U.S.

Technology and 5G Update

Q2 2021
Forward-Looking Statements
“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, underlying assumptions and expectations for the evolution of
technology. Actual results and outcomes may differ materially from those indicated by these
forward-looking statements as a result of various important factors, including those described in
item 1A of our Form 10-K for the year ended December 31, 2020, 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.

2
Table of Contents

1 Historical U.S. Wireless Overview

• Mobile Data Usage Trends
• Network Spending and Capital Intensity
• Technology Cycles

2 The Path To 5G
• What is 5G?
• Network Architecture: 4G LTE vs. 5G
• 5G Standards Roadmap
• 5G Deployments – Country Comparison
• The Current and Future 4G Environment

3 5G Capabilities and Implications for AMT

• 5G Capabilities, Characteristics and Potential Impacts
• Spectrum Considerations
• American Tower Positioning

4 Appendix
• Edge Compute Overview
• O-RAN Overview

5 Definitions

3
Historical U.S. Wireless Network Overview
Mobile Data Usage Trends
Historical U.S. Mobile Data Traffic Growth (petabytes per month)

4,961

3,636

2,699

iPad (1st generation) 2,060 19M 5G enabled

released; First 4G smartphones
networks deployed sold in 2019
500 millionth iPhone
1,556
iPhone (1st sold
1,342
generation) Motorola DROID
launched 923
released Billionth iPhone sold
568
200 318
9 15 26 44 107

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E

~57% Mobile Data Usage CAGR from 2007-2021

Notes: 2007-2021 U.S. mobile data traffic assumed to comprise ~97% of North America (U.S. & Canada) traffic
Sources: Cisco VNI, 2006-2016; 2014-2015 figures provided by Cisco VNI Feb 2017; Forbes; 2017-2021 figures provided by Ericsson Mobility Report (latest
June 2021), Altman Solon Research & Analysis 5
Mobile Data Usage Trends
Growth in usage has been driven by technology and device evolution
U.S. share of device connectivity standards (% of devices) vs.
T-Mobile and Verizon have not
Avg. Monthly Usage per Smartphone (MB) shut down 2G yet, AT&T shut
down in Jan’17
100%

15,274

80%

11,628

60%
2G 8,774

40%
3G 7,312
5,954

3,405
20% 2,451 4G
1,497
613 948
34 55 90 149 339 5G
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E

Network Technology & Device Evolution  Development of Advanced Applications

= More Data Consumption

Sources: Cisco VNI, 2006-2016; Forbes; 2017-20 Figures provided by Ericsson Mobility Report Jun’21, Altman Solon Research & Analysis

6
Network Spending and Capital Intensity
Historical tower leasing costs per GB of U.S. Mobile Data Traffic have declined
at a 33% CAGR

Estimated Annual U.S. Tower Revenue Per GB(1)(2)

$76.93

$26.84
$17.08
$10.92
$7.01
$3.19 $2.09 $1.58 $1.15
$0.76 $0.61 $0.46 $0.40 $0.33 $0.26

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Investments in tower equipment and technology such as carrier aggregation have enhanced
mobile networks’ ability to support exponential growth in mobile data traffic

(1) 2017-20 U.S. mobile data traffic assumed to comprise ~90% of North America (U.S. & Canada) traffic. Annualized year-end monthly rates.
(2) Tower revenue includes U.S. property revenue generated by AMT (includes Canada after ‘18), CCI and SBAC (domestic sites).
7
Sources: Cisco VNI, 2006-2017; Ericsson Mobility Report; Forbes; Wall Street research; Altman Solon Research & Analysis
 Network Spending and Capital Intensity
Historical U.S. Carrier Investment: Wireless Capex and Spectrum ($ in billions)

Wireless Carrier CapEx and Spectrum

(U.S., $B)

$32 $33 $32 $33 $33

$31 $30 $31
$29
$27 $27
$25 $26 $26
$24
$21 $22 $21
$20
$18 5G
$15 $16 2020-2022E:
$14 4G
2010-2019: ~$29/year >$30/year
3G
2G  3G 2005-2009: ~$23/year
2000-2004: ~$17/year

3G launch 4G launch 5G launch

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E

Major 3.5, 37,39,

Spectrum PCS PCS AWS-1 700MHz PCS H, 600MHz 24, 47GHz 3.7GHz
Auction $17 $2 $14 $19 AWS-3 $20 28GHz $12 ~$81
Spending $43 $3 3.5GHz
($B) 2G Capacity
$5
3G Coverage Capacity

4G Coverage Capacity

5G Coverage

Sources: CTIA, BAML Wireless Matrix, Altman Solon Research & Analysis

8
Network Spending and Capital Intensity
Capital Intensity(1) has been steady as wireless network operators have
invested across their networks to support coverage and capacity needs
Estimated U.S. Wireless Cell Sites
(Big 3 Carriers(2))
Installed Cell Sites (thousands)
Capital Intensity
15%
14% 14% 14% 14% 14% 14% 14%
13% 13%
12% 12% 12% 12%
417
396
349
323
302 304 298 308 308
283
242 247 253
213

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

(1) Reflects wireless capex as a percentage of carrier revenue.

