American Tower Corporation

Raymond James
2005 Institutional Investor Conference
March 7, 2005
American Tower Corporation

“Safe Harbor” Statement under the Private Securities Litigation Reform

Act of 1995: This presentation contains forward-looking statements
concerning our goals, beliefs, strategies, future operating results and
underlying assumptions. Actual results may differ materially from
those indicated by these forward-looking statements as a result of
various important factors, including those described under the caption
"Factors That May Affect Future Results" in our SEC Form 10-Q for the
quarter ended September 30, 2004. We undertake no obligation to
update the information contained in this presentation to reflect
subsequently occurring events or circumstances. Definitions and
reconciliations to GAAP measures are provided at the end of the
presentation.

2
Correction of Accounting Practice for Ground Leases
Restated Financial Statements
As previously disclosed, the Company is restating its previously issued
consolidated financial statements to correct its accounting practices for ground
leases. The Company undertook a review of its lease accounting practices and
determined that it should change the periods used to calculate depreciation
expense and straight-line rent expense relating to certain of its tower assets and
underlying ground leases. The primary effect of this accounting correction will be
to accelerate to earlier periods non-cash rent expense and depreciation expense
with respect to certain of the Company’s tower sites, resulting in an increase in
non-cash expenses compared to what has previously been reported. PLEASE
NOTE THAT THE FINANCIAL INFORMATION CONTAINED IN THIS
PRESENTATION DOES NOT REFLECT THE RESTATEMENT. The Company
will amend the appropriate filings with the Securities and Exchange Commission
to include restated financial statements for periods ending on or prior to
September 30, 2004. Until such filings are made, the financial statements and the
related independent auditors’ reports contained in the Company’s prior filings with
the Securities and Exchange Commission should no longer be relied upon.

3
American Tower

Market Leader
 We Are #1 in the United States

3Q04 Tower Revenue

75%

3Q04 Tower Segment

Operating Profit

12,300+ Wireless Towers

73%

Ranking is based on number of towers and revenue.

5
 We Are #1 in Mexico

3Q04 Tower Revenue

14%

3Q04 Tower Segment

Operating Profit
16%

1,600+ Wireless Towers

200+ Broadcast Towers

Ranking is based on number of towers.

6
 We Are #1 in Broadcast

3Q04 Tower Revenue

7%

3Q04 Tower Segment

Operating Profit
7%

140+ U.S. Broadcast Towers

Ranking is based on number of towers.

7
High Quality Tower Assets

Domestic
• Approximately 85% of US towers in Top 100 BTA and
core corridors
• Approximately 80% of core tower sites have no
competing tower within 1/2 mile

International
• Towers concentrated in major markets: Mexico City,
Monterrey, Guadalajara and Acapulco in Mexico &
Sao Paulo, Rio de Janeiro and Curitiba in Brazil
• No significant competitor in Mexico & Brazil

8
Our High Quality Towers
Over 50% Were Built by Tower Operators

Other US
International
Carriers Wireless
4%
Carriers 10%

AT&T
Microwave
7%
Built by ATC
34%

Alltel
13%

Built by Other
Verizon Tower
14% Operators 18%

9
Diverse Tenant Mix
% of 2004 YTD Tower Revenue by Tenant Type
Paging Other 5% ALLTEL 6%
5%
Broadcasters
7% Cingular & AWE
15%

Regional,
Voice & Data Big 6 &
Nextel
8% Affiliates 8%
58%
Sprint PCS
International 4%
WSP 17% T-Mobile
6%
Affiliates Verizon
7% 12%

10
 Strategic Transition Complete
Tower Division Drives Profitability

Revenue Operating Profit

2001 2004E 2001 2004E
3% 1%
3%

21% 16%
39%
40%
97% 81% 99%

Rental & Management Other Services Verestar

2001 reflects amount originally reported in the 2001 Form 10-K filed on April 1, 2002. Does not include reclassifications related to subsequent commitments to dispose of Verestar, MT S Components, Flash
T echnologies, Kline, Galaxy and three office buildings reported as discontinued operations in our Form 10-K filed on March 12, 2004. 2004 reflects the reported midpoint of disclosed outlook in our Form 8-K filed
on October 28, 2004. 11
American Tower

