basic benchmark - televisory · usd 000 mar-2015 mar-2016 benchmarked to company 4.59 4.59 gbc 7.80...

BASIC BENCHMARKTelecommunication Tower Leasing Operators

Report generated on 19-Jul-2016Report generated in USDGBC/RBC selected – American Tower CorpUser/Company primary country - Indonesia

Property of Televisory Global Pte. Ltd. All Rights Reserved.

1. Benchmark Summary

2. Macro Data Backdrop

3. Quarterly Benchmarking

3.1 Key Operational Benchmarks

3.2 Benchmarking of Operating Costs

3.3 Benchmarking of Sales and Margin

3.4 Financial Benchmarking

3.5 Detailed Financial Ratios – Last 5 Quarters of Company

3.6 Detailed Financial Ratios – QoQ & YoY Comparison with GBC

4. Five-Year Trend Analysis

4.1 Key Operational Benchmarks

4.2 Operating Cost Benchmarks

4.3 Sales and Margin Benchmarks

4.4 Financial Benchmarks

4.5 Detailed Financial Ratios – Last 5 Years of Company

4.6 Detailed Financial Ratios – YoY Comparison with GBC

5. Basic Info

6. Appendix A – Quarterly Data

7. Appendix B – Yearly Data

3

4

5

5

6

7

8

9

15

16

14

13

12

11

10

11

17

18

Abbreviations

CO Company/User

GBC Global Benchmark Company

LTM Last Twelve Months

RBC Regional Benchmark Company

N/A Not Available

Important Disclaimer – This report is prepared by Televisory Global Pte. Ltd. (“Televisory”) based on datasubmitted by you for a distinct industry type selected by you. We have not independently verified theveracity of the data. You have chosen your data to be compared with a specific Global BenchmarkCompany (“GBC”). We have sourced these data from publicly available sources and have notindependently verified its accuracy. Neither the relevant GBC nor Televisory owes any responsibility for theGBC data in this report. Further, this report is for the exclusive internal usage of the User and not for anyother third party and Televisory owes no responsibility to anyone for the contents of this report.

CONTENTS

USD 000 Mar-2015 Mar-2016 BenchmarkedTo

Company 4.59 4.59

GBC 7.80 7.85 Worse

USD 000 Mar-2015 Mar-2016 BenchmarkedTo

Company N/A 2.11

GBC N/A 3.03 Worse

Avg. EBITDA per Site Debt Service Cover Ratio

Company vs. GBC - Current Qtr (per Site) (USD 000)

1.2 EBITDA BRIDGE COMPARISON

Company YoY Comparison (USD M)

1. BENCHMARK SUMMARY1.1 QUARTERLY COMPARISON

Page | 3

2. MACRO DATA BACKDROP

source : Bloomberg

source : Worldbank

Page | 4

3. QUARTERLY BENCHMARKING

Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.1 KEY OPERATIONAL BENCHMARKS

Notes:where data are not available, they will not be shown in the charts.

Page | 5


Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.2 BENCHMARKING OF OPERATING COSTS


Page | 6


Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.3 BENCHMARKING OF SALES AND MARGIN


Page | 7


Legend: Quarter Ending Mar-2015 Quarter Ending Mar-20163.4 FINANCIAL BENCHMARKING1

Notes:1. Includes both DIT and non-DIT results.

Page | 8

Financial Ratios Unit

My Company

Sep-2015Jun-2015 Dec-2015 Mar-2016Mar-2015

Qtr Ending Current Qtr

FX 12892.67 13175.33 14086.33 13773.0 13464.0

Risk Grading Ratios

Net Profit Margin % 41.5% 30.1% 28.2% 68.4% 83.1%

Leverage = TNW/Debt Servicing Amount x 0.70x 0.89x 0.42x 0.43x 0.74x

Leverage = Total Liabilities/TNW x 5.78x 5.33x 9.17x 20.85x 12.59x

Cash Flow = CADS/Debt Servicing Amount x N/A 1.12x 0.08x 1.51x 2.11x

Activity = Sales/Total Assets (Annualized) % 14.6% 14.7% 14.3% 15.4% 15.9%

Activity = Net Sales Growth % 0.0% 2.1% 2.8% 1.3% 2.4%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 0.18x 0.10x 0.08x 0.23x 0.22x

Size = Tangible Net Worth (TNW) USD million 251.8 268.6 165.4 73.8 121.0

Growth Ratios

Sales Growth % 0.0% 2.1% 2.8% 1.3% 2.4%

Net Income Growth % 0.0% (25.9)% (3.6)% 145.4% 24.5%

Total Assets Growth % 0.0% 1.7% 5.6% (6.2)% (0.3)%

Total Tangible Assets Growth % 0.0% 1.8% 5.8% (6.1)% (0.4)%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 6.1% 4.4% 4.0% 10.6% 13.2%

Return on Equity = Net Profit/TNW (Annualized) % 42.3% 28.8% 42.1% 236.7% 183.9%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x 0.63x 0.59x 0.54x 1.06x 1.29x

EBIT/Interest Expenses x 2.06x 1.64x 1.81x 1.31x 1.64x

EBITDA/Debt Servicing Amount (Annualized) x 0.64x 0.59x 0.55x 1.07x 1.30x

EBITDA/Interest Expenses x 2.08x 1.64x 1.83x 1.32x 1.66x

CADS/Debt Servicing Amount (Annualized) x N/A 1.12x 0.08x 1.51x 2.11x

CADS/Interest Expenses x N/A 3.10x 0.26x 1.86x 2.68x

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD million (149.0) (161.2) (202.9) 50.2 48.8

Quick Ratio x 0.55x 0.48x 0.45x 1.20x 1.15x

Current Ratio x 0.62x 0.56x 0.52x 1.36x 1.28x

Liquid Assets/Total Assets % 3.1% 1.4% 1.5% 1.3% 1.2%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x 0.22x 0.13x 0.09x 0.67x 0.56x

Liquid Assets/Total Current Assets % 22.6% 11.8% 11.7% 11.4% 8.8%

Liquid Assets/Adjusted Current Liabilities x 0.18x 0.10x 0.08x 0.23x 0.22x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 5.78x 5.33x 9.17x 20.85x 12.59x

Total Senior Liabilities/(TNW + Subordinated Debt) x 5.21x 4.66x 8.26x 9.16x 5.53x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 56.0 58.6 61.4 55.7 68.6

Inventory Turnover Period (Annualized) days 189.4 224.4 209.2 204.7 176.1

Trade Payables Turnover Period (Annualized) days 128.6 155.1 141.0 131.1 118.3

Inventory Turnover Period over Sales (Annualized) days 36.5 45.2 45.0 31.8 30.0

Trade Payables Turnover Period over Sales (Annualized) days 56.0 62.4 62.2 49.9 88.4

Trade Receivable/Sales (Annualized) % 15.3% 17.1% 17.0% 13.7% 24.2%

COGS/Sales % 19.3% 18.0% 21.3% 18.6% 17.3%

Cash SG&A/Sales % 2.6% 2.9% 2.5% 2.0% 1.9%

3.5 DETAILED FINANCIAL RATIOS – LAST 5 QUARTERS OF COMPANY


Page | 9


My Company

Mar-2016Mar-2015


Mar-2015

American Tower Corp

Mar-2016


FX 12892.67 13464.0 12892.67 13464.0

Risk Grading Ratios

Net Profit Margin % 41.5% 83.1% 17.2% 19.8%

Leverage = TNW/Debt Servicing Amount x 0.70x 0.74x (4.28)x (7.84)x

Leverage = Total Liabilities/TNW x 5.78x 12.59x (3.04)x (2.89)x

Cash Flow = CADS/Debt Servicing Amount x N/A 2.11x N/A 3.03x

Activity = Sales/Total Assets (Annualized) % 14.6% 15.9% 16.6% 19.0%

Activity = Net Sales Growth % 0.0% 2.4% 0.0% 0.7%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 0.18x 0.22x 0.32x 0.80x

Size = Tangible Net Worth (TNW) USD million 251.8 121.0 (6,085) (6,937)

Growth Ratios

Sales Growth % 0.0% 2.4% 0.0% 0.7%

Net Income Growth % 0.0% 24.5% 0.0% 30.6%

Total Assets Growth % 0.0% (0.3)% 0.0% 0.6%

Total Tangible Assets Growth % 0.0% (0.4)% 0.0% 1.2%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 6.1% 13.2% 2.9% 3.8%

Return on Equity = Net Profit/TNW (Annualized) % 42.3% 183.9% (12.2)% (14.7)%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x 0.63x 1.29x 1.03x 2.13x

EBIT/Interest Expenses x 2.06x 1.64x 2.33x 2.52x

EBITDA/Debt Servicing Amount (Annualized) x 0.64x 1.30x 1.78x 3.67x

EBITDA/Interest Expenses x 2.08x 1.66x 4.00x 4.35x

CADS/Debt Servicing Amount (Annualized) x N/A 2.11x N/A 3.03x

CADS/Interest Expenses x N/A 2.68x N/A 3.58x

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD million (149.0) 48.8 (805.6) (161.6)

Quick Ratio x 0.55x 1.15x 0.53x 0.87x

Current Ratio x 0.62x 1.28x 0.53x 0.87x

Liquid Assets/Total Assets % 3.1% 1.2% 1.2% 1.2%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x 0.22x 0.56x 0.41x 2.44x

Liquid Assets/Total Current Assets % 22.6% 8.8% 34.9% 32.5%

Liquid Assets/Adjusted Current Liabilities x 0.18x 0.22x 0.32x 0.80x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 5.78x 12.59x (3.04)x (2.89)x

Total Senior Liabilities/(TNW + Subordinated Debt) x 5.21x 5.53x (2.58)x (2.45)x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 56.0 68.6 17.1 17.0

Inventory Turnover Period (Annualized) days 189.4 176.1 0.00 0.00

Trade Payables Turnover Period (Annualized) days 128.6 118.3 12.5 12.6

Inventory Turnover Period over Sales (Annualized) days 36.5 30.0 0.00 0.00

Trade Payables Turnover Period over Sales (Annualized) days 56.0 88.4 17.1 15.4

Trade Receivable/Sales (Annualized) % 15.3% 24.2% 4.7% 4.2%

COGS/Sales % 19.3% 17.3% 48.9% 53.8%

Cash SG&A/Sales % 2.6% 1.9% 11.4% 10.5%


3.6 DETAILED FINANCIAL RATIOS – QoQ & YoY COMPARISON WITH GBC

Page | 10

4.1 KEY OPERATIONAL BENCHMARKS Legend: GBC

4. FIVE-YEAR TREND ANALYSIS

CO


Page | 11

Legend: GBC

4. FIVE-YEAR TREND ANALYSIS4.2 BENCHMARKING OF OPERATING COSTS CO


Page | 12

Legend: GBC


4.3 BENCHMARKING OF SALES AND MARGIN CO


Page | 13

Legend: GBC

4. FIVE-YEAR TREND ANALYSIS4.4 FINANCIAL BENCHMARKING2

Notes:2. Includes both DIT and non-DIT results.