(2) T-Mobile and Sprint completed their merger on April 1, 2020.
9
Sources: BAML (Apr’21), CTIA 2020 Annual Survey, Altman Solon Research & Analysis
Technology Cycles
Historical network buildouts have consisted of 2 broad phases: Coverage and
Capacity

COVERAGE BUILDS
(solving for maximizing 3G 4G 5G
percentage of population with
access to the network) Coverage Coverage Coverage

CAPACITY BUILDS
(solving for meeting increased
capacity needs in areas
3G 4G
where the network is reaching Capacity Capacity
high utilization)

Time

Carriers typically build a wide, thin layer of coverage first and then invest in capacity to
meet demand as subscriber adoption occurs

Source: Altman Solon Research & Analysis

10
Technology Progressions
We are currently transitioning from the 4G capacity stage to the early stages of 5G
Key Components of 4G Capacity Build-out
New 5G Spectrum Deployed
Why? › Add more aggregate
capacity to a given cell site
How? › Add additional equipment
(antennas, transceiver
cards, remote radio heads,
etc.) to existing base
stations
Impact on › Incremental equipment
including antennas on the
Towers? tower drive amendments
Source: Altman Solon Research & Analysis
Carrier Aggregation Spectrum Re-farming
› Allow multiple bands of › Add more aggregate
spectrum to be paired capacity to a given cell
together, allowing for site by redeploying
faster speeds (Mbps) to be underutilized 2G/3G
delivered including spectrum to 4G
unlicensed
› Typically upgrade base
› Swap out 2G/3G
station or add new
equipment with 4G
equipment (if new
equipment
spectrum deployed as part
of aggregation)
› To the extent new › Swap out of equipment as
equipment deployed, drive well as possibly new
amendments equipment (e.g. newer
antennas) could drive
› Network design migrates amendments
towards higher frequency
bands, smaller sites with
shorter propagation for
capacity driving suburban
densification and new
colocations
11
The Path To 5G
What is 5G?
5G is not a single innovation, but rather a set of advancements in spectrum usage

1G 2G 3G 4G / LTE 5G

Improved Voice Mobile Web Immersive &

Basic Voice Mobile Video
SMS, Voicemail Browsing Industrial

1980s 1990s 2000s 2010 2020+

Analog 64 kbps 2 Mbps 100 Mbps Up to 10 Gbps

Note: Maximum theoretical downlink speed by technology generation, Mbps (10 Gbps is the minimum theoretical upper limit speed specified for 5G)
Source: GSMA Intelligence.
13
Network Architecture Continues to Evolve
5G promises enhanced network capabilities

Network Architecture: 4G LTE vs. 5G

Core Network Radio Access Network Device

Air Interface

Internet

Tower / Access Air Interface

Core Network Transport Antenna Spectrum Device
Point Technology
MIMO sends / Low, Mid Band Carrier
Most computing Legacy copper, eNodeB macro cell One size fits all 2G+3G+LTE
receives limited # aggregation
4G resources located in
core
wireless, or fiber
backhaul
base stations
CRAN
of signals
waveform with
OFDMA
maximum of five component
chipsets, and low
power NB-IoT
simultaneously carriers (100 MHz bw)

gNodeB Massive MIMO Low, Mid, High band Multi-mode,

Distributed NFV and 5G NR OFDMA
5G SDN technologies,
Fiber Midhaul and
Backhaul
Macro-sites+
ORAN & small
and adaptive
beamforming
with improved
(mmWave). Wider
bandwidths, 4G dual
low power 5G
chipsets,
NSA, SA slicing flexibility
cells connectivity IoT

Greater Device Density and Capacity

Faster Download Speeds

Lower Latency

Source: Altman Solon Research & Analysis

14
5G Standardization Timeline
5G standardization is now complete on Release 15 (Phase 1) as well as Release
16 (Phase 2); 3GPP revised its timelines for Release 17
Today
2017 2018 2019 2020 2021 2022
Release 14
LTE architecture enhancements & early 5G
technology targeted to reduce latency (CUPS)
- C-V2X
- NB-IoT (Machine Type Communications) Functional Freeze: Mar’17
• Supports transmissions in unlicensed spectrum Protocol Freeze: Jun‘17

