American Tower Corporation:
International Market Overview
Second Quarter 2021
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(1)
Argentina • Brazil • Chile • Colombia • India • Mexico • Poland • South Africa
Developing Wireless Markets
Burkina Faso • Costa Rica • Ghana • Kenya • Niger • Nigeria • Paraguay • Peru • Uganda
Notes: Definitions and Data Sources Available on Last Page of Presentation
(1) Info on Philippines is not shown
2
International Portfolio Overview(1)(2)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Reflects the Company's Asia-Pacific, Africa, Europe and Latin America segments.
In many international markets, we have non-tower, non-DAS communications infrastructure assets which are excluded from site counts.
Includes in-building and outdoor DAS networks.
Represents top 10 international tenants for the quarter ended June 30, 2021.
In December 2020, the Company launched operations in Canada and Australia through the acquisition of InSite Wireless Group, LLC (the “InSite Acquisition”). In Australia, the Company controls land under carrier or other third-party
communications sites, which provides recurring cash flow through leasing arrangements.
During the three months ended June 30, 2021, the Company began operations in the Philippines through the construction of 18 sites.
In June 2021, the Company launched operations in Spain through its transaction with Telxius Telecom, S.A. (“Telxius,” and the acquisition, the “Telxius Acquisition”).
3
International Markets Poised for Smartphone Growth
Wireless Penetration vs. Mobile Broadband Penetration(1-3)
200%
(Size of bubbles = Number of mobile subscribers)
180%
South Africa
Costa Rica
160%
Kenya
140%
Australia
Colombia
USA
Chile
Argentina
Burkina Faso
120%
Wireless
Penetration
Ghana
Germany
Poland
Spain
France
100%
Peru
Nigeria
Brazil
80%
Paraguay
Uganda
60%
Canada
India
Advanced Markets
Mexico
Niger
40%
Evolving Markets
Developing Markets
20%
0%
0%
20%
40%
60%
80%
100%
120%
140%
160%
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 ITU 2019; wireless penetration for CY20E (BAML Wireless Matrix + additional sources shown throughout deck)
(2) Poland mobile broadband % from Statista
(3) U.S. mobile BB penetration shown higher than wireless penetration likely due to different sources – ITU cites Ovum as mobile BB source
4
TowerCo Model Is Growing Across All Regions
Tower Ownership by Region
(%, towers owned by different operator types, 2015/2016 – 2020)
MNO
18%
64%
26%
TowerCo
28%
50%
44%
50%
56%
2020
2015
29%
67%
82%
36%
33%
2015
2020
North America(1)
74%
2015
2020
Europe
72%
2016
APAC(2)
42%
58%
71%
58%
42%
2020
LATAM
2015
2020
Africa3)
Notes: 2020 does not include 2021 transactions (e.g., Telxius Acquisition)
(1) Data show 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, Statista, Ovum, Altman Solon Research & Analysis
5
Advanced Wireless Markets
Australia • Canada • France • Germany • Spain
6
Australia
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
• 26 GHz auction completed in Apr’21 – all three major
carriers participated
Rank: 2nd Overall / 1st within Advanced
Usage: 14 GB / month
• Jul’21 – TPG and Nokia switched on 5G SA network
Wireless
Subscribers
35M
2%
Wireless
Penetration
136%
1%
Monthly Data
Usage per
Subscriber (1)
14 GB
18%
ARPU
$21
•
-9%
using 700 MHz spectrum
All three major carriers launched 5G networks in
2020 and continue to roll out in 2021
- Telstra: Reached 75% population coverage via lowband 850 MHz and mid-band 3.6 GHz
- Optus: 1.3k+ 5G sites across 6 largest cities / other
key areas
- Vodafone (TPG) –expects 85% coverage of 6 largest
cities (via 3.6 GHz) by YE’21
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?

Sub Mkt.
Share
~315 MHz | ~633 MHz
56%
Telstra

Spectrum
Holdings(2)
Holdings in 700, 850, 900,
1800, 2600, 3500, 3700MHz,
26GHz bands
~280 MHz | ~551 MHz
29%
Optus
Holdings in 700, 900, 1800,
2300, 2600, 3500MHz, 26GHz
bands
Current
Technology
3G/4G/
5G
3G/4G/
5G
2014
LTE
Nov’14
LTE
Dec’14
LTE

Vodafone (TPG)
~180 MHz | ~331 MHz
15%
Holdings in 700, 850, 900,
1800, 2600, 3700MHz, 26GHz
bands
3G/4G/
5G
Oct’14
LTE
2015
2016
VoLTE
launched
in Sep’15
2017
2018
99% LTE-M
coverage
3Q17
VoLTE
launched in
May’16
2020
2021
5G
75% 5G
850 MHz, coverage in
Jun’21
3.6 GHz
5G
May’20
Launched
VoLTE in
Dec’15
MVNO – switched
from Optus to
Vodafone in Sep’15
2019
Over
1.3k 5G
sites in
Jun’21
85%
coverage
in 6
largest
3.6 GHz
cities by
Jun’20
YE’21
5G
Proposed merger
with Vodafone in
Aug’18
Notes: (1) Benchmarked with Optus data usage per postpaid smartphone (3Q20), CAGR is 3Q19 – 3Q20 (2) 26GHz spectrum (in blue) weighted by regional population (estimates)
Sources: American Tower research & analysis, Altman Solon research & analysis, BAML Global Wireless Matrix April 2021, press releases, Spectrum Monitoring, and news articles
7
Canada
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
• Jun’21 – 3.5 GHz auction started; ISED to auction 3.8
GHz spectrum in early 2023
Rank: 12th Overall / 5th within Advanced
Usage: 3 GB / month
• All three major carriers have begun their 5G rollout
- Rogers: 50% coverage via 600 MHz and 2.5 GHz,
Wireless
Subscribers
34M
4%
Wireless
Penetration
95%
2%
Monthly Data
Usage per
Subscriber (1)
3 GB
24%
ARPU
$38
•
-4%
700 communities nationwide; targets 1,000
communities by YE’21
- Bell: 35% coverage via AWS (1.7/2.1 GHz), targets
70% by YE’21
- Telus: targets 70% coverage by YE’21 via AWS
600 MHz auction completed in April’19 – all major
carriers except Bell participated
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Sub Mkt.
Share
30%
Bell Mobility

32%
Rogers Wireless
~156 MHz
Holdings in 700, AWS, PCS,
2500 MHz bands
~175 MHz
Holdings in 600, 700, AWS,
PCS, 2500 MHz bands
~127 MHz

32%
Holdings in 600, 700, AWS,
PCS, 2500 MHz bands

6%
Holdings in 600, 700, AWS,
2500 MHz bands
Telus Mobility
Freedom
Spectrum
Holdings(2)
~57 MHz
Current
Technology
3G/4G/
5G
3G/4G/
5G
2014
2015
2016
2018
Launched 97% LTE
VoLTE in coverage in
Feb’16
May’17
LTE
LTE
2017
First to launch
VoLTE in
Mar’15
3G/4G/
5G
LTE
2G/3G/
4G
HSPA
95% LTE
coverage in
Dec’16
Nov’16
2020
5G
AWS-3
Partnered with
Ericsson for 5G
network in
Apr’18
5G
600 MHz,
2.5 GHz
Jan’20
5G
97% LTE Launched
coverage VoLTE in
in Mar’16 Apr’16
LTE
2019
AWS-3
Jun’20
2021
Targets
70% 5G
coverage
by YE’21
50% 5G
coverage
in Jun’21
Targets
70% 5G
coverage
by YE’21
Launched
VoLTE in
Aug’18
Notes: (1) CRTC (regulator) data for mobile data usage for subscribers with a data plan, YE’19. CAGR is 2014-19 (2) Allnet Canada Spectrum Ownership Tool (Oct. 2019)
Sources: American Tower research & analysis, Altman Solon research & analysis, BAML Global Wireless Matrix April 2021, CWTA, carrier annual reports, press releases and news articles
8
France
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
70M
3%
Wireless
Penetration
107%
2%
Monthly Data
Usage per
Subscriber (1)
12 GB
62%
ARPU
$21
• 3.4-3.8GHz auction (130MHz) bands for 5G use
•
-1%
completed in Oct 2020: All four major carriers
participated; includes stipulation that 75% of cell sites
must be capable of providing 240Mbps speeds by 2022
All four major carriers launched 5G networks in late
2020 and continue to roll out in 2021
- Iliad: ~52% 5G coverage via 700 MHz
- Bouygues: expects to achieve nationwide 5G
coverage by YE’21 via 2.1/3.5 GHz
- Orange / SFR: both have launched 5G in 100+ cities
as of Dec’20; Orange leads 3.5 GHz deployment,
aims to launch SA network in 2022
Rank: 3rd Overall / 2nd within Advanced
Usage: 12 GB / month
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?
Sub Mkt.
Share
Spectrum
Holdings
31%
Orange
Holdings in 700, 800, 900,
1800, 2100, 2600, 3400-3800
MHz bands
23%
SFR Numericable
Holdings in 700, 800, 900,
1800, 2100, 2600, 3400-3800
MHz bands