CO

Page | 14


My Company

20142013 2015

Previous FinancialYear-3

Mar-20162012



Previous FinancialYear

Trailing 12 Months

FX 9410.17 10585.0 11869.5 13481.83 13624.67

Risk Grading Ratios

Net Profit Margin % 54.1% 50.2% 41.5% 42.2% 52.9%

Leverage = TNW/Debt Servicing Amount x 2.56x 1.08x 0.40x 0.50x 0.76x

Leverage = Total Liabilities/TNW x 2.82x 4.25x 5.11x 20.85x 12.59x

Cash Flow = CADS/Debt Servicing Amount x N/A 0.74x 0.31x 1.31x 1.64x

Activity = Sales/Total Assets (Annualized) % 12.0% 14.4% 15.0% 15.0% 15.4%

Activity = Net Sales Growth % 0.0% 56.8% 22.9% 3.5% 5.7%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 0.29x 0.19x 0.10x 0.12x 0.11x

Size = Tangible Net Worth (TNW) USD million 379.2 324.7 295.1 75.4 119.6

Growth Ratios

Sales Growth % 0.0% 56.8% 22.9% 3.5% 5.7%

Net Income Growth % 0.0% 45.7% 1.5% 5.3% 34.9%

Total Assets Growth % 0.0% 30.7% 17.7% 3.5% 3.1%

Total Tangible Assets Growth % 0.0% 32.3% 18.6% 3.8% 3.5%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 6.5% 7.2% 6.2% 6.3% 8.1%

Return on Equity = Net Profit/TNW (Annualized) % 26.0% 39.3% 39.2% 142.1% 113.6%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x 1.04x 0.64x 0.33x 1.32x 1.24x

EBIT/Interest Expenses x 2.71x 2.37x 2.01x 1.68x 1.59x

EBITDA/Debt Servicing Amount (Annualized) x 1.05x 0.65x 0.33x 1.33x 1.25x

EBITDA/Interest Expenses x 2.74x 2.39x 2.03x 1.69x 1.60x

CADS/Debt Servicing Amount (Annualized) x N/A 0.74x 0.31x 1.31x 1.64x

CADS/Interest Expenses x N/A 2.73x 1.93x 1.67x 2.09x

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD million 12.7 (125.9) (503.1) 51.2 48.2

Quick Ratio x 0.95x 0.58x 0.30x 1.20x 1.15x

Current Ratio x 1.05x 0.66x 0.35x 1.36x 1.28x

Liquid Assets/Total Assets % 3.5% 3.5% 4.1% 1.3% 1.2%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x 0.59x 0.28x 0.12x 0.67x 0.56x

Liquid Assets/Total Current Assets % 22.0% 24.9% 28.6% 11.4% 8.8%

Liquid Assets/Adjusted Current Liabilities x 0.29x 0.19x 0.10x 0.12x 0.11x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 2.82x 4.25x 5.11x 20.85x 12.59x

Total Senior Liabilities/(TNW + Subordinated Debt) x 2.45x 3.78x 4.59x 9.16x 5.53x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 32.8 51.4 60.4 51.9 70.7

Inventory Turnover Period (Annualized) days 220.2 180.9 187.6 196.5 167.5

Trade Payables Turnover Period (Annualized) days 243.2 122.9 77.7 102.4 112.5

Inventory Turnover Period over Sales (Annualized) days 48.7 44.5 44.6 32.7 31.0

Trade Payables Turnover Period over Sales (Annualized) days 32.8 81.9 54.2 51.4 91.2

Trade Receivable/Sales (Annualized) % 9.0% 22.4% 14.8% 14.1% 25.0%

COGS/Sales % 22.1% 20.9% 21.5% 19.3% 18.8%

Cash SG&A/Sales % 2.7% 2.4% 2.3% 2.6% 2.3%


4.5 DETAILED FINANCIAL RATIOS – LAST 5 YEARS OF COMPANY

Page | 15


My Company

2015 Mar-2016

Previous FinancialYear

Trailing 12 Months Previous FinancialYear

2015

American Tower Corp

Mar-2016

Trailing 12 Months

FX 13481.83 13624.67 13481.83 13624.67

Risk Grading Ratios

Net Profit Margin % 42.2% 52.9% 12.2% 13.1%

Leverage = TNW/Debt Servicing Amount x 0.50x 0.76x (9.80)x (8.13)x

Leverage = Total Liabilities/TNW x 20.85x 12.59x (2.80)x (2.89)x

Cash Flow = CADS/Debt Servicing Amount x 1.31x 1.64x 3.58x 3.07x

Activity = Sales/Total Assets (Annualized) % 15.0% 15.4% 17.7% 18.4%

Activity = Net Sales Growth % 3.5% 5.7% 16.4% 21.5%

Liquidity = Liquid Assets/Adjusted Current Liabilities x 0.12x 0.11x 0.38x 0.36x

Size = Tangible Net Worth (TNW) USD million 75.4 119.6 (7,217) (6,937)

Growth Ratios

Sales Growth % 3.5% 5.7% 16.4% 21.5%

Net Income Growth % 5.3% 34.9% (25.3)% (16.5)%

Total Assets Growth % 3.5% 3.1% 26.5% 27.3%

Total Tangible Assets Growth % 3.8% 3.5% 24.7% 26.1%

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 6.3% 8.1% 2.2% 2.4%

Return on Equity = Net Profit/TNW (Annualized) % 142.1% 113.6% (8.1)% (9.4)%

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x 1.32x 1.24x 1.94x 1.79x

EBIT/Interest Expenses x 1.68x 1.59x 2.08x 2.14x

EBITDA/Debt Servicing Amount (Annualized) x 1.33x 1.25x 3.68x 3.39x

EBITDA/Interest Expenses x 1.69x 1.60x 3.95x 4.05x

CADS/Debt Servicing Amount (Annualized) x 1.31x 1.64x 3.58x 3.07x

CADS/Interest Expenses x 1.67x 2.09x 3.84x 3.66x

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD million 51.2 48.2 (203.6) (161.6)

Quick Ratio x 1.20x 1.15x 0.83x 0.87x

Current Ratio x 1.36x 1.28x 0.83x 0.87x

Liquid Assets/Total Assets % 1.3% 1.2% 1.2% 1.2%

Liquid Assets/(ST Debt + Current Portion of LT Debt) x 0.67x 0.56x 6.39x 2.44x

Liquid Assets/Total Current Assets % 11.4% 8.8% 32.2% 32.5%

Liquid Assets/Adjusted Current Liabilities x 0.12x 0.11x 0.38x 0.36x

Leverage Ratios

Total Liabilities/Tangible Net Worth x 20.85x 12.59x (2.80)x (2.89)x

Total Senior Liabilities/(TNW + Subordinated Debt) x 9.16x 5.53x (2.37)x (2.45)x

Activity Ratios

Trade Receivable Turnover Period (Annualized) days 51.9 70.7 18.6 17.6

Inventory Turnover Period (Annualized) days 196.5 167.5 0.00 0.00

Trade Payables Turnover Period (Annualized) days 102.4 112.5 13.2 12.6

Inventory Turnover Period over Sales (Annualized) days 32.7 31.0 0.00 0.00

Trade Payables Turnover Period over Sales (Annualized) days 51.4 91.2 20.0 15.9

Trade Receivable/Sales (Annualized) % 14.1% 25.0% 5.5% 4.4%

COGS/Sales % 19.3% 18.8% 54.4% 55.4%

Cash SG&A/Sales % 2.6% 2.3% 10.4% 10.2%


4.6 DETAILED FINANCIAL RATIOS – YOY COMPARISON WITH GBC

Page | 16

5. BASIC INFO

DATES

Data Submission Date: 19-Jul-2016

Report Generation Date: 19-Jul-2016

ABOUT THE USER

Indonesia

N/A

N/A

Jakarta Raya

Primary Location-Country

Secondary Location-Country

Primary Location-State

Secondary Location-State

COMPARABLE SELECTION

American Tower Corp

USD

NA

GBC Selected

GBC Reporting Currency

Peer Comparison Criteria By

DISTINCT INDUSTRY TYPE(DIT)

Telecommunication Tower Leasing Operators

DIT Code: 20010302

USER ACCOUNT & TELEVISORY REPORT CURRENCY

IDR

Million

USD

User Account Currency

Reporting Unit

Televisory Report Currency

ANALYSIS PERIOD

4

Dec

2016

Mar-2016

19-Jul-2016

Reporting Period in a Year

Financial Year Ending

Current Quarter Ending

Current Financial Year

Form Download Request Date

DITMT Version 2

Page | 17

6. APPENDIX – QUARTERLY DATA

Operation Yield Comparison

Operational ComparisonUnit

FX

My Company


Qtr Ending Current Qtr YoY %Change

QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0Towers Profile

Tot. Towers at End Units 10,868 11,154 11,291 11,389 11,697 7.6% 2.7% 87,197 92,275 99,135 100,131 100,515 15.3% 0.4%

Net Change in Towers Units 43.0 286.0 137.0 98.0 308.0 616.3% 214.3% 12,033 5,078 6,860 996.0 384.0 -96.8% -61.4%

Acquisition Rate % 1.1% 2.8% 1.4% 0.9% 2.7% N/A N/A 15.3% 4.8% 6.7% 0.2% 0.0% N/A N/A

Development Rate % N/A N/A N/A N/A N/A N/A N/A 0.9% 1.1% 0.8% 0.9% 0.5% N/A N/A

Disposal Rate % 0.7% 0.1% 0.2% N/A N/A N/A N/A 0.1% 0.0% 0.1% 0.1% 0.1% N/A N/A

Avg. Cost of Acquisition per Tower USD 000 N/A N/A N/A N/A N/A N/A N/A 1.82 154.9 152.3 1,385 0.00 -100.0% -100.0%