Release 15 (5G Phase 1) Last minute work on Release 15 drove

• First set of 5G standards as well as maturing of delays Change Requests include
LTE-Advanced Pro specs addressing Radio Link Failure for mmWave
• New Radio (NR) with Non-Standalone 4G Early Drop: Standalone Late Drop: uplink
• Standalone 5G operation options NSA +EPC 3Q19
• Focus on eMBB, latency reduction and reliability

3GPP announced an
Release 16 (5G Phase 2) updated timeline in
• 5G advances with increased focus on specific Dec’20 accounting for
use cases in IoT the impact of e-meetings
Physical Layer Freeze: Dec’19
• Multi-site connectivity for enhanced data rate in 2020 and at least
Protocol Freeze: Jun’20
• 5G NR for V2X through June’21 (COVID-
19 impact)

Release 17
• 3GPP defined (Dec’19) the scope of proposed study
Functional Freeze: Mar’22
and work items Protocol Freeze: Jun’22

Release 18 (5G-Advanced)
• 3GPP to initiate at YE’21 and frozen by YE’23
Expected Freeze: YE’23

Source: Altman Solon Research & Analysis, RAN #83, RAN #84

15
5G Deployment Timeline
The US, China and Europe are all seeing initial 5G deployments
Technology Adoption by Region
Forecast
2015 2020 2025

USA: Carriers continue 5G rollout in 2021

13 15 17 19 21 23 25

• All carriers are deploying low-band, nationwide 5G networks

4G

4G Launch 4G • Mid-band spectrum now being overlaid as well

North • Verizon mmWave available in 70+ cities; Dynamic sharing for nationwide
5G PoC 5G Trial 5G Launch
America
5G Mobile

• CBRS (70 MHz at ~3.5 GHz) winners announced Sep’20

• C-Band winners announced Mar’21 (280 MHz from 3.7 – 4.2 GHz)
5G FW

5G FW PoC 5G FW Trial 5G FW Launch 5G FW

13 15 17 19 21 23 25

Europe: Multiple market roll-outs

4G

4G Launch 4G • T-Mobile covers 80% of German population with 5G (mainly 2.1 GHz,
3.6GHz in 50 cities), aims for 90% coverage by YE’21
Europe 5G Mobile

5G PoC 5G Trial 5G Launch • Vodafone 5G available in 114 locations across UK, Germany, Spain,
Italy, and Ireland and has announced plans for further expansion
5G FW

5G FW PoC 5G FW Trial 5G FW Launch • Orange continues 5G expansion in Spain and France

China: 5G rolled out and widely adopted in major cities

13 15 17 19 21 23 25

• Carriers were granted 5G spectrum allocations in Dec’18 for trials –

4G

4G Launch 4G China Mobile got 160MHz at 2.6GHz, China Unicom got 100MHz at 3.5-
Asia / 3.6GHz and China Telecom got 100MHz at 3.4-3.5GHz
5G PoC 5G Trial 5G Launch • Shenzhen (Aug’20) and Beijing (Sep’20) have full 5G coverage
Pacific
5G Mobile

• Estimated 173M 5G subscriptions in YE’20 and forecasted to grow to

5G FW

5G FW PoC 5G FW Trial 5G FW Launch 1.17B by 2026 (Ericsson Jun’21)

Note: PoC stands for Proof of Concept

Source: Altman Solon Research & Analysis, Ericsson (Jun’21), Carrier press releases 16
The Evolution To 5G
5G deployments are under way, but 4G is expected to remain as the primary
network technology for years to come
U.S. market share of connectivity standards (2000-2025)
based on devices
100%
2021(2) 2022
Est. 2G shut-down Est. 3G shut-down

75%
2G
~24 years lifecycle(1) 3G
(1996-2020)
~20 years

50%
(2002-2022) 4G
Est. ~18-20 years
(2010-2028/30)
25%

5G launch in
5G
3G launch 4G launch 2018/2019
0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Commercial 5G mobile networks currently available on a limited basis but significant 4G

investments are expected to continue, with over 50% estimated 4G market share through 2025

(1) 1G devices shown as part of 2G curve for simplicity

(2) T-Mobile and Verizon have not shut down 2G yet, AT&T shut down 2G in Jan’17
Sources: Altman Solon Research & Analysis, GSMA Intelligence, DoCoMo, 3GPP 17
Advanced Networks Continue to Catalyze Tremendous Mobile Data Usage(1)
U.S. Mobile Data Traffic is projected to continue to grow rapidly

U.S. Total Mobile-Connected U.S. Monthly Traffic per Mobile U.S. Total Monthly Mobile Data
Devices (Millions) Connection (GB) Traffic (EB)