Strong Business Model

& Performance
Strong Business Model

• Stable and Growing Revenue

• Relatively Fixed Expense Structure
• Significant Operating Leverage & Margin
Expansion
• Minimal Capex
• Growing Free Cash Flow
• Consistent Delevering
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 Growing Revenue – Stable Fixed Costs
Rental & Management Segment

$48 million
$200
increase
$175

$150

$125
($ millions)

$100

$75 $0
increase
$50

$25

$0
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04
Revenue Expense

P rior quarters adjusted for subsequent discontinued operations.

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Current Lease Term Renewals

• Over 50% of tower revenue is not up for renewal

until 2010 and beyond
% of Tower Revenue up for Renewal
60%

50%

40%

30%

20%

10%

0%
2005 2006 2007 2008 2009 2010+

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Tower Margins Expanding Rapidly
70% 69%

67%

64%

61%

58%
58%

55%
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04

Tower Operating Profit Margin

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 Towers Delivering on Outlook
Operating Profit Actual vs. Outlook
$125

$100
($ millions)

$75

$50

$25

$0
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04
Low Outlook High Outlook Reported

Chart show s reported quarterly operating profit for the tower segment versus quarterly outlook established and publicly disclosed at the beginning of each year.
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Consistent Adjusted EBITDA Growth

$120 $115.7

AGR
$100
23 %C
($ millions)

$80
$68.5

$60

$40
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04

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 Continued Control of CAPEX

$90 $83

$75

$60
($ millions)

$48
$45

$30 $25 $25

$19
$14 $16
$15 $13 $11
$8 $10

$0
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04
Improvements/Augmentation Discretionary

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 Predictable Free Cash Flow
FCF Growth

$50 $40
$34
$26
$25 $19 $21
$11
($ millions)

$3
$0
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04
($8) ($2)
($25)

($50) ($39)

($75)
($79)
($100)

H istorical quarters are adjusted for subsequent discontinued operations.

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 Balance Sheet Strengthening
Ongoing Delevering
14.0x

12.2x
12.0x
Do w
n 5 .5
10.0x T urn
s

8.0x
6.7x

6.0x
TARGET LEVERAGE: 4.0x – 6.0x
4.0x
1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04

Net Leverage Ratio

Historical quarters are adjusted f or subsequent discontinued operations.

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Refinancing Objectives
Objectives Progress/Status

♦ Maintain and increase financial flexibility

– Leverage capacity
– Liquidity

♦ Reduce interest expense

– Repurchase and refinance high cost debt

♦ Achieve target capital structure

– Leverage target with performance cushion 4.0x – 6.0x 2005

– Longer term maturity/Low cost debt Ongoing

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Lowering Cost of Capital
$55 mm in Interest Expense Savings
Annualized Interest Expense ($millions)

$295

$277
$272
$275
$263

$255

$236
$235
$222

$215

$195

$175
3/31/2004 6/30/2004 9/30/2004 12/31/04E Run-Rate
Estimate

*12/31/04E reflects the midpoint of our fourth quarter 2004 i nteres t expense outlook, as reported in our Form 8-K filed on October 28, 2004. Run-Rate estimate reflec ts the
effect of all repurc has es/refinanci ngs as of Dec ember 31, 2004. 23
 Debt Security Repurchases/Refinancings

12.25% Sr Sub
9.375% Sr Notes
Disc Notes*

Total Refinanced/
Repurchased as of 12/31/04 $858.1 mm $309.7 mm

Annualized Net Interest

Expense Savings to Date Approximately $64 mm

Remaining Face Amount

Outstanding $141.9 mm $498.3 mm

Additional Potential
Annualized Interest Expense Approximately $40-50 mm
Savings**