Distributed Antenna System (DAS) Profile

Tot. No. of DAS at End Units 64.0 64.0 64.0 64.0 59.0 -7.8% -7.8% 443.0 454.0 465.0 484.0 506.0 14.2% 4.6%

Net Change in DAS Units 10.00 0.00 0.00 0.00 (5.00) -150.0% N/A 13.0 11.0 11.0 19.0 22.0 69.2% 15.8%

Communication Sites Profile

Tot. Communication Sites at End Units 11,873 12,159 12,292 12,389 12,689 6.9% 2.4% 87,640 92,729 99,600 100,615 101,021 15.3% 0.4%

Net Change in Communication Sites Units 53.0 286.0 133.0 97.0 300.0 466.0% 209.3% 12,046 5,089 6,871 1,015 406.0 -96.6% -60.0%

% Operated Sites(3rd party sites) to Tot. Sites % N/A N/A N/A N/A N/A N/A N/A 13.1% 16.2% 15.1% 21.3% N/A N/A N/A

% Ground Lease/Owned to Tot. Sites % N/A N/A N/A N/A N/A N/A N/A 86.9% 83.8% 84.9% 78.7% N/A N/A N/A

Communication Sites Breakdown by Geography

% North America % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 56.7% 53.6% 49.9% 40.2% 40.0% N/A N/A

% South America % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 19.8% 23.4% 23.2% 32.7% 32.7% N/A N/A

% Europe % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 2.3% 2.2% 2.0% 2.0% 2.0% N/A N/A

% Middle East & Africa % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 6.0% 5.8% 10.1% 10.1% 10.1% N/A N/A

% Asia Pacific % 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A 15.2% 15.0% 14.7% 15.0% 15.2% N/A N/A

% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A

% Domestic % 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A 46.2% 43.7% 40.7% 40.2% 40.0% N/A N/A

% International % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 53.8% 56.3% 59.3% 59.8% 60.0% N/A N/A

Tenants & Employee Profile

Tot. Tower Capacity (No. of Tenants) Count 18,836 19,416 19,643 19,796 20,415 8.4% 3.1% 348,788 369,100 396,540 400,524 402,060 15.3% 0.4%

Avg. Capacity per Tower Count 1.73 1.74 1.74 1.74 1.75 0.7% 0.4% 4.00 4.00 4.00 4.00 4.00 0.0% 0.0%

Tot. Tower Tenants Count 17,831 18,411 18,642 18,796 19,423 8.9% 3.3% 163,851 174,410 183,533 180,236 180,927 10.4% 0.4%

Avg. Tenancy per Tower Count 1.64 1.65 1.65 1.65 1.66 1.2% 0.6% 1.88 1.89 1.85 1.80 1.80 -4.2% 0.0%

Tower Capacity Utilization % 94.7% 94.8% 94.9% 95.0% 95.1% N/A N/A 47.0% 47.2% 46.3% 45.0% 45.0% N/A N/A

Empl. Strength Empl. 556.0 556.0 556.0 585.0 585.0 5.2% 0.0% 2,974 2,974 2,974 3,371 3,371 13.4% 0.0%

Avg. Sites per Empl. Count 21.4 21.9 22.1 21.2 21.7 1.6% 2.4% 29.5 31.2 33.5 29.8 30.0 1.7% 0.4%

No. of Major/Captive Customers Count 4.00 4.00 4.00 4.00 4.00 0.0% 0.0% 4.00 4.00 4.00 4.00 4.00 0.0% 0.0%

Revenue Share of Major/Captive Customers % 83.2% 83.2% 83.2% 88.6% 89.0% N/A N/A 58.0% 61.0% 58.0% 63.0% 60.0% N/A N/A

Lease Profile

% Tenant Lease with < 2 Years Remaining % N/A N/A N/A N/A N/A N/A N/A 9.8% 8.2% 7.2% 10.0% 9.0% N/A N/A


Page | 18




FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0% Tenant Lease with 2-5 Years Remaining % N/A N/A N/A N/A N/A N/A N/A 18.8% 18.3% 17.4% 27.0% 13.0% N/A N/A

% Tenant Lease with > 5 Years Remaining % N/A N/A N/A N/A N/A N/A N/A 71.4% 73.5% 75.4% 63.0% 78.0% N/A N/A

Avg. Remaining Lease Term Years N/A N/A N/A N/A N/A N/A N/A 23.0 23.0 22.0 22.0 24.0 4.4% 9.1%

% Rev. Loss from Lease Cancellation to Rev. % N/A N/A N/A N/A N/A N/A N/A 1.6% 2.0% 2.0% 2.3% 2.0% N/A N/A

Non-Cancellable Lease Val. to Rev. (Annualized) x N/A N/A N/A N/A N/A N/A N/A 6.72x 6.17x 6.06x 5.91x 6.01x N/A N/A

Fixed Asset Profile

Telecom Tower Gross F.A. USD Million 1,251 1,244 1,176 1,220 1,273 1.8% 4.4% 13,755 14,247 14,808 14,397 14,790 7.5% 2.7%

Telecom Tower Net F.A. USD Million 1,240 1,234 1,167 1,209 1,262 1.7% 4.4% 9,423 9,586 9,806 9,866 9,918 5.3% 0.5%

% Towers to Tot. Gross F.A. % 91.6% 92.5% 93.0% 92.5% 92.9% N/A N/A 74.5% 74.5% 74.5% 74.5% 74.5% N/A N/A

% Equipment to Tot. Gross F.A. % 0.8% 0.9% 0.9% 0.9% 0.9% N/A N/A 7.6% 7.6% 7.6% 7.6% 7.6% N/A N/A

% Land and Buildings to Tot. Gross F.A. % 0.2% 0.2% 0.2% 0.2% 0.2% N/A N/A 16.2% 16.2% 16.2% 16.2% 16.2% N/A N/A

% Construction-in-Progress to Tot. Gross F.A. % 2.8% 2.5% 2.0% 2.4% 2.0% N/A N/A 1.7% 1.7% 1.7% 1.7% 1.7% N/A N/A

% Others/Unclassified to Tot. Gross F.A. % 4.5% 4.0% 4.0% 4.0% 4.1% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A

Avg. Gross Tower Asset Value per Tower USD 000 105.5 103.2 96.9 99.1 101.1 -4.1% 2.0% 117.5 115.0 111.3 107.1 109.6 -6.7% 2.3%

Avg. Gross F.A. per Site USD 000 105.4 102.3 95.7 98.5 100.3 -4.8% 1.9% 157.0 153.6 148.7 143.1 146.4 -6.7% 2.3%

Avg. Net F.A per Site USD 000 104.5 101.5 94.9 97.6 99.4 -4.8% 1.9% 107.5 103.4 98.5 98.1 98.2 -8.7% 0.1%

EBITDA to Gross F.A. x 0.04x 0.04x 0.04x 0.05x 0.05x N/A N/A 0.05x 0.05x 0.05x 0.05x 0.05x N/A N/A

Net Rental Yield (ROA (Gross & Annualized)) % 18.0% 18.1% 18.5% 18.5% 18.8% N/A N/A 23.7% 23.9% 23.6% 25.7% 25.4% N/A N/A

Net Rental Yield Spread (NRY - Cost of Debt) % N/A N/A N/A N/A N/A N/A N/A N/A N/A 20.2% 22.2% 21.9% N/A N/A

Debt Profile

Tot. Debt USD Million 1,330 1,270 1,365 1,342 1,327 -0.2% -1.1% 14,931 16,185 16,982 17,069 17,022 14.0% -0.3%

Avg. Debt per Site USD 000 112.0 104.4 111.1 108.3 104.6 -6.6% -3.4% 170.4 174.5 170.5 169.6 168.5 -1.1% -0.7%

Avg. Debt Maturity Years N/A N/A N/A N/A N/A N/A N/A N/A N/A 6.00 5.50 5.00 N/A -9.1%

Avg. Interest Rate (Cost of Debt) % N/A N/A N/A N/A N/A N/A N/A N/A N/A 3.4% 3.4% 3.5% N/A N/A

Remaining Lease Term to Debt Maturity x N/A N/A N/A N/A N/A N/A N/A N/A N/A 3.67x 4.00x 4.80x N/A N/A

Debt to Rental Rev. (Annualized) x 5.18x 4.95x 5.53x 5.25x 4.95x N/A N/A 3.51x 3.51x 3.50x 3.41x 3.36x N/A N/A

Sustainability Parameters

Green Towers Units N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

CO2 Emission mt N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


Page | 19


Operating Cost Comparison


FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0Operating Cash Expenses By Items

Tot. Cost of Services % of Cash 81.0% 77.8% 78.0% 85.2% 83.6% N/A N/A 72.2% 74.5% 76.4% 70.2% 75.1% N/A N/A

S,G & A Expense % of Cash 17.2% 18.6% 16.3% 14.8% 14.9% N/A N/A 25.7% 21.5% 20.3% 24.8% 23.0% N/A N/A

Other Cash Opex % of Cash 1.7% 3.6% 5.7% 0.0% 1.5% N/A N/A 2.1% 4.0% 3.3% 5.1% 1.9% N/A N/A

Depreciation & Amortization % of Opex 31.6% 28.1% 37.8% 33.4% 33.3% N/A N/A 40.0% 41.8% 40.8% 40.2% 40.8% N/A N/A

Other Non-Cash Opex % of Opex 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 4.5% 3.1% 2.2% 2.1% 3.3% N/A N/A

% Cost of Services to Rev. % 12.3% 12.0% 12.0% 11.7% 10.9% N/A N/A 24.5% 27.4% 29.5% 27.8% 27.3% N/A N/A

% S,G & A to Rev. % 2.6% 2.9% 2.5% 2.0% 1.9% N/A N/A 8.7% 7.9% 7.8% 9.8% 8.4% N/A N/A

Tot. Opex USD Million 14.2 13.8 15.2 13.2 13.0 -8.2% -1.2% 659.2 784.6 837.0 877.9 837.2 27.0% -4.6%

Avg. Opex per Month USD Million 4.73 4.59 5.07 4.40 4.34 -8.2% -1.2% 219.7 261.5 279.0 292.6 279.1 27.0% -4.6%

Tot. Cash Opex USD Million 9.72 9.89 9.46 8.79 8.69 -10.5% -1.0% 365.8 432.2 477.6 507.2 468.1 28.0% -7.7%