27%
Holdings in 700, 800, 900,
1800, 2100, 2600, 3400-3800
MHz bands

19%
Holdings in 700, 900, 1800,
2100, 2600, 3400-3800 MHz
bands

~274 MHz
~245 MHz
~224 MHz
Bouygues
Iliad Group
~180 MHz
Current
Technology
3G/4G/
5G
2014
2015
2016
Jun’12
LTE
3G/4G/
5G
LTE
3G/4G/
5G
LTE
2019
81% LTE coverage; Completed
18 municipalities first 5G call in
covered with LTE-A France 2Q18
Jun’14
Oct’13
2018
98% LTE-M
coverage
3Q18
LTE
3G/4G/
5G
2017
First to launch
VoLTE Nov’15
4G available
at no added.
Dec’13
cost
700 & 1800
MHz bands
added
96% LTE coverage
2Q18 plans to extend
to 99% by 4Q18
2020
2021
5G
2.1, 3.5 GHz
(160 cities in Jan’21)
5G
2.1, 3.5 GHz
(120 cities in Dec’20)
5G
2.1, 3.5 GHz
(67 cities in Jan’21)
5G
90% of population
covered with 4G, 96%
700 MHz, 3.5 GHz
with 3G 4Q18
52% coverage (May’21)
Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research & Analysis – estimated data usage per smartphone. CAGR is 2016-20
Sources: American Tower research & analysis, Altman Solon research & analysis, BAML Global Wireless Matrix April 2021, carrier annual reports, press releases and news articles, ARCEP
9
Germany
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
124M
2%
Wireless
Penetration
149%
1%
Monthly Data
Usage per
Subscriber (1)
6 GB
62%
ARPU
$13
-1%
• All major carriers continue to roll out 5G networks
- Deutsche Telekom: 50 cities with 3.6 GHz, 80%
•
Rank: 7th Overall / 4th within Advanced
Usage: 6 GB / month
coverage overall via NSA/DSS (2.1 GHz)
- Vodafone: 170 cities via 3.6 GHz, 25M people
covered overall via NSA/DSS
- Telefonica: 80 cities via 3.6 GHz; targets 30%
coverage by YE’21
- 1&1: 5G network launch expected in 3Q21
2Q19 5G auction for 1900MHz, 2100MHz and 3.43.7GHz – 3 major carriers in addition to new entrant 1&1
Drillisch each won >70MHz
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Subscriber Mkt.
Share
~289 MHz
39%
Holdings in 700, 800, 900,
1500, 1800, 2100, 2600,
3500-3700 MHz bands
25%
Holdings in 700, 800, 900,
1500, 1800, 2100, 2600,
3500-3700 MHz bands
3G/4G
/5G
-
~70 MHz
Holdings in 2600, 35003700 MHz bands
2G/3G
/4G
~325 MHz
~325 MHz
Vodafone
1&1
3G/4G
/5G
36%
Deutsche Telekom

Current
Technology
Holdings in 700, 800, 900,
1800, 2100, 2600, 35003700 MHz bands
Telefonica Europe

Spectrum
Holdings
3G/4G
/5G
2014
2015
2016
Started
Oct’14 –
offering
merged
VoLTE
with E-Plus
2Q15
LTE
LTE
LTE
2017
Covered 90% of
Launched
LTE-A
German
LTE with
launched in
population
900 MHz
Nov’14
EY15
Launched
LTE-A in
1Q15
Boosted LTE
coverage to
90% 2Q16
2018
2019
Expanded LTE
Additional 5.5m 5G Trials
people reached (4Q18)
in 2018
4G coverage
reaches 98%
EY18
Rollout of
Rollout of
NB-IoT
beamforming
sensors
1Q19
2020
2021
30%
coverage
3.6 GHz by YE’21
5G
coverage
5G 80%
in Mar’21,
2.1, 3.6 targets 90%
GHz
by YE’21
5G
2.1, 3.6
GHz
30 million
people
covered by
YE’21
Jun’19 – acquired Roaming Expects
50 MHz of 3.6
agreement 5G launch
GHz spectrum w/ Telefonica in 3Q21
Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research & Analysis – estimated data usage per smartphone. CAGR is 2016-20
Sources: American Tower research & analysis, Altman Solon research & analysis, Bank of America Merrill Lynch Global Wireless Matrix April 2021, carrier annual reports, press releases and news articles
10
Spain
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
56M
2%
Wireless
Penetration
118%
1%
Monthly Data
Usage per
Subscriber (1)
10 GB
13%
ARPU
$19
Indicator
• 700 MHz auction to start in Jul’21
• All four major carriers launched 5G networks in late
•
Rank: 5th Overall / 3rd within Advanced
Usage: 10 GB / month
2020 and continue to roll out in 2021
- Telefonica: 80% coverage via NSA/DSS (1.8-2.1
GHz, 3.5 GHz in dense cities)
- MasMovil: 44% coverage via NSA/DSS in 435 towns
and cities
- Orange: 28% coverage via NSA/DSS, targets 51% by
YE’21 and 90% by 2022
- Vodafone: 25 cities in Mar’21 (3.5 GHz)
3.6-3.8 GHz 5G auction concluded in Jul’18; remaining
20 MHz of spectrum was auctioned in Feb’21
0
5
10
15
20
Advanced
Evolving
1%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Sub Mkt.
Share
~265 MHz
30%
Telefónica
Holdings in 800, 900, 1800,
2100, 2600, 3500-3700 MHz
bands
~275 MHz
Current
Technology
3G/4G/
5G
Sep’13
LTE
Holdings in 800, 900, 1800,
2100, 2600, 3500-3700 MHz
bands

22%
Holdings in 800, 900, 1800,
2100, 2600, 3500-3700 MHz
bands
3G/4G/
5G

17%
~145 MHz
Holdings in 1800, 2100, 35003700 MHz bands
3G/4G/
5G
Vodafone
LTE
LTE
31%(2)
~265 MHz
2014
3G/4G/
5G

Orange
MasMovil
Spectrum
Holdings
Jul’13
May’13
LTE
Jul’13
2015
2016
2017
2018
2019
2020
2021
Jun’16 –
95% LTE
coverage
Jan’21 –
80% 5G
1.8-2.1, coverage
3.5 GHz via DSS
Jun’16 –
95% LTE
coverage
28%
coverage,
1.8-2.1, 51% by
3.5 GHz YE’21
5G
5G
5G
Jul’15 – first
to deploy
VoLTE
Jun’16 –
bought Yoigo
from Telia
Mar’21 –
5G in 25
cities
3.5 GHz
Jun’19
Jun/Dec’18 – acquired
80 MHz of 3.5 GHz
spectrum from Neutra
and Eurona
5G
Jun’21 –
1.8-2.1, 44% 5G
3.5 GHz coverage
Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research & Analysis – estimated data usage per smartphone. CAGR is 2017-20. (2) Includes Orange MVNOs
Sources: American Tower research & analysis, Altman Solon research & analysis, BAML Global Wireless Matrix April 2021, 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
Subscriber Market Share
3Q20
Key Catalysts
Indicator
As of
3Q20
2014 –
3Q20 CAGR
Wireless
Subscribers
56M
-2%
Wireless
Penetration
124%
-3%
Average
Monthly Voice
MOU(1)
77
-9%
ARPU
$4
-13%
• Feb’19 – ENACOM to auction up to 170 MHz of 4G
•
•
•
•
spectrum from state-owned telco ARSAT – no date
announced
ENACOM distributed 450MHz to local providers (May’19)
ENACOM targeted 93% LTE coverage by YE2019
Argentinian regulators have moved toward eliminating
roaming international roaming charges with Brazil,
Uruguay, and Paraguay; Agreement awaiting ratification
by authorities in each country
Telecom Argentina (Personal) trialed 5G in Buenos Aires
in Apr’18 with Nokia and June’19 with Huawei; CEO of
Personal in Jun’19 said he expects 5G in 2020 or 2021
33%
38%
29%
Telecom Argentina
Movistar
Claro
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?
Subscriber
Mkt. Share
Spectrum
Holdings(2)
38%
Holdings in 700, 850,
1700, 1850, 1900, 2000
MHz

