American Tower Corporation

:
Financial and Operational Update
Second Quarter 2016

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 and underlying assumptions. Actual results may differ materially from
those indicated by these forward-looking statements as a result of various important factors,
including those described in the appendix attached hereto, 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. Definitions and reconciliations are provided at the end of the presentation.

2

Investment Highlights Second Quarter 2016 Results and Updated Full Year 2016 Expectations Solid growth driven by strong customer network investments Historical Financial Performance Consistent cash flow based returns • Solid balance sheet Solid Business Model Fundamentals Long-term revenue stream • Secure real estate assets • Strong customer base Global Demand Drivers and Positioning for Growth Secular growth trends in wireless • New high growth assets 3 .

000+ ~104.000 700+ Types of locations served Mainly suburban and rural locations. Mix of urban. suburban and rural locations.Portfolio Summary Domestic towers International towers Distributed Antenna Systems (DAS) Asset count 40. typically clustered around key population centers. Domestic and international indoor and outdoor venues with clear multi-tenant opportunities. 4 .

except per share data 2Q16 2Q15 Y/Y Change Total Property Revenue $1.37 $0.6% Total Revenue $1.174 22.426 $1.3% Per diluted share $1.4% $0. 5 .0% 60.442 $1.3% $869 $762 14.154 23.8% $161 $129 24.38 $1.2% 64.Consolidated Results Highlights $ in millions.5% Net income attributable to ATC Common Stockholders Per diluted share attributable to ATC Adjusted EBITDA Adjusted EBITDA Margin Definitions and reconciliations are provided at the end of this presentation.26 9.9% Consolidated AFFO $592 $537 10.30 23.

43B ~20% $1.2Q 2016 Property Revenue Growth Property Revenue Organic Tenant Billings Growth $1. ~1. Total Intl.15B ~14% 23.7% higher than Q2 2015 Diversification continues to support strong global revenue growth trajectory 6 Definitions and reconciliations are provided at the end of this presentation. . Asia LatAm EMEA Total Property revenue growth of nearly 24% Consolidated Organic Tenant Billings Growth of nearly 8% › › International contribution benefitted consolidated Organic Tenant Billings Growth by ~2% International delivered double digit Organic Tenant Billings Growth.6% Growth 23.7% Organic Tenant Billings Growth 2Q15 › › › 2Q16 ~12% ~10% ~8% ~6% Total U.1% Tenant Billings Growth 7.S.

520 $3. 2016. dated April 29.Increasing 2016 Outlook(1) ($ in millions) Property Revenue Adjusted EBITDA Consolidated AFFO $5. represents year-over-year growth of over 48% Supported by consistent demand trends across global footprint (1) Prior outlook reflects 2016 outlook midpoints. as reported in the Company’s 8-K. as reported in the Company’s 8 -K. 2016.440 $2.425 +$10m +0. dated July 28.6% Current Outlook ~15% year over year Growth Adjusted EBITDA Margin % of Over 61% Prior Outlook Current Outlook ~13% year over year Growth ~12% per share Growth Projecting continued double digit growth across key metrics Expect 2016 Net Income of $1.505 $2. Current outlook reflects 2016 outlook midpoints. .2% Prior Outlook Current Outlook ~21% year over year Growth Organic Tenant Billings Growth of ~8% › › › +$15m +0.0 Billion.650 $3. 7 Definitions and reconciliations are provided at the end of this presentation.660 $5.4% Prior Outlook +$15m +0.

Subject to the discretion and determination of the Company’s Board of Directors.S. 8 Definitions and reconciliations are provided at the end of this presentation. 2016.2016 Capital Allocation Priorities(1) ($ in millions) › 2016E Capital Expenditures REIT distribution expected to grow by over 20%(2) › Capital expenditure plan of $700-800 million › › Discretionary Capital Projects $200 83% discretionary 2.000 new build towers worldwide. . dated July 28. as reported in the Company’s 8-K. › Corporate & Capital Improvement $130 Redevelopment $175 Focused on maintaining investment grade Start-up Capital Projects $95 credit rating while funding continued growth › Expect to be at 5x net leverage by year end 2016 Capital Allocation (1) (2) Distributions Capex Target Leverage Range Opportunistic Acquisitions Reflects midpoint of 2016 outlook. Ground Lease Purchases $150 including ~100 in the U.500-3.