’21-’26E ‘21-’26E ’21-’26E

CAGR CAGR CAGR

858 8%

17.4 28%
40.1 26%

Overall 591 408 2%

378
X = 16.4 28%
Non-IoT

12.7 Overall 5.0

449 16% Non-IoT

IoT 213 Non-IoT 4.8

2.2 23%
0.8
IoT IoT
0.2 1.0 42%
2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026

Exponential Growth in Devices and per Device Usage = Significant Growth in Overall Traffic

(1) Forward-looking datapoints reflect research estimates

Notes: IoT: based on M2M module connections, traffic and data usage;
Non-IoT includes everything other than M2M modules (e.g. smartphones, tablets, laptops, and feature phones) 18
Sources: Ericsson Mobility Report June 2021, Altman Solon Research & Analysis
Networks Continue to Evolve as We Drive Toward 5G
Equipment configuration is progressing, with additional antennas, fiber and
software upgrades
More 4G Spectrum Low Band 5G Added: Mid-Band 5G Added:
Typical 4G Deployment
Bands Added With DSS, Software Upgrade With Massive MIMO

LTE Remote Radio 
Heads
(includes RF transceiver 
cards, power amplifiers,  Larger antennas needed 
mixers and filters)
Additional antennas 
(with more ports) as  Software upgrade  deployed for 
well possibly more  for 5G on the RU
Massive MIMO
remote radio heads 

Fiber running down the  4X fiber  ~2X fiber strands 

tower (rather than  strands needed needed (with higher DC 
coax) power requirements)

LTE Baseband 
unit (BBU) Pre‐5G BBU Upgrade Software upgrade  eCPRI upgrade to 
Deployed at the  More compact, “5G Ready”  for 5G on the BBU support 64T/64R 
bottom of the  data rates
tower

CPRI  CPRI  CPRI  eCPRI 

The Trend is More Equipment Being Placed on Towers

Notes: CPRI = Common Public Radio Interface, eCPRI = Enhanced Common Public Radio Interface
Source: American Tower Research and Altman Solon Research & Analysis
19
Ongoing Evolution of Wireless Networks
Carrier Aggregation and unlicensed LAA will continue to play an important role
in urban deployments, as will shared spectrum for neutral host indoor
installations
Network deployments are expected to consist of multiple layers—traditional macro cell towers provide
the wide area coverage, while underneath this umbrella, a combination of other technologies are
deployed to increase network capacity in demand hot spots, particularly in fiber-dense urban areas

› Macro sites expected to continue providing wide › Multiple solutions including DAS, Rooftops,
area coverage for high mobility users and be the Wi-Fi and Small Cell networks expected to
core of wireless networks complement the coverage provided by towers in
urban locations

Source: Altman Solon Research & Analysis

20
Ongoing Evolution of Wireless Networks
Macro sites remain critical given vast majority of the U.S. landmass is either
rural or suburban
While Hetnets are used
in dense urban and
urban areas, > 80% of
the U.S. population lives
in suburban or rural
areas (<7,500 people per
square mile) where
macro towers are
optimal for wireless
network deployments
• >50% live in suburban
(600-7,500 people per
square mile)
• ~30% live in rural (<600
people per square mile)

Sources: U.S. Census; Altman Solon Research & Analysis

21
5G Capabilities and Implications for AMT
5G Capabilities
True 5G targets substantial improvements over 4G

Technology Characteristic 5G vs. 4G Implications

Drastic performance improvement for

Average Download Speeds 10-100x high bandwidth applications (e.g. high
resolution video)

Supports applications requiring

Average Roundtrip Latency 5-10x lower low latency

Provides carriers more “bang for buck”

Spectral Efficiency b/s/hz >3x per unit of spectrum holdings

Max Simultaneous Connections Supports many more densely packed IoT

per Cell
300x connections than today

Source: 3GPP

23
What Does 5G Mean for Users?
Subscribers will come to expect a meaningful improvement in network
performance

Lower Increased Higher More Less

Latency Speed Density Capacity Energy

Potential for low- Will enable much The number of IoT Networks will be More efficient
latency applications faster access to connected devices able to carry a access devices &
like cloud gaming content across the is expected to rise heavier content sensors with
and others ecosystem and exponentially load extended battery
across devices life

24

Source: Qualcomm

24
What Use Cases Can 5G Transform?
5G has a wide variety of potential applications

Much Faster Data

Rates

Smart Cities
Gigabytes in a second 3D video, UHD screens

Smart home / building

Augmented reality

Mission critical
application
Smart City/Massive Self driving car Augmented/Virtual Reality Gaming
Sensor Mgmt.