29%
Holdings in 700, 850,
1700, 1850, 1900, 2000
MHz

33%
~135 MHz

América Móvil
~125 MHz
Telefónica
~100 MHz
Holdings in 700, 850,
1700, 1900, 2100 MHz
Current
Technology
2014
2015
2016
Plans to invest
$2.65B over 5
years in network
(Feb’15)
2G/3G
/4G
LTE
2G/3G
/4G
LTE
68% coverage,
3M users
Dec’14
(Jun’16)
2G/3G
/4G
LTE
Jun’14
Dec’14
2017
2018
2019
Planned $100M annual investment
’17-’20 in further network buildout
Partial network upgrades
(RAN) w/ Ericsson (‘18-’21)
6M LTE customers,
5G trials in LTE / LTE – A
86% coverage in
Buenos Aires coverage 86%
major cities
April ‘18
pop 4Q18
Telecom Argentina
2020
2021
Commercial
5G launch
planned by
2021
Commercial
5G launch
planned by
2021
Commercial
5G launch
planned by
2021
Notes: (1) Benchmarked using América Móvil MOU for Argentina (1Q21), CAGR is 2014 to 1Q21 (2) Holdings may vary by region
Sources: American Tower research & analysis, Altman Solon research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2021
13
Brazil
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
As of
3Q20
2014 –
3Q20 CAGR
Wireless
Subscribers
224M
-4%
Wireless
Penetration
106%
-5%
Monthly Data
Usage per
Subscriber (1)
5 GB
52%
ARPU
$4
Indicator
-9%
• Auction of 700MHz, 2300MHz, 3.5GHz & 26GHz
delayed to Aug’21
Rank: 9th Overall / 5th within Evolving
Usage: 5 GB / month
• All major carriers have launched 5G via DSS,
some with temporary licenses on the 3.5 GHz band
• 4G coverage reached ~98% in Nov’20
• América Móvil acquired Nextel Brazil – acquisition
closed Dec’19
0
• Historical wireless subscriber/penetration declines driven
5
10
15
20
Advanced
by declining multi-SIM penetration starting from 2015
(changes in prepaid churn definition, reduction in
interconnection fees reduced the incentive for multiple SIM
cards)
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Sub Mkt.
Share
34%
Telefónica

Current
Technology
~107 MHz
2G/3G/
4G
Holdings in 450, 700, 800, 1800,
1900, 2100, and 2500 MHz bands
~73 MHz
23%
Telecom Italia
2014
LTE
Holdings in 450, 700, 800, 17001860, 1920-2165, and 2500 MHz
bands
2G/3G/
4G
~106 MHz
2G/3G/
4G
LTE
2G/3G/
4G
LTE

27%
Holdings in 450, 700, 800, 1800,
2100, and 2500 MHz bands

16%
Holdings in 450, 800, 1700-1860,
1900-2165, and 2500 MHz bands
América Móvil
Tele Norte Leste
Spectrum
Holdings(2)
~47 MHz
LTE
2015
2016
Reached 47% of pops
covered and coverage of
183 cities by EOY 2015
2017
2018
2020
57% 4G Deployed 4.5G network
availability in Rio 2Q18; Testing 5G
reached
on 3.5GHz
$3.6B in planned capex 2015-2017
411 cities covered,; LTEA launched in Jun’16
90% Coverage
of urban pop by
4Q17
Planned $3.6B to expand
3G and 4G networks
LTE-A
coverage in
LTE-A launched in Jun’16 140 cities
Did not bid Expected to
on 700 invest ~$500M
MHz
through 2015
2019
Moving forward
with bankruptcy
proceedings
5G trials
on 3.5
GHz
(3Q19)
To launch
dedicated IoT
network 2Q19
5G trials on
3.5GHz
(3Q19)
5G
DSS
Jul’20
5G
DSS
Jul’20
2021
May’21 –
trials 5G SA
w/ AWS
May’21 – 5G
SA pilot with
Ericsson
5G
DSS
Jul’20
5G
DSS
Oct’20
Notes: (1) Ericsson Mobility Report, Cisco VNI, Altman Solon Research & Analysis – estimated data usage per smartphone. CAGR is 2016-20 (2) Holdings vary by region, calculated using mean holdings, weighting each region equally
Sources: American Tower research & analysis, Altman Solon research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2021, press releases, RCR
14
Chile
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
3Q20
2014 –
3Q20 CAGR
Wireless
Subscribers
23M
-2%
Wireless
Penetration
119%
-4%
Monthly Data
Usage per
Subscriber (1)
10 GB
ARPU
$9
• 5G auction concluded in Mar’21 (700 MHz, AWS, 3.5
GHz, 26 GHz); expected to reach 90% population
coverage within three years
Rank: 4th Overall / 2nd within Evolving
Usage: 10 GB / month
‒ WOM: 100 MHz of low/mid-band, 400 MHz of 26
GHz spectrum
‒ Entel: 50 MHz of 3.5 GHz, 400 MHz of 26 GHz
spectrum
‒ Movistar: 50 MHz of 3.5 GHz spectrum
‒ Claro: 400 MHz of 26 GHz spectrum
86%
0
5
• Entel announced plans to spend $100M on 4G network
10
15
20
Advanced
capacity and coverage upgrades in 2020
Evolving
-5%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Subscriber
Mkt. Share
~220 MHz | ~400 MHz
31%
Entel
Telefónica

25%
Current
Technology
2014
Holdings in 700, 900, 1900,
2600, 3500MHz, 26GHz
bands
3G/4G
/5G
~160 MHz | ~400 MHz
3G/4G
/5G
LTE
LTE
Holdings in 700, 850, 1900,
2600, 3500MHz bands
~190 MHz | ~400 MHz

22%
Holdings in 700, 850, 1900,
2600, 3500MHz, 26GHz
bands
3G/4G
/5G

20%
~60 MHz | ~400 MHz
Holdings in 700, 700/2100,
3500MHz, 26GHz bands
3G/4G
/5G
América Móvil
Novator Partners
Spectrum
Holdings(2)
2015
2017
2018
First to
LTE-A launched in $3.5B
achieve
two cities as of investment
national LTE2016-20
Aug’16
A coverage
LTE
200K LTE
subs by
Dec’14
4G nationwide
in Jun’13
LTE
2016
$3.5B
LTE-A launch
investment
Jul’16
2016-2020
LTE-A
More than 1.1k
launched in
LTE sites by
Santiago in
Mar’15
Oct’16
Launched in
Entered
market 3Q15, Santiago and
purchase of Vina Del Mar
4Q15
Nextel
2019
5G trial on
28GHz band
3Q18
Launched
VoLTE
2Q18
First 5G lab
trial in 27 GHz
band, Dec’17
Roaming with
Movistar and
Claro
Deployed
VoLTE 3Q18
VoLTE &
VoWifi
Nationwide
4Q18
2020
2021
5G pilots
expected in
2021
May’21 –
selects
Nokia for 5G
upgrade
May’21 – bought
30 MHz of 3.5
GHz spectrum
from Entel
5G pilots
expected in
2021
Notes: (1) Tefficient mobile data usage (incl. M2M), CAGR is 2015 – 2020 (2) 26GHz holdings highlighted in blue
Sources: American Tower research & analysis, Altman Solon research & analysis, SUBTEL, Bank of America Merrill Lynch Global Wireless Matrix January 2021, Commsupdate
15
Colombia
WIRELESS MARKET OVERVIEW:
Snapshot
Subscriber Market Share
3Q20
Key Catalysts
Indicator
As of
3Q20
2014 –
3Q20 CAGR
Wireless
Subscribers
57M
2%
Wireless
Penetration
112%
1%
Average
Monthly Voice
MOU(1)
297
4%
ARPU
$4
-13%
• ICT 5G auction (3.5GHz) tentatively planned for
•
•
Dec’21
All three major carriers completed 5g trials in 2020
with 3.5 GHz spectrum
ICT auctioned 700MHz, 1.9GHz, and 2.5GHz in
Dec’19
- Claro: 20MHz of 700MHz, 30MHz of 2.5GHz
- Tigo: 40MHz of 700MHz
- Movistar: did not win any spectrum
- No party auctioned for 1.9 GHz
16%
56%
28%
Claro
Movistar
Tigo
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?

