American Tower Corporation:

International Market Overview

Second Quarter 2022
American Tower International Market Overview
Introduction
International Portfolio Overview • International Markets Poised for Smartphone Growth
• TowerCo Model Is Growing Across All Regions

Advanced Wireless Markets

Australia • Canada • France • Germany • Spain

Evolving Wireless Markets

Argentina • Brazil • Chile • Colombia • India • Mexico • Poland • South Africa

Developing Wireless Markets

Bangladesh • Burkina Faso • Costa Rica • Ghana • Kenya • Niger • Nigeria • Paraguay • Peru
• Philippines • Uganda

Notes: Definitions and Data Sources Available on Last Page of Presentation

2
International Portfolio Overview(1)(2)

(1) Reflects the Company's Asia-Pacific, Africa, Europe and Latin America segments.
(2) In many international markets, we have non-tower, non-DAS communications infrastructure assets which are excluded from site counts.
(3) Includes in-building and outdoor DAS networks.
(4) Represents top 10 international tenants for the quarter ended June 30, 2022.
(5) In Australia, the Company controls land under carrier or other third-party communications sites, which provides recurring cash flow through leasing arrangements.

3
International Markets Poised for Smartphone Growth
Wireless Penetration vs. Mobile Broadband Penetration(1)(2)
(Size of bubbles = Number of mobile subscribers)
200%

South Africa
180%

Germany USA
160% Philippines Poland
Costa Rica Kenya Australia
140%
Burkina Faso
Argentina Chile
Bangladesh
120% Canada Ghana
Paraguay Mexico
Penetration
Wireless

100% Spain

France
80%
Nigeria Brazil
Uganda
60%
Peru India
Niger Colombia Advanced Markets
40% Evolving Markets
Developing Markets
20%

0%
0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

Mobile Broadband (3G/4G/5G) Penetration

AMT’s International Footprint Provides Access to a Wide Range of Wireless Markets

Notes:
(1) Broadband Penetration is Number of Active Mobile-broadband subscriptions per 100 ppl from OECD, Omdia (4G penetration), ITU 2020; Kenya, Niger, Nigeria, and Uganda are Omdia 3G penetration due to low rates of 4G;
wireless penetration for CY21E (Bank of America Global Wireless Matrix + additional sources shown throughout deck).
(2) U.S. mobile BB penetration shown higher than wireless penetration likely due to different sources.

4
TowerCo Model Is Growing Across All Regions

Tower Ownership by Region

(%, towers owned by different operator types, 2016 – 2022)

MNO TowerCo

28%
36% 42%
49% 46%
53%
65% 67% 64%
74%

72%
64% 58%
51% 54%
46%
35% 33% 36%
26%

2016 2022 2016 2022 2016 2022 2016 2022 2016 2022

North America(1) Europe APAC(2) LATAM Africa(3)

Notes:
(1) Data shown for North America is U.S., Canada and Mexico.
(2) Data shown for APAC is a subset and excludes China; largest driver of mix shift is Brookfield’s acquisition of Jio’s towers.
(3) Data shown for Africa is Sub-Saharan Africa.
Sources: TowerXchange, Altman Solon Research & Analysis.

5
Advanced Wireless Markets
Australia • Canada • France • Germany • Spain

6
Australia(1)
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(2)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Dec’21 auction – Telstra secured 850 MHZ and Optus
Indicator
4Q21 CAGR secured 900 MHz Rank: 6th Overall / 3rd within Advanced
Wireless • 26 GHz auction completed in Apr’21 – all three major Usage: 12.0 GB / month
36M 2% carriers participated
Subscribers
• Jul’21 – TPG and Nokia switched on 5G SA network
Wireless using 700 MHz spectrum
142% 1%
Penetration
• All three major carriers launched 5G networks in
Monthly Data 2020 and continued to roll out in 2021
0.0 5.0 10.0 15.0 20.0 25.0
Usage per 12.0 GB 20% - Telstra: 75% population coverage via low-band 850
Subscriber (2) MHz and mid-band 3.6 GHz Advanced
Evolving
- Optus: 1.3k+ 5G sites across 6 largest cities
ARPU $20 -6% Developing
- Vodafone (TPG): 85% coverage of 10 largest cities

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines
AMT Sub Mkt. Spectrum Current
2017 2018 2019 2020 2021 2022 2023
Tenant? Share Holdings(3) Technology

~340 MHz | ~633 MHz 2022 – Plans to increase

 56% Holdings in 700, 850, 900, 3G/4G/ LTE coverage

99% LTE-M 5G 75% 5G
coverage in
26 GHz deployment; 50
1800, 2100, 2600, 3500, 5G Nov’14 3Q17
Mar’19 Jun’21
live mmWave sites as of
Telstra 3700MHz, and 26GHz bands Jun’21

~367 MHz | ~551 MHz May’21 –

 30% Holdings in 700, 900, 1800, 3G/4G/ LTE 5G Completed first

Over 1.3k
5G sites
2100, 2300, 2600, 3500MHz, 5G Dec’14 Nov’19
voice call over
in Jun’21
Optus and 26GHz bands 5G SA

LTE
~277 MHz | ~331 MHz Oct’14 Nov’21 – 85%
3G/4G/ 5G coverage in the ten
 14% Holdings in 700, 850, 900,
1800, 2100, 3700MHz, and 5G 3.6 GHz
largest cities and
regions
26GHz bands Proposed merger Jun’20
with Vodafone in

Vodafone (TPG)
LTE Aug’18

Notes: (1) In Australia, the Company controls land under carrier or other third-party communications sites, which provides recurring cash flow through leasing arrangements. (2) Benchmarked with Optus data usage per postpaid
smartphone (3Q21), CAGR is 3Q20 – 3Q21 (3) 26GHz spectrum (in blue) weighted by regional population (estimates).
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, press releases, Spectrum Monitoring, and news articles

7
Canada
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • ISED to auction 3.8 GHz spectrum in early 2023

Indicator
4Q21 CAGR • May’22 – Rogers and Shaw paused on their Rank: 12th Overall / 5th within Advanced
Wireless proposed merger Usage: 5.3 GB / month
34M 3% • All three major carriers began their 5G rollout
Subscribers
- Rogers: 50% coverage via 600 MHz and 2.5 GHz,
Wireless
98% 3% 700 communities nationwide; covering 1,500
Penetration
communities as of Jan’22
Monthly Data - Bell: reached 70% coverage in Jun’21 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 5.3 GB 25% - TELUS: reached 70% coverage in Jan’22
Subscriber (1) Advanced
• 3.5 GHz auction completed in Aug’21 – three largest Evolving
carriers participated
ARPU $41 -3% Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Sub Mkt. Spectrum Current
2017 2018 2019 2020 2021 2022 2023
Tenant? Share Holdings(2) Technology

~244 MHz Named Q3’22 –

 28% Holdings in 700, 850, 1900, 3G/4G/

LTE
97% LTE
coverage in 5G 70%
coverage in
fastest 5G NSA with
AWS, 2600, and 3500 MHz 5G May’17 AWS-3 2021
network 3.5GHz in
Bell Mobility bands Feb’22 deployment

~244 MHz
3G/4G/ Partnered with 5G Jun’21 – Oct’21 – Jun’22 –
 33% Holdings in 600, 700, 800,
1900, AWS, 2600, and 3500 5G LTE Ericsson for 5G
network in Apr’18
600 MHz, 2.5 GHz
50% 5G
coverage
Launched Launched
SA 5G NSA 5G
Jan’20
Rogers Wireless MHz bands

~210 MHz
3G/4G/ 5G 70%
 27% Holdings in 600, 700, 1900,
AWS, WCS, and 2500 MHz 5G LTE AWS-3
coverage
in 2022
$54B investment
through 2024
Jun’20
TELUS Mobility bands

~57 MHz 2G/3G/

 7% Holdings in 600, 700, AWS,
4G LTE Launched VoLTE
in Aug’18
2500 MHz bands
Freedom

Notes: (1) CRTC (regulator) data for mobile data usage for subscribers with a data plan, 1Q22, CAGR 2017-1Q22. (2) Canada Spectrum Auction and Allnet Canada Spectrum Ownership Tool (Oct. 2019).
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, CWTA, carrier annual reports, press releases and news articles

8
France
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • All four major carriers launched 5G networks in late

Indicator
4Q21 CAGR 2020 and continued to roll out in 2021-2022 Rank: 1st Overall / 1st within Advanced
Wireless - Free Mobile: 80% 5G coverage via 700 MHz Usage: 23.6 GB / month
73M 2% - Bouygues: 7.3k sites in 67+ cities
Subscribers
- Orange: 5G in 160 cities via 3.5 GHz, 5G SA for
Wireless
112% 2% business users planned for 2023
Penetration
- SFR: 52% coverage via 2.5 GHz and 2.1 GHz
Monthly Data • 3.4-3.8GHz auction (130MHz) bands for 5G use 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 23.6 GB 47% completed in Oct 2020: All four major carriers
Subscriber (1) Advanced
participated; included a stipulation that 75% of cell sites
Evolving
must be capable of providing 240Mbps speeds by 2022
ARPU $21 -1% Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Sub Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023
~294 MHz
 30% Holdings in 700, 800, 900, 3G/4G/ LTE 98% LTE-M 5G 160 cities
2023 – 5G SA
for business
1800, 2100, 2600, 3500-3700 5G Jun’12 coverage 3Q18
2.1, 3.5 GHz
in Jul’21
users
Orange MHz bands