0% $642m (1) (2) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E (1) 2007 2008 2009 2010 2011 2012 (3) 2013 2014 (3) (4) 2015 2Q16A Diverse. (2) Reflects Midpoint of 2016 Outlook. high quality global portfolio continues to drive AFFO growth and strong ROIC (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 certain federal net operating losses. dated July 28. 9 . (4) Reflects 2Q 2016 annualized results. as reported on the Company’s Form 8-K.1% 9. 2016.440m 9. (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 the Verizon transaction Definitions and reconciliations are provided at the end of this presentation. Assumes 2016 weighted average share count of ~429m.Strong Historical Financial Performance Consolidated Adjusted Funds From Operations (AFFO) Return on Invested Capital $2.

2x 5.4x 5.3x 5.1x 5.300 2018 2019 $500 $64 $162 2016 2017 Senior Notes $67 $154 $479 $91 U.900 2020 2021 Viom Debt $1.0x › Weighted average cost of debt of ~4% 0.0x 3.000 $525 $750 $1.300 $18 $700 $1. 2016(1) $ in millions $160 $3.S. 10 Definitions and reconciliations are provided at the end of this presentation.4x 5.2 billion as of 6/30/16 › Weighted average debt tenor of over 5 years 1.840 $2.0x 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 (1) Excludes approximately $469 million of subsidiary and international debt.Solid Balance Sheet Position June 30.000 $1.450 $1.3x › Expect to be at or below 5x net leverage by year-end 2016 › Liquidity of $~3.000 $173 $1.0x 5.0x 5.0x 5.0x › Committed to maintaining investment grade credit rating 4.0x 5.0x 2.678 $96 $1. Secured Debt $31 $37 $1.500 2022 2023 2024 2025 2026 $37 Drawn Bank Debt Revolving Credit Facility Availability Net Leverage Ratio (LQA) 6. .2x 5.

and other non-national customers. 2016. 11 . Other Domestic primarily includes: other voice and data customers. government agencies.: averaging approximately 3% International: typically based on local inflation indices (3) Data as of the quarter ended June 30. Excludes escalators in India and Nigeria which are typically fixed.S.Tenant Base Characteristics(1) Q2 2016 Property Revenue Distribution International Passthrough Revenue 13% AT&T(US) 17% (2) (2) (2) Other Domestic(2) 8% › (1) (2) (3) 79% Verizon 15% International Tenant Revenue 28% › › Global Tenant Lease Renewal Schedule Sprint 10% T-Mobile 8% 5% 4% 7% 6% 2016 2017 2018 2019 2020+ 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. broadcast companies including radio and television customers.

2016.S.30 years or more › Landlord base characteristics: › › Our landlord base is highly fragmented Over 90% of our ground leases are held by landlords who own a single site 87% Global ground lease expiration schedule: (1) 3% 3% 3% 4% 2016 2017 2018 2019 2020+ Data as of the quarter ended June 30.Commitment to a Secure Real Estate Portfolio(1) Property interest overview: › Annual escalators: averaging approximately 3% in the U. and typically based on local inflation rates internationally › In the United States: › Nearly 28% of land is owned or operated pursuant to a capital lease or perpetual easement › Average remaining term of nearly 25 years for properties under lease › Average lease term extensions are approximately 25 . 12 .

contracted revenue as of June 30. 13 .     Mexico   Brazil   Colombia   Chile  Peru  Costa Rica   India     South Africa   Ghana   Uganda   Nigeria   Germany › › › (1)      Over 85% of our revenues are generated from our top 15 tenants Most of our ~$32 billion of non-cancellable.S. multinational tenants Focus on large. 2016. 2016 is from large. established customers has helped to keep historical churn rates between 1-2% per year Data as of the quarter ended June 30.Focused on Partnering with Multinational Wireless Carriers(1) U.

788 5. AV&Co Analysis 14 .306 5.Average Data Usage per Device U.590 1.687 2.777 618 1.S. Data Traffic by Device Type (in MBs / month) 9.061 111 31 132 2014 2015 Feature Phones 2016 2017 Smartphones 2018 Laptops 2019 Tablets 2020 M2M Note: 2016-2019 data extrapolated from Cisco 2015 and 2020 estimates Sources: Cisco VNI 2014-2020 (Feb’16).