Avg. Cash Opex per Month USD Million 3.24 3.30 3.15 2.93 2.90 -10.5% -1.0% 122.0 144.1 159.2 169.1 156.0 28.0% -7.7%

Avg. Cash Opex per Tenant USD 000 0.54 0.54 0.51 0.47 0.45 -17.9% -4.2% 2.23 2.48 2.60 2.81 2.59 15.9% -8.0%

Cost of Services Breakdown

% Ground Rent % 4.7% 5.0% 4.9% 4.9% 5.3% N/A N/A 61.7% 61.7% 61.7% 61.3% 60.0% N/A N/A

% Payroll % 41.6% 42.1% 41.5% 43.4% 44.7% N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Power and Fuel Cost % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% R&D Cost % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Other Cost of Services/Unclassified % 53.7% 52.9% 53.6% 51.6% 50.0% N/A N/A 38.3% 38.3% 38.3% 38.7% 40.0% N/A N/A

Avg. Opex Performance per Site

Tot. Cost of Services USD 000 0.66 0.63 0.60 0.60 0.57 -13.6% -5.1% 3.01 3.47 3.66 3.54 3.48 15.5% -1.6%

Ground Rent USD 000 0.03 0.03 0.03 0.03 0.03 -3.2% 2.5% 1.86 2.14 2.26 2.17 2.09 12.2% -3.8%

Payroll USD 000 0.28 0.27 0.25 0.26 0.26 -7.1% -2.3% N/A N/A N/A N/A N/A N/A N/A

Power and Fuel Cost USD 000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

R&D Cost USD 000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Other Cost of Services/Unclassified USD 000 0.36 0.33 0.32 0.31 0.29 -19.6% -8.2% 1.15 1.33 1.40 1.37 1.39 20.8% 1.8%

S,G & A Expense USD 000 0.14 0.15 0.13 0.11 0.10 -27.5% -2.8% 1.07 1.00 0.97 1.25 1.07 -0.4% -14.4%

Other Cash Opex USD 000 0.01 0.03 0.04 0.00 0.01 -29.0% N/A 0.09 0.19 0.16 0.26 0.09 -1.8% -66.0%

Depreciation & Amortization USD 000 0.38 0.32 0.47 0.36 0.34 -9.4% -4.0% 3.01 3.54 3.42 3.50 3.38 12.5% -3.5%

Other Non-Cash Opex USD 000 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.34 0.26 0.18 0.18 0.27 -20.3% 49.4%

Tot. Opex USD 000 1.20 1.13 1.24 1.07 1.03 -14.1% -3.6% 7.52 8.46 8.40 8.73 8.29 10.2% -5.0%

Tot. Cash Opex USD 000 0.82 0.81 0.77 0.71 0.69 -16.3% -3.4% 4.17 4.66 4.80 5.04 4.63 11.0% -8.1%

Cash Opex by Segment

% Rental and Management % 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A 87.5% 86.8% 88.3% 84.6% 88.9% N/A N/A

% Site Dev. Services % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 2.4% 2.7% 2.7% 3.1% 2.6% N/A N/A



Page | 20




FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0Cash Opex by Geography



% Europe % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 1.6% 1.4% 1.6% 1.5% 1.7% N/A N/A






Avg. Cash Opex per Site by Geography

North America USD 000 N/A N/A N/A N/A N/A N/A N/A 4.14 5.44 5.52 7.51 7.78 88.1% 3.6%

South America USD 000 N/A N/A N/A N/A N/A N/A N/A 5.38 4.32 5.11 3.60 2.49 -53.6% -30.7%

Europe USD 000 N/A N/A N/A N/A N/A N/A N/A 2.90 2.93 3.68 3.69 3.94 35.6% 6.6%

Middle East & Africa USD 000 N/A N/A N/A N/A N/A N/A N/A 6.74 6.71 4.48 4.47 3.94 -41.6% -11.9%

Asia Pacific USD 000 0.82 0.81 0.77 0.71 0.69 -16.3% -3.4% 1.92 1.85 2.21 2.15 1.51 -21.1% -29.6%

Others/Unclassified USD 000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Domestic USD 000 0.82 0.81 0.77 0.71 0.69 -16.3% -3.4% 5.07 6.68 6.77 7.51 7.78 53.4% 3.6%

International USD 000 N/A N/A N/A N/A N/A N/A N/A 3.40 3.10 3.44 3.38 2.53 -25.5% -25.1%

Capex

% Discretionary Capital Projects to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 44.6% 38.0% 34.4% 21.4% 38.2% N/A N/A

% Ground Lease Purchases to Tot. Capex % 16.9% 39.8% 36.9% 16.3% 30.4% N/A N/A 18.2% 19.0% 18.4% 21.0% 21.4% N/A N/A

% Redevelopment to Tot. Capex % 83.1% 60.2% 63.1% 83.7% 69.6% N/A N/A 22.0% 21.6% 20.8% 24.3% 14.7% N/A N/A

% Startup Capex to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 3.1% 6.2% 13.5% 15.6% 13.6% N/A N/A

% Capital Improvements to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 10.6% 13.0% 10.8% 14.9% 10.5% N/A N/A

% General Corporate to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 1.4% 2.2% 2.1% 2.9% 1.7% N/A N/A

Tot. Capex USD Million 43.6 15.7 18.5 40.8 13.7 -68.7% -66.5% 159.1 152.5 206.4 210.0 159.1 0.0% -24.2%

% Capex to Rev. % 67.9% 24.5% 30.0% 63.8% 20.4% N/A N/A 14.7% 13.0% 16.7% 16.4% 12.3% N/A N/A

% Capital Improvements to Rental & Mgmt. Rev. % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 1.6% 1.7% 1.8% 2.5% 1.3% N/A N/A

Avg. Capital Improvements per Site USD 0.00 0.00 0.00 0.00 0.00 N/A N/A 191.7 213.5 222.9 310.1 165.6 -13.6% -46.6%

Avg. Construction Capex per Tower Constructed USD 000 N/A N/A N/A N/A N/A N/A N/A 110.2 62.8 93.5 52.5 125.4 13.8% 138.8%

Avg. Capex per Site USD 000 3.67 1.29 1.51 3.29 1.08 -70.7% -67.3% 1.82 1.64 2.07 2.09 1.57 -13.2% -24.6%


Page | 21


Operational Comparison

Sales & Margins Comparison

Unit

FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0Revenue by Activity

% Rental & Mgmt. to Tot. Rev. % 100.0% 100.0% 100.0% 100.0% 100.0% N/A N/A 98.4% 98.3% 98.0% 97.7% 98.3% N/A N/A

% Site Development Services to Tot. Rev. % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 1.6% 1.7% 2.0% 2.3% 1.7% N/A N/A

% Other Ancillary Rev. to Tot. Rev. % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A

Tot. Rev. USD Million 64.2 64.1 61.7 63.9 67.0 4.3% 4.8% 1,079 1,174 1,238 1,280 1,289 19.4% 0.7%

Avg. Rev. per Month USD Million 21.4 21.4 20.6 21.3 22.3 4.3% 4.8% 359.7 391.5 412.6 426.7 429.7 19.4% 0.7%

Organic Rev. Growth Rate % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 9.4% 7.3% 7.3% 7.6% 7.0% N/A N/A

OOI - Telecom Tower Leasing USD Million 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.00 0.00 0.00 0.00 0.00 N/A N/A

Revenue by Lease Agreement Profile

% Pass Through Rev. % N/A N/A N/A N/A N/A N/A N/A 8.1% 8.0% 9.6% 9.6% 10.7% N/A N/A

% Non-Pass Through Rev. % N/A N/A N/A N/A N/A N/A N/A 91.9% 92.0% 90.4% 90.4% 89.3% N/A N/A

Revenue by Geography



% Europe % 0.0% 0.0% 0.0% 0.0% 0.0% N/A N/A 1.2% 1.2% 1.2% 1.2% 1.7% N/A N/A






Avg. Revenue per Site by Geography

Overall USD 000 5.40 5.27 5.02 5.16 5.28 -2.4% 2.3% 12.3 12.7 12.4 12.7 12.8 3.6% 0.3%

North America USD 000 N/A N/A N/A N/A N/A N/A N/A 14.8 16.1 17.0 21.6 21.4 44.8% -0.6%

South America USD 000 N/A N/A N/A N/A N/A N/A N/A 11.5 10.0 9.93 7.21 6.86 -40.6% -4.9%


Middle East & Africa USD 000 N/A N/A N/A N/A N/A N/A N/A 14.5 15.6 8.72 8.96 10.8 -25.2% 20.9%

Asia Pacific USD 000 5.40 5.27 5.02 5.16 5.28 -2.4% 2.3% 4.12 4.29 4.30 4.31 4.17 1.1% -3.3%


Domestic USD 000 5.40 5.27 5.02 5.16 5.28 -2.4% 2.3% 18.2 20.3 20.6 21.2 21.4 18.0% 1.0%

International USD 000 N/A N/A N/A N/A N/A N/A N/A 7.30 6.73 6.85 7.02 6.98 -4.4% -0.5%

Avg. Revenue Performance

Avg. Rev. per Tenant USD 000 3.60 3.48 3.31 3.40 3.45 -4.2% 1.4% 6.59 6.73 6.74 7.10 7.12 8.2% 0.3%

Avg. Rental & Mgmt. Rev. Per Site USD 000 5.40 5.27 5.02 5.16 5.28 -2.4% 2.3% 12.1 12.4 12.2 12.4 12.6 3.5% 0.9%

Avg. OOI per Site USD 000 0.00 0.00 0.00 0.00 0.00 N/A N/A 0.00 0.00 0.00 0.00 0.00 N/A N/A

EBITDA Performance

Tot. EBITDA USD Million 54.4 54.2 52.2 55.1 58.3 7.0% 5.7% 683.5 718.1 742.0 754.6 793.5 16.1% 5.2%


Page | 22




Unit

FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0Avg. EBITDA per Month USD Million 18.2 18.1 17.4 18.4 19.4 7.0% 5.7% 227.8 239.4 247.3 251.5 264.5 16.1% 5.2%

Tot. EBITDA Margin % 84.9% 84.6% 84.7% 86.2% 87.0% N/A N/A 63.3% 61.2% 59.9% 59.0% 61.6% N/A N/A

Tot. EBITDA Excl. Pass Through Rev. USD Million N/A N/A N/A N/A N/A N/A N/A 595.8 623.7 623.4 632.2 655.5 10.0% 3.7%