~237 MHz
22% Holdings in 700, 900, 1800, 3G/4G/ LTE Completed first
5G call in 5G 2.1k 52%
municipalities coverage
2100, 2600, 3500-3700 MHz 5G Jun’14 France 2Q18 2.1, 3.5 GHz Jan’22 Mar’22
SFR bands

~264 MHz
 30% Holdings in 700, 800, 900, 3G/4G/ LTE 96% LTE coverage
2Q18 plans to extend to 5G 67 cities
1800, 2100, 2600, 3500-3700 5G Oct’13 99% by 4Q18 2.1, 3.5 GHz
Dec’21
Bouygues MHz bands

~252 MHz
 18% Holdings in 700, 800, 900, 3G/4G/ LTE 90% of population covered
with 4G, 96% with 3G 5G 80%
coverage
1800, 2100, 2600, 3500-3700 5G Dec’13 4Q18 700 MHz, 3.5 GHz Mar’22
Free Mobile MHz bands

Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research and Analysis – estimated data usage per smartphone, 2Q22 data, 2017-2Q22 CAGR.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, carrier annual reports, press releases and news articles, ARCEP

9
Germany
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016– 2021 • All major carriers continued to roll out 5G networks

Indicator
4Q21 CAGR in 2022 Rank: 9th Overall / 4th within Advanced
Wireless - Deutsche Telekom: >200 cities with 3.6 GHz, 92% Usage: 9.4 GB / month
130M 2% coverage overall via NSA/DSS (2.1 GHz)
Subscribers
- Vodafone: 170 cities via 3.6 GHz, 45M people
Wireless covered overall via NSA/DSS
156% 2%
Penetration
- Telefonica: 40% coverage via 3.6 GHz; using 700
Monthly Data MHz to supplement 5G coverage in rural areas
0.0 5.0 10.0 15.0 20.0 25.0
Usage per 9.4 GB 40% - 1&1: building 5G network; targets 25% coverage by
Subscriber (1) 2023 Advanced
Evolving
• 2Q19 5G auction for 1900MHz, 2100MHz and 3.4-
ARPU $13 -1% 3.7GHz – 3 major carriers in addition to new entrant 1&1 Developing

Drillisch each won >70MHz

WIRELESS CARRIER OVERVIEW:
Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines
AMT Sub Mkt. Spectrum Current
Tenant? Share Holdings Technology
2017 2018 2019 2020 2021 2022 2023
Expanded LTE Target 50%
~330 MHz LTE Additional 5.5m 5G Trials 5G 80 cities
covered
pop

 31% Holdings in 700, 800, 900, 1800,

2100, 2600, 3500-3700 MHz bands
4G/5G
people reached (4Q18)
in 2018
3.6 GHz Oct’21
coverage
YE’22
Telefonica Europe

~365 MHz 4G coverage 5G 92% pop.

Plans

 37% Holdings in 700, 800, 900, 1500,

4G/5G LTE reaches 98%
YE18
2.1, 3.6
coverage
in 2Q22
nationwide
coverage by
1800, 2100, 2600, 3500-3700 MHz GHz ‘25
Deutsche Telekom bands
~365 MHz Rolled out Rolled out 5G 50% pop.
 21% Holdings in 700, 800, 900, 1500,
1800, 2100, 2600, 3500-3700 MHz
4G/5G LTE NB-IoT
sensors
beamforming
1Q19
2.1, 3.6
Shut down 3G
Jun’21
coverage
Jan’22
Vodafone GHz
bands

Roaming
~70 MHz
 11%(2) Holdings in 2100, 3500-3700 MHz 4G
Jun’19 – acquired
50 MHz of 3.6 GHz
agreement w/
Telefonica
Plan to Smartphone 5G
launch 5G launch for mid-
bands spectrum by YE ‘22 ’23
1&1 May’21

Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research and Analysis – estimated data usage per smartphone, 2Q22 data, CAGR is 2017-2Q22. (2) National roaming agreement with Telefonica.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, carrier annual reports, press releases and news articles

10
Spain
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(2)

(GB/month; indexed to other ATC markets)

As of 2017 – 2Q22 • Jul’21 – 700 MHz auction completed; all major

Indicator carriers except MasMovil participated
2Q22 CAGR Rank: 3rd Overall / 2nd within Advanced
• All four major carriers launched 5G networks in late
Wireless 2020 and continued to roll out in 2021 Usage: 20.1 GB / month
56M 2% - Telefónica: 82% coverage via) NSA/DSS (1.8-2.1
Subscribers
GHz, 3.5 GHz in dense cities
Wireless
107% -1% - MasMovil: 54% coverage via NSA/DSS in 686 towns
Penetration (1) and cities; 5G SA rollout awarded to Ericsson
Monthly Data
- Orange: 52% coverage via NSA/DSS, targets 90% by
YE’2022 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 20.1 GB 48%
Subscriber (2)
- Vodafone: 50% coverage in 25 cities in Jun’21 (3.5 Advanced
GHz) Evolving
ARPU (1) $19 -0.4% • 3.6-3.8 GHz 5G auction concluded in Jul’18; remaining
Developing
20 MHz of spectrum was auctioned in Feb’21

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Sub Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~280 MHz
3G/4G/ 5G 82%
 28% Holdings in 700, 800, 900,
1800, 2100, 2600, 3500-3700 5G LTE 1.8-2.1,
coverage
Mar’22
Telefónica 3.5 GHz
MHz bands

~280 MHz
3G/4G/ 5G 52% 5G 241 Target 90%
 29%(3) Holdings in 700, 800, 900,
1800, 2100, 2600, 3500-3700 5G LTE 1.8-2.1,
coverage in municipalities 5G coverage
2021 Mar’22 YE’22
Orange 3.5 GHz
MHz bands

~270 MHz
3G/4G/ 5G Mar’21 – Launched 46% coverage
 22% Holdings in 700, 800, 900,
1800, 2100, 2600, 3500-3700 5G LTE 3.5 GHz
5G in 25
cities
SA 5G
Jul’21
planned by
YE’22
Vodafone Jun’19
MHz bands

~140 MHz 3G/4G/ LTE Jun/Dec’18 – acquired 80 5G 54% 5G SA rollout

 21% Holdings in 1800, 2100, 3500-
3700 MHz bands
5G
MHz of 3.5 GHz spectrum
from Neutra and Eurona
1.8-2.1,
3.5 GHz
coverage in
2021
awarded to
Ericsson
MasMovil

Notes: (1) As of 4Q21, 2016-2021 CAGR. (2) Ericsson Mobility Report, Cisco VNI, Altman Solon Research & Analysis – estimated data usage per smartphone. CAGR is 2017-21. (3) Includes Orange MVNOs.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, carrier annual reports, press releases and news articles

11
Evolving Wireless Markets
Argentina • Brazil • Chile • Colombia • India
• Mexico • Poland • South Africa

12
Argentina
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share

4Q21
As of 2016 – 2021 • Jan’22 – ENACOM announced, 1.5, AWS, 2.3, 3.5, 26,
Indicator
4Q21 CAGR and 38 GHz spectrum will be included in the next
Wireless auction, precise date to be announced
59M -1% • Feb’21 – Telecom Argentina launched 5G network via
Subscribers 31%
DSS 41%
Wireless
129% -2% • Feb’19 – ENACOM planned to auction up to 170 MHz
Penetration
of 4G spectrum from state-owned telco ARSAT – no
Average date announced 28%
Monthly Voice 82 -7% • ENACOM distributed 450MHz to local providers (May’19)
MOU(1) • ENACOM targeted 93% LTE coverage by YE2019

ARPU $3 -15% Telecom Argentina Movistar Claro

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current
Tenant? Mkt. Share Holdings(2) Technology 2017 2018 2019 2020 2021 2022 2023

~180 MHz
2G/3G 5G services ready
 41% Holdings in 700, 850,
1900, AWS, 2600, and /4G LTE Planned $100M annual investment ’17-
’20 in further network buildout
Oct’21, launch
date uncertain
Jan’22 – 99%
coverage
3500 MHz
América Móvil

~170 MHz
2G/3G Partnership w/ 2023 –
 28% Holdings in 700 850,
1900, AWS, 2600, 3500, /4G LTE Partial network upgrades (RAN) w/
Ericsson (‘18-’21)
IBM on Open
RAN Sep’21
5G5GPlanned
launch
and 3700 MHz
Telefónica