Subscriber Mkt.
Share
Current
Technology
~130 MHz
56%
América Móvil

Spectrum
Holdings
Holdings in 850,
1900, and 2500 MHz
bands
3G/4G
~75 MHz
28%
Telefónica
Holdings in 850,
1900, and AWS
bands
3G/4G
2014
2015
Covered 374
municipalities
by Oct’16
LTE
LTE
2016
Covers 76
cities, 300k
subs by
Nov’14
2017
2018
2019
LTE-A
Plans to reach 5G trials
launched
100% nationwide 1Q18
1700 sites
coverage by 2018
5G
Launched Launched LTE-A in
VoLTE in 129 municipalities Demonstration
Apr’18
3Q18
Sep’16
2020
2021
5G 3.5
GHz trials
with Nokia
in Nov’20
5G 3.5GHz
pilot with
Huawei in
May’20
288k LTE
Millicom (50%)
EPM Group (50%)

by
LTE customers
EOY’14
~180 MHz
16%
Holdings in 1900,
2500 MHz, and AWS
bands
3G/4G
LTE
Operates
LTE in 6
markets
LTE coverage Launches
LTE-A
in 75 cities
Apr’18
2,000 700MHz 5G 3.5GHz
antennas
pilot with
deployed as of Nokia in
Nov’20
Dec’20
Notes: (1) Benchmarked using América Móvil MOU for Colombia (1Q21), CAGR is 2014 to 1Q21
Sources: American Tower research & analysis, Altman Solon research & analysis, Bank of America Merrill Lynch Global Wireless Matrix January 2021; CMS Law, Company Press Releases
16
India
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
1.15B
3%
Wireless
Penetration
85%
1%
Monthly Data
Usage per
Subscriber(1)
15 GB
ARPU
$2
37%
-8%
• May’21 – DoT gave green light for noncommercial 5G trials; commercial 5G likely
slated for 2022 due to 5G auction delays
Rank: 1st Overall / 1st within Evolving
Usage: 15 GB / month
- Airtel: 5G trial in Gurugram
- Jio: 5G trial in Mumbai, partnered with Intel
- Vi: Partnered with Cisco
• TRAI auctioned 2.3 GHz of spectrum across
•
•
seven bands in Mar’21; two-thirds of spectrum
left unsold due to high reserve prices
TRAI plans to auction 275 MHz of 3.3-3.6 GHz
spectrum, expected in 1H22
Gov’t deferred BSNL and MTNL merger in Mar’21
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?
Bharti, Singtel


Sub Mkt.
Share
29%
25%
Spectrum
Holdings(2)
Current
Technology
~90 MHz
2G/3G
/4G
Holdings in 850, 900, 1800, 2100,
and 2300 MHz bands
~80MHz
Holdings in 900, 1800, 2100, 2300
and 2500 MHz bands
2G/3G
/4G

Reliance Jio
~70MHz
Holdings in 850, 900, 1800, 2100,
2300 MHz bands
LTE
HSPA+
2015
2016
2G/3G
/4G
2017
2018
LTE coverage across
300 cities/towns in
Aug’15
2019
2020
2021
Selects Ericsson
for 5G-ready
cloud packet
deployment
Jun’21 – 5G
trial in
Gurugram
Enlists Ericsson
for network
modernization
through 2Q2020
Jun’21 –
partnered
with Cisco for
network
upgrade
Launched 4G in
cities by
LTE 5 major
early 2016
LTE
HSPA
Vodafone Idea
35%
2014
HSPA+ LTE
LTE expansion
to 20 circles by
Mar’17
First LTE circle
launch
independently in
Nov’15
LTE
Full LTE
deployment over 3
years
Continued
investments in
4G
Jun’21 – 5G
trial in
Mumbai
Notes: (1) Ericsson Mobility Reports, data usage per smartphone, CAGR is 2016-20 (2)Spectrum holdings vary by region; calculated using mean holdings, weighting each region equally.
Sources: American Tower research & analysis, Altman Solon. research & analysis, BAML Global Wireless Matrix April 2021, TRAI, Commsupdate
17
Mexico
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
3Q20
2014 –
3Q20 CAGR
Wireless
Subscribers
120M
2%
Wireless
Penetration
94%
1%
Monthly Data
Usage per
Subscriber(1)
5.5 GB
53%
ARPU
$7
• 5G tender likely to take place in 2021, though auction
terms have yet to be defined
Rank: 8th Overall / 4th within Evolving
Usage: 5.5 GB / month
• Telcel and AT&T have been granted access to 3.5GHz
spectrum, though no pilots have been launched
• Red Compartida achieved 50% population coverage
-9%
(1Q20) – open access 700MHz deployment launched in
Mar’18; targets 92% coverage by 2024
• AT&T, Movistar win 2.5GHz auction (Nov’18)
– AT&T gained 80MHz; 2x20MHz of TDD and FDD
– Movistar secured 40MHz; 2x20MHz of FDD
– Telcel acquired 60MHz of 2.5GHz spectrum in July’17
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?
Subscriber
Mkt. Share
Spectrum
Holdings(2)
~200 MHz

64%
América Móvil

21%
Telefónica
Holdings in AWS-1, AWS3, 850, 1900 MHz, 2.5
GHz
~100 MHz
Holdings in 850, 1900 and
2500 MHz
Current
Technology
2014
2015
2G/3G
/4G
LTE
Covered
65.5% of
pops by
Jun’15
2016
2G/3G
/4G
LTE
2017
Purchase of 2.5
GHz spectrum
3Q17
Covers the Valley of Mexico
with plans to cover more cities
2018
2019
2020
2021
Launched 4.5G;
aim to reach 76
cities by EY18
Deploying 4.5 G in Monterrey
in 2Q18 w/ Huawei; plans to 2G Shutdown
(Sep’20)
expand upgrades
HSPA+

15%
~210 MHz
Holdings in AWS-1, SMR,
850, 1900 MHz
(3)
2G/3G
/4G
HSPA
LTE
Covers 70 million
pops in 144 cities
(as of Oct16)
Renewed 3.5GHz
90%
License (3Q19)
Coverage in
Mexico 2018 2G Shutdown
(2019)
AT&T(3)
Notes: (1) Ericsson
(3) AT&T
Mobility Report, Cisco VNI, Altman Solon Research & Analysis – estimated data usage per smartphone. CAGR is 2016-20 (2) Holdings vary by region
completed acquisitions of Iusacell and Nextel; Sources: American Tower research & analysis, Altman Solon research & analysis, Bank of America Merrill Lynch Global Wireless Matrix April 2021, News, Press Releases
18
Poland
WIRELESS MARKET OVERVIEW:
Snapshot(1)
Relative Monthly Data Usage(2)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q19
2014 –
4Q19 CAGR
Wireless
Subscribers
52M
-2%
Wireless
Penetration
136%
-2%
Monthly Data
Usage per
Subscriber(2)
8 GB
38%
ARPU
$8
• Initial 5G auction postponed due to COVID-19; 3.43.8GHz bands for 5G auction confirmed for Aug’21
Rank: 6th Overall / 3rd within Evolving
Usage: 8 GB / month
• May’21 – Play & Samsung trialing 4G and 5G in Warsaw
• Mar’21 – Cellnex acquired network assets from Plus
(Polkomtel) for €1.6B
• Mar’21 – T-Mobile Poland offers pre-paid 5G
• Dec’20 – Plus covers 5.2M people with 5G (2.6 GHz),
0
targeting 11M people across 150 cities by YE’21
5
• Orange Polska launched 5G mobile services in Jul’20
10
15
20
Advanced
Evolving
-2%
Developing
Note: 2020 data not available
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?
Subscriber Mkt.
Share
29%
P4 (Play)
Orange Polska

