American Tower Corporation:Financial and Operational Update July 2016

Investment Highlights

Solid Business Model FundamentalsLong-term revenue stream • Secure real estate assets • Strong customer base

Global Demand Drivers and Positioning for GrowthSecular growth trends in wireless • New high growth assets

First Quarter 2016 Results and Updated Full Year 2016 ExpectationsSolid growth driven by strong customer network investments

Historical Financial PerformanceConsistent cash flow based returns • Solid balance sheet

2

Portfolio Summary(1)

Domestic towers International towers Distributed Antenna Systems (DAS)

Asset count 40,000+ 102,000+ 700+

Types of locations served

Mainly suburban and rurallocations.

Mix of urban, suburban and rural locations, typically clustered around key population centers.

Domestic and international indoorand outdoor venues with clear multi-tenant opportunities.

3

(1) Includes impact of Viom transaction which closed on April 21, 2016.

1Q 2016 Results($ in millions)

4

› Revenue growth driven by strong organic trends across our global base as well as contributions from recent Verizon, Airtel Nigeria and TIM Brazil transactions

› Gross Margin percentage excluding pass-through of over 80%

› AFFO Core growth of nearly 25%

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

$514$602

1Q15 1Q16

AFFO

$724$833

1Q15 1Q16

Adjusted EBITDA

$1,062

$1,268

1Q15 1Q16

Property Revenue

15.1% Reported Growth 23.5% Core Growth

17.3% Reported Growth24.7% Core Growth

12.8% Per Share Growth

$1.25/share $1.41/share67.1% Margin 64.6% Margin

19.3% Reported Growth25.0% Core Growth

8.7% Organic Core Growth

$3,480$3,500 $3,505

~($20)

~$10 ~$30 ~$5

PriorOutlook

ViomClosingDelay

ExistingPropertyBusiness

FX Other 2016

$5,610 $5,650~($40)

~$50 ~$30

PriorOutlook

Viom ClosingDelay

FX Other CurrentOutlook

(1) Prior outlook reflects initial 2016 outlook midpoints, as reported in the Company’s 8-K, dated February 26, 2016. Current outlook reflects 2016 outlook midpoints, as reported in the Company’s 8-K, dated April 29, 2016.(2) Excludes estimated impact from foreign exchange fluctuations and straight-line. (3) Includes estimated impact from straight-line and legacy pass-through revenue.(4) Includes estimated straight-line impact and services impact.Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.

5

Property Revenue

Reported and Core Growth of ~21%

Increasing 2016 Outlook - Revenue & Adjusted EBITDA(1)

($ in millions)

Adjusted EBITDA

Reported growth of over 14% Core Growth of over 20%

Raising Outlook for Both Property Revenue and Adjusted EBITDA by Nearly 1%Raising Outlook for Both Property Revenue and Adjusted EBITDA by Nearly 1%

(2) (2)(2)(3) (4)

$2,405 $ 2,425 ~($20)~$10 ~$5 ~$25

Viom Closing Delay

Prior Outlook

Other AFFO Components FX Impact Current Outlook

Reported Growth of ~13% and Core Growth of over 17%

Increasing 2016 Outlook - AFFO(1)($ in millions)

(1) Prior outlook reflects initial 2016 outlook midpoints, as reported in the Company’s 8-K, dated February 26, 2016. Current outlook reflects 2016 outlook midpoints, as reported in the Company’s 8-K, dated April 29, 2016.

(2) Includes impact from changes in FX neutral cash EBITDA. Excludes estimated straight-line impact, foreign exchange fluctuations, cash interest expense, cash taxes and capital improvement expenditures.

(3) Represents primarily interest expense and cash taxes. Excludes impact of foreign exchange fluctuations.(4) Assumes share count of approximately 429 million shares.

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

6

Expect 2016 AFFO per Share of ~$5.65 at midpoint, or a 0.8% increase from prior outlook(4)Expect 2016 AFFO per Share of ~$5.65 at midpoint, or a 0.8% increase from prior outlook(4)

AFFO Growth Components

ExistingProperty Business

(2) (2) (3)

2016 Capital Allocation Priorities(1)

($ in millions)

› REIT distribution expected to grow by over 20%(2)

› Capital expenditure plan of $700-800 million

› 83% discretionary

› 2,500-3,000 new build towers worldwide, including ~100 in the U.S.