~230 MHz 2G/3G

 31% Holdings in 700, 850, 900, /4G/5 LTE 5G trials in Buenos
Aires April ‘18
LTE / LTE – A
coverage 86% 5G Jan’22 – 5G
sites in 5
1900, AWS, 2600, and pop 4Q18 Feb’21 cities
3500 MHz
G
Telecom Argentina

Notes: (1) Benchmarked using América Móvil MOU for Argentina (2Q21), CAGR is 2014 to 2Q21. (2) Spectrum holdings vary by region; calculated using mean holdings, weighting each region equally.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022

13
Brazil
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Nov’21 Spectrum Auction – Vivo, TIM, and Claro

Indicator won spectrum in 2.3GHz, 3.5GHz, and 26GHz
4Q21 CAGR Rank: 10th Overall / 5th within Evolving
- Licenses required 5G to be deployed in state
Wireless capitals by July'22 Usage: 8.6 GB / month
233M -1%
Subscribers
• 5G subscribers totaled 1.2M at the end of 2021
Wireless
109% -1%
- Algar Telecom, and Claro activated new 2.3GHz-
Penetration based 5G services in Dec.'21
Monthly Data 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 8.6 GB 44% Historical wireless subscriber/penetration declines driven by
Subscriber (1) Advanced
declining multi-SIM penetration starting from 2015 (changes in
prepaid churn definition, reduction in interconnection fees reduced Evolving
ARPU $5 -4% the incentive for multiple SIM cards) Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines
AMT Sub Mkt. Spectrum Current
Tenant? Share Holdings(3) Technology 2017 2018 2019 2020 2021 2022 2023

5G
May ’21 – trialed 5G Mar ’22 –
~858 MHz 2G/3G/ 2017 – Q2 ’18 - Deployed 4.5G
LTE
SA w/ AWS
 38% Holdings in 700, 850, 2100, 2600,
3500 and mmWave MHz bands
4G/5G
Launched network in Rio; Testing
LTE-A 5G on 3.5GHz
DSS
Jul’20
Sep ’21 – trialed 5G w/
Selected
parts of 8
locations
Vivo Nokia

~459 MHz
2G/3G/
Q4 ’17 – 90% Q3 ’19 –
5G May ’21 – 5G Feb ’22 – Selected
 29% Holdings in 700, 850, 900, 1800,
2100, 2600, 3500, and mmWave 4G/5G LTE Coverage of
urban pop by
5G trials
on 3.5 DSS
SA piloted
with Ericsson
parts of 19
locations
4Q17 GHz Jul’20
Telecom Italia MHz bands

~700 MHz
2G/3G/ Dec ’18 – Dec ’19 – 5G Dec ’21 – Feb ’22 –

 32% Holdings in 450, 700, SMRS, 900,

1800, 2100, 2600, 3300 and 4G/5G LTE 67%
coverage
76%
coverage
DSS
Launched
5G with
Coverage in
selected parts
Jul’20 2.3GHz of 14 cities
América Móvil mmWave MHz bands

Oct ’20 – 5G Apr ’22 –

Moving forward Sep ’19 – 5G
 N/A N/A N/A LTE with bankruptcy
proceedings
trials on 3.5
GHz
pilot with
2.1GHz in
Completed asset
sale to Vivo,
Tele Norte Leste Brasilia Claro, and TIM

Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research and Analysis – estimated data usage per smartphone, 2Q22 data, 2017-2Q22 CAGR. (2) Spectrum holdings vary by region; calculated using mean holdings,
weighting each region equally.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, press releases, RCR

14
Chile
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage

(GB/month; indexed to other ATC markets)

As of 2017 – 1Q22 • Dec’21 – Entel, Movistar, and WOM activated 5G

Indicator networks
1Q22 CAGR Rank: 4th Overall / 2nd within Evolving
• 5G spectrum auction concluded in Mar’21 (700 MHz,
Wireless AWS, 3.5 GHz, 26 GHz); expected to reach 90% Usage: 17.1 GB / month
27M 2%
Subscribers population coverage within three years
Wireless ‒ WOM: 100 MHz of low/mid-band, 400 MHz of 26
132% 0.04% GHz spectrum
Penetration

Monthly Data
‒ Entel: 50 MHz of 3.5 GHz, 400 MHz of 26 GHz
spectrum 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 17.1 GB 72%
Subscriber
‒ Movistar: 50 MHz of 3.5 GHz spectrum Advanced
‒ Claro: 400 MHz of 26 GHz spectrum Evolving
ARPU(1) $9 -3% Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current 2017 2018 2019 2020 2021 2022 2023
Tenant? Mkt. Share Holdings(2) Technology

~250 MHz | ~400 MHz

 33% Holdings in 700, 900, 1900, 3G/4G
LTE
5G trialed on
28GHz band
$3.5B
investment 5G May’22 – 67
communes across
2600, 3500MHz, 26GHz /5G 3Q18 2016-20 Dec’21 nine regions
Entel bands

~165 MHz
 25% Holdings in 700, 850, 1900,
3G/4G
LTE
Launched
VoLTE
$3.5B
investment
May’21 –
selected Nokia 5G
2600, 3500MHz bands
/5G 2Q18 2016-2020 for 5G upgrade Dec’21
Telefónica

~165 MHz | ~400 MHz First 5G lab May’21 – bought 30 2022 –

3G/4G
 20% Holdings in 700, 850, 1900,
2600, 3500MHz, 26GHz /5G LTEtrial in 27 GHz
band, Dec’17
Deployed
VoLTE 3Q18
MHz of 3.5 GHz
spectrum from Entel
5G Planned
5G launch
América Móvil bands

VoLTE &
~160 MHz | ~400 MHz
 21% Holdings in 700, AWS,
3G/4G
LTE
Roaming with
Movistar and
VoWifi 5G Jun’22 – 246
communes,
Novator Partners 3700MHz, 26GHz bands
/5G Claro
Nationwide
Dec’21 ~68% coverage
4Q18
Notes: (1) As of 4Q21, 2016-2021 CAGR. (2) 26GHz holdings highlighted in blue.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, SUBTEL, Bank of America Global Wireless Matrix April 2022, Commsupdate

15
Colombia
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share

4Q21
As of 2016 – 2021 • Dec’21 – ICT decided to delay 5G auction (3.5GHz);
Indicator precise date to be announced
4Q21 CAGR
- Temporary 3.5GHz licenses were awarded to major
Wireless
61M 4% players in early’20 16%
Subscribers
• All three major carriers completed 5G trials in 2020 with
Wireless 3.5 GHz spectrum
120% 3% 28% 56%
Penetration • ICT auctioned 700MHz, 1.9GHz, and 2.5GHz in Dec’19
Average - Claro: 20MHz of 700MHz, 30MHz of 2.5GHz
Monthly Voice 294 7% - Tigo: 40MHz of 700MHz
MOU(1) - Movistar: did not win any spectrum
- No party auctioned for 1.9 GHz
ARPU $4 -6% Claro Movistar Tigo

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings Technology
2017 2018 2019 2020 2021 2022 2023

~135 MHz May’18 – LTE-

5G 3.5
2023 –
 56% Holdings in 700, 850,
1900, and 2600 MHz
3G/4G LTE 5G trials
1Q18
A launched
1700 sites
GHz trialed
with Nokia 5G Planned
5G launch
bands in Nov’20
América Móvil

~85 MHz Launched

5G
5G 3.5GHz Launched
2023 –
 27% Holdings in 850,
1900, and AWS
3G/4G LTE municipalities
LTE-A in 129
Demonstration
3Q18
piloted with second 5G pilot
Huawei in in hospital 5G Planned
5G launch
bands Apr’18 May’20 Feb’21
Telefónica

~125 MHz Launched

2,000 700MHz 5G 3.5GHz 5G trialed with
2023 –
 16% Holdings in 700,
1900 MHz, and AWS
3G/4G LTE LTE-A
Apr’18
antennas piloted with Nokia in
deployed as of Nokia in underground mine 5G Planned
5G launch
bands Nov’20 Dec’20 Sep’21
Tigo Colombia
Notes: (1) Benchmarked using América Móvil MOU for Argentina (2Q21), CAGR is 2016 to 2Q21.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022; CMS Law, Company Press Releases