Avg. EBITDA per Tenant USD 000 3.05 2.95 2.80 2.93 3.00 -1.8% 2.3% 4.17 4.12 4.04 4.19 4.39 5.1% 4.8%

EBITDA Margin by Activity

Rental & Mgmt. % 84.9% 84.6% 84.7% 86.2% 87.0% N/A N/A 69.8% 67.5% 65.2% 65.7% 67.2% N/A N/A

Site Development Services % N/A N/A N/A N/A N/A N/A N/A 49.0% 42.8% 48.4% 46.1% 44.3% N/A N/A

EBITDA Margin Excl. Pass Through Rev. % N/A N/A N/A N/A N/A N/A N/A 60.1% 57.8% 55.7% 54.6% 57.0% N/A N/A

EBITDA Margin by Geography

North America % N/A N/A N/A N/A N/A N/A N/A 72.0% 66.2% 67.4% 65.2% 63.7% N/A N/A

South America % N/A N/A N/A N/A N/A N/A N/A 53.4% 56.9% 48.6% 50.1% 63.7% N/A N/A

Europe % N/A N/A N/A N/A N/A N/A N/A 53.4% 56.9% 48.6% 50.1% 63.7% N/A N/A

Middle East & Africa % N/A N/A N/A N/A N/A N/A N/A 53.4% 56.9% 48.6% 50.1% 63.7% N/A N/A

Asia Pacific % 84.9% 84.6% 84.7% 86.2% 87.0% N/A N/A 53.4% 56.9% 48.6% 50.1% 63.7% N/A N/A

Others/Unclassified % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Domestic % 84.9% 84.6% 84.7% 86.2% 87.0% N/A N/A 72.0% 67.1% 67.0% 64.6% 63.7% N/A N/A

International % N/A N/A N/A N/A N/A N/A N/A 53.4% 54.0% 49.8% 51.8% 63.7% N/A N/A

Avg. EBITDA per Site by Geography

Overall USD 000 4.59 4.46 4.25 4.45 4.59 0.1% 3.2% 7.80 7.74 7.45 7.50 7.85 0.7% 4.7%

North America USD 000 N/A N/A N/A N/A N/A N/A N/A 10.7 10.6 11.4 14.0 13.6 28.0% -2.9%

South America USD 000 N/A N/A N/A N/A N/A N/A N/A 6.17 5.70 4.83 3.62 4.37 -29.2% 20.8%


Middle East & Africa USD 000 N/A N/A N/A N/A N/A N/A N/A 7.74 8.85 4.24 4.49 6.90 -10.8% 53.6%

Asia Pacific USD 000 4.59 4.46 4.25 4.45 4.59 0.1% 3.2% 2.20 2.44 2.09 2.16 2.66 20.5% 22.8%


Domestic USD 000 4.59 4.46 4.25 4.45 4.59 0.1% 3.2% 13.1 13.6 13.8 13.7 13.6 4.3% -0.5%

International USD 000 N/A N/A N/A N/A N/A N/A N/A 3.90 3.64 3.42 3.63 4.44 14.0% 22.4%


Page | 23


Financial RatiosUnit

FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 14086.313175.3 13773.0 13464.0Risk Grading Ratios

Net Profit Margin % 41.5% 30.1% 28.2% 68.4% 83.1% N/A N/A 17.2% 11.1% 5.7% 15.2% 19.8% N/A N/A

Leverage = TNW/Debt Servicing Amount x 0.70x 0.89x 0.42x 0.43x 0.74x N/A N/A (4.28)x (8.81)x (9.82)x (9.54)x (7.84)x N/A N/A

Leverage = Total Liabilities/TNW x 5.78x 5.33x 9.17x 20.85x 12.59x N/A N/A (3.04)x (2.93)x (2.74)x (2.80)x (2.89)x N/A N/A

Cash Flow = CADS/Debt Servicing Amount x N/A 1.12x 0.08x 1.51x 2.11x N/A N/A N/A 3.52x 4.79x 2.71x 3.03x N/A N/A

Activity = Sales/Total Assets (Annualized) % 14.6% 14.7% 14.3% 15.4% 15.9% N/A N/A 16.6% 17.8% 18.4% 19.0% 19.0% N/A N/A

Activity = Net Sales Growth % 0.0% 2.1% 2.8% 1.3% 2.4% N/A N/A 0.0% 8.8% 5.4% 3.4% 0.7% N/A N/A

Liquidity = Liquid Assets/Adjusted Current Liabilities x 0.18x 0.10x 0.08x 0.23x 0.22x N/A N/A 0.32x 0.93x 0.89x 0.99x 0.80x N/A N/A

Size = Tangible Net Worth (TNW) USD million 251.8 268.6 165.4 73.8 121.0 -51.9% 63.9% (6,085) (6,517) (7,383) (7,217) (6,937) -14.0% 3.9%

Growth Ratios

Sales Growth % 0.0% 2.1% 2.8% 1.3% 2.4% N/A N/A 0.0% 8.8% 5.4% 3.4% 0.7% N/A N/A

Net Income Growth % 0.0% (25.9)% (3.6)% 145.4% 24.5% N/A N/A 0.0% (29.8)% (45.6)% 174.5% 30.6% N/A N/A

Total Assets Growth % 0.0% 1.7% 5.6% (6.2)% (0.3)% N/A N/A 0.0% 2.1% 1.7% (0.1)% 0.6% N/A N/A

Total Tangible Assets Growth % 0.0% 1.8% 5.8% (6.1)% (0.4)% N/A N/A 0.0% 1.3% 2.2% 0.9% 1.2% N/A N/A

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 6.1% 4.4% 4.0% 10.6% 13.2% N/A N/A 2.9% 2.0% 1.0% 2.9% 3.8% N/A N/A

Return on Equity = Net Profit/TNW (Annualized) % 42.3% 28.8% 42.1% 236.7% 183.9% N/A N/A (12.2)% (8.0)% (3.8)% (10.8)% (14.7)% N/A N/A

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x 0.63x 0.59x 0.54x 1.06x 1.29x N/A N/A 1.03x 1.73x 1.82x 2.10x 2.13x N/A N/A

EBIT/Interest Expenses x 2.06x 1.64x 1.81x 1.31x 1.64x N/A N/A 2.33x 1.82x 1.94x 2.25x 2.52x N/A N/A

EBITDA/Debt Servicing Amount (Annualized) x 0.64x 0.59x 0.55x 1.07x 1.30x N/A N/A 1.78x 3.50x 3.63x 3.97x 3.67x N/A N/A

EBITDA/Interest Expenses x 2.08x 1.64x 1.83x 1.32x 1.66x N/A N/A 4.00x 3.70x 3.87x 4.25x 4.35x N/A N/A

CADS/Debt Servicing Amount (Annualized) x N/A 1.12x 0.08x 1.51x 2.11x N/A N/A N/A 3.52x 4.79x 2.71x 3.03x N/A N/A

CADS/Interest Expenses x N/A 3.10x 0.26x 1.86x 2.68x N/A N/A N/A 3.72x 5.11x 2.90x 3.58x N/A N/A

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD million (149.0) (161.2) (202.9) 50.2 48.8 132.7% -2.8% (805.6) (96.0) (429.2) (203.6) (161.6) 79.9% 20.6%

Quick Ratio x 0.55x 0.48x 0.45x 1.20x 1.15x N/A N/A 0.53x 0.91x 0.69x 0.83x 0.87x N/A N/A

Current Ratio x 0.62x 0.56x 0.52x 1.36x 1.28x N/A N/A 0.53x 0.91x 0.69x 0.83x 0.87x N/A N/A

Liquid Assets/Total Assets % 3.1% 1.4% 1.5% 1.3% 1.2% N/A N/A 1.2% 1.0% 1.1% 1.2% 1.2% N/A N/A

Liquid Assets/(ST Debt + Current Portion of LT Debt) x 0.22x 0.13x 0.09x 0.67x 0.56x N/A N/A 0.41x 7.08x 6.27x 6.39x 2.44x N/A N/A

Liquid Assets/Total Current Assets % 22.6% 11.8% 11.7% 11.4% 8.8% N/A N/A 34.9% 29.2% 30.6% 32.2% 32.5% N/A N/A

Liquid Assets/Adjusted Current Liabilities x 0.18x 0.10x 0.08x 0.23x 0.22x N/A N/A 0.32x 0.93x 0.89x 0.99x 0.80x N/A N/A

Leverage Ratios

Total Liabilities/Tangible Net Worth x 5.78x 5.33x 9.17x 20.85x 12.59x N/A N/A (3.04)x (2.93)x (2.74)x (2.80)x (2.89)x N/A N/A

Total Senior Liabilities/(TNW + Subordinated Debt) x 5.21x 4.66x 8.26x 9.16x 5.53x N/A N/A (2.58)x (2.49)x (2.31)x (2.37)x (2.45)x N/A N/A

Activity Ratios


Page | 24



FX

My Company



QoQ %Change

12892.6 13175.3 14086.3 13773.0 13464.0

Jun-2015Mar-2015 Sep-2015 Dec-2015

American Tower Corp

Mar-2016


QoQ %Change

12892.6 14086.313175.3 13773.0 13464.0Trade Receivable Turnover Period (Annualized) days 56.0 58.6 61.4 55.7 68.6 N/A N/A 17.1 17.3 17.7 17.8 17.0 N/A N/A

Inventory Turnover Period (Annualized) days 189.4 224.4 209.2 204.7 176.1 N/A N/A 0.00 0.00 0.00 0.00 0.00 N/A N/A

Trade Payables Turnover Period (Annualized) days 128.6 155.1 141.0 131.1 118.3 N/A N/A 12.5 10.9 11.8 12.6 12.6 N/A N/A

Inventory Turnover Period over Sales (Annualized) days 36.5 45.2 45.0 31.8 30.0 N/A N/A 0.00 0.00 0.00 0.00 0.00 N/A N/A

Trade Payables Turnover Period over Sales (Annualized) days 56.0 62.4 62.2 49.9 88.4 N/A N/A 17.1 18.8 17.6 18.6 15.4 N/A N/A

Trade Receivable/Sales (Annualized) % 15.3% 17.1% 17.0% 13.7% 24.2% N/A N/A 4.7% 5.2% 4.8% 5.1% 4.2% N/A N/A

COGS/Sales % 19.3% 18.0% 21.3% 18.6% 17.3% N/A N/A 48.9% 55.4% 57.1% 55.4% 53.8% N/A N/A