~60 MHz
Holdings in 800, 900, 1800,
2100, 2600 MHz bands
~56 MHz
27%
Current
Technology
2G/3G
/4G
2014
LTE
Holdings in 800, 900,
1800, 2100, 2600 MHz
bands
2G/3G
/4G
~133 MHz
2G/3G
/4G
LTE
2G/3G
/4G
LTE
21%
Holdings in 800, 900, 1800,
2100, 2600 MHz bands
19%
Holdings in 800, 900, 1800,
2100, 2600 MHz bands
Plus (Polkomtel)
T-Mobile Poland
Spectrum
Holdings
~68 MHz
LTE
Sep’13
Jun’14
2015
2016
In auction,
won one 800
MHz & four
2600 MHz
blocks
Acquired two 5
MHz blocks in
Reached 96%
800 MHz band
coverage with
& three 5 MHz
LTE
blocks in 2600
MHz band
Roll out the first
Launch 800
in Poland LTEMHz LTE
Advanced
service
network
Started using
new LTE bands
won in auction
2017
2018
Launched Netbox
offer - fast internet
to HHs & small
businesses via LTE
Allocated more
bandwidth to
4G LTE
2019
2020
5G
2.6 GHz
May’20
2021
May’21 –
trialing 5G in
Warsaw w/
Samsung
5G
2.6 GHz
Jul’20
5G
11M
people
2.6 GHz covered
Dec’20 by YE’21
5G
2.6 GHz
Jun’20
Notes: (1)OEC (regulator) reports, 2014-19 (2) Tefficient mobile data usage (incl. M2M), CAGR is 2019 – 2020
Sources: American Tower research & analysis, Altman Solon research & analysis, OEC (regulator), carrier annual reports, press releases and news articles, CMS
19
South Africa
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
105M
6%
Wireless
Penetration
177%
4%
Monthly Data
Usage per
Subscriber(1)
2.6 GB
ARPU
$6
• ICASA proposal for licensing ~450MHz across
700MHz, 800MHz, 2300MHz, 2600MHz & 3500 MHz
bands, Nov’19 – auction delayed in Mar’21 following
Telkom challenge
Rank: 15th Overall / 6th within Evolving
Usage: 2.6 GB / month
• MTN and Vodacom launched 5G sites in mid 2020,
made possible by ICASA’s temporary allocation
of 4G and 5G spectrum (extended to Aug’21)
• Liquid Telecom launching open access wholesale
56%
-5%
0
5G network in 2020 – using 3.5GHz spectrum
5
– MTN has signed up as a roaming customer
– Vodacom plans 2020 5G launch leveraging Liquid
10
15
20
Advanced
Evolving
Telecom roaming agreement
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Subscriber Mkt.
Share
Spectrum
Holdings
42%
Holdings in 900,
1800, and 2100 MHz
bands
30%
Holdings in 900,
1800, and 2100 MHz
bands
15%
Holdings in 900,
1800, and 2100 MHz
bands
13%
Holdings in 1800,
2100, 2300, and
3500 MHz bands
~80 MHz
Vodafone

~80 MHz
MTN Group


2014
3G/4G
/5G
LTE
3G/4G
/5G
LTE
3G/4G
LTE
3G/4G
LTE
~80 MHz
Saudi Oger Ltd.
Telkom SA
Current
Technology
~160 MHz
2015
2016
2017
2,600 LTE
sites by
EOY 2015
55% LTE
coverage
Feb’16
8 LTE-A
sites by
Apr’16
Added 3,148
LTE sites in
2015
LTE
launched in
Sep’15
2018
2019
Expected to
launch 200+ new
rural sites in 2019
2020
5G
Temp. 5G
spectrum
5G trials
LTE-A launched
SA’s first 5G 4Q18 90%
in 3 suburbs in
(26
GHz)
trial Jan’184G coverage
Mar’16
Apr’19
LTE-A launched
in 3 cities Apr’16
LTE-A trials since Nov14;
rolled out to 27 suburbs by
May’15
2021
5G
Temp. 5G
spectrum
2018 roaming deal on MTN
network increases coverage
from 33% to 80%
2018 roaming deal on Vodacom 2G Network
network from June’19 ending
Shutdown
deal with MTN
March’20
Notes: (1) Benchmarked using reported data from MTN South Africa – data per active user. CAGR is 2016 – 2020
Sources: American Tower research & analysis, Altman Solon research & analysis Bank of America Merrill Lynch Global Wireless Matrix April 2021, News and Press Releases, Company Websites, My broadband, CMS
20
Developing Wireless Markets
Burkina Faso • Costa Rica • Ghana • Kenya • Niger
Nigeria • Paraguay • Peru • Uganda
21
Burkina Faso
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
22M
9%
Wireless
Penetration
103%
6%
Monthly Data
Usage per
Subscriber(1)
2.2 GB
35%
ARPU
$2.56
•
•
•
Telecel launched 4G+ in 4Q20
In Dec’18, government introduced technologyneutral licenses – allowing carriers to reuse existing
spectrum licenses to introduce 4G LTE
Orange and Onatel launched 4G+/LTE-A in 1Q19
- Orange received 4G license, renewed existing
2G/3G licenses in Jan’19
Rank: 17th Overall / 6th within Developing
Usage: 2.2 GB / month
0
5
10
15
20
Advanced
Evolving
-1%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?
Subscriber
Mkt. Share
Spectrum
Holdings
Current
Technology

43%
~ 82 MHz
Holdings in 900, 1800,
2100 MHz
2G/3G
/4G
license
HSPA+ 4G1Q14

43%
Holdings in 900, 1800,
2100 MHz
2G/3G
/4G
93% of
HSPA+ Covers
population

14%
Holdings in 900, 2100
MHz
2G/3G
/4G
HSPA+
2014
2015
Acquires
2016
2017
Orange
acquires Airtel
BF (2Q16)
2018
LTE
2019
2020
2021
4G Launch in 5
locations in
1Q19
Orange
Moov Africa
(fka Onatel)
~ 82 MHz
~ 82 MHz
Telecel
Plans to install 800
new 2G/3G/4G base
stations 3Q17
HSPA+
3G launch
4G+ Launch in
in
LTE 35 locations
1Q19
LTE
4G+ launch in
4Q20
Notes: (1) Ericsson Mobility Report (Jun’21), used Sub-Saharan monthly data usage per smartphone as a proxy. CAGR is 2017 – 3Q20
Sources: American Tower research & analysis, Altman Solon research & analysis, ARCEP BF(regulator)
22
Costa Rica
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q19
2014 –
4Q19 CAGR
• Jun’21 – Sutel (regulator) approved Liberty Latin
America’s takeover of Movistar
Rank: 13th Overall / 3rd within Developing
Usage: 3 GB / month
• Jun’21 – Ministry of Science, Tech, and Telecom
Wireless
Subscribers
9M
3%
Wireless
Penetration
169%
2%
•
•
Monthly Data
Usage per
Subscriber(1)
3 GB
ARPU
$4
28%
-12%
•
•
(MICITT) began recovery of 5G frequencies
granted to Grupo ICE
Mar’21 – Movistar on target for 100% 4G coverage by
YE’21
Nov’20 – Sutel launched consultation in Nov’20 to
discuss spectrum suitable for 5G use
ICE 5G testing ongoing and will continue into 2021
ICE awarded $48M gov’t contract to provide service to
14 indigenous territories (4Q19)
0
5
10
15
20
Advanced
Evolving
Developing
Note: 2020 data not available
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?

Subscriber Mkt.
Share
Current
Technology
~550 MHz(2)
2G/3G
/4G
LTE
2014
51%
Holdings in 850, 1800,
and 2600 MHz bands

30%
Holdings in 850, 1800,
1900 and 2100 MHz
bands
2G/3G
/4G
LTE

19%
~100 MHz
Holdings in 1800 and
2100 MHz bands
2G/3G
/4G
LTE
Grupo ICE / Kolbi
~180 MHz
Telefónica
América Móvil
Spectrum
Holdings(2)
Jul’14
Apr’14
2015
2016
2017
$19.9M investment
on 4G expansion;
Rolls out to 24 new
locations
Addt’l
Deploys vIMS
network roll- as prep. for
out in 2015
VoLTE
2018
Deployed LTE-A San
Jose 1Q18
2019
2020
2021
98% 4G
5G Tests
coverage in
3Q19
Aug’20
Jun’21 – acquired by LLA
Deployed LTE-A 2Q18
Will triple coverage
by EOY 2016
100% 4G coverage by
YE’21
Deployed LTE-A
3Q18
Notes: (1) Sutel 2014-19 data – data usage per mobile broadband subscriber (2) Kolbi (state-owned) owns unallocated spectrum, but is only using ~160 MHz
Sources: American Tower research & analysis, Altman Solon research & analysis, BuddeComm Costa Rica Mobile Report 3Q2017, Sutel, QCostaRica, El Financiero. Tele Geography
23
Ghana
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
• Apr’21 – Government to acquire 100% stake in
Airtel Tigo
Rank: 11th Overall / 2nd within Developing
Usage: 4 GB / month
• Ministry of Communications and Huawei launched
Wireless
Subscribers
40M
Wireless
Penetration
131%
3%
rural telephony project in Nov’20
• Vodafone and AST Spacemobile to launch satellite
0%
4G program to equatorial regions
• MTN applied to acquire 2 x 5 MHz blocks that were
unallocated after 2018 auction (Apr’19 )
Monthly Data
Usage per
Subscriber(1)
4 GB
ARPU(2)
$4
97%
0
• MTN launched 4G+ network (1Q19) on 2600 MHz
5
10
spectrum purchased from Goldkey Telecoms
15
20
Advanced
Evolving
5%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?