*The C ompany has repurchased $309.7 mm of fac e amount ($179.4 mm accreted value) of its 12.25% Sr Sub Disc Notes si nce 1Q04.
**Assumes that all remaining 9.375% Sr Notes and 12.25% Sr Sub Disc Notes are repurc has ed or redeemed with free cas h fl ow and funds available under the revol ver. 24
 Free Cash Flow Growth
Operating Performance and Refinancing Drives Free Cash Flow

Interest
Savings
Growing Free Cash Flow

2006 New
Business

Interest Recurring
Savings FCF
2005 New
Business

Interest Recurring
Savings FCF
2004 New
Business

2003 New Recurring

Business FCF

2002 2003 2004E 2005E 2006E

Capex
Savings

NOTE: Graph provided solely to illustrate incremental impact of certain events on free cash flow growth,
and is not based on actual or projected results. 25
American Tower

Confidence in the
Future
Wireless Industry Trends

US Market
• Increasing wireless traffic driven by increased
subscribers and more minutes of use (MOUs)
• Network quality essential to avoid high wireless customer
churn
• 3G network deployment gaining momentum
Mexico
• Wireless subscribers and market penetration expected to
expand significantly through 2008
• Wireless competition increases the demand for higher
quality of service and coverage

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 US Wireless Subscriber & MOU Growth
Requires Additional Cell Sites

Cell Site Growth Minutes of Use Growth (billions)

180 180 900

160 160 800

140 140 700

120 120 600

100 100 500

80 80 400

60 60 300

40 40 200

20 20 100

0 0 0
1997 1998 1999 2000 2001 2002 2003 1997 1998 1999 2000 2001 2002 2003
Subscribers (millions) Cell Sites (thousands)

Source: CTIA Wireless Survey, December 2003.

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 Mexico’s Wireless Market
Poised for Strong Future Growth
Wireless Subscriber Growth (mm) Wireless Market Penetration
70 80%

’03-’08E: 60
60
30 mm
net adds 58%
60%
50

40
30 40%
30 29%

20
20%

10 8 8%

0 0%
1999 2001 2003 2005E 2007E 1999 2001 2003 2005E 2007E

Subscribers Net Adds Historical Estimate

Source: Wall Street Estimates & Reports

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2004 YTD Domestic New Business

% 2004 YTD
% Total % 2003 New New Biz
Tower Diversity Towers Biz Revenue Revenue
Top 100 BTA 59% 58% 63%
Core Areas & Corridors 26% 28% 25%
Other 15% 14% 12%

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Impact of Wireless Carrier Consolidation

• Expect multi-year network integration process

• Potential adverse impact based on overlapping towers will

probably not be material

• Network engineering requirements are not reduced by

combining carriers and the combined carriers would be
motivated to accelerate growth

• Combined, financially stronger carrier is more likely to

deploy next generation 3G networks earlier

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Merged Network Hurdles

• Technical Hurdle
• Capacity Requirements Hurdle
• Cost Hurdle
• Contractual Hurdle

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 Merger Overlaps
Tower Revenue Impact is Minimal

Annual Revenue % 2005E Tower

Tower Overlap
Overlap Revenue

AT&T Wireless &

430 sites $11.1 mm 1.5%
Cingular

Sprint & Nextel 520 sites $12.5 mm 1.7%

Verizon & Nextel 710 sites $17.7 mm 2.4%

Verizon & Sprint 570 sites $13.2 mm 1.8%

The % of 2005E tower revenue was calc ulated using $732.5 million, the midpoi nt of our full year 2005 rental & management seg ment revenue outlook, as reported in our F orm 8-
K filed on October 28, 2004.
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Key Investment Considerations