023 +6x +1. Data Traffic by Device Type (in petabytes / month) 3.S.6x 504 315 2014 2015 Feature Phones 2016 2017 Smartphones 2018 Tablets 2019 Laptops 2020 M2M Note: 2016-2019 data extrapolated from Cisco 2015 and 2020 estimates Sources: Cisco VNI 2014-2020 (Feb’16).Total US Mobile Data Traffic Growth U. AV&Co Analysis 15 .

UBS forecasts 16 . analysis. CTIA.Evolution of Fixed to Mobile Advanced Devices Driving up Total Wireless Capex Spend US WIRELESS CARRIER CAPEX ($ in BILLIONS) $35 $30 $25 4G Media & Content $20 3G Internet $15 $10 $5 2G Telephony $2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Sources: AV&Co.

analysis 17 .Mobile Network Investments Airlink (RAN) Fixed Line MOBILE CORE Call is “switched” and routed to another tower site closest to receiving device + 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 + 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 = 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. Source: AV&Co.

Recent Advancements in Mobile Technology Increase Signal Propagation Distance? Increase Airlink Capacity? Network Benefits Impact Equipment Configuration on Tower Software Defined Networks “SDN” X X Reduce truck rolls ($) X Software Optimized Networks “SON” X X Reduce truck rolls ($) X X Reduce redundant base station capex/opex costs ($) Remote radio head installed X Increased capacity to manage higher bandwidth applications LTE antennas installed X Ability to pair different spectrum bands to provide additional network capacity MIMO antennas installed Mobile Core Airlink / Mobile Core Connection C-RAN X Airlink 3G  4G Spectral Efficiency Carrier Aggregation 18 .

Bank of America Merrill Lynch Wireless Matrix 2Q15. GSMA Intelligence 19 .International Markets Poised for Smartphone Growth Wireless Penetration vs. Mobile Broadband (3G / 4G) Penetration (Size of bubbles = Number of mobile subscribers) 180% Wireless Penetration 150% Advanced 120% Rapidly Evolving 90% 60% Emerging 30% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mobile Broadband (3G / 4G) Penetration AMT’s International Exposure Provides Access to Significantly Less Mature Wireless Markets Source: Altman Vilandrie & Co. research.

000 communications sites GERMANY ~2.400 INDIA ~58. COLOMBIA & PERU ~5.400 COSTA RICA ~500 CHILE.400 U.100 SOUTH AFRICA ~2.200 UGANDA ~1.700 1995 2015 20 .100 BRAZIL MEXICO ~8.900 ~18. ~40.000 Year Market Launched NIGERIA ~4.600 GHANA ~2.S.Global Scale Leverages Global Demand American Tower has a global portfolio of over 144.

21 Definitions and reconciliations are provided at the end of this presentation.4B $1. dated July.6B 2007 16.3% CAGR 2007 2016E 16. as reported in the Company’s 8 -K.5B $5. Consistent Results Over the Long Term While Maintaining ROIC(1) Property Segment Revenue AFFO Adjusted EBITDA $3.0% CAGR Maintained ROIC over 9% despite adding nearly 69.4B 2007 2016E $0. 2016. .We Have Generated Strong.000 sites since the beginning of 2015 (1) 2016E reflects midpoint of 2016 outlook. 28.0B $1.7B $2.6% CAGR 2016E 15.