› Focused on maintaining investment grade credit rating while funding continued growth

› Expect to be at 5x net leverage by year end 2016

Capital Allocation Distributions CapexTarget

Leverage Range

Opportunistic Acquisitions

Corporate & Capital

Improvement$125

Redevelopment$200

Start-up Capital Projects

$100

Ground Lease Purchases

$140

Discretionary Capital Projects

$185

2016E Capital Expenditures

Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.7

(1) Reflects midpoint of 2016 outlook, as reported in the Company’s 8-K, dated April 29, 2016.(2) Subject to the discretion and determination of the Company’s Board of Directors.

Cash Flow Based Historical Returns

8

$642m

$2,425m

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Adjusted Funds From Operations

9.0%10.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q16A

Return on Invested Capital

(1) 2007 cash tax in AFFO and ROIC calculations has been adjusted to exclude a cash tax refund received in 2007 related to the carry back of certainfederal net operating losses.

(2) Reflects Midpoint of 2016 Outlook, as reported on the Company’s Form 8-K, dated April 29, 2016. Assumes 2016 weighted average share count of ~429m.(3) 2013 has been adjusted to reflect a full year contribution from the GTP assets. 2015 Reflects Q4 2015 annualized numbers to account for full year impact of

Verizon Transaction(4) Reflects 1Q 2016 annualized results.

(1)

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

(1)

Diverse, high quality global portfolio continues to drive AFFO growth and strong ROIC

(3)(2) (3) (4)

Solid Balance Sheet Position

› Expect to be at or below 5x net leverage by year-end 2016

› Liquidity of $~2.9 billion as of 3/31/16

› Weighted average debt tenor of over 5 years

› Weighted average cost of debt of under 3.5%

› Committed to maintaining investment grade credit rating

(1) Excludes approximately $495 million of subsidiary and international debt.

Definitions are provided at the end of this presentation and reconciliations to GAAP measures can be found at www.americantower.com.9

$1,000 $1,300 $1,450 $1,900$700 $1,000 $1,000 $750 $500

$161

$500$173 $479 $1,300

$525

$3,824$2,718

$176

2016 2017 2,018 2019 2020 2021 2022 2023 2024 2025 2026

March 31, 2016(1)

$ in millions

Senior Notes U.S. Secured Debt Drawn Bank Debt Revolving Credit Facility Availability

5.5x5.0x 5.1x 5.4x 5.3x 5.2x 5.4x 5.2x 5.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Net Leverage Ratio (LQA)

Tenant Base Characteristics(1)

› Pricing is primarily based on amount and positioning of equipment placed on the tower

› Leases are typically non-cancellable

› Leases typically include an initial term of 5 to 10 years with multiple 5-year renewal periods

› Annual embedded lease escalators:

› U.S.: approximately 3%

› International: typically based on local inflation indices

10

(1) Data as of the quarter ended March 31, 2016.(2) Other Domestic primarily includes: other voice and data customers, broadcast companies including radio and television customers; government agencies;

and other non-national customers.

(2)(2)(2)

AT&T(US)18%

Verizon17%

Sprint12%T-Mobile

9%Other

Domestic8%

International Tenant

Revenue23%

International Pass-

through Revenue

10%

Q1 2016 Tower Revenue Distribution

(2)

5% 4% 7% 6%

79%

2016 2017 2018 2019 2020+

Global Tenant Lease Renewal Schedule

Commitment to a Secure Real Estate Portfolio(1)

Property interest overview:› Annual escalators: approximately 3% in the U.S. and typically based on local inflation rates internationally

› In the United States:

› Nearly 27% of land is owned or operated pursuant to a capital lease or perpetual easement

› Average remaining term of approximately 24 years for properties under lease

› Average lease term extensions are approximately 30 years

› Landlord base characteristics:

› Our landlord base is highly fragmented

› Over 90% of our ground leases are held by landlords who own a single site

Global ground lease expiration schedule:

11

(1) Data as of the quarter ended March 31, 2016.

4% 3% 3% 4%

86%

2016 2017 2018 2019 2020+

U.S.

