U.S.

Technology and 5G Update

Q4 2020
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

Historical U.S. Wireless Overview

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

The Path Towards 5G

2 • What is 5G?
• Network Architecture: 4G LTE vs. 5G
• 5G Standards Roadmap
• 5G Deployments – Country Comparison
• The Current and Future 4G Environment
5G Capabilities and Implications for AMT
3 • 5G Capabilities, Characteristics and Potential Impacts
• Spectrum Considerations
• American Tower Positioning

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

4,787

19M 5G enabled
smartphones
sold in 2019

Billionth iPhone sold 3,417

2,905
iPad (1st generation)
released; First 4G
networks deployed
2,293
500 millionth iPhone
iPhone (1st sold
generation) Motorola DROID
923 1,342
released launched
568
200 318
9 15 26 44 107

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

~62% Mobile Data Usage CAGR from 2007-2020

Notes: 2007-2020 U.S. mobile data traffic assumed to comprise 90% of North America (U.S. & Canada) traffic
Sources: Cisco VNI, 2006-2016; 2014-2015 figures provided by Cisco VNI Feb 2017; Forbes; 2017-2020 figures provided by Ericsson Mobility Report (latest
Nov 2020), 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.
Avg. Monthly Usage per Smartphone Subscriber (MB) T-Mobile and Verizon have
not shut down 2G yet, AT&T
100% shut down in Jan’17

12,326

80%

8,774
60%
2G 7,312

3G
5,954

40%

3,405

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

Network Technology & Device Evolution  Development of Advanced Applications

= More Data Consumption

Notes: 2007-2020 U.S. mobile data traffic assumed to comprise ~90% of North America (U.S. & Canada) traffic

Sources: Cisco VNI, 2006-2016; Forbes; 2017-20 Figures provided by Ericsson Mobility Report Nov’20, 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 35% 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 $0.47 $0.38 $0.31

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

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

Notes: (1) 2006-2014 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, CCI and SBAC.
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 $34

$31 $30 $31
$29
$26 $26 $27 $27
$25 $24
$21 $22 $21
$20
$18 5G
$15 $16 2020-2021E:
$14 4G
2010-2019: ~$29/year >$30/year
3G
2G  3G 2005-2009: ~$23/year
2000-2004: ~$17/year

3G launch 4G launch

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

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 $3 3.5GHz
($ in billions) 2G Capacity
$5
3G Coverage Capacity

4G Coverage Capacity

5G Coverage

Sources: CTIA, BAML Wireless Matrix, Altman Solon Analysis

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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 Macro Cell Sites
(Big 3 Carriers(2))
Installed Macro Sites (thousands)
Capital Intensity
15%
14% 14% 14% 14% 14% 14%
13% 13%
12% 12% 12% 12%

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

(1) Reflects Wireless capex as a percentage of carrier revenue. 2020 data not yet available from CTIA.
(2) T-Mobile and Sprint completed their merger on April 1, 2020.
9
Sources: 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

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Technology Cycles
We are currently transitioning from the 4G capacity stage to the early stages of 5G
Key Components of 4G Capacity Build-out
New 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
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The Path Towards 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.
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Network Architecture Expected to Evolve Over Time
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 NROFDMA
5G SDN technologies,
Fiber Fronthaul
and Backhaul
Macro-sites+
vRAN & 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

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5G Standardization Timeline
5G standardization is now complete on Release 15 (Phase 1) as well as Release
16 (Phase 2), and published revised timelines for Release 17

2017 2018 2019 2020 2021

Release 14
LTE enhancements & early 5G technology targeted
to reduce latency
- C-V2X
- 3D MIMO Functional Freeze: March’17
• Supports transmissions in unlicensed spectrum Protocol Stable: June ‘17

Release 15 (5G Phase 1)