16
India
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2017 – 2Q22 • Spectrum auction completed on August 1 '22;

Indicator
2Q22 CAGR commercial 5G services expected 2022-2023 Rank: 2nd Overall / 1st within Evolving
(>70GHz of 700-3,300 MHz and 26 GHz spectrum
Wireless auctioned) Usage: 23.2 GB / month
1.1B -2%
Subscribers
‒ Enterprises were allowed to auction
Wireless for spectrum to deploy and run private networks
84% -2%
Penetration • May’21 – DoT gave green light for non-
Monthly Data commercial 5G trials
0.0 5.0 10.0 15.0 20.0 25.0
Usage per 23.2 GB 18% – Airtel: 5G trialed in Gurugram
Advanced
Subscriber(1) ‒ Jio: 5G trialed in Mumbai, partnered with Intel
Evolving
‒ Vi: Partnered with Cisco
ARPU(2) $2 -6% Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines
AMT Sub Mkt. Spectrum Current 2017 2018 2019 2020 2021 2022 2023
Tenant? Share Holdings(3) Technology

~90 MHz Selected Ericsson Jun’21 – 5G Nov’21 – first

5G
 33% Holdings in 850, 900, 1800, 2100,
2G/3G LTE for 5G-ready cloud trialed in 5G trial in 700

Bharti, Singtel and 2300 MHz bands

/4G packet deployment Gurugram MHz w/ Nokia 2022

LTE Enlists Ericsson

Jun’21 – Dec’21 –
~80MHz 2G/3G for network
partnered demoed
5G
 25% Holdings in 900, 1800, 2100, 2300 (4)
and 2500 MHz bands
/4G modernization
with Cisco for network
network slicing over 2022
LTE
through 2Q2020
upgrade 5G w/ Nokia

Vodafone Idea

LTE Jan’22 –
42% ~70MHz Continued Jun’21 – 5G
completed 5G
 Holdings in 850, 900, 1800, 2100,
2300 MHz bands
4G investments in
4G
trialed in
Mumbai
5G planning
in 1k cities
2022
LTE
Reliance Jio
Notes: (1) Ericsson Mobility Reports, data usage per smartphone. (2) As of 4Q21, 2016-2021 CAGR (3)Spectrum holdings vary by region; calculated using mean holdings, weighting each region equally. (4)Phased shutdown of 3G
services; 3G spectrum being refarmed for 4G.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix Jan 2022, TRAI, Commsupdate

17
Mexico
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Feb’22​ – IFT (Federal Telecommunications Institute)

Indicator
4Q21 CAGR authorized Telcel to introduce 5G using 3.5 GHz band Rank: 7th Overall / 4th within Evolving
Wireless ‒ AT&T is the other 3.5 GHz spectrum holder, and the Usage: 10.8 GB / month
106M -1% license was renewed in Jan’20 for 20 years​
Subscribers
• 5G spectrum auction planned for 2022; precise date
Wireless has yet to be disclosed​
96% 1%
Penetration
‒ Frequency sale will include 600 MHz, 1500 MHz, 3.3
Monthly Data GHz, and 3.5 GHz bands​ 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 10.8 GB 47%
Subscriber(1) Advanced
Evolving
ARPU $8 -2% Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines
AMT Subscriber Spectrum Current
Tenant? Mkt. Share Holdings(2) Technology 2017 2018 2019 2020 2021 2022 2023

~293 MHz 2G/3G Mar ’18 –

Feb ’22 – Dec ’22 – Planned
 62% Holdings in 850,1900,
AWS, 2600, and 3500
/4G/ LTE Launched
LTE
Jul ’21 – 92%
coverage
37% 5G coverage in 100
5G coverage cities
MHz bands Advanced
Telcel

2022 – Planned
~83 MHz Mar ’22 – 80%
3G/4G 5G launch
Mar ’19 – 56% coverage
 18% Holdings in 850 and 1900
MHz bands
/5G LTE coverage using AT&T’s 5G leveraging
network sharing
infrastructure
with AT&T
Movistar

~232 MHz End ’22 –

Jul ’21 – ~77% Dec ’21
3G/4G Planned
 16% Holdings in 850, 1900,
AWS, 2600, and 3500 /5G
LTE coverage, 100M
people
5G Launched
5G
coverage in 25
cities
MHz bands
AT&T(3)

Notes: (1) Ericsson Mobility Report, Cisco VNI, 2Q22 data, 2017-2Q22 CAGR. (2) Spectrum holdings vary by region; calculated using mean holdings, weighting each region equally. (3) AT&T completed acquisitions of Iusacell and Nextel.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, News, Press Releases

18
Poland
WIRELESS MARKET OVERVIEW:

Snapshot(1) Key Catalysts Relative Monthly Data Usage(2)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • 5G auction (3.4-3.8GHz) initially postponed due to

Indicator
4Q21 CAGR COVID-19; pushed back again to 2022, precise date to Rank: 5th Overall / 3rd within Evolving
be announced
Wireless Usage: 13.5 GB / month
Subscribers
57M 0.4% • Dec’21 – Plus and Aero2 completed merger
• May’21 – Play & Samsung trialed 4G and 5G in Warsaw
Wireless
149% 1% • Mar’21 – Cellnex acquired network assets from Plus
Penetration
(Polkomtel) for €1.6B
Monthly Data • Mar’21 – T-Mobile Poland offered pre-paid 5G 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 13.5 GB 40% • Dec’20 – Plus covered 5.2M people with 5G (2.6 GHz),
Subscriber(2) Advanced
targeting 11M people across 150 cities by YE’21
Evolving
ARPU $5 -6% • Orange Polska launched 5G mobile services in Jul’20 Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~120 MHz 2G/3G Launched Netbox

5G May’21 – Nov’21 –
 20% Holdings in 800, 900, 1800, /4G/ LTE offer - fast internet
to HHs & small
trialed 5G in extended 5G
2.6 GHz Warsaw w/ RAN partnership
P4 (Play) 2100, and 2600 MHz bands 5G businesses via LTE May’20 Samsung w/ Ericsson

~113 MHz 2G/3G

LTE Reached 96% Allocated more 5G Dec’21 – Nokia Feb’22 – Selected
 28% Holdings in 800, 900,
1800, 2100, and 2600
/4G/ coverage with bandwidth to
2.6 GHz
selected Orange Ericsson to deploy
Orange Polska MHz bands 5G Sep’13 LTE 4G LTE
Jul’20
for Private 4G/5G 5G SA network

2G/3G
~112 MHz Aug’16 – Rolled out the 5G 17M
27% Holdings in 800, 900, 1800, /4G/ LTE first in Poland LTE-
Advanced network
2.6 GHz
people
covered
Plus (Polkomtel)
2100, 2600 MHz bands 5G Dec’20 Nov’21

~37 MHz 2G/3G

LTE 5G 25% country
5G SA network
23% Holdings in 800, 900, 1800, /4G/ 2.6 GHz
covered
under planning
Jun’14 Sep’21
T-Mobile Poland
2100, 2600 MHz bands 5G Jun’20

Notes: (1)OEC (regulator) reports, 2014-21. (2) Statista mobile data usage (incl. M2M), CAGR is 2017 – 2021.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, OEC (regulator), carrier annual reports, press releases and news articles, CMS

19
South Africa
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Mar’22 – completed first 5G spectrum auction;

Indicator
4Q21 CAGR auctioned frequencies included 700, 800, 2600, and Rank: 13th Overall / 6th within Evolving
3500 MHz
Wireless Usage: 5.2 GB / month
110M 5% ‒ Rain, Telkom, Cell-C, Liquid Telecom, MTN, and
Subscribers
Vodacom participated and secured assets in mid-
Wireless bands
175% 3%
Penetration • During the auction delay, regulator assigned
Monthly Data temporary spectrum licenses in 700, 800, 2300,
2600 and 3500 MHz, valid until Jun’22 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 5.2 GB 42%
Subscriber(1) • MTN and Vodacom launched 5G sites in mid 2020, Advanced
made possible by ICASA’s temporary allocation of 4G Evolving
ARPU $5.8 -3% and 5G spectrum (extended to Aug’21) Developing

4Q18 90% SA’s first 5G

WIRELESS CARRIER OVERVIEW: 4G coverage trial Jan’18

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~76 MHz Sep ’19 – 99% Expected to

3G/4G
 41% Holdings in 900,
1800, and 2100 MHz /5G
LTE urban and 83% 5Grural May ’20 – 5G launch
launch 200+ new
with 50 sites
sites in 2019
Jan ’22 – 521
5G sites
rural coverage
Vodafone bands

~76 MHz Jan ’19 – 95% Mar ’22 – 1,000 5G

3G/4G
 31% Holdings in 900,
1800, and 2100 MHz /5G
LTE coverage with
11,374 sites
5G Jul ’20 – 5G
launch
sites, targeting 25%
coverage by end-’22
and 60% by ’25
MTN Group bands

~40 MHz Jan ’19 – 80% via

 12% Holdings in 900,
1800, and 2100 MHz
3G/4G LTE roaming agreement
with MTN
Jan’22 – 95% coverage
with >7k sites
Saudi Oger Ltd. bands