Massive Number of Robotics Ultra-Reliable & Low

Connections Latency

25
Interconnected Cars and Autonomous Driving

Source: GSMA

25
5G IoT Capabilities
The Internet of Things (IoT) is expected to experience rapid growth as 5G is
deployed

Multitude of IoT use cases Huge IoT Volumes

(U.S. numbers shown)

2021 2026E

Total IoT 6X growth 994

traffic: (42% CAGR) PB/month

Total IoT 2.1X

devices: 449M
growth

Sources: Altman Solon Research & Analysis

26
5G Deployment – Spectrum Bands
5G will be deployed in layers, with different spectrum bands varying
dramatically on coverage & capacity performance

Dense Urban/Urban Suburban Rural

5G High (mmWave) delivers

5G High (mmWave) – highest tremendous capacity but
capacity, restricted coverage limited coverage…
… whereas 5G Low (sub 2GHz)
delivers good coverage, but
Capacity

limited capacity benefits over

4G
5G Mid (2-6GHz) – improved capacity, lower propagation

5G Low (sub 2GHz) – good propagation, relatively limited capacity

4G – all bands

Coverage

27
Spectrum Considerations: mmWave
Select initial 5G deployments have utilized mmWave spectrum to address the
most pressing capacity constraints in dense urban areas
Overview of mmWave Spectrum (over 24 GHz)
(Illustrative, Not to Scale)

24.25 27.5 28.35 37.6 40.0 42 42.5 47.2 48.2 64.0 71.0 76.0 81.0 86.0 102.2 109.5
A1
A2 B

24 GHz LMDS 37, 39, 47 GHz 64 GHz

(24.25GHz-25.25GHz) (27.5GHz-31GHz)
• In auction 102 (Completed May’19)
auctioned 700 MHz: 24.25-24.45
GHz and 24.75- 25.25 Ghz
• T-Mobile (46%), AT&T (29%) and
US Cellular (10%) won 85% of
licenses
850 MHz (out of 1.3 GHz)
proposed for mobile use
• LMDS licensed by BTA for fixed
wireless through A1 block (27.5-
28.35); A2 (29.1-29.25); B (31.0-
31.3)
• A1 block auction completed Jan
2019; Verizon, T-Mobile, and US
Cellular won ~80% of licenses
• Active licenses cover ~75% of
U.S. population
• Current license holders would get
their rights extended to mobile
while non active licenses would be
auctioned
(37.6GHz-40GHz, 47.2GHz-48.2GHz) (64GHz-71GHz)
3.4 GHz proposed for mobile use 7.0 GHz proposed for mobile
use
• Timing: Auction began Dec’19, completed Mar’20
• Not currently licensed
• 14,144 licenses of 100MHz blocks across 416 PEAs
• FCC proposes to authorize
• Verizon (35%), AT&T (23%), T-Mobile/Sprint (18%), and Dish (19%)
operations for unlicensed uses
won 95% of licenses
such as Wi-Fi-like “WiGig”
• Current license holders got their rights extended to mobile while operations
non-active licenses were auctioned
• Could be used with unlicensed
• 39.5-40.0MHz may be used for military FSS/MSS operations 57-64GHz band to create
combined 17 GHz band
Already Auctioned
Auction in Process
Proposed by FCC for mobile use

Other potential mmWave bands(1)

(1) FCC has considered other bands in its Oct. 2014 Notice of Inquiry (NOI) for 24 GHz+ use for mmWave, but latest Notice of Proposed Rulemaking (NPRM)
in 2015 does not propose those bands for mobile use. All bands may have satellite interference issues, but FCC has rejected satellite requests to not use
those bands for mobile use and in return has proposed to develop a “flexible rules” framework that would permit mobile and satellite to cohabit in bands. 28
Sources: Altman Solon Research & Analysis, FCC Spectrum Frontiers NPRM
Spectrum Considerations: Low and Mid-Band
We expect low and mid-band spectrum-based 5G deployments to become even
more critical due to more favorable propagation characteristics and
applicability across a wider range of locations
5G Low 5G Mid 5G High (mmWave)
Sub 2GHz 2 – 6GHz 24 – 90 GHz
Currently includes Currently includes Currently includes:
• 600-850MHz • 2.5GHz • 24GHz
Frequency • PCS • CBRS • ~LMDS (27.5GHz-31GHz)
Ranges: • AWS • C-Band • 37GHz, 39GHz, 47GHz
• 3.45GHz (proposed) • 64GHz (proposed)
Ideal for
capacity
Total MHz ~11GHz
Bandwidth ~100MHZ ~500-600MHz (~110X total 600MHz
Available: capacity)
Ideal for
coverage
Propagation
Very good Good Challenging
Characteristics:

Ideal for Broader

Ideal for Dense Urban
Suburban & Rural “Sweet-spot” for
Hot Spot, Fixed
Wireless and IoT coverage and capacity
Wireless Deployment
Development

Source: Altman Solon Research & Analysis

29
5G Deployment – A Global View
While the preferred 5G spectrum globally is 3.5GHz, U.S. carriers have deployed
5G across a variety of bands

High Band
Low Band Mid Band (mmWave)

600MHz 700MHz 800MHz 850MHz 900MHz 1.8GHz 1.9GHz 2GHz 2.1GHz 2.3GHz 2.5GHz 3.5-4GHz 24GHz 28GHz 39GHz 90GHz
AT&T
U.S. Verizon
T-Mobile TMO+Sprint Sprint (5G)

Deutsche Telekom
Vodafone
U.S. 5G deployments span low, mid
SFR
and high bands…
Orange
Europe Telefonica (O2) -
Telefonica (Spain)
T-Mobile Austria
A1 Telekom
Austria

China Mobile
China Unicom
China Telecom
SoftBank
APAC NTT
KDDI
KT Corp
LG Uplus
SK Telecom
… whereas most global
deployments focused on 3.5GHz
Confirmed for 5G
5G likely
(mid)
Existing 2G/3G/4G

Source: Fierce Telecom, Reuters, Telegeography, RCN Wireless, Venturebeast, Motley Fool, Company Press Releases, Altman Solon Research & Analysis

30
Spectrum Considerations
Overlapping timing & poor mmWave coverage characteristics drives parallel 5G
coverage deployment at low/mid bands with select capacity deployment at
mmWave bands

Past 4G Investments Current 5G Deployments

High-band (mmWave) supports

mmWave capacity & small-cell centric 5G 5G
deployment

CBRS/3.7-
5G
4.2GHz
Capacity 2.5GHz 4G 5G
Bands
WCS 4G
PCS 4G Mid-Band (e.g. CBRS,C-Band
2.5GHz) is the 5G “sweet spot”
AWS 4G between coverage and capacity

Low Band (e.g. 600MHz) allows

850 MHz 4G complementary coverage build

Coverage 700 MHz 4G

Bands 600 MHz 4G 5G

Source: Altman Solon Research & Analysis

31
AMT Positioning – Macro Towers
Deployment of 600 MHz, C-Band and other low- and mid-band spectrum for 5G expected
to result in incremental demand for AMT’s suburban and rural macro towers
AMT’s U.S. Portfolio is Well-Positioned(1)
~43k 95%+
Towers Suburban/Rural
Low-Band
• AT&T, 850 MHz: “As COVID hit and the wireless networks became
much more suburban-oriented than urban-oriented, our strength in low-
band spectrum has helped…And so, we've been very focused on that,
and we intend to be very focused on that moving forward.”
- John Stankey, AT&T CEO, October 22, 2020
• Verizon, DSS Low-Band: "The technology found in both our 5G
Ultrawideband and our 5G Nationwide [low-band] networks reflects a
massive, multi-year innovation effort that modernizes our entire network
with cutting edge capabilities.“
- Kyle Malady, Verizon CTO, December 17, 2020
(1) Data as of December 31, 2020.
Sources: Altman Solon Research & Analysis; AT&T, Verizon, Dish Press Releases, Light Reading
Capacity for
Incremental
Equipment
Mid-Band
• CBRS (3.5 GHz): “We’re actually pretty jazzed about that. We acquired
nationwide licenses for CBRS. We think there’s lot of benefits. We’re
looking at a whole list of things.”
- Dave Mayo, Dish EVP of Network Deployment, February 26, 2021
• C-Band (3.7GHz): “We’re moving fast, with cooperation from our
equipment partners, to have everything in place as soon as this C-band
spectrum is cleared for use. This is a massive undertaking designed to
add this game-changing capability as quickly as possible to the network
our customers already rely on for consistent, superior performance
when they need it most.”
- Kyle Malady, Verizon CTO, April 19, 2021
32
AMT Positioning – In Summary
We expect continued strong demand for our macro towers as a result of 4G and
5G mobile network deployments, with additional optionality from other
complementary real estate solutions

Driver Continued Strong Demand Expected for AMT Real Estate

Continued 4G 4x4 MIMO, New band deployments (e.g. WCS, AWS-3) along with
Investments spectrum re-farming from low band 2G/3G (e.g. PCS) to 4G drive
continued activity

Deployment of urban and venue-focused millimeter-wave

Accelerating 5G solutions and simultaneous deployments of complementary wide-
Deployments area 5G coverage and capacity across low and mid-band
spectrum in suburban & rural areas

Significant Next demand wave driving continuing need for more capacity
and site densification including across suburban and rural macro
Expected IoT towers and potential next-generation use cases like edge
Demand computing, Automotive, AR/VR, etc.