• First set of 5G standards as well as maturing of
LTE-Advanced Pro specs Last minute work on Release 15 drove
• New Radio (NR) with Non-Standalone 4G control delays Change Requests include
channel addressing Radio Link Failure for mmWave
Early Drop: Standalone Late Drop: uplink
• Standalone 5G operation options
• Focus on eMBB, latency reduction and reliability NSA +EPC 3Q’19
improvement

Release 16 (5G Phase 2) 3GPP announced an

• 5G advances with increased focus on specific updated timeline in
use cases in IoT Dec’20 accounting for
• Ultra-lean design ‘always on’ the impact of e-
• Multi-site connectivity for enhanced data rate Targeted Freeze: meetings in 2020 and at
• 5G NR for V2X 3Q’20 least through June’21
(COVID-19 impact)

Release 17
• 3GPP defined (Dec’19) the scope of proposed
study and work items
Functional Freeze: June ’21
Protocol Stable: June’22

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

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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 rollout in 2021
• All carriers have deployed low-band, nationwide 5G networks with
some deployments also in mmWave as well as mid-band (2.5GHz), with
13 15 17 19 21 23 25

4G

4G Launch 4G future mid-band deployment in CBRS and C-Band expected

North • Mid-Band: CBRS auction (70 MHz at ~3.5 GHz) winners announced
5G PoC 5G Trial 5G Launch Sep’20
America
5G Mobile

• Mid-Band: C-Band auction winners announced in Mar’21 (280 MHz

5G FW

5G FW PoC 5G FW Trial 5G FW Launch 5G FW from 3.7 – 4.2 GHz)

13 15 17 19 21 23 25

Europe: Multiple market roll-outs

4G

4G Launch 4G • Deutsche Telekom has deployed 3.7 GHz 5G in parts of 26 major cities
(Dec’20), aims for 80% 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 launched 5G network in 15 French municipalities (Dec’20)

China: Current trials lead to wide roll-out from 2020

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 100M devices connected to 5G and 60M 5G users in 3Q20

5G FW

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

• 28% of China’s mobile connections forecasted to run on 5G networks
by 2025 (GSMA)

Note: PoC stands for Proof of Concept

Source: Altman Solon Research & Analysis, GSMA, Carrier press releases 16
The Evolution Towards 5G
Early 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

Notes:
(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 in Jan’17 17
Sources: Altman Solon Research & Analysis, GSMA Intelligence, DoCoMo, 3GPP
4G Continues to Catalyze Tremendous Mobile Data Usage
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)

’20-’26E ‘20-’26E ’20-’26E

CAGR CAGR CAGR

834 8%

19.8 27%
46.3 24%

408 2%
516

X =
Overall 18.9 26%
361

13.0
Non-IoT Overall 4.8
426 18% Non-IoT

155 2.2 23% Non-IoT 4.7

IoT 0.7
0.1
IoT IoT 0.9 45%
2020 2022 2024 2026 2020 2022 2024 2026 2020 2022 2024 2026

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

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)
Sources: Ericsson Mobility Report November 2020, Altman Solon Research & Analysis 18
Networks are Evolving to Address Capacity Needs
Ongoing 4G activity includes new wrinkles on equipment configurations
Typical 3G Deployment 4G Deployment

Multi-Band MIMO Antennas Example: Multiple

2x2 MIMO now common on LTE, antennas used for the
growing to 4x2 and 4x4 (provide same sector rather than 1

SISO Antennas – only higher spectral efficiency)

antennas deployed on the
tower
SISO to MIMO
Antennas

LTE Remote Radio Heads

(includes transceiver cards, power amplifiers
and filters)
Greater prevalence of Remote Radio
Coax cable Heads being deployed on towers

Fiber running down the

tower (rather than coax)

Consolidated base
LTE Baseband unit
stations separated Could be deployed at the bottom of the
850/1900MHz
into Remote Radio tower or also remotely at a datacenter
BTS Heads and (Cloud RAN architecture)
Baseband units