~142 MHz LTE-A trials since Nov14; Jan ’21 –

 15% Holdings in 1800,
2100, 2300, and
3G/4G LTErolled out May’15Jan ’18 –
to 27 suburbs by
1.9k 4G sites
71.71% coverage
with 4.2k sites
5G 2022 – Planned
5G Launch
Telkom SA 3500 MHz bands
Notes:(1)Ericsson Mobility Report, Cisco VNI, 2Q22 data, 2017-2Q22 CAGR.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, News and Press Releases, Company Websites, My broadband, CMS

20
 Developing Wireless Markets
Bangladesh • Burkina Faso • Costa Rica • Ghana • Kenya • Niger
Nigeria • Paraguay • Peru • Philippines • Uganda

21
Bangladesh
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Apr’22 – Completed first 5G spectrum auction

Indicator
4Q21 CAGR - Grameenphone and Robi were awarded 60 MHz in Rank: 20th Overall / 9th within Developing
Wireless 2.6 GHz band each Usage: 2.6 GB / month
168M 8% - Bengalink and Teletalk were awarded 40 MHz and
Subscribers
30MHz in 2.3 GHz band, respectively
Wireless
101% 7% • Dec’21 – Teletalk launched first 5G network in Dhaka;
Penetration
partnered with Nokia and Huawei
Monthly Data • Sep’21 – government owned Teletalk awarded 60MHZ 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 2.6 GB 13% for 5G launch
Subscriber(1) Advanced
• Mar’21 – BTRC (regulator) raised $885M in 1800 and
Evolving
2100 MHz spectrum auction; Banglalink,
ARPU $1.26 -8% GrameenPhone, and Robi all participated Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current
Tenant? Mkt. Share Holdings Technology
2017 2018 2019 2020 2021 2022 2023

~ 101 MHz 2G/3G Acquired additional Nov’21 –

 21% Holdings in 900, 1800,
2100, and 2300 MHz
/4G HSPA LTE spectrum and 4G
license Feb’18
~69%
coverage
Banglalink/Sheba
(Orascom Tel)

~ 134 MHz 2G/3G Reached 4Q’23 –

48% Holdings in 900, 1800,
/4G HSPA LTE Launched 4G nationwide 4G
coverage Mar’21
5G5GPlanned
launch
GrameenPhone 2100, and 2600 MHz
(Telenor)

~ 133 MHz 2G/3G Partnered w/ Nov’21 – 4Q’23 –

31% Holdings in 900, 1800,
/4G HSPA LTE Launched
4G
Ericsson to
enhance 4G Jun’19
98%
coverage
5G5GPlanned
launch
TM Int'l (Telekom 2100, and 2600 MHz
Malaysia)/Robi

Notes: (1) Provider data, CAGR is ’20-’21.

Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022

22
Burkina Faso
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2017 – 1Q22 • Mobile internet shutdown in Nov’21 and Jan’22

Indicator
1Q22 CAGR due to political unrest Rank: 19th Overall / 8th within Developing
Wireless • Telecel launched 4G+ in 4Q20 Usage: 2.9 GB / month
25M 8% • In Dec’18, government introduced technology-
Subscribers
neutral licenses – allowing carriers to reuse existing
Wireless spectrum licenses to introduce 4G LTE
111% 5%
Penetration
• Orange and Onatel launched 4G+/LTE-A in 1Q19
Monthly Data - Orange received 4G license, renewed existing 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 2.9 GB 34% 2G/3G licenses in Jan’19
Subscriber(1) Advanced
Evolving
ARPU(2) $2 -2% Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current

Tenant? Mkt. Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~ 83 MHz 2G/3G 4G Launched Dec’21 – 84+

 59% Holdings in 900, 1800,
/4G HSPA+ LTE in 5 locations
in Jan’19
towns and
villages
2100 MHz
Orange

~ 83 MHz 2G/3G 4G+ Launched

Moov Africa
 30% Holdings in 900, 1800,
2100 MHz
/4G HSPA+ LTE in 35 locations
in 1Q19
Dec’21 – 64
towns and cities

(fka Onatel)

~ 83 MHz 2G/3G LTE

 11% Holdings in 900, 2100
MHz
/4G HSPA+ 4G+ launched
in 4Q20
Telecel

Notes: (1) Ericsson Mobility Report (Jun’22), used Sub-Saharan monthly data usage per smartphone as a proxy. (2)2021 regulator data, CAGR is 2016-2021.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, ARCEP BF(regulator)

23
Costa Rica
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Expects spectrum auction 2022 and 5G

Indicator
4Q21 CAGR commercially available 2023 Rank: 14th Overall / 3rd within Developing
• Jun’21 – Sutel (regulator) approved Liberty Latin
Wireless Usage: 5.0 GB / month
8M -1% America’s takeover of Movistar
Subscribers
• Jun’21 – Ministry of Science, Tech, and Telecom
Wireless (MICITT) began recovery of 5G frequencies granted
152% -2%
Penetration to Grupo ICE
Monthly Data • Nov’20 – Sutel launched consultation in Nov’20 to
discuss spectrum suitable for 5G use
0.0 5.0 10.0 15.0 20.0 25.0
Usage per 5.0 GB 16%
Subscriber(1) • ICE 5G testing ongoing and continued into 2021 Advanced

• ICE awarded $48M gov’t contract to provide service to Evolving

ARPU $3 -12% 14 indigenous territories (4Q19) Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines
AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings(2) Technology
2017 2018 2019 2020 2021 2022 2023

~550 MHz(2) 98% 4G 2022 –

2G/3G LTE Deployed LTE-A San 5G Tests
coverage in 5G Planned 5G
 39% Holdings in 850, 1800,
2600, 35000, and /4G
Jose 1Q18 3Q19
Aug’20 launch

Grupo ICE / Kolbi 3700 MHz bands

~180 MHz Nov’19 – Trialed Jun’21 –

2G/3G LTE Deployed in Moin with acquired by Nov’21 – 99%

Liberty Costa Rica /  42% Holdings in 850, 1800,

1900 and 2100 MHz /4G Jul’14 LTE-A 2Q18 RACSA using
existing spectrum
Liberty Latin
America
coverage

Cabletica bands

~100 MHz 2G/3G LTE Deployed LTE-A

 19% Holdings in 1800 and
2100 MHz bands
/4G Apr’14 3Q18

América Móvil

Notes: (1) Sutel 2016-21 data – data usage per mobile broadband subscriber. (2) Kolbi (state-owned) owns unallocated spectrum but is only using ~385 MHz.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, BuddeComm Costa Rica Mobile Report, Sutel, QCostaRica, El Financiero. Tele Geography

24
Ghana
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2017 – 1Q22 • Apr’22 – MTN Ghana announced partnership with

Indicator
1Q22 CAGR Vodafone to pilot national roaming services Rank: 11th Overall / 2nd within Developing
• Nov’21 – Government completed acquisition of
Wireless Usage: 5.7 GB / month
41M 2% Airtel Tigo
Subscribers
• Sep’21 – Vodafone partnered with government to
Wireless increase access to smartphones
131% 0%
Penetration • Ministry of Communications and Huawei launched
Monthly Data rural telephony project in Nov’20
0.0 5.0 10.0 15.0 20.0 25.0
Usage per 5.7 GB 73% • Vodafone and AST SpaceMobile planned to launch
Subscriber(1) satellite 4G program to equatorial regions Advanced

• MTN applied to acquire 2 x 5 MHz blocks that were Evolving

ARPU(2) $4 4% unallocated after 2018 auction (Apr’19 ) Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~186 MHz Launched 4G+ $160M in 2019 $200M in Nationwide 2023 –

2G/3G
 63% Holdings in 800, 900,
1800, 2100, 2600 and /4G LTE on existing 4G
network (1Q19)
network
upgraded
network
infra in 2021
4G by YE
2022
5G5GPlanned
launch
MTN Group 3500 MHz bands

~86 MHz Mar’19 – 4G

Announced
2G/3G
 18% Holdings in 800, 900,
1800, and 2100 MHz /4G
HSPA+ LTE rollout on
800 MHz
satellite 4G
initiative in
Vodafone bands Dec’20

HSPA
~128 MHz Signed Upgraded Nov’21 –
Jun’22 –
merger network in Gov’t.
 17% Holdings in 900 and
1800, 2100 and 3500
2G/3G deal
Mar’17
Greater
Accra Oct’18
acquired
Airtel Tigo
~85%
coverage
MHz bands
Airtel Tigo HSPA+

Notes: (1) Benchmarked using reported data from MTN Ghana – data per active user (4Q-21), CAGR ’16-’21. (2) MTN Ghana Investor Reports (1Q21).
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, BuddeComm, NCA Report 2021, Pulse Ghana, NCA, MTN Investor Reports, Commsupdate

25
Kenya
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2017 – 1Q22 • Jun’22 – Government refarmed 3.5GHz for 5G use,