Mexico

Brazil

Colombia

Chile

Peru

Costa Rica

India

South Africa

Ghana

Uganda

Nigeria

Germany

Focused on Partnering with Multinational Wireless Carriers(1)

12

(1) Data as of the quarter ended March 31, 2016.

› Over 85% of our revenues are generated from our top 15 tenants

› Most of our $30 billion of non-cancellable, contracted revenue as of March 31, 2016 is from large, multinational tenants

› Focus on large, established customers has helped to keep historical churn rates between 1-2% per year

Average Data Usage per Device

13

31132

1,061

5,687

2,590

5,788

1,777

9,306

111618

2014 2015 2016 2017 2018 2019 2020

Feature Phones Smartphones Laptops Tablets M2M

Note: 2016-2019 data extrapolated from Cisco 2015 and 2020 estimatesSources: Cisco VNI 2014-2020 (Feb’16), AV&Co Analysis

U.S. Data Traffic by Device Type(in MBs / month)

Total US Mobile Data Traffic Growth

14

2014 2015 2016 2017 2018 2019 2020

Feature Phones Smartphones Tablets Laptops M2M

3,023

504+1.6x

315

+6x

U.S. Data Traffic by Device Type(in petabytes / month)

Note: 2016-2019 data extrapolated from Cisco 2015 and 2020 estimatesSources: Cisco VNI 2014-2020 (Feb’16), AV&Co Analysis

$-

$5

$10

$15

$20

$25

$30

$35

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E

US

WIR

ELES

S C

AR

RIE

R C

APE

X ($

in B

ILLI

ON

S)Evolution of Fixed to MobileAdvanced Devices Driving up Total Wireless Capex Spend

2GTelephony 

3GInternet

4GMedia & Content

Sources: AV&Co. analysis, CTIA, UBS forecasts

15

Mobile Network Investments

MOBILE CORECall is “switched” and routed to

another tower site closest to receiving device

Airlink (RAN) Fixed Line

+ Significant carrier investment in spectrum• Carrier aggregation resulting in the deployment

of multi-band antennas

+ New devices with improved form factor • Projected 4.5x growth in mobile data traffic by

2019

= Additional transmission equipment & locations

70-80% of incremental network traffic carried over the Airlink side of the mobile network will need to be supported through network equipment densification.

+ Network investments in recent technology improvements • Self-optimizing networks “SON”• Software defined networks “SDN”• Cloud RAN “C-RAN”

= Reducing future opex / capex costs across the mobile core

16

Recent Advancements in Mobile TechnologyIncrease Signal

Propagation Distance?Increase Airlink

Capacity? Network Benefits Impact EquipmentConfiguration on Tower

Mobile Core

Software Defined Networks “SDN” X X Reduce truck rolls ($) X

Software Optimized Networks “SON” X X Reduce truck rolls ($) X

Airlink / Mobile Core Connection

C-RAN X XReduce redundant base

station capex/opexcosts ($)

Remote radio head installed

Airlink

3G 4G Spectral Efficiency X

Increased capacity to manage higher

bandwidth applicationsLTE antennas installed

Carrier Aggregation XAbility to pair different

spectrum bands to provide additional network capacity

MIMO antennas installed

17

Wireless Penetration vs. Mobile Broadband (3G / 4G) Penetration(Size of bubbles = Number of mobile subscribers)

International Markets Poised for Smartphone Growth

18

Source: Altman Vilandrie & Co. research, Bank of America Merrill Lynch Wireless Matrix 2Q15, GSMA Intelligence

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

0%

30%

60%

90%

120%

150%

180%

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

Wire

less

Pe

netr

atio

n

Mobile Broadband (3G / 4G) Penetration

Emerging

Rapidly Evolving

Advanced

Global Scale Leverages Global Demand

NIGERIA~4,700

19

American Tower has a global portfolio of over 143,000 communications sites(1)

Year Market Launched

U.S.

MEXICO

BRAZIL

CHILE, COLOMBIA & PERU

COSTA RICA 

INDIA

GHANA 

GERMANY UGANDA

1995 2015

~40,100

~8,900

~500

~5,600

~18,100

~2,100

~1,900

~2,000 ~1,400

~57,000+

SOUTH AFRICA

(1) Pro forma for Viom transaction.