3G Base Station includes the Baseband Unit, Transceivers, Power

Amplifiers, and other auxiliary equipment

The Trend Has Been More Equipment Being Placed on Towers

Source: Altman Solon Research & Analysis

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Ongoing Evolution of Wireless Networks
Heterogeneous Networks (Hetnets) 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
a blanket of coverage, while underneath this umbrella, a combination of other technologies are
deployed to increase network capacity, particularly in 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

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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
• 54% live in suburban
(600-7,500 people per
square mile)
• 28% live in rural (<600
people per square mile)

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

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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

Sources: 3GPP

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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: Bain

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)

2020 2026E

Total IoT 9X growth 942

traffic: (45% CAGR) PB/month

Total IoT 2.7X

devices: 426M
growth

Sources: Altman Solon Research & Analysis

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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 37.0 38.6 40.0 42 42.5 64.0 71.0 76.0 81.0 86.0 102.2 109.5
A1
A2 B

24 GHz LMDS 37 GHz 39 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
(37.0GHz-38.6GHz) (38.6GHz-40GHz)
1.6 GHz proposed for
mobile use
• Not currently licensed
• FCC proposes a hybrid
licensing scheme, with
county-based geographic
licensing for outdoor use, and
operating rights by rule to
property owners
1.4 GHz proposed for mobile
use
• Timing: Auction began Dec’19,
2019; Assignment phase began
Feb’20
• Licensed by EA with 14 paired
blocks of 50x50 MHz
• Active licenses cover ~49% of
U.S. population
• Current license holders would get
their rights extended to mobile
while non active licenses would be
auctioned
• 39.5-40.0MHz may be used for
military FSS/MSS operations
(64GHz-71GHz)
7.0 GHz proposed for mobile
use
• Not currently licensed
• FCC proposes to authorize
operations for unlicensed uses
such as Wi-Fi-like “WiGig”
operations
• Could be used with unlicensed
57-64GHz band to create
combined 17 GHz band
Already Auctioned
Auction in Process
Proposed by FCC for mobile use

Other potential mmWave bands (*)

(*) 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
28
develop a “flexible rules” framework that would permit mobile and satellite to cohabit in bands.
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 • 37 GHz, 39 GHz, 47 GHz
• 64 GHz (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, US 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 3.5GHz 24GHz 28GHz 39GHz 90GHz
AT&T
US Verizon
T-Mobile
US 5G deployments span low, mid
Deutsche Telekom and high bands…
Vodafone
SFR
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 should drive
parallel 5G coverage deployment at low/mid bands with select capacity
deployment at mmWave bands

Today 2018-2020 4G Investments Likely 5G Deployments

High-band (mmWave)
mmWave supports capacity & small- 5G
cell centric 5G deployment

CBRS/3.7- 5G
4.2GHz
Capacity 2.5GHz 4G 4G 5G
Bands
WCS 4G 4G
PCS Mid-Band (e.g. CBRS,C-
3G 4G 4G
Band 2.5GHz) expected to
AWS 4G 4G be the 5G “sweetspot”

Low Band (e.g. 600MHz) allows

850 MHz 2G 4G 4G complementary coverage build

Coverage 700 MHz 4G 4G

Bands 600 MHz 4G 5G

Source: Altman Solon Research & Analysis

31
AMT Positioning – Macro Towers
Deployment of 600 MHz, 3.7GHz 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)
40k+ 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) 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): “The record-breaking $81 billion in total bids raised
by the FCC's C-band auction helps highlight the value of this type of
mid-band spectrum to the three major carriers…propagation
characteristics also mean that C-band winners like Verizon will need to
light up far more transmission sites to cover the same geographic area
than they would with low-band spectrum. This is likely welcome news to
cell tower and small cell owners.”
- Mike Dano, Light Reading Editorial Director, February 25, 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 for AMT Real Estate

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

Deployment of urban and venue-focused millimeter-wave

Initial 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
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.

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