Indicator
1Q22 CAGR originally used for FWA Rank: 18th Overall / 7th within Developing
Wireless • May’22 – Safaricom was allocated 60MHz of Usage: 2.9 GB / month
65M 10% 2.6GHz band for 5G network rollout
Subscribers
• Apr’21 – Airtel upgraded 600 sites to be 5G ready
Wireless
131% 8% • Mar’21 – Safaricom launched 5G trials in four
Penetration
cities; partnered with Nokia and Huawei to
Monthly Data implement 5G rollout
0.0 5.0 10.0 15.0 20.0 25.0
Usage per 2.9 GB 30% • Airtel and Telkom abandoned merger plans in Aug’20
Subscriber (1) Advanced
Evolving
ARPU(2) $2 -12% Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current
2017 2018 2019 2020 2021 2022 2023
Tenant? Mkt. Share Holdings Technology

~ 195 MHz 2G/3G LTE 1M 4G customers, VoLTE

 65% Holdings in 800, 900,
/4G
available in all
Launched counties 4Q17
launched
2Q19
5G trials in four
cities May’21 5G 2Q22 – 5G
launched
1800, 2100, 2600 MHz 4Q15
Vodafone

Partnered with
~ 80 MHz 2G/3G LTE
 26% Holdings in 800, 900,
1800, & 2100 MHz
/4G HSPA+ LTE Launched in
2 cities 2Q18
Plans to add
800 Sites
Ericsson to
modernize 4G 5G2022 – 5G in
deployment
Bharti network

~ 75 MHz 2G/3G Launched in

Planned to invest Partnership with Ericsson

 6% Holdings in 800, 900,

/4G
LTE 2 cities 2Q17 ~US$10M in network for
3G and 4G 1Q19
and NEC XON for 2k sites
by 2023
Helios Investment 1800, and 2100 MHz
Partners, Kenyan Gov’t

Notes: (1) CA Kenya mobile data usage per mobile broadband subscriber – started reporting in 2019. CAGR is 2019-1Q22. (2) ARPU benchmarked using Safaricom Reported Voice and Messaging ARPUs (half-year).
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Communications Authority of Kenya, Safaricom Investor Relations, Tele Geography, News and Press Releases, CMS, Commsupdate

26
Niger
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Dec’20 – Zamani launched 4G network

Indicator
4Q21 CAGR • Apr’20 – Zamani awarded 4G license Rank: 16th Overall / 5th within Developing
Wireless • Orange acquired by minority shareholders in Usage: 3.7 GB / month
14.2M 13% Nov’19 (rebranded as Zamani in Dec’20)
Subscribers
- Launched LTE-A in Niamey and Diffa
Wireless • Airtel launched Niger’s first 4G network in
57% 8%
Penetration July’19, after purchasing licenses in 800 and 1800
Monthly Data MHz for ~$24M 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 3.7 GB 36% • Niger’s population forecasted to grow 50% by
Advanced
Subscriber (1) 2030
Evolving
• Low penetration vs. other African nations
ARPU(1) $3 -1% Developing
presents growth opportunities

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current
Tenant? Mkt. Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

Holdings in 800, 900, and 2G/3G Granted first 4G Commercial

 47% 1800 MHz bands /4G
4G License LTE
HSPANiger 2Q18 Launched in
Niamey 3Q19
Sep’21 – Main
towns and cities
Airtel

2G/3G
 28%
Holdings in 900, 1800,
and 2100 MHz bands /4G HSPA+
Orange Niger Acquired
by Zamani Com after tax LTE
dispute 4Q19 Dec’20
Zamani (Orange)

 23% Holdings in 900 MHz band 2G/3G

HSPA+ Jul’17 – 3G
launch
Moov

Niger Telecoms launched

2% Holdings in 900 MHz band 2G/3G HSPA+ Commercial 3G voice
and data Operations
Niger Telecoms 2Q18

Notes: (1) Benchmarked Bharti Airtel Africa KPIs – mobile data usage per customer and ARPU (1Q22), CAGR is 2017-1Q22.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, ARCEP Niger, ITU 2020, Orange Investor Relations, Citigroup

27
Nigeria
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Dec’21 – MTN, Mafab won in the 3.5 GHz auction;
Indicator Airtel outbid
4Q21 CAGR Rank: 17th Overall / 6th within Developing
• Feb’21 – MTN, 9mobile sought NCC approval to
Wireless roll out national roaming networks Usage: 3.3 GB / month
178M 8%
Subscribers
• NCC reserved 26, 38, and 42 GHz bands for 5G in
Wireless 3Q19
76% 3%
Penetration ‒ MTN tested 5G in Nov’19 after NCC approved
trial 5G spectrum licenses
Monthly Data 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 3.3 GB 31%
Subscriber (1) Advanced
Evolving
ARPU(2) $4 4% Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current
Tenant? Mkt. Share Holdings(3) Technology 2017 2018 2019 2020 2021 2022 2023

~ 270 MHz
2G/3G
Jun ’19 – Nov ’19 –
Dec ’20 – 5G Aug ’22 –
 36% Holdings in 700, 800, 900,
1800, 2100, 3500 MHz, /4G LTE Launched
LTE
3-month
5G trial in
>60%
coverage
2.6, 3.5
Planned 5G
launch
Advanced 6 cities GHz
MTN Group 2.6 and 10.5GHz bands

~ 120 MHz 22/23

Holdings in 700, 900, 2G/3G May ’18 – Apr’22 –
29%
1800, and 2100 MHz /4G LTE Over 100
locations
Coverage of all
36 states
Planned
5G launch
Globacom bands

~ 80 MHz
2G/3G May ’18 – ‘22/23
 28% Holdings in 900, 1800,
2100, 2600 MHz and /4G HSPA+ LTEIbadan
Launched in
and Abuja
Apr ’22 – 80%
coverage
Planned
5G launch
Airtel Nigeria 10.5GHz bands

Apr ’19 –
~ 60 MHz 2G/3G
Apr ’22 –

 7% Holdings in 900, 1800,

/4G
LTE Coverage in
Ibadan and
Coverage in 19
cities
and 2100 MHz bands Abuja
9Mobile

Notes: (1) Ericsson Mobility Report, Cisco VNI, 2Q22 data, 2017-2Q22 CAGR. (2) Based on figures from MTN Nigeria reported data. (3)NCC Frequency Allocations.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, Nigerian Communications Commission, GSMA

28
Paraguay
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Subscriber Market Share

4Q21
As of 2016 – 2021 • No 5G licenses until 2024, announced by CONATEL
Indicator in mid 2020
4Q21 CAGR
• Tigo revealed plans to deploy 5G-ready network – on
Wireless VMware’s vCloud platform (Feb’20 )
8.0M 1% 24%
Subscribers
- Tigo to invest $100M to provide 66% coverage with
44%
Wireless LTE by 2020 4%
110% 0%
Penetration • 700 MHz auction Jan’18, generated $85M
- Auction saw 7, 2x5 MHz paired bands sold 28%
Average
Monthly Voice 82 -9% - Tigo Paraguay won auction with ~30 MHz, followed by
MOU(1) Claro and Personal with ~20 MHz each

ARPU(2) $6 0% Tigo Personal Vox Claro

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~180 MHz 2G/3G

 23% Holdings in 750, 1900,
/4G LTE 4G license
renewed
Jan’22 –
75%
América Móvil and AWS MHz Apr’16 Sep’21 coverage

~155 MHz
2G/3G
 26% Holdings in 750,
850,1900, AWS, and /4G LTE Jan’22 – 53
towns /cities
Nucleo S.A. 3500 MHz

~185 MHz Partnered w/ Jan’22 – ~75

 47% Holdings in 750, 850,

2G/3G LTE districts
127 4G
by
Upgraded to
2G, 3G & 4G
Ericsson to
4G license
renewed
coverage,
/4G Mar’16 YE17 networks 2019
upgrade mobile
Sep’21
including 20
Millicom 1900, and 3500MHz network Jul’21 largest cities

~90 MHz 2G/3G Merged with Jan’22 –

 4% Holdings in 700, 900,
/4G
LTE Copaco in
Jan’20
~35%
coverage
Hola 1900, and AWS MHz

Notes:(1) Benchmarkedusing América Móvil MOU for Argentina (2Q21), CAGR is 2014 to 2Q21. (2) ARPU benchmarks from CY15 to CY19 (no CY20 or CY21 data from Conatel).
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, RCR Wireless, Conatel, América Móvil Investor Relations

29
Peru
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2016 – 2021 • Feb’22 – ProInversion suspended spectrum

Indicator auction due to concerns from interested bidders
4Q21 CAGR Rank: 8th Overall / 1st within Developing
around deployment rules
Wireless • May’21 – ProInversion announced tender for 1700
Usage: 9.8 GB / month
41M(1) 4%
Subscribers and 2300 MHz spectrum
Wireless • May’21 – MTC earmarked 470-698 MHz spectrum to
81%(1) -7% boost rural broadband coverage; 1200 MHz of 26 GHz
Penetration
allocated for future 5G use
Monthly Data 0.0 5.0 10.0 15.0 20.0 25.0
• Apr’21 – MTC approved Movistar to deploy 5G NSA
Usage per 9.8 GB 97%
Subscriber (2) • Mar’21 – MTC approved Claro and Entel to use 3.5 Advanced
GHz for 5G, ahead of 3.5 and 26 GHz tender; both Evolving
ARPU $6 -4% providers launched fixed-wireless 5G Developing

