshares outstanding.

RETURN ON INVESTED CAPITAL Adjusted EBITDA less improvement and corporate capital spending divided by

gross PPE, goodwill and intangible assets.

Definitions



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American Tower Contacts

CORPORATE HEADQUARTERS116 Huntington Avenue

Boston, MA 02116

Phone: 617-375-7500

Fax: 617-375-7575

INVESTOR RELATIONS CONTACT

Leah C. Stearns

Director, Investor Relations

E-mail: [email protected]

Transfer Agent

THE BANK OF NEW YORK MELLON

Shareholder Relations Department - 12E

P.O. Box 11258Church Street Station

New York, NY 10286

Phone: (866) 201-5087

General inquiries: Stephen Jones

American Tower Contacts

american towers 101 - 4q10

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