Subscriber Mkt.
Share
Spectrum
Holdings
57%
Holdings in 800, 900,
1800, 2100, and 2600
MHz bands
~50 MHz
MTN Group

~75 MHz
21%
Vodafone
Holdings in 800, 900,
1800, and 2100 MHz
bands
Current
Technology
2G/3G
/4G
2G/3G
/4G
~20 MHz

Airtel Tigo
20%
Holdings in 900 and
1800 and 2100 MHz
bands
2014
2015
2016
LTE
$122M
HSPA+Spent
on network
HSPA
Invested 700M
in network
2,000 cell sites
by May’15
HSPA
Spent $24M
on 3G
network
2G/3G
$62M network
investment
HSPA+ promised
in
2014
7.6M homes
passed by
Dec’15
2017
2018
Invested $18M in
LTE rollout,
launched in 2016
2020
2021
Launches 4G+ $160M in 2019
on existing 4G
network
network (1Q19)
upgrades
LTE
Signed
merger deal
Mar’17
2019
1Q19 4G
rollout on
800 MHz
Upgrades
network in
Greater
Accra Oct’18
Announced
satellite 4G
initiative in
Dec’20
Apr’21 –
Gov’t. to
acquire
Airtel Tigo
Notes: (1) Benchmarked using reported data from MTN Ghana – data per active user. CAGR is 2016 – 2020 (2) MTN Ghana Investor Reports (4Q20)
Sources: American Tower research & analysis, Altman Solon research & analysis, BuddeComm, NCA Report 1Q20, Pulse Ghana, NCA, MTN Investor Reports , Commsupdate
24
Kenya
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
61M
11%
Wireless
Penetration
129%
8%
Monthly Data
Usage per
Subscriber (1)
2.2 GB
34%
ARPU(2)
$3
• 5G remains in testing phase; government’s National
•
•
•
Broadband Strategy targets effective 5G network by
2023
Mar’21 – Safaricom launched 5G trials in four
cities; partnered with Nokia and Huawei to
implement 5G rollout
Airtel and Telkom abandoned merger plans in
Aug’20
Jamai, which launched 4G in Dec’17 upgraded trial
LTE permit to full operating license (May 2019)
Rank: 18th Overall / 7th within Developing
Usage: 2.2 GB / month
0
5
10
15
20
Advanced
Evolving
-4%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 3 Carrier Characteristics
AMT
Tenant?
Subscriber
Mkt. Share

64%

27%
Vodafone
Bharti
Helios Investment
Partners, Kenyan Gov’t

6%
Spectrum
Holdings
Current
Technology
~ 60 MHz
2G/3G
/4G
Holdings in 900, 1800, &
2100 MHz
~ 60 MHz
Holdings in 900, 1800, &
2100 MHz
~ 65 MHz
Holdings in 800, 900,
1800, & 2100 MHz
2G/3G
/4G
2G/3G
/4G
2014
HSPA+
HSPA+
HSPA+
2015
2016
LTE
Launched
4Q15
2017
Upgrades
to network
3Q17
~US$20M
3G network
upgrade
2Q15
Orange
completed
sale to Helios
2Q16
2018
1M 4G
customers,
available in all
counties 4Q17
LTE
LTE
Launched
in 2 cities
2Q17
LTE
Launched
in 2 cities
2Q18
2019
2020
VoLTE
launch
2Q19
2021
5G trials in
four cities
Partnered
Plans to
with Ericsson
add 800
to modernize
Sites
4G network
Plans to invest
~US$10M in network
for 3G and 4G 1Q19
Notes: (1) CA Kenya mobile data usage per mobile broadband subscriber – started reporting in 2019. CAGR is 2019-2020 (2) ARPU benchmarked using Safaricom Reported Voice and Messaging ARPUs (half-year)
Sources: American Tower research & analysis, Altman Solon research & analysis, Communications Authority of Kenya, Safaricom Investor Relations, Tele Geography, News and Press Releases, CMS, Commsupdate
25
Niger
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
11.5M
10%
Wireless
Penetration
50%
6%
Monthly Data
Usage per
Subscriber (1)
2.7 GB
42%
ARPU(1)
$3
-5%
• Orange acquired by minority shareholders in
•
•
•
Nov’19 (rebranded as Zamani in Dec’20)
- Launched LTE-A in Niamey and Diffa
Airtel launched Niger’s first 4G network in
July’19, after purchasing licenses in 800 and 1800
MHz for ~$24M
Niger’s population forecast to grow 50% by 2030
Low penetration vs. other African nations presents
growth opportunities
Rank: 14th Overall / 4th within Developing
Usage: 2.7 GB / month
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?
Subscriber
Mkt. Share
Spectrum
Holdings
Current
Technology
44%
Holdings in 800, 900, and
1800 MHz bands
2G/3G
/4G

28%
Holdings in 900, 1800,
and 2100 MHz bands
2G/3G

26%
Holdings in 900 MHz band
2G/3G
2%
Holdings in 900 MHz band

Airtel
2014
HSPA
HSPA
Orange (Zamani)
Moov
Niger Telecoms
2G/3G
HSPA
2015
2016
3G launch with
Ericsson
2015
Deal with
Intelsat to
serve rural
areas 3Q14
2017
LTE
2018
2019
2020
2021
4G
Granted first
Commercial
Niger 4G
Launch in
License 2Q18
Niamey 3Q19
Orange Niger
Acquired by Zamani
Com after tax dispute
4Q19
LTE
Dec’20
Etisalat
finalizes sale
to Maroc
Telecom
HSPA
HSPA
Niger Telecoms
launches Commercial
3G voice and data
Operations 2Q18
(1) Benchmarked
Notes:
Bharti Airtel Africa KPIs – mobile data usage per customer, 4Q20.
Sources: American Tower research & analysis, Altman Solon research & analysis, ARCEP Niger, ITU 2019, Orange Investor Relations, Citigroup
26
Nigeria
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
189M
10%
Wireless
Penetration
92%
7%
Monthly Data
Usage per
Subscriber(1)
2.6 GB
99%
ARPU(2)
$3
• Jun’21 – NCC inaugurated committee to
develop 5G auction plan (3.5 GHz)
Rank: 16th Overall / 5th within Developing
Usage: 2.6 GB / month
• Feb’21 – MTN, 9mobile seek NCC approval
•
to roll out national roaming networks
NCC reserved 26, 38, and 42 GHz bands for
5G in 3Q19
- MTN tested 5G in Nov’19 after NCC
approved trial 5G spectrum licenses
0
5
10
15
20
Advanced
Evolving
-9%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Subscriber
Mkt. Share
Spectrum
Holdings(3)
41%
Holdings in 700, 800, 900,
1800, 2100MHz, 2.6 &
10.5GHz bands
2G/3G
/4G
29%
~ 60 MHz
Holdings in 900, 1800,
and 2100 MHz bands
2G/3G
/4G
HSPA coverage
in 2014
24%
Holdings in 900, 1800,
2100 MHz and 10.5GHz
bands
2G/3G
/4G
HSPA+ across
~ 60 MHz
2G/3G
/4G
~ 190 MHz
MTN Group
Globacom