20

$1.0B

$3.5B

Adjusted EBITDA

$0.6B

$2.4B

AFFO

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

$1.4B

$5.7B

Property Segment Revenue

(1) 2016E reflects midpoint of 2016 outlook, as reported in the Company’s 8-K, dated April 29, 2016.

16.5% CAGR

2007 2016E 2007 2016E 2007 2016E

15.2% CAGR 15.9% CAGR

We Have Generated Strong, Consistent Results Over the Long Term While Maintaining ROIC(1)

Maintained ROIC over 9% despite adding over 25,000 sites since the beginning of 2015Maintained ROIC over 9% despite adding over 25,000 sites since the beginning of 2015

DefinitionsAdjusted EBITDA: Net income before income (loss) from equity method investments; Income tax benefit (provision); Other income (expense); Gain (loss) on retirement of long-term obligations; Interest expense; Interest income; Other operating income (expense); Depreciation, amortization and accretion; and Stock-based compensation expense.

Adjusted EBITDA Margin: the percentage that results from dividing Adjusted EBITDA by total revenue.

Adjusted Funds From Operations, or AFFO: NAREIT Funds From Operations before (i) straight-line revenue and expense, (ii) stock-based compensation expense, (iii) the non-cash portion of our tax provision, (iv) non-real estate related depreciation, amortization and accretion, (v) amortization of deferred financing costs, capitalized interest, debt discounts and premiums and long-term deferred interest charges, (vi) other income (expense), (vii) gain (loss) on retirement of long-term obligations, (viii) other operating income (expense), and adjustments for (ix) unconsolidated affiliates and (x) noncontrolling interest, less cash payments related to capital improvements and cash payments related to corporate capital expenditures.

AFFO per Share: Adjusted Funds From Operations divided by the diluted weighted average common shares outstanding.

Churn: Revenue lost when a tenant cancels or does not renew its lease or, in limited circumstances, when the lease rates on existingleases are reduced.

Core Growth: (Property revenue, Adjusted EBITDA, Gross Margin, Operating Profit and AFFO) the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of pass-through revenue (expense), straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and material one-time items.

NAREIT Funds From Operations: Net income before gains or losses from the sale or disposal of real estate, real estate related impairment charges, real estate related depreciation, amortization and accretion and dividends on preferred stock, and including adjustments for (i) unconsolidated affiliates and (ii) noncontrolling interest.Net Leverage Ratio: Net debt (total debt, less cash and cash equivalents) divided by last quarter annualized Adjusted EBITDA.

NOI Yield: the percentage that results from dividing gross margin by total investment.

New Property Core Growth: (Property revenue) the increase or decrease, expressed as a percentage, on the properties the Company has added to its portfolio since the beginning of the prior period, in each case, excluding the impact of pass-through revenue (expense), straight-line revenue (expense), foreign currency exchange rate fluctuations and significant one-time items.

21

DefinitionsOrganic Core Growth: (Property revenue) the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of pass-through revenue (expense), straight-line revenue and expense recognition, foreign currency exchange rate fluctuations, significant one-time items and revenue associated with new properties that the Company has added to the portfolio since the beginning of the prior period.

Segment Gross Margin: segment revenue less segment operating expenses, excluding stock-based compensation expense recorded in costs of operations; depreciation, amortization and accretion; selling, general, administrative and development expense; and other operating expenses. Latin America Property segment includes interest income, TV Azteca, net.

Segment Gross Margin Conversion Rate: the percentage that results from dividing the change in gross margin by the change in revenue.

Segment Operating Profit: Segment gross margin less segment selling, general, administrative and development expense attributable to the segment, excluding stock-based compensation expense and corporate expenses. Latin America Property segment includes interest income, TV Azteca, net.

Pass-through Revenues: In several of our international markets we pass through certain operating expenses to our tenants, including in Latin America where we primarily pass through ground rent expenses, and in India and South Africa, where we primarily pass through fuel costs. We record pass-through as revenue and a corresponding offsetting expense for these events.

Property revenue Run-Rate Organic Growth: the increase or decrease, expressed as a percentage, of Run-Rate Revenue resulting from property revenue growth as compared to the prior-year period, excluding growth attributable to day-one Run-Rate Revenue on new sites added after the beginning of the prior-year period. Excludes the impact of foreign currency exchange rate fluctuations, significant one-time items, straight-line revenues and the impact of other non-Run Rate Revenue.