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current
Tenant? Share Holdings Technology 2017 2018 2019 2020 2021 2022 2023

~180 MHz
2G/3G LTE LTE-A coverage in
5G trials
5G
2022 –

 31% Holdings in 450, 700,

850, 900, 1900, AWS, /4G
80% of population
Jan’14 centers
3Q19
Planned 5G
launch
Telefónica and 3500 MHz bands

~230 MHz
2G/3G LTELaunched LTE-A 2Q18 5G trials on 5G Expanded
5G to 19
 29% Holdings in 700,
850,1900, AWS, 2600 /4G
in 160 population
May’14 centers
3.6GHz
2Q19
Launched districts in
2Q21 Lima Sep’21
América Móvil and 3500 MHz bands

~335 MHz
2G/3G LTE~1B Network ~$140M 5G trials on 5G Sep’21 – 5G in parts
 22% Holdings in 700, SMRS,
1900, AWS, 2300, 2600 /4G
investment
Oct’14 16’-20’
2019 4G
investment
3.5GHz
1Q19
Launched of Lima, Chiclayo,
Apr’21 Trujillo and Arequipa
Entel MHz, and 3500 bands

~57 MHz
 18% Holdings in 900 and
2G/3G LTE ~US$110m
expansion in next
5G trials
5G
2022 –
Planned 5G
1900 MHz bands
/4G Dec’16 3 years 2Q18
4Q19
launch
Viettel

Notes: (1) Adjusted Bank of America data to account for Bitel subscribers (2020). (2) Ospitel Mobile Internet Report Dec 2021.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, TeleGeography

30
Philippines
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage

(GB/month; indexed to other ATC markets)

As of 2017 – 2Q22 • Sep’21 – Globe launched 5G

Indicator
2Q22 CAGR • Mar’21 – Dito launched 4G operations Rank: 15th Overall / 4th within Developing
Wireless • Feb’21 – Nokia selected Globe to upgrade its existing Usage: 4.1 GB / month
157M 5% 4G network to 5G
Subscribers
• Jun’20 – PDLT launched 5G in major cities
Wireless
137% 3% • Jul’19 – Dito granted permit to operate; became third
Penetration
major operator in the market
Monthly Data • Dito (formerly Misatel) won spectrum auction in 2018 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 4.1 GB -
Subscriber(1) Advanced
Evolving
ARPU $2 -3% Developing

WIRELESS CARRIER OVERVIEW:

Top 3 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Spectrum Current
Tenant? Mkt. Share Holdings(2) Technology 2017 2018 2019 2020 2021 2022 2023

~ 416 MHz 2G/3G

 47% Holdings in 700, 850, 900,
/4G/ LTE 5G 3k active 5G Mar’22 –
Launched
1800, 2100, 2300, 2600, Aug’12 sites May’21 7,300 BTS
and 3500 MHz bands 5G Jun’20
PDLT

~ 290 MHz 2G/3G

LTE
Expanded 4G
5G 2022 – Non-

 51% Holdings in 700, 900,

1800, 2100, 2300, 2600,
/4G/
Apr’11
to 12
provinces Launched
standalone
network in
and 3500 MHz bands 5G Jul’21 Sep’21 deployment
Globe Telecom

~ 265 MHz
5G
Granted

 2% Holdings in 700, 900,

4G/5G
Won bid for
spectrum and
operating
permit
LTE Launched Feb’22 –
~65%
2000, 2100, 2600, 3300, Nov’18 Mar’21 coverage
Jul’19 May’21
3500 MHz bands
DITO

Notes: (1) 4Q21 data; (2) Spectrum holdings vary by region; calculated using mean holdings, weighting each region equally.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, Bank of America Global Wireless Matrix April 2022, Spectrum Monitoring

31
Uganda
WIRELESS MARKET OVERVIEW:

Snapshot Key Catalysts Relative Monthly Data Usage(1)

(GB/month; indexed to other ATC markets)

As of 2017 – • Mar’22 – Airtel Uganda announced plan to IPO by

Indicator
2Q22 2Q22 CAGR end of 2022 Rank: 21st Overall / 10th within Developing
• Dec’21 – MTN Uganda IPO’d Usage: 1.6 GB / month
Wireless
31M 5% • Oct’21 – Africell discontinued operations
Subscribers
• Sep’21 – MTN granted additional 5 MHz; must
Wireless provide nationwide roaming within 6 months
69% 3%
Penetration
• May’21 – Lycamobile awarded national telecom
Monthly Data operator (NTO) license in Uganda – must deploy 0.0 5.0 10.0 15.0 20.0 25.0
Usage per 1.6 GB 61% networks covering 90% of Uganda within five years
Advanced
Subscriber (1) • MTN performed 5G trials with ZTE in 1Q20
Evolving
• Gov’t seeking $15M loan from Bank of China for Developing
ARPU(2) $3 6% investment in ICT Network projects (Feb’20)

WIRELESS CARRIER OVERVIEW:

Top 4 Carrier Characteristics Carrier-Announced Network Deployment Timelines

AMT Subscriber Mkt. Spectrum Current

2017 2018 2019 2020 2021 2022 2023
Tenant? Share Holdings Technology

up to 49 MHz 2G/3G Plans to invest 114M Joined Telecom Infra 2022 –

 53% Holdings in 900, 1800,
2300, 2500, 2600,and
/4G LTE in network expansion
and upgrade
5G trials with
ZTE 1Q20
Project partnership to
accelerate 5G Sep’21
5G Planned
launch
5G

3500 MHz bands

MTN Group

up to 14MHz 2G/3G 2018 rural 96% 4G Partnered w/ UN

 42% Holdings in 900, 1800,
/4G LTE expansion with coverage in
Facebook Feb’19
Capital Dev
Fund Sep’21
2100 MHz band
Bharti

up to 44 MHz
 4% Holdings in 900, 1800,
2100, 2300, 2500,
2G/3G HSPA Preparing for 4G launch
Nov’17, no word since
3500 MHz bands
UCOM

Notes: (1) Benchmarked using reported data from MTN Uganda – data per active user (4Q21), ’16-’21 CAGR. (2) Based on figures from MTN Uganda reported data (4Q21), ’16-’21 CAGR.
Sources: American Tower Research and Analysis, Altman Solon Research and Analysis, BuddeCom, MTN Investor Relations, Telegeography, ITU, World Bank

32
Appendix: Spectrum Auction
Summary and Definitions

33
 2021/22 Auctions
Spectrum Auction Summary – Advanced Wireless Markets
Completed Major Auctions: 2015-2021
Expected: 2022-23
Year Bands Auctioned Winners Tech. Build-out Requirements

4G Licensees must cover 40% of their licensed population within six

2016 600 MHz T-Mobile, Dish, Comcast, AT&T
years and 75% of their licensed population within 12 years
Verizon, US Cellular, T-Mobile, 5G
2019 24, 28 GHz N/A
AT&T, Starry
2020 37, 39, 47 GHz Verizon, AT&T, Dish, T-Mobile 5G N/A
U.S.A.
Licensees must (1) cover 50% of their licensed population or (2) 2.5 GHz auction launched 29th July, 2022
2020 3.5 GHz (CBRS) Verizon, Dish, Charter, Comcast 5G
provide service to 4 links (varies by population) within license term

5G Licensees must cover 45% of their licensed population within eight

2021 3.7 GHz (C-Band) Verizon, AT&T, T-Mobile
years and 80% of their licensed population within 12 years

5G Licensees must cover 45% of population within 4 years, 80% within 8

2021 3.45 GHz AT&T, T-Mobile, Dish
years
2016 1800 MHz Optus, Telstra, TPG, Vodafone 4G N/A

2017 700 MHz TPG, Vodafone 4G N/A

1800MHz, 2GHz, Telstra, Vodafone, Optus, NBN 4G/5G
2017 N/A
2.3GHz, 3.4GHz Co, TPG
Australia 3.4-3.8 GHz auction TBD
Telstra, Optus, Vodafone (TPG), 5G
2018 3.6 GHz N/A
Dense Air Australia
2021 26 GHz Telstra, Optus, Vodafone (TPG), 5G N/A