~ 146 MHz
Bharti

9Mobile
7%
Holdings in 900, 1800,
and 2100 MHz bands
Current
Technology
2014
2015
network
HSPA $1.2B
upgrade
90% 3G
LTE
3Q16
LTE
3Q16
3G
LTE
36 states
3Q16
Invested
$1.2B on
network
improvements
HSPA
2016
LTE
3Q16
2017
2018
2019
2020
2021
Launches
5G test on $1.6B Network
LTE-A on 800,
26GHz
Investments’
2600 GHz
4Q19
20-’22
2Q19
36 states
covered 4Q18
Coverage of 60
locations by
Nov’16
Expands 4G Acquired 10MHz
to 5 new
of 900MHz
cities 2Q19
spectrum
16 Cities
covered by 4G
2Q20
Notes: (1) Benchmarked using reported data from MTN Nigeria – data per active user. CAGR is 2016 – 2020 (2) Based on figures from MTN Nigeria reported data, CAGR is 2014 – 1H20 (3) NCC Frequency Allocations
Sources: American Tower research & analysis, Altman Solon research & analysis Bank of America Merrill Lynch Global Wireless Matrix April 2021, Nigerian Communications Commission, GSMA
27
Paraguay
WIRELESS MARKET OVERVIEW:
Snapshot
Indicator
As of
4Q20
Subscriber Market Share
4Q20
Key Catalysts
2015 – 2020
CAGR
• No 5G licenses until 2024, announced by Conatel in
mid 2020
• Tigo revealed plans to deploy 5G-ready network – on
Wireless
Subscribers
7.9M
1%
Wireless
Penetration
109%
0%
Average
Monthly Voice
MOU(1)
77
-9%
ARPU(2)
$6
0%
•
VMware’s vCloud platform (Feb’20 )
- Tigo to invest $100M to provide 66% coverage with
LTE by 2020
700 MHz auction Jan ‘18, generated $85M
- Auction saw 7, 2x5 MHz paired bands sold
- Tigo Paraguay won auction with ~30 MHz, followed by
Claro and Personal with ~20 MHz each; Vox did not
participate
22%
45%
4%
28%
Tigo
Personal
Vox
Claro
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?
Subscriber Mkt.
Share
Spectrum
Holdings

22%
Holdings in 750, 1700,
1900, 2100 MHz

28%
Holdings in 750,
850,1900 MHz
44%
Holdings in 750,
850,1700, 2100, 1900,
2600 MHz
4%
Holdings in 900, 1700,
2100, 2600 MHz
América Móvil
Nucleo S.A.
~80 MHz
~70 MHz
~165 MHz

Millicom
Hola
~100 MHz
Current
Technology
2G/3G
/4G
2G/3G
/4G
2G/3G
/4G
2G/3G
/4G
2014
2015
HSPA+
LTE
2017
2018
2019
2020
2021
LTE
Apr’16
Scrutiny over 4G coverage
250k LTE
“unlicensed
reached 50
subs
launch” from cities (Apr’16)
(Oct’16)
Conatel
HSPA+
LTE
2016
LTE
Mar’16
Vox to launch
4G expansion
by end of 2016
127 4G
districts by
EY17
Upgrades to 2G,
3G & 4G
networks 2019
Merged with
Copaco in
Jan’20
Notes: (1) Benchmarked using América Móvil MOU for Argentina (1Q21), CAGR is 2014 to 1Q21 (1) ARPU benchmarks from CY15 to CY19 (no CY20 data from Conatel)
(Sources: American Tower research & analysis, Altman Solon research & analysis, RCR Wireless, Conatel, América Móvil Investor Relations
28
Peru
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
3Q20
2014 –
3Q20 CAGR
• May’21 – ProInversion announces tender for 1700
and 2300 MHz spectrum
Rank: 10th Overall / 1st within Developing
Usage: 5 GB / month
• May’21 – MTC earmarked 470-698 MHz spectrum to
Wireless
Subscribers
36M(1)
-1%
Wireless
Penetration
107%(1)
1%
Monthly Data
Usage per
Subscriber (2)
5 GB
105%
ARPU
$7
•
•
boost rural broadband coverage; 1200 MHz of 26
GHz allocated for future 5G use
Mar’21 – MTC approves Claro and Entel to use 3.5
GHz for 5G, ahead of 3.5 and 26 GHz tender; both
providers have launched fixed-wireless 5G
Bitel investing US$110M over 3 years on 2600MHz
spectrum rollout started in 2018
0
5
10
15
20
Advanced
Evolving
-4%
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?
Subscriber Mkt.
Share
Spectrum
Holdings

30%
Holdings in 700, 850,
900, 1700/2100, 1900,
and 3500 MHz bands
2G/3G
/4G

30%
~110 MHz
Holdings in 700,1900
and 2600 MHz bands
2G/3G
/4G

23%
Holdings in 700, 850,
1900, 2600 MHz, and
AWS bands
2G/3G
/4G
LTE

18%
~100 MHz
Holdings in 900, 1900,
2600 MHz bands
2G/3G
/4G
GSM/
~145 MHz
Telefónica
América Móvil
~145 MHz
Entel
Viettel
Current
Technology
2014
LTE
Jan’14
LTE
May’14
2015
2016
5 cities/300k
subs by 2015
LTE-A,
VoLTE
launch 3Q16
~2.000 locations
reached with LTE
by 4Q16
2018
2019
LTE-A coverage in
80% of population
centers
2020
2021
5G trials
3Q19
Launched LTE-A 2Q18 5G trials on
in 160 population
3.6GHz
centers
2Q19
Targeted nationwide ~1B Network ~$140M 5G trials on
3.5GHz
coverage by EOY investment
2019 4G
1Q19
2015
investment
16’-20’
Oct’14
UMTS
2017
Launched Bitel Jul’15;
$400M investment in
next decade
LTE
Dec’16
~US$110m
expansion in next
3 years 2Q18
5G trials
4Q19
Notes: (1) Adjusted BAML data to account for Bitel subscribers (2018) (2) Tefficient mobile data usage (incl. M2M), CAGR is 2015 – 2020
Sources: American Tower research & analysis, Altman Solon research & analysis, Bank of America Merrill Lynch Global Wireless Matrix April 2021; Gartner Mobile Services Forecast 1Q15, TeleGeography
29
Uganda
WIRELESS MARKET OVERVIEW:
Snapshot
Relative Monthly Data Usage(1)
Key Catalysts
(GB/month; indexed to other ATC markets)
Indicator
As of
4Q20
2015 – 2020
CAGR
Wireless
Subscribers
28M
6%
•
Wireless
Penetration
61%
3%
•
•
•
•
Monthly Data
Usage per
Subscriber (1)
1.2 GB
71%
ARPU(2)
$3
7%
• May’21 – Lycamobile awarded national telecom
operator (NTO) license in Uganda – must deploy
networks covering 90% of Uganda within five years
Apr’21 – Africell partnered with Aviat to provide 5Gready disaggregated network across multiple countries
MTN performed 5G trials with ZTE in 1Q20
Gov’t seeking $15M loan from Bank of China for
investment in ICT Network projects (Feb’20)
Airtel announced nationwide 4G availability (Feb’19)
2018 licensing law required carriers to offer 3G
nationwide
Rank: 19th Overall / 8th within Developing
Usage: 1.2 GB / month
0
5
10
15
20
Advanced
Evolving
Developing
WIRELESS CARRIER OVERVIEW:
Carrier-Announced Network Deployment Timelines
Top 4 Carrier Characteristics
AMT
Tenant?

Subscriber Mkt.
Share
~51%
MTN Group
Bharti
Current
Technology
2014
up to 44 MHz
2G/3G
/4G
LTE
Holdings in 2300, 2500,
2600, 3500 and 900,
1800 MHz bands
up to 14MHz
2G/3G
/4G
~36%
Holdings in 900, 1800,
2100 MHz band

~2%
Holdings in 900, 1800,
2100, 2300, 2500,
3500 MHz bands
2G/3G
HSPA

~11%
Holdings in 800, 1800
and 2100 MHz bands
2G/3G
LTE
up to 44 MHz
2015
2016
Expanded LTE
network to all major
towns in Jul’15
HSPA+