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

Run-Rate Revenue: Primarily cash-based, recurring revenues, typically tied to long-term tenant lease agreements that in the absence of churn at the end of the contract term should continue in the future, excluding pass-through revenue.

Straight-line expenses: We calculate straight-line ground rent expense for our ground leases based on the fixed non-cancellable term of the underlyingground lease plus all periods, if any, for which failure to renew the lease imposes an economic penalty to us such that renewal appears, at the inception of the lease, to be reasonably assured. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease, if the tenant exercises its renewal option. For towers with these types of tenant leases at the inception of the ground lease, we calculate our straight-line ground rent over the term of the ground lease, including all renewal options required to fulfill the tenant lease obligation.

Straight-line revenues: We calculate straight-line rental revenues from our tenants based on the fixed escalation clauses present in non-cancellable lease agreements, excluding those tied to the Consumer Price Index or other inflation-based indices, and other incentives present in lease agreements with our tenants. We recognized revenues on a straight-line basis over the fixed, non-cancellable terms of the applicable leases.

22

Risk FactorsThis presentation contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts.Examples of these statements include, but are not limited to, statements regarding our full year 2016 outlook, foreign currency exchange rates, our expectation regarding the leasing demand for communications real estate and the impact of recently closedacquisitions. Actual results may differ materially from those indicated in our forward-looking statements as a result of variousimportant factors, including: (1) decrease in demand for our communications sites would materially and adversely affect our operating results, and we cannot control that demand; (2) if our tenants share site infrastructure to a significant degree orconsolidate or merge, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (3) increasing competition for tenants in the tower industry may materially and adversely affect our pricing; (4) competition for assets could adversely affect our ability to achieve our return on investment criteria; (5) our business is subject to government and tax regulations and changes in current or future laws or regulations could restrict our ability to operate our business as we currently do; (6) our leverage and debt service obligations may materially and adversely affect us, including our ability to raise additional financing to fund capital expenditures, future growth and expansion initiatives and to satisfy our distribution requirements; (7) our expansion initiatives involve a number of risks and uncertainties, including those related to integration of acquired or leased assets, that could adversely affect our operating results, disrupt our operations or expose us to additional risk; (8) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (9) new technologies or changes in a tenant’s business model could make our tower leasing business less desirable and result in decreasing revenues; (10) a substantial portion of our revenue is derived from a small number of tenants, and we are sensitive to changes in the creditworthiness and financial strength of our tenants; (11) if we fail to remain qualified for taxation as a REIT, we will be subject to tax at corporate income tax rates, which may substantially reduce funds otherwise available, and even if we qualify for taxation as a REIT, we may face tax liabilities that impact earnings and available cash flow; (12) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (13) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (14) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from such towers will be eliminated;

23

Risk Factors(continued)

(15) restrictive covenants in the agreements related to our securitization transactions, our credit facilities and our debt securities and the terms of our preferred stock could materially and adversely affect our business by limiting flexibility, and we may be prohibited from paying dividends on our common stock, which may jeopardize our qualification for taxation as a REIT; (16) ourcosts could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated; (17) we could have liability under environmental and occupational safety and health laws; and(18) our towers, data centers or computer systems may be affected by natural disasters and other unforeseen events for which our insurance may not provide adequate coverage. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of our Form 10-K for the year ended December 31, 2015, under the caption “Risk Factors”. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances.

24

25

(1) Calculation of AFFO excludes start-up related capital spending.(2) 2007 cash tax included in AFFO calculation has been adjusted to exclude a cash tax refund received in 2007 related to the carry back of certain federal net

operating losses.

In millions, totals may not add due to rounding

Historical Reconciliations($ in millions. Totals may not add due to rounding.)