Cash SG&A/Sales % 2.6% 2.9% 2.5% 2.0% 1.9% N/A N/A 11.4% 9.9% 9.3% 11.2% 10.5% N/A N/A


Page | 25

7. APPENDIX – YEARLY DATA



Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

9410.17 10585.0 11869.5 13481.83 13624.67

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1

American Tower Corp

Mar-2016

CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67Towers Profile

Tot. Towers at End Units 7,055 8,866 10,825 11,389 11,697 16.8% 54,323 67,069 75,164 100,131 100,515 20.8%

Net Change in Towers Units 3,644 1,811 1,959 564.0 829.0 -36.6% 8,980 12,746 8,095 24,967 13,318 12.9%

Acquisition Rate % 106.8% 25.7% 22.1% 5.2% 7.9% N/A 14.2% 19.7% 7.9% 29.4% 12.2% N/A

Development Rate % N/A N/A N/A N/A N/A N/A 5.2% 4.2% 4.6% 4.2% 3.5% N/A

Disposal Rate % N/A N/A N/A N/A N/A N/A 0.1% 0.5% 0.4% 0.5% 0.4% N/A

Avg. Cost of Acquisition per Tower USD 000 N/A N/A N/A N/A N/A N/A 310.0 417.0 190.3 88.6 182.1 -15.1%

Distributed Antenna System (DAS) Profile

Tot. No. of DAS at End Units 344.0 228.0 54.0 64.0 59.0 -41.9% 281.0 349.0 430.0 484.0 506.0 19.8%

Net Change in DAS Units (73.0) (116.0) (174.0) 10.00 (5.00) 22.5% 21.0 68.0 81.0 54.0 63.0 40.2%

Communication Sites Profile

Tot. Communication Sites at End Units 8,439 10,134 11,820 12,389 12,689 13.4% 54,604 67,418 75,594 100,615 101,021 20.8%

Net Change in Communication Sites Units 3,571 1,695 1,686 569.0 816.0 -36.5% 9,001 12,814 8,176 25,021 13,381 13.0%

% Operated Sites(3rd party sites) to Tot. Sites % N/A N/A N/A N/A N/A N/A 13.7% 12.3% 13.7% 21.3% N/A N/A

% Ground Lease/Owned to Tot. Sites % N/A N/A N/A N/A N/A N/A 86.3% 87.7% 86.3% 78.7% N/A N/A

Communication Sites Breakdown by Geography

% North America % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 41.8% 41.6% 50.5% 40.2% 40.0% N/A

% South America % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 27.1% 30.8% 22.7% 32.7% 32.7% N/A

% Europe % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 3.7% 3.0% 2.7% 2.0% 2.0% N/A

% Middle East & Africa % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 8.4% 7.5% 6.9% 10.1% 10.1% N/A

% Asia Pacific % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 19.0% 17.1% 17.2% 15.0% 15.2% N/A

% Others/Unclassified % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A

% Domestic % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 41.8% 41.6% 38.4% 40.2% 40.0% N/A

% International % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 58.2% 58.4% 61.6% 59.8% 60.0% N/A

Tenants & Employee Profile

Tot. Tower Capacity (No. of Tenants) Count 13,708 16,577 19,076 19,796 20,415 13.0% 217,292 268,276 300,656 400,524 402,060 20.8%

Avg. Capacity per Tower Count 1.94 1.87 1.76 1.74 1.75 -3.2% 4.00 4.00 4.00 4.00 4.00 0.0%

Tot. Tower Tenants Count 12,324 15,309 18,081 18,796 19,423 15.0% 108,646 127,431 145,558 180,236 180,927 17.0%

Avg. Tenancy per Tower Count 1.75 1.73 1.67 1.65 1.66 -1.6% 2.00 1.90 1.94 1.80 1.80 -3.2%

Tower Capacity Utilization % 89.9% 92.4% 94.8% 95.0% 95.1% N/A 50.0% 47.5% 48.4% 45.0% 45.0% N/A

Empl. Strength Empl. 441.0 493.0 556.0 585.0 585.0 9.1% 2,432 2,700 2,974 3,371 3,371 10.6%

Avg. Sites per Empl. Count 19.1 20.6 21.3 21.2 21.7 3.9% 22.4 25.0 25.4 29.8 30.0 9.3%

No. of Major/Captive Customers Count 5.00 5.00 4.00 4.00 4.00 -6.6% 4.00 4.00 4.00 4.00 4.00 0.0%

Revenue Share of Major/Captive Customers % 80.6% 84.9% 83.2% 88.6% 89.0% N/A 51.0% 56.0% 56.0% 63.0% 60.0% N/A

Lease Profile

% Tenant Lease with < 2 Years Remaining % N/A N/A N/A N/A N/A N/A 8.7% 10.4% 10.2% 10.0% 9.0% N/A


Page | 26




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

9410.17 10585.0 11869.5 13481.83 13624.67

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1

American Tower Corp

Mar-2016

CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67% Tenant Lease with 2-5 Years Remaining % N/A N/A N/A N/A N/A N/A 12.2% 18.9% 19.4% 27.0% 13.0% N/A

% Tenant Lease with > 5 Years Remaining % N/A N/A N/A N/A N/A N/A 79.1% 70.7% 70.4% 63.0% 78.0% N/A

Avg. Remaining Lease Term Years N/A N/A N/A N/A N/A N/A 22.0 24.0 24.0 22.0 22.8 N/A

% Rev. Loss from Lease Cancellation to Rev. % N/A N/A N/A N/A N/A N/A 1.3% 1.5% 1.5% 2.0% 2.1% N/A

Non-Cancellable Lease Val. to Rev. (Annualized) x N/A N/A N/A N/A N/A N/A 7.03x 6.74x 6.51x 6.35x 0.39x N/A

Fixed Asset Profile

Telecom Tower Gross F.A. USD Million 1,118 1,254 1,318 1,246 1,258 3.7% 9,047 10,844 11,696 14,397 14,790 16.3%

Telecom Tower Net F.A.

% Towers to Tot. Gross F.A. % 89.7% 88.6% 90.8% 92.5% 92.9% N/A 76.1% 73.2% 71.0% 74.5% 74.5% N/A

% Equipment to Tot. Gross F.A. % 1.2% 1.0% 0.8% 0.9% 0.9% N/A 6.2% 7.0% 8.5% 7.6% 7.6% N/A

% Land and Buildings to Tot. Gross F.A. % 0.3% 0.2% 0.2% 0.2% 0.2% N/A 16.0% 18.2% 18.7% 16.2% 16.2% N/A

% Construction-in-Progress to Tot. Gross F.A. % 7.4% 7.9% 4.4% 2.4% 2.0% N/A 1.7% 1.6% 1.8% 1.7% 1.7% N/A

% Others/Unclassified to Tot. Gross F.A. % 1.5% 2.3% 3.8% 4.0% 4.1% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A

Avg. Gross Tower Asset Value per Tower USD 000 142.1 125.3 110.5 101.2 99.9 -10.3% 126.8 118.3 110.4 107.1 109.6 -4.4%

Avg. Gross F.A. per Site USD 000 132.4 123.8 111.5 100.6 99.2 -8.5% 165.7 160.8 154.7 143.1 146.4 -3.7%

Avg. Net F.A per Site USD 000 131.6 122.9 110.6 99.7 98.3 -8.6% 105.6 106.5 100.9 98.1 98.2 -2.2%

EBITDA to Gross F.A. x 0.13x 0.17x 0.17x 0.17x 0.17x N/A 0.19x 0.19x 0.21x 0.20x 0.20x N/A

Net Rental Yield (ROA (Gross & Annualized)) % 13.8% 17.2% 17.9% 17.9% 18.0% N/A 23.8% 23.1% 25.7% 24.1% 24.2% N/A

Net Rental Yield Spread (NRY - Cost of Debt) % N/A N/A N/A N/A N/A N/A 18.4% 18.7% 21.7% 20.6% 20.8% N/A

Debt Profile

Tot. Debt USD Million 992.3 1,226 1,353 1,371 1,311 9.0% 8,693 14,408 13,711 17,069 17,022 23.0%

Avg. Debt per Site USD 000 117.6 121.0 114.5 110.6 103.3 -3.9% 159.2 213.7 181.4 169.6 168.5 1.8%

Avg. Debt Maturity Years N/A N/A N/A N/A N/A N/A N/A 5.50 5.00 5.50 5.00 N/A

Avg. Interest Rate (Cost of Debt) % N/A N/A N/A N/A N/A N/A 5.4% 4.4% 4.1% 3.4% 3.5% N/A

Remaining Lease Term to Debt Maturity x N/A N/A N/A N/A N/A N/A N/A 4.36x 4.80x 4.00x 4.55x N/A

Debt to Rental Rev. (Annualized) x 5.44x 4.82x 4.86x 5.40x 5.11x N/A 3.10x 4.38x 3.42x 3.65x 3.48x N/A

Sustainability Parameters

Green Towers Units N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

CO2 Emission mt N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A


Page | 27




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

9410.17 10585.0 11869.5 13481.83 13624.67

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1

American Tower Corp

Mar-2016

CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67Operating Cash Expenses By Items

Tot. Cost of Services % of Cash 82.4% 84.2% 84.9% 80.4% 81.0% N/A 68.0% 67.1% 71.4% 73.3% 74.0% N/A

S,G & A Expense % of Cash 14.4% 13.4% 13.0% 17.5% 16.2% N/A 26.1% 27.3% 24.1% 23.0% 22.4% N/A

Other Cash Opex % of Cash 3.2% 2.3% 2.1% 2.1% 2.8% N/A 5.9% 5.6% 4.5% 3.7% 3.6% N/A

Depreciation & Amortization % of Opex 27.0% 24.0% 26.4% 32.9% 33.4% N/A 36.7% 37.3% 38.4% 40.7% 40.9% N/A

Other Non-Cash Opex % of Opex 0.0% 0.0% 0.0% 0.0% 0.0% N/A 3.0% 3.2% 3.1% 2.9% 2.6% N/A

% Cost of Services to Rev. % 15.2% 15.2% 15.1% 12.0% 11.6% N/A 25.1% 25.5% 26.6% 27.4% 28.0% N/A

% S,G & A to Rev. % 2.7% 2.4% 2.3% 2.6% 2.3% N/A 9.6% 10.4% 9.0% 8.6% 8.5% N/A

Tot. Opex USD Million 46.2 60.3 67.5 56.4 55.2 5.6% 1,756 2,147 2,613 3,159 3,337 21.8%