2021 850/900 MHz Telstra, Optus 5G N/A

1755-1780 (AWS-1), 4G Licensees must cover 20-60% of the population within 8 years,
2015 Telus, Bell, WIND, Vidéotron
2155-2180 (AWS-3) depending on the area
Telus, Vidéotron, Bell, Xplornet, 5G Licensees must cover 10-50% of the population within 10 years,
2015 2.5 GHz
Canada Rogers depending on the area 3.8 GHz auction expected early 2023
Rogers, Telus, Freedom, 5G
2019 600 MHz 5-, 10-, and 20-year deployment requirements, varies by region
Vidéotron
2021 3.5 GHz Bell, Rogers, Telus, Vidéotron 5G 5-, 10-, and 20-year deployment requirements, varies by region
700, 900, 1500, and Deutsche Telekom, Vodafone, 4G N/A
2015
1800 MHz Telefonica O2
Germany Licensees must deliver minimum speeds of 100Mbps to at least 98% No known plans
1900, 2100, 3400 – Deutsche Telekom, Vodafone, 5G of households in each state by the end of 2022; By YE 2024 must
2019
3700 MHz Telefonica O2, 1&1 deliver 100Mbps to major roads, with 50MBps to railways and
seaports
SFR, Orange, Bouygues, Free 4G Licensees are required to cover 50% of rural areas by Jan’22 and
2015 700 MHz increase coverage on mobile transport including underground trains
Mobile
France No known plans
SFR, Orange, Bouygues, Free 5G By 2022, at least 75% of cell sites must be capable of providing
2020 3.4-3.8 GHz speeds of at least 240 Mbps at each site
Mobile

2018 3.6-3.8 GHz Telefónica, Orange, Vodafone 5G N/A

5G Digital Agenda 2025: Players must cover 75% of population by 2025,

2021 3.6-3.8 GHz Telefónica, Orange including rural areas
Spain 26 GHz auction expected second half of 2022

2021 700MHz Telefónica, Orange, Vodafone 5G Activate 5G in 450 locales with populations over 50k by June 2025

Sources: Regulatory authorities, Press releases, Fierce Wireless, RCR Wireless, Altman Solon Research & Analysis; Note: N/A indicates no major build-out requirements or no data available

34
 2021/22 Auctions
Spectrum Auction Summary – Evolving Wireless Markets
Completed Major Auctions: 2014-2Q22
Expected: 2022-23
Year Bands Auctioned Winners Tech. Build-out Requirements

700, 850, 1700, 1900 3G/4G N/A

2014 Personal, Claro, Telefonica Auction of 700, 1900 & 1700 MHz spectrum expected 2022
MHz
Argentina
Auction of 850 and 1900 MHz not yet confirmed, awaiting
4G Successful bidders must roll out service on 2.5 GHz (2500 MHz –
2017 2500 MHz Movistar, Claro, Personal 2690 MHz) bands in 24-48 months presidential decree

1710-1780 (AWS-1), 4G N/A

2016 AT&T, América Móvil
2110-2180 (AWS-3)

4G Awardee of “Red Compartida” government contract is required to build

2016 700 MHz Altan Consortium out a nationwide LTE wholesale network
Mexico 5G auction (3.5GHz) expected 2022; no details yet
2017 2.5 GHz Telcel 4G N/A

Licensees must provide services in 200/557 localities with (pop of

2018 2.5 GHz AT&T, Movistar 4G 1,000 - 5,000) lacking mobile service & deliver connectivity to 10/13
metropoles with 1M+ inhabitants in the next 4 years

2014 700 MHZ Claro, TIM, Vivo, Algar 4G Responsible for clearing 700 MHz of legacy interference

1.8, 1.9, 2.5-2.69 Telefonica Brasil, Claro, TIM 4G N/A

2015
GHz Brasil Remaining 26 GHz from 2021 to be auctioned; no details
Brazil
yet

700, 2300, 3500 Deploy 5G across Brasil state capitals by July 31, 2022; Invest in
2021 Claro, TIM Brasil, Vivo 5G broadband in the northern Amazon region and build separate secure
MHZ, 26 GHz network for federal government

4G Requires coverage of 854 km of roads, 503 schools, 98% of

Chile 2014 700 MHz Claro, Entel, Movistar
population
No known plans
700 MHz, AWS, 3.5 5G 88% communal coverage in first 18 months, 90% population
2021 WOM, Entel, Movistar, Claro
GHz, 26 GHz coverage within three years

Claro, Tigo, WOM 5G N/A 5G spectrum auction (700MHz, 1.9GHz, 2.5GHz, 3.5GHz)
Colombia 2019 700, 1900, 2500 MHz
postponed (no confirmed date)

Orange, T-Mobile, P4, Plus, 4G N/A 5G spectrum auction (3.4 – 3.8GHz) expected 2022; no
Poland 2015 800 MHz, 2.6 GHz NetNet (later withdrew) details yet

Vodafone, Airtel, Idea, Uninor, 2G N/A

2014 900, 1800 MHz
RCOM, Aircel, Jio

800, 900, 1800 and Airtel, Vodafone, Idea, RCOM, 2G/3G N/A
2015
2100 MHz Jio, Aircel, Tata
5G spectrum auction (3.3-3.6 GHz) completed August 1st,
India
2022
800, 1800, 2100, Reliance Jio, Bharti Airtel, Idea, 2G/3G/ N/A
2016 4G
2300, and 2500 MHz Vodafone

700-900, 1800, 2100, Reliance Jio, Bharti Airtel, Idea, 2G/3G/ N/A
2021 4G
2300, and 2500 MHz Vodafone

South 700, 800, 2600, and Rain, Telkom, Cell-C, Liquid 5G N/A
2022 Telecom, MTN, Vodacom No known plans
Africa 3500 MHz

Sources: Regulatory authorities, Press releases, Fierce Wireless, RCR Wireless, Altman Solon Research & Analysis; Note: N/A indicates no major build-out requirements or no data available

35
 2021/22 Auctions
Spectrum Auction Summary – Developing Wireless Markets
Completed Major Auctions: 2013-2Q22
Expected: 2022-23
Year Bands Auctioned Winners Tech. Build-out Requirements
2015 1.7, 2.1 GHz Tigo, Claro 4G N/A

Paraguay Successful bidders must, for each sub-band give US$ to finance No 5G licenses until 2024, according to CONATEL
2018 700 MHz Tigo, Claro 4G mitigation of interference between bands; supply laptops, internet
and 10 connectivity centers; provide coverage on highways

Movistar, Nextel (Entel) 4G $400mn of investment required in the first 10 years for each block of
2013 AWS 1700/2300 MHz spectrum auction suspended (no
spectrum
Peru confirmed date) ; 5G tender for 3.5/26 GHz in
Entel, Claro, Movistar 4G Each licensee required to roll out LTE to 195 underserved towns (15 consideration
2016 700 MHz
in y1, 129 in y2, 51 in y3)

Uganda no major auctions No known plans

2015 800 MHz MTN Ghana 4G N/A

Ghana No known plans
2018 800 MHz Vodafone Ghana 4G N/A

Recovery of 5G spectrum (1400, 2600, 3500 MHz, 26

Costa
2017 1800, 1900, 2100 MHz Movistar, Claro 3G/4G N/A GHz) underway; expects auction in 2022 (no confirmed
Rica
date)

Bitflux (consortium of VDT,

2014 2.3GHz 3G/4G N/A
BitCom, and Superflex)
Nigeria
No known plans
2016 2.6 GHz MTN 3G/4G N/A

2021 3.5 GHz MTN, Mafab 5G Begin rollout in 2022; coverage obligations vary by license

2018 1800, 2100 MHz Grameenphone, Bangalink 4G N/A

Bangladesh 2021 1800, 2100 MHz Grameenphone, Robi, Bangalink 4G N/A No known plans

Grameenphone, Robi, Benglalink,

2022 2.3, 2.6 GHz 5G N/A
Teletalk
700, 2100, 2000 MHz,
Philippines 2018 Misatel 3G/4G 50% coverage within 5 years after license awarded No known plans
2.5, 3.3, 3.5 GHz

Kenya no major auctions 5G auction expected Aug’22

Niger no major auctions No known plans

Burkina
no major auctions No known plans
Faso

Sources: Regulatory authorities, Press releases, Fierce Wireless, Tele Geography, Altman Solon Research & Analysis; Note: N/A indicates no major build-out requirements or no data available

36
Definitions and Data Sources

Definitions
 ARPU: The monthly average revenue per user is calculated by dividing service revenues by the average subscriber base during the
quarter.

 Data as % of ARPU: Data revenue including messaging revenues, as reported by carriers as percentage of ARPU

 Subscribers: Data based on reported subscribers by carriers. This may include more than one SIM card per user, which may be
counted as multiple subscribers.

 Voice Minutes of Use (MOU): The minutes of use per month per average user is calculated by dividing total minutes of use as
reported by carriers, using estimates where available, by the average subscriber base during the quarter.

 Wireless Penetration: Mobile subscribers as a percentage of country population.

Data Sources
 - Global Wireless Matrix April 2022

 - ITU World Telecommunication Database December 2020

 - Research and Analysis

 - Research and Analysis

37