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q15 2Q15 3Q15 4Q15 1Q16

Net income $56.6 $347.4 $247.1 $373.6 $381.8 $594.0 $482.2 $803.2 $672.0 $195.5 $157.2 $97.7 $221.6 $281.3

Loss  (income) from discontinued operations , net 36.4 (111.0) (8.2) (0.0) ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      ‐                     

Income  from continuing operations $93.0 $236.4 $238.9 $373.6 $381.8 $594.0 $482.2 $803.2 $672.0 $195.5 $157.2 $97.7 $221.6 $281.3

Income  from equity method investments (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      ‐                     

Income  tax provis ion 59.8 135.5 182.6 182.5 125.1 107.3 59.5 62.5 158.0 23.9 14.0 94.2 25.9 29.1

Other (income) expense (20.7) (6.0) (1.3) (0.3) 123.0 38.3 207.5 62.1 135.0 54.5 2.1 66.7 11.7 (12.2)

Loss  (ga in) on reti rement of long‐term obl igations 35.4 4.9 18.2 1.9 ‐                      0.4 38.7 3.5 79.6 3.7 75.1 ‐                      0.8 ‐                     

Interest expense 235.8 253.6 249.8 246.0 311.9 401.7 458.3 580.2 595.9 147.9 148.5 149.8 149.7 159.9

Interest income (10.8) (3.4) (1.7) (5.0) (7.4) (7.7) (9.7) (14.0) (16.5) (3.0) (4.4) (4.5) (4.6) (3.5)

Other operating expenses 9.2 11.2 19.2 35.9 58.1 62.2 71.5 68.5 66.7 7.8 17.4 15.7 25.8 8.8

Depreciation, amorti zation and accretion 522.9 405.3 414.6 460.7 555.5 644.3 800.1 1,003.8 1,285.3 263.5 328.4 341.1 352.4 341.6

Stock‐based compensation expense 54.6 54.8 60.7 52.6 47.4 52.0 68.1 80.2 90.5 29.9 24.0 18.3 18.3 28.1

ADJUSTED EBITDA   $979.3 $1,092.3 $1,180.9 $1,347.7 $1,595.4 $1,892.4 $2,176.4 $2,649.9 $3,066.6 $723.7 $762.3 $779.0 $801.5 $833.1

Divided by tota l  revenue $1,456.6 $1,593.5 $1,724.1 $1,985.3 $2,443.5 $2,876.0 $3,361.4 $4,100.0 $4,771.5 $1,079.2 $1,174.4 $1,237.9 $1,280.0 $1,289.0

ADJUSTED EBITDA MARGIN 67% 69% 68% 68% 65% 66% 65% 65% 64% 67% 65% 63% 63% 65%

AFFO RECONCILIATION (1)

2007 2008 2009 2010 2011 2012 2013 2014 2015 1Q15 2Q15 3Q15 4Q15 1Q16

Adjusted EBITDA $979.3 $1,092.3 $1,180.9 $1,347.7 $1,595.4 $1,892.4 $2,176.4 $2,649.9 $3,066.6 $723.7 $762.3 $779.0 $801.5 $833.1

Stra ight‐l ine  revenue (69.7) (50.4) (36.3) (105.2) (144.0) (165.8) (147.7) (123.7) (155.0) (33.8) (35.5) (38.8) (46.8) (32.0)

Stra ight‐l ine  expense 26.7 27.6 26.6 22.3 31.0 33.7 29.7 38.4 56.1 8.8 14.0 16.4 16.9 15.8

Cash interest (227.5) (244.0) (240.4) (237.6) (300.8) (380.6) (435.3) (571.6) (573.4) (144.3) (143.2) (142.5) (143.3) (152.5)

Interest Income 10.8 3.4 1.7 5.0 7.4 7.7 9.7 14.0 16.5 3.0 4.4 4.5 4.6 3.5

Cash received (pa id) for income  taxes (2) (35.3) (35.1) (40.2) (36.4) (53.9) (69.3) (51.7) (69.2) (64.0) (14.7) (15.2) (7.3) (26.8) (19.4)

Dividends  on preferred s tock ‐ ‐ ‐ ‐ ‐ ‐ ‐ (23.9) (90.2) (9.8) (26.8) (26.8) (26.8) (26.8)

Capi ta l  Improvement Capex (29.2) (32.5) (32.5) (31.4) (60.8) (75.4) (81.2) (75.0) (89.9) (16.8) (19.8) (22.2) (31.0) (16.7)

Corporate  Capex (12.7) (5.6) (8.1) (11.6) (18.7) (20.0) (30.4) (24.1) (16.4) (2.3) (3.2) (4.3) (6.6) (2.7)