income tax benefit (provision). Organic Tenant Billings Growth: The portion of Tenant Billings Growth attributable to Organic Tenant Billings. In addition. when the lease rates on existing leases are reduced. interest income. (iv) non-real estate related depreciation. Consolidated Adjusted Funds From Operations. (ii) stock-based compensation expense. and therefore the value. The Company believes that organic growth is a useful measure of its ability to add tenancy and incremental revenue to its assets for the reported period. debt discounts and premiums and long-term deferred interest charges. Adjusted EBITDA Margin: the percentage that results from dividing Adjusted EBITDA by total revenue. Churn: Revenue lost when a tenant cancels or does not renew its lease or. interest expense. other income (expense). escalations or cancellations that occur on these sites after the date of their initial addition to our portfolio is not included in New Site Tenant Billings. it is a widely used performance measure across our telecommunications real estate sector. NAREIT Funds From Operations Attributable to American Tower Corporation Common Stockholders: Net income before gains or losses from the sale or disposal of real estate. as well as Tenant Billings activity on new sites that occurred after the date of their initial addition to the Company’s portfolio. other operating income (expense). may cause material fluctuations in FFO growth from period to period that would not be representative of the underlying performance of our property assets in those periods. The Company believes this measure provides valuable insight into the operating performance of its property assets by further adjusting the NAREIT FFO attributable to American Tower Corporation common stockholders metric to exclude the factors outlined above. capitalized interest.Definitions Adjusted EBITDA: Net income before income (loss) from equity method investments. depreciation. 22 . (vii) gain (loss) on retirement of long-term obligations. of the Company’s property assets. or Consolidated AFFO: NAREIT FFO attributable to American Tower Corporation common stockholders before (i) straight-line revenue and expense. gain (loss) on retirement of long-term obligations. The Company believes this measure provides valuable insight into the profitability of its operations while at the same time taking into account the central overhead expenses required to manage its global operations. New Site Tenant Billings Growth: The portion of Tenant Billings Growth attributable to New Site Tenant Billings. NOI Yield: the percentage that results from dividing gross margin by total investment. Consolidated AFFO per Share: Consolidated AFFO divided by the diluted weighted average common shares outstanding. and enables investors and analysts to gain additional insight into the relative attractiveness. (vi) other income (expense). real estate related depreciation. (iii) the deferred portion of its tax provision. amortization and accretion and stock-based compensation expense. (viii) other operating income (expense). real estate related impairment charges. Net Leverage Ratio: Net debt (total debt. New Site Tenant Billings: Day-one Tenant Billings associated with sites that have been built or acquired since the beginning of the prior year period to Incremental colocations/amendments. (v) amortization of deferred financing costs. less cash and cash equivalents) divided by the quarter’s annualized Adjusted EBITDA. and including adjustments for (i) unconsolidated affiliates and (ii) non-controlling interest. In addition. less cash payments related to capital improvements and cash payments related to corporate capital expenditures. and adjustments for (ix) unconsolidated affiliates and (x) noncontrolling interest. amortization and accretion. Organic Tenant Billings: Tenant Billings on sites that the Company has owned since the beginning of the prior-year period. The Company believes this measure provides valuable insight into the growth attributable to Tenant Billings from recently acquired or constructed properties. amortization and accretion and dividends on preferred stock. which if unadjusted. in limited circumstances. it is a widely used performance measure across our telecommunications real estate sector.

long-term tenant leases. including in Latin America where we primarily pass through ground rent expenses. general. where we primarily pass through fuel costs. to be reasonably assured. in limited circumstances. (iii) “cancellations” reflects the impact of tenant lease terminations or nonrenewals or. Latin America Property segment includes interest income. Certain of our tenant leases require us to exercise available renewal options pursuant to the underlying ground lease. when the lease rates on existing leases are reduced. divided by gross property. we calculate our straight-line ground rent over the term of the ground lease. Return on Invested Capital: Adjusted EBITDA less improvement and corporate capital expenditures and cash taxes. selling. We record pass-through as revenue and a corresponding offsetting expense for these events. TV Azteca. We recognized revenues on a straight-line basis over the fixed. TV Azteca. Straight-line revenues: We calculate straight-line rental revenues from our tenants based on the fixed escalation clauses present in non-cancellable lease agreements. if any. in each case adjusted for foreign currency exchange fluctuations. and (iv) “new sites” reflects the impact of new property construction and acquisitions. excluding stock-based compensation expense and corporate expenses. For towers with these types of tenant leases at the inception of the ground lease. International Pass-through Revenues: In several of our international markets we pass through certain operating expenses to our tenants. non-cancellable terms of the applicable leases. Latin America Property segment includes interest income. including all renewal options required to fulfill the tenant lease obligation. net. and in India and South Africa. goodwill and intangible assets. at the inception of the lease.Definitions Segment Gross Margin: segment revenue less segment operating expenses. Straight-line expenses: We calculate straight-line ground rent expense for our ground leases based on the fixed non-cancellable term of the underlying ground lease plus all periods. administrative and development expense attributable to the segment. administrative and development expense. and other incentives present in lease agreements with our tenants. excluding stock-based compensation expense recorded in costs of operations. net. 23 . if the tenant exercises its renewal option. Revenue from Tenant Billings reflects several key aspects of the Company’s real estate business: (i) “colocations/amendments” reflects new tenant leases for space on existing towers and amendments to existing leases to add additional tenant equipment. for which failure to renew the lease imposes an economic penalty to us such that renewal appears. general. plant and equipment. depreciation. Tenant Billings: The majority of the Company’s revenue is generated from non-cancellable. and other operating expenses. (ii) “escalations” reflects contractual increases in billing rates which are typically tied to fixed percentages or a variable percentage based on a consumer price index. Tenant Billings Growth: The increase or decrease resulting from a comparison of Tenant Billing results for a current period with Tenant Billing for the corresponding prior-year period. Segment Operating Profit: Segment gross margin less segment selling. amortization and accretion. excluding those tied to the Consumer Price Index or other inflation-based indices.