UCOM
Africell
Spectrum
Holdings
Equipment
upgrade at 674
sites
Undergoing financial
and operational
issues 2016
Capacity
expansions in
major cities
2017
2018
2019
Plans to invest 114M in
network expansion and
upgrade
LTE launched
2020
2021
5G trials with
ZTE 1Q20
2018 rural
with
LTE Apr16, 170 sites expansion
Facebook
96% 4G
coverage in
Feb’19
Preparing for 4G launch
Nov’17, no word since
Likely to expand Ugandan
infrastructure with US$100m
loan from OPIC 3Q19
Notes: (1) Benchmarked using reported data from MTN Uganda – data per active user. CAGR is 2016 – 2020 (2) Based on figures from MTN Uganda reported data, 4Q20
Sources: American Tower research & analysis, Altman Solon research & analysis, BuddeCom, MTN Investor Relations, BuddeCom Uganda Mobile Report 3Q17, Telegeography, ITU, World Bank
30
Appendix: Spectrum Auction
Summary and Definitions
31
Spectrum Auction Summary – Advanced Wireless Markets
Completed Major Auctions: 2015-2021
Expected: 2021-22
Year Bands Auctioned
U.S.A.
Australia
Canada
Winners
Tech.
Build-out Requirements
Licensees must cover 40% of their licensed population within six
years and 75% of their licensed population within 12 years
2016
600 MHz
T-Mobile, Dish, Comcast, AT&T
4G
2019
24, 28 GHz
Verizon, US Cellular, T-Mobile,
AT&T, Starry
5G
N/A
2020
37, 39, 47 GHz
Verizon, AT&T, Dish, T-Mobile
5G
N/A
2020
3.5 GHz (CBRS)
Verizon, Dish, Charter, Comcast
5G
Licensees must (1) cover 50% of their licensed population or (2)
provide service to 4 links (varies by population) within license term
2021
3.7 GHz (C-Band)
Verizon, AT&T, T-Mobile
5G
Licensees must cover 45% of their licensed population within eight
years and 80% of their licensed population within 12 years
2016
1800 MHz
Optus, Telstra, TPG, Vodafone
4G
N/A
4G
N/A
4G/5G
N/A
2017
700 MHz
TPG, Vodafone
2017
1800MHz, 2GHz,
2.3GHz, 3.4GHz
Telstra, Vodafone, Optus, NBN
Co, TPG
2018
3.6 GHz
Telstra, Optus, Vodafone (TPG),
Dense Air Australia
5G
N/A
2021
26 GHz
Telstra, Optus, Vodafone (TPG),
5G
N/A
2015
1755-1780 (AWS-1),
2155-2180 (AWS-3)
Telus, Bell, WIND, Vidéotron
4G
Licensees must cover 20-60% of the population within 8 years,
depending on the area
2015
2.5 GHz
Telus, Vidéotron, Bell, Xplornet,
Rogers
5G
Licensees must cover 10-50% of the population within 10 years,
depending on the area
2019
600 MHz
Rogers, Telus, Freedom,
Vidéotron
5G
5-, 10-, and 20-year deployment requirements, varies by region
2015
700, 900, 1500, and
1800 MHz
Deutsche Telekom, Vodafone,
Telefonica O2
4G
N/A
2019
1900, 2100, 3400 –
3700 MHz
Deutsche Telekom, Vodafone,
Telefonica O2, 1&1
5G
Licensees must deliver minimum speeds of 100Mbps to at least 98%
of households in each state by the end of 2022; By YE 2024 must
deliver 100Mbps to major roads, with 50MBps to railways and
seaports
2015
700 MHz
SFR, Orange, Bouygues, Free
Mobile
4G
Licensees are required to cover 50% of rural areas by Jan’22 and
increase coverage on mobile transport including underground trains
2020
3.4-3.8GHz
SFR, Orange, Bouygues, Free
Mobile
5G
By 2022, at least 75% of cell sites must be capable of providing
speeds of at least 240 Mbps at each site
2018
3.6-3.8 GHz
Telefónica, Orange, Vodafone
5G
N/A
2021
3.6-3.8 GHz
Telefónica, Orange
5G
Digital Agenda 2025: Players must cover 75% of population by 2025,
including rural areas
Germany
3.45 GHz auction to start in Oct’21, 2.5 GHZ auction TBD
Reallocation of 850/900 MHz band for 4G/5G use
expected in late 2021
3.5 GHz auction started in Jun’21
No known plans
No known plans
France
700 MHz auction started in Jul’21
Spain
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
32
Spectrum Auction Summary – Evolving Wireless Markets
Completed Major Auctions: 2014-2021
Expected: 2021-22
Year Bands Auctioned
Winners
Tech.
Build-out Requirements
3G/4G
N/A
Auction of 700, 1900 & 1700 MHz spectrum to take place
soon (no confirmed date)
Auction of 850 and 1900 MHz not yet confirmed, awaiting
presidential decree
2014
700, 850, 1700, 1900
MHz
Personal, Claro, Telefonica
2017
2500 MHz
Movistar, Claro, Personal
4G
Successful bidders must roll out service on 2.5 GHz (2500 MHz –
2690 MHz) bands in 24-48 months
2016
1710-1780 (AWS-1),
2110-2180 (AWS-3)
AT&T, América Móvil
4G
N/A
2016
700 MHz
Altan Consortium
4G
Awardee of “Red Compartida” government contract is required to build
out a nationwide LTE wholesale network
2017
2.5 GHz
Telcel
4G
N/A
2018
2.5 GHz
AT&T, Movistar
4G
Licensees must provide services in 200/557 localities with (pop of
1,000 - 5,000) lacking mobile service & deliver connectivity to 10/13
metropoles with 1M+ inhabitants in the next 4 years
2014
700MHZ
Claro, TIM, Vivo, Algar
4G
Responsible for clearing 700 MHz of legacy interference
2015
1.8, 1.9, 2.5-2.69
GHz
Telefonica Brasil, Claro, TIM
Brasil
4G
2014
700 MHz
Claro, Entel, Movistar
4G
Requires coverage of 854 km of roads, 503 schools, 98% of
population
2021
700 MHz, AWS, 3.5
GHz, 26 GHz
WOM, Entel, Movistar, Claro
5G
88% communal coverage in first 18 months, 90% population
coverage within three years
Colombia
2019
700, 1900, 2500
Claro, Tigo, WOM
5G
N/A
5G spectrum auction (700MHz, 1.9GHz, 2.5GHz, 3.5GHz)
tentatively planned for Dec’21
Poland
2015
800 MHz, 2.6 GHz
Orange, T-Mobile, P4, Plus,
NetNet (later withdrew)
4G
N/A
5G spectrum auction (3.4 – 3.8GHz) delayed due to Covid19; confirmed for Aug’21
2014
900, 1800 MHz
Vodafone, Airtel, Idea, Uninor,
RCOM, Aircel, Jio
2G
N/A
2015
800, 900, 1800 and
2100 MHz
Airtel, Vodafone, Idea, RCOM,
Jio, Aircel, Tata
2G/3G
N/A
2016
800, 1800, 2100,
2300, and 2500 MHz
Reliance Jio, Bharti Airtel, Idea,
Vodafone
2G/3G/
4G
N/A
2021
700-900, 1800, 2100,
2300, 2500 MHz
Reliance Jio, Bharti Airtel, Idea,
Vodafone
2G/3G/
4G
N/A
Argentina
Mexico
Brazil
Chile
N/A
5G auctions postponed due to Covid-19; tender to take
place in 2021 though auction terms have yet to be defined
Auction of 700, 2300, 3500 MHz and 26 GHz spectrum
bands expected in Aug’21; Auction was delayed due to
interference issues on 3500 MHz band, COVID, and
political headwinds (Huawei / U.S. pressures)
No known plans
India
South
Africa
no major auctions
TRAI plans to auction 3.3-3.6 GHz bands, expected in
1H22
Regulator to auction ~450MHz across 700, 800, 2300,
2600, and 2500 bands – auction delayed in Mar’21
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
33
Spectrum Auction Summary – Developing Wireless Markets
Completed Major Auctions: 2013-2018
Expected: 2021
Year Bands Auctioned
2015
Paraguay
2018
2013
1.7, 2.1 GHz
700MHz
Winners
Tigo, Claro
Tigo, Claro
4G
700MHz
Entel, Claro, Movistar
N/A
Successful bidders must, for each sub-band give US$ to finance
mitigation of interference between bands; supply laptops, internet
and 10 connectivity centers; provide coverage on highways
4G
$400mn of investment required in the first 10 years for each block of
spectrum
4G
Each licensee required to roll out LTE to 195 underserved towns (15
in y1, 129 in y2, 51 in y3)
Peru
2016
Build-out Requirements
4G
Movistar, Nextel (Entel)
AWS
Tech.
no major auctions
Uganda
2015
800 MHz
2018
800MHz
2017
2014
MTN Ghana
Tender announced for 1700/2300 MHz spectrum in
May’21; 5G tender for 3.5/26 GHz in consideration
No known plans
4G
N/A
Vodafone Ghana
4G
N/A
1800, 1900, 2100 MHz
Movistar, Claro
3G/4G
N/A
2.3GHz
Bitflux (consortium of VDT,
BitCom, and Superflex)
3G/4G
N/A
MTN
3G/4G
No known plans
Ghana
Costa
Rica
No 5G licenses until 2024, according to CONATEL
Nigeria
2016
2.6GHz
No known plans
Aims for 5G auction (3.5 GHz) by YE’21
N/A
Kenya
no major auctions
No known plans
Niger
no major auctions
No known plans
Burkina
Faso
no major auctions
No known plans
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
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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.
 BAML: Bank of America Merrill Lynch
 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 January 2021

- ITU World Telecommunication Database December 2019

- Research and Analysis

- Research and Analysis
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