Source: Altman Solon Research & Analysis

33
Appendix
Edge Compute Overview
MEC Archetypes
There are four different flavors of the Mobile Edge

RRU

BBU/DU CU Core Network

Endpoint
Cell Site Base Station
Aggregation Node/ Regional
Remote CO Datacenter
Carrier Public
Core Cloud
Access Node
MEC MEC MEC MEC
Enterprise Location Edge Cloud

B. Access Edge C. Aggregation

A. On-Premise D. Metro Edge
Edge
Edge Edge Compute
Edge Compute
resources at edge Edge Compute
Edge Compute resources at
of the Access resources at
resources at the Regional/Tier 2
Network i.e., at cell aggregation nodes
Customer Premise market datacenters
sites (e.g., C-RAN Hubs)

“Micro Edge”

Note: MEC stands for Multi-access edge computing

Source: Altman Solon Research & Analysis 36
MEC Archetypes vs Use Cases
Each of these archetypes are optimal for different use cases and performance
criteria…
A. On-Premise B. Far C. Aggregation D. Metro
Edge Edge Edge Edge
# of Locations Variable Very High Moderate Low
Required (customer dependent) (e.g. tens per market) (e.g. 3-4 per market) (e.g. one per market)
Small Moderate Large
Location Size
(Mini compute and/or storage node) (Mini Data Center) (Data Center)

Typical Latency
N/A ~10-20 ms ~50-75 ms
(round trip)
Real-Time Data C-RAN MEC Big Data
Collection & DU Sites CU Centralized Processing &
Key Use Case
Analytics Local Data User Plane Data Analytics
Categories Caching Collection &
Monitoring
Leading Enterprise • Delivery drones • High frequency trading • Diagnostic & biometric
Use Cases • Predictive maintenance • Proactive data analysis
• Advanced telemedicine maintenance • In-hospital remote
surgery
• Manufacturing process
optimization
Leading Consumer • Autonomous driving • On demand video • AR/VR home learning
Use Cases • AR/VR competitive content delivery • AR/VR home gaming
gaming • Local social media data
storage
• Mobile data caching

Example Service Provider

• Documented on the next slide
Deployed Workloads
MicroEdge
Sources: Altman Solon Research & Analysis and American Tower Research

37
 Service Providers MEC Workloads
… with service providers – including wireless carriers – looking to deploy
different workloads across different archetypes

RRU

BBU/DU CU Core Network

Endpoint
Cell Site Base Station
Aggregation Node/ Regional
Remote CO Datacenter
Carrier Public
Core Cloud
Access Node
MEC MEC MEC MEC
Enterprise Location Edge Cloud

A. On-Premise B. Far Edge C. Aggregation D. Metro Edge

Edge Edge
• vEPC, 5G Core
• vRAN - DU
• vIMS
• Virtual Firewall • Virtual Broadband • C-RAN: CU/DU
• vCGNAT (Carrier
• Universal CPE Network Gateway • vEPC S/P
Typical • Distributed 5G (vBNG) Gateway
Grade Network
Service Address
User Plane • dUPF • Virtual DPI
Provider Translation)
Function (dUPF) • Virtual Optical Line • Virtual CPE
Workloads: • vCDN
• Virtual Security Terminator • Session Mgmt.
• Access & Mobility
Gateway • Cable Modem Function
Mgmt. Function
Termination • 5G UPF
• OSS/BSS
System (CMTS) • CDN

MicroEdge
Notes: CPE = Customer Premise Equipment, DPI = Deep Packet Inspection, UPF = User Plane Function, CDN = Content Delivery Network, EPC = Virtualized
Evolved Packet Core, IMS = IP Multimedia Core Network
Source: Altman Solon Research & Analysis 38
Enterprises expect IoT, Operational business applications, and
Analytics to be the top 3 use cases enabled by Edge Computing

What are the common use cases that will be enabled by edge computing in your
organization?