our expectation regarding the leasing demand for communications real estate and our expectations regarding dividend growth. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors. (6) our leverage and debt service obligations may materially and adversely affect us. (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. but are not limited to. expectations. (8) our foreign operations are subject to economic. including: (1) decrease in demand for our communications sites would materially and adversely affect our operating results. that could adversely affect our operating results. future growth and expansion initiatives and to satisfy our distribution requirements. (10) a substantial portion of our revenue is derived from a small number of tenants. future operating results and underlying assumptions. 24 . (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. (9) new technologies or changes in a tenant’s business model could make our tower leasing business less desirable and result in decreasing revenues. (7) our expansion initiatives involve a number of risks and uncertainties. Examples of these statements include. beliefs. it could adversely affect our business and operating results. including those related to integration of acquired or leased assets. objectives. and we are sensitive to changes in the creditworthiness and financial strength of our tenants. we will be subject to tax at corporate income tax rates. including risks associated with fluctuations in foreign currency exchange rates. our growth. disrupt our operations or expose us to additional risk. which may substantially reduce funds otherwise available. and we cannot control that demand. (13) if we are unable to protect our rights to the land under our towers. plans. strategies. (12) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities. and even if we qualify for taxation as a REIT.Risk Factors This presentation contains “forward-looking statements” concerning our goals. foreign currency exchange rates. statements regarding our full year 2016 outlook. including our ability to raise additional financing to fund capital expenditures. (11) if we fail to remain qualified for taxation as a REIT. and other statements that are not necessarily based on historical facts. we may face tax liabilities that impact earnings and available cash flow. (2) if our tenants share site infrastructure to a significant degree or consolidate or merge. (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. political and other risks that could materially and adversely affect our revenues or financial position. revenue and ability to generate positive cash flows could be materially and adversely affected.

(17) we could have liability under environmental and occupational safety and health laws. data centers or computer systems may be affected by natural disasters and other unforeseen events for which our insurance may not provide adequate coverage. under the caption “Risk Factors”. 2015. We undertake no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements.Risk Factors (continued) (15) restrictive covenants in the agreements related to our securitization transactions. and (18) our towers. we refer you to the information contained in Item 1A of our Form 10-K for the year ended December 31. 25 . and we may be prohibited from paying dividends on our common stock. which may jeopardize our qualification for taxation as a REIT. especially if these perceived risks are substantiated. our credit facilities and our debt securities and the terms of our preferred stock could materially and adversely affect our business by limiting flexibility. (16) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions.