AFFO $642.4 $755.8 $851.7 $952.8 $1,055.5 $1,222.6 $1,469.5 $1,814.7 $2,150.3 $513.6 $536.8 $558.1 $541.7 $602.5

26

(1) Historical denominator balances reflect purchase accounting adjustments.(2) 2013 has been adjusted to reflect a full year contribution from the GTP assets.(3) 2013 has been adjusted to reflect a full year contribution from the GTP assets.(4) 1Q16A represents 1Q 2016 annualized metrics.In millions, totals may not add due to rounding

Historical Reconciliations($ in millions. Totals may not add due to rounding.)

 RETURN ON INVESTED CAPITAL (ROIC) RECONCILIATION(1)

2007 2008 2009 2010 2011 2012 2013(2) 2014 2015(3) 1Q16A(4)

Adjusted EBITDA $979 $1,092 $1,181 $1,348 $1,595 $1,892 $2,401 $2,650 $3,206 $3,332

Cash Taxes (35) (35) (40) (36) (54) (69) (114) (69) (107) (77)

Maintenance  Capex (31) (33) (33) (31) (61) (75) (81) (75) (124) (67)

Corporate  Capex (13) (6) (8) (12) (19) (20) (23) (24) (26) (11)

Numerator $901 $1,019 $1,100 $1,268 $1,462 $1,728 $2,183 $2,482 $2,948 $3,177

Gross  PPE $4,992 $5,213 $5,621 $6,376 $7,889 $9,047 $10,844 $11,659 $14,397 $14,620

Gross  Intangibles 2,666 2,619 2,790 3,213 3,978 4,892 8,471 9,172 12,671 12,816

Gross  Goodwi l l 2,333 2,334 2,399 2,660 2,824 2,991 3,928 4,180 4,240 4,271

Denominator $9,991 $10,166 $10,810 $12,249 $14,691 $16,930 $23,243 $25,011 $31,308 $31,707

ROIC 9.0% 10.0% 10.2% 10.4% 10.0% 10.2% 9.4% 9.9% 9.4% 10.0%

2016 Outlook Reconciliations

27

(1) As reported in the Company's 8-K filed on April 29, 2016(2) The Company's outlook is based on the following average foreign currency exchange rates to 1.00 U.S. Dollar for the remainder of 2016: (a) 3.90 Brazilian Reais; (b) 705 Chilean Pesos; (c) 3,230 Colombian Pesos; (d) 0.91 Euros; (e) 4.00 Ghanaian Cedi; (f) 67.60 Indian Rupees; (g) 17.60 Mexican Pesos; (h) 210 Nigerian Naira; (i) 3.50 Peruvian Soles; (j) 15.95 South African Rand; and (k) 3,420 Ugandan Shillings.

In millions, totals may not add due to rounding

2016 OUTLOOK(1) (2)

($ in millions. Totals may not add due to rounding.)Reconciliations of Outlook for Net Income to Adjusted EBITDA:

($ in millions)Net income $1,010 to $1,120Interest expense 745                to 715             Depreciation, amortization and accretion 1,450             to 1,480         Income Tax Provision 130                to 120             Stock based compensation expense 90                  ‐ 90               Other, including other operating expenses, interest income, gain (loss) on retirement of long‐term 

obligations  and other income (expense)  35                  to 25               Adjusted EBITDA 3,460$          to 3,550$       

Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:

($ in millions)Net income $1,010 to $1,120Straight‐l ine revenue (110)               ‐ (110)           Straight‐l ine expense 60                  ‐ 60               Depreciation, amortization and accretion 1,450             to 1,480         Non‐cash stock based compensation expense 90                  ‐ 90               Non‐cash portion of tax provision 36                  to 23               Non‐cash portion of interest expense 27                  to 10               Other, including other operating expenses, loss  on retirement of long‐term obligations  

and other expense (income) 45                  to 35               Dividends  on preferred stock (107)               ‐ (107)           Capital  improvement capital  expenditures (110)               to (120)           Corporate capital  expenditures (10)                 ‐ (10)              

Adjusted Funds  From Operations 2,380$          2,470$       

Full Year 2016

Full Year 2016