2019 Survey 2020 Survey

N=329 N=413

I don’t know 1% 1% 1% 1% 2% 2% 1% 2%

VR 17% 20% 18% 13% 16% 17% 16% 15%

16% 13%
AR 17% 18% 17% 16% 20%
18%
In 2020,
21% operational use 16% 21%
Analytics 18%
22%
23% cases take the #2 16%
21%
spot from analytics

20% 21% 24% 19% 21%

Operational 19% 16%
21%

28% 26% 26% 27%

IoT 24% 24%
19%
26%

Overall SMB Mid-Market Enterprise Overall SMB Mid-Market Enterprise

Source: Altman Solon Cloud Survey

39
AMT Positioning – U.S. Edge Compute
Our vision is to serve as a neutral host for wireless connectivity, transport and
compute functions for multi-tenant, multi-service digital infrastructure

Global • Decentralized real estate enables scalable

Portfolio deployments

• Ground space and connectivity at our tower sites

Strategically addresses low latency requirements and ideal
Located locations to deploy edge data centers quickly
and efficiently
• Critical power (primary and backup), distribution,
Turnkey
fire monitoring, security, and cooling in an all-in-
Infrastructure one edge solution

Extensive U.S. Portfolio Positioned To Lead on the Edge

40
O-RAN Overview
What is O-RAN?
Open RAN disaggregates hardware (HW) and software (SW) solutions and
allows 3rd party software to run on commercial-off-the-shelf (COTS) servers

Traditional RAN vRAN Open RAN

RRU Proprietary Hardware Proprietary Hardware COTS Hardware

Proprietary Proprietary Open

Interface (CPRI) Interface (CPRI) Interface

Distributed
Proprietary Proprietary Software W/ Proprietary Software W/
Unit (DU) Software Virtualized Functions Virtualized Functions

Centralized
Unit (CU) Proprietary Hardware COTS Server COTS Server

Sources: Altman Solon Research & Analysis

42
O-RAN Example
With Open RAN, MNOs are able to deploy SW and HW from different vendors
without impacting their whole network

Initial RAN Deployment Potential End State

vRAN
SW

O-RU
HW

 MNO is using a single provider for all O-
RU HW (Vendor A) and a different
provider (V1) for Open RAN SW
 Hardware from Vendor A can be
swapped out when required with
compatible HW from Vendors B or C
 OpenRAN SW could also be replaced by
SW from V2 without changing the O-RU
HW

Sources: Parallel Wireless, Altman Solon Research & Analysis

43
Operators See Significant Potential Benefits from O-RAN,
but also Adoption Barriers

What is the main driver to O-RAN Other than cost, what are the main obstacles
adoption in your network? in O-RAN adoption in your network?

 Commoditized  ORAN performance still

hardware reduces needs to be proven at
Cost 28% MNO CapEx and could
Performance 28% a massive scale
drive TCO savings

Vendor  Increased vendor  Standalone SW needs

competition promotes to work with
Lock-in / 21% innovation & pricing
Interoperability 14% components from
Competition pressure other vendors

 Operators able to  Proprietary systems

change vendors Maturity plug and play, but with
Flexibility 15% without wholesale Integration 11% ORAN burden of
network upgrades Support integration falls to
MNO

Notes: Based on MNO responses from poll conducted by Senza Fili

Sources: Senza Fili, Altman Solon Research & Analysis
44
O-RAN Impact to AMT
No substantive changes expected for tower economics

O-RAN Can Help Drive Efficiencies While Potentially Freeing

Additional Capex for Tower-Mounted Equipment

45
Definitions
Key Definitions

• 3GPP – 3rd Generation Partnership Project; a collaboration between groups of telecommunications

associations. The initial scope of 3GPP was to make a globally applicable third-generation (3G) mobile
phone system specification, that has since been extended to LTE (4G), and eventually to 5G.
• WRC – World Radiocommunication Conference; organized by ITU to review, and, as necessary, revise the
Radio Regulations, the international treaty governing the use of the radio-frequency spectrum and the
geostationary-satellite and non-geostationary-satellite orbits. It is held every three to four years.
• ITU – International Telecommunication Union; a specialized agency of the United Nations that is
responsible for addressing issues that concern information and communication technologies.
• Carrier Aggregation – Allow thicker bands of spectrum to be used (by combining disparate, possibly non-
contiguous bands such as 700MHz and AWS) allowing for faster speeds (Mbps) to be delivered
• Latency – delays in signal propagation.
• Millimeter Wave Spectrum (mmWave)– refers to spectrum typically above 5GHz within the context of 5G,
such as the 28GHz band.
• MIMO – Multiple Input, Multiple Output; expands the capacity of a cell site by using multiple antennas to
transmit and receive the signal. For example, 4x2 MIMO refers to using 4 antennas on the tower and 2
antennas on the mobile device.
• Beam Forming – a technique to improve cell site capacity through directional signal transmission or
reception.
• LTE-U – LTE in Unlicensed Spectrum, targeting using the unlicensed 5GHz band for LTE. While the control
channel uses licensed LTE spectrum, all data flows over the unlicensed 5GHz band (shared with Wi-Fi).
• Licensed Assisted Access – the 3GPP effort to standardize LTE operation in the Wi-Fi bands.

47