9 181.Historical Reconciliations $ in Millions.2) (142.37 $ 1.6) (2.1 $868.289.8 2.1 21.7) (25.33 Calculation of Consolidated AFFO excludes start-up related capital spending in 2015-2016.6) $536. totals may not add due to rounding RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA 2Q15 Net i ncome 3Q15 $157.8 $570.4 341.2) Stra i ght-l i ne expens e 14.5 - - - - - $157.2 25.1 $868.3) (26.6) ($5.0 (0.2 $97.5 $833.8 8.0) (16.7 159.8 16.8 13.1 352.27 $ 1.26 $ 1.26 $ 1.2 Los s (i ncome) from di s conti nued opera ti ons .3 $192.0 Interes t i ncome (4.5 25.6 3.9 429.1 43. 26 .442.9 Di vi ded by wei ghted a vera ge di l uted s ha res outs ta ndi ng (1) (2) 3Q15 $762. Excludes one-time GTP cash tax charge incurred during the third quarter of 2015.8) (19.5 6.3 28.8) 148.3) (6.2) (4.4 15.0 16.5) (4.0 $1.3) (152.41 $ 1.0 Consolidated AFFO Per diluted share $ 1.5) ($15.0 $801.3 $552.5 149.2 $586.5 426.31 $ 1.5) (143.9 $1.9 Stra i ght-l i ne revenue (35.5) (38.7) (4.4 4.2) (31.5 (15.9 $762.9 $1.2) (7.2) 75.7 (12.0 18.7 328.23 $ 1.0) (35.8) Corpora te Ca pex Consolidated AFFO (3.174.3 427.3 $192.1 $541.5 $591.5 (143.280.8) Ca pi ta l Improvement Ca pex (19.4 16.38 AFFO attributable to AMT common stockholders per diluted share $ 1.2 $539.4) (4.1 - 0.9 15.5) Other opera ti ng expens es 17.7 $602.6 397. a morti za ti on a nd a ccreti on Stock-ba s ed compens a ti on expens e ADJUSTED EBITDA Di vi ded by tota l revenue ADJUSTED EBITDA MARGIN AFFO RECONCILIATION (1) 2Q15 Adjus ted EBITDA 4Q15 1Q16 2Q16 $779.8) (26.6 $281.5 - - - - - 14.5 4.8) ($2.4 $1.2 427.4) (31.6) Ca s h i nteres t Interes t Income Ca s h recei ved (pa i d) for i ncome ta xes (2) 4.8 427.2 65% 63% 63% 65% 60% Depreci a ti on.1 66.29 $ 1.8 149.4) AFFO Attributable to Common Stockholders $524.8) (46.5 $833.8) (32.0) Di vi dends on preferred s tock (26. net Income from conti nui ng opera ti ons Income from equi ty method i nves tments Income ta x provi s i on Other (i ncome) expens e Los s (ga i n) on reti rement of l ong-term obl i ga ti ons Interes t expens e 4Q15 $97.0 $1.7 1Q16 $221.6 2Q16 $281.0 $801.4 341.7 $221.7 25.7 11.5) (176.3 18.7) ($21.8 0.9 Adjus tments for noncontrol l i ng i nteres ts ($12.8 $558.5) (6.8) (26.6) (3.3 $779.237.8 24.0 94.9 29.8) (26.8) (22.8) (26.

420 (15) $ (1) As reported in the Company's 8-K filed on July 28. (i) 3.40 Peruvian Soles. (2) The Company’s outlook is based on the following average foreign currency exchange rates to 1.75 South African Rand.92 Euros.00 U. gain (loss) on retirement of long-term obligations and other income (expense) Adjusted EBITDA $ 63 to 3.530 Non-cash stock based compensation expense 90 - 90 Deferred portion of income tax 47 to 34 30 to 12 78 to 69 Amortization of deferred financing costs.90 Mexican Pesos. (h) 300 Nigerian Naira.500 to 1. (j) 15.00 Ghanaian Cedi. including other operating expenses.025 (124) 66 - 66 1.2016 Outlook Reconciliations(1)(2) $ in Millions.100 Colombian Pesos. (d) 0.400 Ugandan Shillings.530 142 to 131 90 - 90 Other.S. 2016. (b) 670 Chilean Pesos. Dollar for the remainder of 2016: (a) 3. including other operating expenses. (c) 3.025 740 to 710 1.500 to 54 $ 3.540 Reconciliations of Outlook for Net Income to Consolidated Adjusted Funds From Operations: Full Year 2016 ($ in millions) Net income $965 to Straight-line revenue (124) - Straight-line expense Depreciation. amortization and accretion $1.460 27 . (f) 68.40 Indian Rupees. and (k) 3. totals may not add due to rounding Reconciliations of Outlook for Net Income to Adjusted EBITDA: Full Year 2016 ($ in millions) Net income Interest expense Depreciation. capitalized interest and debt discounts and premiums and long-term deferred interest charges Other. (g) 18. (e) 4. loss on retirement of long-term obligations and other expense (income) Dividends on preferred stock (107) - (107) Capital improvement capital expenditures (110) to (120) (15) - Corporate capital expenditures Consolidated Adjusted Funds From Operations $ 2.50 Brazilian Reais.500 to 1. amortization and accretion Income Tax Provision Stock based compensation expense $965 to $1. interest income. 2.

306 3.3x Q2 2016 Adjusted EBITDA multiplied by four.Q2 2016 Net Leverage Ratio Reconciliation $ in Millions. totals may not add due to rounding Total Debt Less: Cash and cash equivalents Net Debt Divided By: Second quarter annualized Adjusted EBITDA(1) Net Leverage Ratio (1) $18.476 5.717 411 18. 28 .