Avg. Opex per Month USD Million 3.85 5.02 5.63 4.70 4.60 5.6% 146.4 178.9 217.8 263.2 278.1 21.8%

Tot. Cash Opex USD Million 33.7 45.8 49.7 37.8 36.8 2.7% 1,060 1,279 1,529 1,783 1,885 19.4%

Avg. Cash Opex per Month USD Million 2.81 3.82 4.14 3.15 3.07 2.7% 88.3 106.6 127.4 148.6 157.1 19.4%

Avg. Cash Opex per Tenant USD 000 2.74 2.99 2.75 2.01 1.90 -10.7% 9.76 10.0 10.5 9.89 10.4 2.0%

Cost of Services Breakdown

% Ground Rent % 3.1% 3.2% 3.4% 4.9% 5.0% N/A 58.1% 57.7% 60.0% 61.6% 61.2% N/A

% Payroll % 33.7% 32.0% 30.9% 42.2% 42.9% N/A N/A N/A N/A N/A N/A N/A

% Power and Fuel Cost % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% R&D Cost % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

% Other Cost of Services/Unclassified % 63.2% 64.8% 65.7% 53.0% 52.0% N/A 41.9% 42.3% 40.0% 38.4% 38.8% N/A

Avg. Opex Performance per Site

Tot. Cost of Services USD 000 3.29 3.81 3.57 2.45 2.35 -9.8% 13.2 12.7 14.4 13.0 13.8 1.4%

Ground Rent USD 000 0.10 0.12 0.12 0.12 0.12 4.2% 7.67 7.35 8.66 8.00 8.44 3.0%

Payroll USD 000 1.11 1.22 1.10 1.03 1.01 -2.9% N/A N/A N/A N/A N/A N/A

Power and Fuel Cost USD 000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

R&D Cost USD 000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Other Cost of Services/Unclassified USD 000 2.08 2.47 2.34 1.30 1.22 -15.1% 5.53 5.39 5.79 4.99 5.36 -0.9%

S,G & A Expense USD 000 0.57 0.61 0.55 0.53 0.47 -5.9% 5.07 5.18 4.87 4.07 4.19 -5.7%

Other Cash Opex USD 000 0.13 0.11 0.09 0.06 0.08 -13.5% 1.14 1.06 0.91 0.66 0.67 -15.0%

Depreciation & Amortization USD 000 1.48 1.43 1.51 1.50 1.45 -0.6% 11.8 11.9 13.3 12.8 13.5 4.2%

Other Non-Cash Opex USD 000 0.00 0.00 0.00 0.00 0.00 N/A 0.95 1.01 1.06 0.90 0.87 -2.7%

Tot. Opex USD 000 5.48 5.95 5.71 4.55 4.35 -6.8% 32.2 31.8 34.6 31.4 33.0 0.8%

Tot. Cash Opex USD 000 4.00 4.52 4.20 3.05 2.90 -9.4% 19.4 19.0 20.2 17.7 18.7 -1.2%

Cash Opex by Segment

% Rental and Management % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 81.8% 82.5% 85.9% 86.7% 87.1% N/A

% Site Dev. Services % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 3.9% 3.1% 3.3% 2.7% 2.8% N/A



Page | 28




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

9410.17 10585.0 11869.5 13481.83 13624.67

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1

American Tower Corp

Mar-2016

CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67Cash Opex by Geography



% Europe % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 0.2% 3.3% 1.6% 1.5% 1.5% N/A




% Domestic % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 60.0% 57.3% 56.0% 59.1% 61.7% N/A


Avg. Cash Opex per Site by Geography

North America USD 000 N/A N/A N/A N/A N/A N/A 27.9 26.2 30.2 26.1 28.8 1.0%

South America USD 000 N/A N/A N/A N/A N/A N/A 12.2 10.4 10.2 12.9 12.5 0.9%

Europe USD 000 N/A N/A N/A N/A N/A N/A 1.30 20.8 11.9 13.2 14.2 108.8%

Middle East & Africa USD 000 N/A N/A N/A N/A N/A N/A 26.6 31.2 17.9 16.0 16.4 -13.9%

Asia Pacific USD 000 4.00 4.52 4.20 3.05 2.90 -9.4% 11.5 11.2 6.31 7.69 7.40 -12.7%

Others/Unclassified USD 000 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Domestic USD 000 4.00 4.52 4.20 3.05 2.90 -9.4% 27.9 26.2 29.5 26.1 28.8 1.0%

International USD 000 N/A N/A N/A N/A N/A N/A 13.3 13.8 14.4 12.1 11.9 -3.4%

Capex

% Discretionary Capital Projects to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 49.1% 52.7% 53.5% 33.6% 32.2% N/A

% Ground Lease Purchases to Tot. Capex % 9.4% 17.3% 24.6% 23.0% 26.9% N/A 14.5% 11.6% 13.7% 19.2% 19.9% N/A

% Redevelopment to Tot. Capex % 90.6% 82.7% 75.4% 77.0% 73.1% N/A 15.3% 16.7% 20.0% 22.2% 20.7% N/A

% Startup Capex to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 4.3% 3.7% 2.6% 10.3% 12.6% N/A

% Capital Improvements to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 13.3% 11.2% 7.7% 12.4% 12.4% N/A

% General Corporate to Tot. Capex % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 3.5% 4.2% 2.5% 2.2% 2.2% N/A

Tot. Capex USD Million 520.4 215.6 199.1 118.0 89.0 -41.9% 568.0 724.6 974.4 728.0 728.0 7.9%

% Capex to Rev. % 285.5% 84.8% 71.5% 46.5% 34.7% N/A 19.8% 21.6% 23.8% 15.3% 14.6% N/A

% Capital Improvements to Rental & Mgmt. Rev. % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 2.7% 2.5% 1.9% 1.9% 1.8% N/A

Avg. Capital Improvements per Site USD 0.00 0.00 0.00 0.00 0.00 N/A 1,382 1,205 992.1 894.5 890.2 -12.7%

Avg. Construction Capex per Tower Constructed USD 000 N/A N/A N/A N/A N/A N/A 119.0 165.3 170.5 77.0 77.6 -12.3%

Avg. Capex per Site USD 000 61.7 21.3 16.8 9.53 7.02 -48.8% 10.4 10.8 12.9 7.24 7.21 -10.7%


Page | 29




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

9410.17 10585.0 11869.5 13481.83 13624.67

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1

American Tower Corp

Mar-2016

CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67Revenue by Activity

% Rental & Mgmt. to Tot. Rev. % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 97.5% 97.8% 97.7% 98.1% 98.1% N/A

% Site Development Services to Tot. Rev. % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 2.5% 2.2% 2.3% 1.9% 1.9% N/A

% Other Ancillary Rev. to Tot. Rev. % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 0.0% 0.0% 0.0% 0.0% 0.0% N/A

Tot. Rev. USD Million 182.3 254.2 278.6 253.8 256.5 11.1% 2,876 3,361 4,100 4,772 4,981 18.4%

Avg. Rev. per Month USD Million 15.2 21.2 23.2 21.2 21.4 11.1% 239.7 280.1 341.7 397.6 415.1 18.4%

Organic Rev. Growth Rate % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 8.1% 8.1% 10.1% 7.6% 7.0% N/A

OOI - Telecom Tower Leasing USD Million 0.00 0.00 0.00 0.00 0.00 N/A 0.00 0.00 0.00 0.00 0.00 N/A

Revenue by Lease Agreement Profile

% Pass Through Rev. % N/A N/A N/A N/A N/A N/A 8.0% 9.8% 8.8% 8.9% 9.5% N/A

% Non-Pass Through Rev. % N/A N/A N/A N/A N/A N/A 92.0% 90.2% 91.2% 91.1% 90.5% N/A

Revenue by Geography



% Europe % 0.0% 0.0% 0.0% 0.0% 0.0% N/A 0.1% 1.9% 1.6% 1.2% 1.3% N/A




% Domestic % 100.0% 100.0% 100.0% 100.0% 100.0% N/A 77.6% 67.3% 75.5% 68.1% 67.8% N/A


Avg. Revenue per Site by Geography

Overall USD 000 21.6 25.1 23.6 20.5 20.2 -2.0% 52.7 49.9 54.2 47.4 49.3 -2.0%

North America USD 000 N/A N/A N/A N/A N/A N/A 97.8 80.8 81.1 80.4 83.6 -4.7%



Middle East & Africa USD 000 N/A N/A N/A N/A N/A N/A 40.5 46.2 47.9 33.4 36.7 -3.0%

Asia Pacific USD 000 21.6 25.1 23.6 20.5 20.2 -2.0% 17.5 16.6 16.9 16.1 16.4 -2.1%


Domestic USD 000 21.6 25.1 23.6 20.5 20.2 -2.0% 97.8 80.8 106.7 80.4 83.6 -4.7%

International USD 000 N/A N/A N/A N/A N/A N/A 20.3 27.9 21.6 25.3 26.4 8.5%

Avg. Revenue Performance

Avg. Rev. per Tenant USD 000 14.8 16.6 15.4 13.5 13.2 -3.4% 26.5 26.4 28.2 26.5 27.5 1.2%

Avg. Rental & Mgmt. Rev. Per Site USD 000 21.6 25.1 23.6 20.5 20.2 -2.0% 51.3 48.8 53.0 46.5 48.4 -1.8%

Avg. OOI per Site USD 000 0.00 0.00 0.00 0.00 0.00 N/A 0.00 0.00 0.00 0.00 0.00 N/A

EBITDA Performance

Tot. EBITDA USD Million 148.6 208.3 228.9 215.9 219.7 12.8% 1,764 2,014 2,491 2,898 3,008 17.9%


Page | 30




Unit

FX

CAGR %Trailing 12

Months

My Company

20142013 2015

PreviousFinancial

Year-3

Mar-20162012

PreviousFinancial

Year-2

PreviousFinancial

Year-1

PreviousFinancial

Year

9410.17 10585.0 11869.5 13481.83 13624.67

20132012 2014

PreviousFinancial

Year

PreviousFinancial

Year-3

PreviousFinancial

Year-2

2015

Trailing 12Months

PreviousFinancial

Year-1

American Tower Corp

Mar-2016

CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67Avg. EBITDA per Month USD Million 12.4 17.4 19.1 18.0 18.3 12.8% 147.0 167.9 207.6 241.5 250.7 17.9%

Tot. EBITDA Margin % 81.5% 82.0% 82.2% 85.1% 85.6% N/A 61.3% 59.9% 60.8% 60.7% 60.4% N/A

Tot. EBITDA Excl. Pass Through Rev. USD Million N/A N/A N/A N/A N/A N/A 1,535 1,686 2,128 2,475 2,535 16.7%

Avg. EBITDA per Tenant USD 000 12.1 13.6 12.7 11.5 11.3 -1.9% 16.2 15.8 17.1 16.1 16.6 0.7%

EBITDA Margin by Activity

Rental & Mgmt. % 81.5% 82.0% 82.2% 85.1% 85.6% N/A 69.1% 67.9% 67.2% 67.0% 66.4% N/A

Site Development Services % N/A N/A N/A N/A N/A N/A 42.6% 46.4% 46.2% 46.5% 45.6% N/A

EBITDA Margin Excl. Pass Through Rev. % N/A N/A N/A N/A N/A N/A 58.0% 55.6% 56.9% 56.9% 56.2% N/A

EBITDA Margin by Geography

North America % N/A N/A N/A N/A N/A N/A 71.5% 67.6% 62.7% 67.6% 65.6% N/A

South America % N/A N/A N/A N/A N/A N/A 34.3% 64.4% 62.7% 52.1% 54.7% N/A

Europe % N/A N/A N/A N/A N/A N/A 34.3% 32.6% 62.7% 52.1% 55.8% N/A

Middle East & Africa % N/A N/A N/A N/A N/A N/A 34.3% 32.6% 62.7% 52.1% 55.3% N/A

Asia Pacific % 81.5% 82.0% 82.2% 85.1% 85.6% N/A 34.3% 32.6% 62.7% 52.1% 54.8% N/A

Others/Unclassified % N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Domestic % 81.5% 82.0% 82.2% 85.1% 85.6% N/A 71.5% 67.6% 72.3% 67.6% 65.6% N/A

International % N/A N/A N/A N/A N/A N/A 34.3% 50.3% 33.0% 52.1% 54.9% N/A

Avg. EBITDA per Site by Geography

Overall USD 000 17.6 20.6 19.4 17.4 17.3 -0.5% 32.3 29.9 33.0 28.8 29.8 -2.5%

North America USD 000 N/A N/A N/A N/A N/A N/A 69.9 54.6 50.8 54.3 54.8 -7.2%



Middle East & Africa USD 000 N/A N/A N/A N/A N/A N/A 13.9 15.0 30.0 17.4 20.3 12.3%

Asia Pacific USD 000 17.6 20.6 19.4 17.4 17.3 -0.5% 6.01 5.40 10.6 8.38 8.97 13.1%


Domestic USD 000 17.6 20.6 19.4 17.4 17.3 -0.5% 69.9 54.6 77.2 54.3 54.8 -7.2%

International USD 000 N/A N/A N/A N/A N/A N/A 6.96 14.0 7.12 13.2 14.5 25.4%


Page | 31



FX

My Company

20142013 2015 Mar-20162012

Trailing 12 Months CAGR %

9410.17 10585.0 11869.5 13481.83 13624.67

PreviousFinancial Year-3



PreviousFinancial Year

20132012 2014 2015

American Tower Corp

Mar-2016


9410.17 11869.510585.0 13481.83 13624.67





Risk Grading Ratios

Net Profit Margin % 54.1% 50.2% 41.5% 42.2% 52.9% N/A 20.6% 14.4% 19.0% 12.2% 13.1% N/A

Leverage = TNW/Debt Servicing Amount x 2.56x 1.08x 0.40x 0.50x 0.76x N/A (5.07)x (12.93)x (4.53)x (9.80)x (8.13)x N/A

Leverage = Total Liabilities/TNW x 2.82x 4.25x 5.11x 20.85x 12.59x N/A (4.44)x (2.44)x (2.53)x (2.80)x (2.89)x N/A

Cash Flow = CADS/Debt Servicing Amount x N/A 0.74x 0.31x 1.31x 1.64x N/A N/A 3.43x 1.73x 3.58x 3.07x N/A

Activity = Sales/Total Assets (Annualized) % 12.0% 14.4% 15.0% 15.0% 15.4% N/A 20.4% 16.6% 19.3% 17.7% 18.4% N/A

Activity = Net Sales Growth % 0.0% 56.8% 22.9% 3.5% 5.7% N/A 0.0% 16.9% 22.0% 16.4% 21.5% N/A

Liquidity = Liquid Assets/Adjusted Current Liabilities x 0.29x 0.19x 0.10x 0.12x 0.11x N/A 0.67x 0.42x 0.20x 0.38x 0.36x N/A

Size = Tangible Net Worth (TNW) USD million 379.2 324.7 295.1 75.4 119.6 -29.9% (2,343) (6,835) (6,803) (7,217) (6,937) N/A

Growth Ratios

Sales Growth % 0.0% 56.8% 22.9% 3.5% 5.7% N/A 0.0% 16.9% 22.0% 16.4% 21.5% N/A

Net Income Growth % 0.0% 45.7% 1.5% 5.3% 34.9% N/A 0.0% (18.8)% 61.6% (25.3)% (16.5)% N/A

Total Assets Growth % 0.0% 30.7% 17.7% 3.5% 3.1% N/A 0.0% 44.0% 4.8% 26.5% 27.3% N/A

Total Tangible Assets Growth % 0.0% 32.3% 18.6% 3.8% 3.5% N/A 0.0% 22.3% 5.6% 24.7% 26.1% N/A

Performance Ratios

Return on Assets = Net Profit/Total Assets (Annualized) % 6.5% 7.2% 6.2% 6.3% 8.1% N/A 4.2% 2.4% 3.7% 2.2% 2.4% N/A

Return on Equity = Net Profit/TNW (Annualized) % 26.0% 39.3% 39.2% 142.1% 113.6% N/A (25.4)% (7.1)% (11.4)% (8.1)% (9.4)% N/A

Coverage Ratio

EBIT/Debt Servicing Amount (Annualized) x 1.04x 0.64x 0.33x 1.32x 1.24x N/A 2.39x 1.89x 0.96x 1.94x 1.79x N/A

EBIT/Interest Expenses x 2.71x 2.37x 2.01x 1.68x 1.59x N/A 2.75x 2.18x 2.39x 2.08x 2.14x N/A

EBITDA/Debt Servicing Amount (Annualized) x 1.05x 0.65x 0.33x 1.33x 1.25x N/A 3.78x 3.41x 1.63x 3.68x 3.39x N/A

EBITDA/Interest Expenses x 2.74x 2.39x 2.03x 1.69x 1.60x N/A 4.35x 3.93x 4.06x 3.95x 4.05x N/A

CADS/Debt Servicing Amount (Annualized) x N/A 0.74x 0.31x 1.31x 1.64x N/A N/A 3.43x 1.73x 3.58x 3.07x N/A

CADS/Interest Expenses x N/A 2.73x 1.93x 1.67x 2.09x N/A N/A 3.95x 4.29x 3.84x 3.66x N/A

Liquidity Ratios

Working Capital = Current Assets - Current Liabilities USD million 12.7 (125.9) (503.1) 51.2 48.2 50.9% 197.5 53.4 (971.9) (203.6) (161.6) N/A

Quick Ratio x 0.95x 0.58x 0.30x 1.20x 1.15x N/A 1.31x 1.06x 0.50x 0.83x 0.87x N/A

Current Ratio x 1.05x 0.66x 0.35x 1.36x 1.28x N/A 1.31x 1.06x 0.50x 0.83x 0.87x N/A

Liquid Assets/Total Assets % 3.5% 3.5% 4.1% 1.3% 1.2% N/A 2.6% 1.4% 1.5% 1.2% 1.2% N/A

Liquid Assets/(ST Debt + Current Portion of LT Debt) x 0.59x 0.28x 0.12x 0.67x 0.56x N/A 6.14x 4.19x 0.35x 6.39x 2.44x N/A

Liquid Assets/Total Current Assets % 22.0% 24.9% 28.6% 11.4% 8.8% N/A 44.4% 29.8% 32.7% 32.2% 32.5% N/A

Liquid Assets/Adjusted Current Liabilities x 0.29x 0.19x 0.10x 0.12x 0.11x N/A 0.67x 0.42x 0.20x 0.38x 0.36x N/A

Leverage Ratios

Total Liabilities/Tangible Net Worth x 2.82x 4.25x 5.11x 20.85x 12.59x N/A (4.44)x (2.44)x (2.53)x (2.80)x (2.89)x N/A

Total Senior Liabilities/(TNW + Subordinated Debt) x 2.45x 3.78x 4.59x 9.16x 5.53x N/A (3.74)x (2.12)x (2.14)x (2.37)x (2.45)x N/A

Activity Ratios


Page | 32



FX

My Company

20142013 2015 Mar-20162012


9410.17 10585.0 11869.5 13481.83 13624.67





20132012 2014 2015

American Tower Corp

Mar-2016


9410.17 11869.510585.0 13481.83 13624.67





Trade Receivable Turnover Period (Annualized) days 32.8 51.4 60.4 51.9 70.7 N/A 21.5 18.8 17.8 18.6 17.6 N/A

Inventory Turnover Period (Annualized) days 220.2 180.9 187.6 196.5 167.5 N/A 0.00 0.00 0.00 0.00 0.00 N/A

Trade Payables Turnover Period (Annualized) days 243.2 122.9 77.7 102.4 112.5 N/A 23.9 28.9 22.9 13.2 12.6 N/A

Inventory Turnover Period over Sales (Annualized) days 48.7 44.5 44.6 32.7 31.0 N/A 0.00 0.00 0.00 0.00 0.00 N/A

Trade Payables Turnover Period over Sales (Annualized) days 32.8 81.9 54.2 51.4 91.2 N/A 21.5 19.2 20.0 20.0 15.9 N/A

Trade Receivable/Sales (Annualized) % 9.0% 22.4% 14.8% 14.1% 25.0% N/A 5.9% 5.2% 5.5% 5.5% 4.4% N/A

COGS/Sales % 22.1% 20.9% 21.5% 19.3% 18.8% N/A 47.5% 49.4% 51.2% 54.4% 55.4% N/A

Cash SG&A/Sales % 2.7% 2.4% 2.3% 2.6% 2.3% N/A 11.4% 12.4% 10.9% 10.4% 10.2% N/A

End Of The ReportProperty of Televisory Global Pte. Ltd. All Rights Reserved.

Page | 33

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