• Well-diversified, market leader with an

established portfolio

• Industry leading consistent operating

performance

• Stable and growing free cash flow, accelerated

by continued deleveraging

• Deep management team with experience

through business cycles

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American Tower

Thank You
Definitions
(Reconciliations to measures under GAAP follow this slide)
• Operating Profit: Segment revenue less segment operating expenses before:
depreciation, amortization and accretion; corporate general, administrative and
development expense; and impairments, net loss on sale of long-lived assets and
restructuring expense. Rental and management segment includes interest
income, TV Azteca, net.
• Operating Profit Margin: Segment operating profit (see above) divided by
segment revenue.
• Adjusted EBITDA: Income (loss) from continuing operations before depreciation,
amortization and accretion and impairments, net loss on sale of long-lived assets
and restructuring expense, plus interest income, TV Azteca, net.
• CAPEX: Payments for purchase of property and equipment and construction
activities.
• Free Cash Flow: Adjusted EBITDA less interest expense and payments for
purchase of property and equipment and construction activities.
• Net Debt: Total long-term obligations, including current portion, less cash and
cash equivalents.
• Net Leverage: Net Debt divided by last quarter annualized Adjusted EBITDA.

36
GAAP Reconciliations
($mm)
Adjuste d EBITDA and Fre e Cash Flow
The reconciliation of net loss to adjusted EBITDA and free cash flow is as follows:

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04
Net loss $ (634.4) $ (101.2) $ (353.9) $ (52.4) $ (91.6) $ (107.7) $ (52.9) $ (51.2) $ (42.9) $ (60.5) $ (55.9)

Cumulative effect of change in accounting principle, net 562.6

Loss (income) from discontinued operations, net 15.8 33.2 206.0 3.7 11.4 27.5 15.2 6.9 0.3 0.6 (1.3)

Loss from continuing operations $ (56.0) $ (68.0) $ (147.9) $ (48.7) $ (80.2) $ (80.2) $ (37.7) $ (44.3) $ (42.6) $ (59.9) $ (57.2)

Interest expense 63.8 65.5 62.7 62.4 71.7 71.2 68.9 68.0 69.2 68.0 65.7
Interest income (1.0) (0.8) (0.8) (0.9) (0.9) (1.9) (1.2) (1.2) (1.1) (1.1) (1.2)
Income tax benefit (22.3) (27.4) (3.2) (14.9) (19.3) (17.6) (13.6) (15.7) (10.5) (17.2) (29.1)
Depreciation, amortization and accretion 74.2 79.4 78.7 80.5 79.6 79.6 77.7 76.5 77.1 81.9 78.7
Impairments, net (gain) loss on sale of
long-lived assets and restructuring expense (0.9) 8.0 84.4 9.9 3.7 8.0 7.6 12.3 3.9 5.4 8.8
Loss (gain) on retirement of long-term obligations 8.9 8.5 35.8 (3.2) 5.1 8.1 31.4 48.0
Other expenses 1.8 18.3 5.9 1.6 25.8 1.2 2.4 4.2 2.2 1.7 2.0

Adjusted EBITDA $ 68.5 $ 75.0 $ 79.8 $ 89.9 $ 88.9 $ 96.1 $ 100.9 $ 104.9 $ 106.4 $ 110.2 $ 115.7

Interest expense (63.8) (65.5) (62.7) (62.4) (71.7) (71.2) (68.9) (68.0) (69.2) (68.0) (65.7)
Payments for purchase of property and equipment
and construction activities (83.3) (48.0) (24.6) (24.6) (18.8) (13.9) (13.2) (15.7) (10.8) (7.8) (9.9)

Free cash flow $ (78.6) $ (38.5) $ (7.5) $ 2.9 $ (1.6) $ 11.0 $ 18.8 $ 21.1 $ 26.4 $ 34.4 $ 40.1

37
GAAP Reconciliations
($mm, except ratios)

Net Levera ge Ratio

The calc ulation of net leverage ratio is as follows :

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04
Adjus ted EBITDA $ 68.5 $ 75.0 $ 79.8 $ 89.9 $ 88.9 $ 96.1 $ 100.9 $ 104.9 $ 106.4 $ 110.2 $ 115.7

Multiplied by four (annualization) x4 x4 x4 x4 x4 x4 x4 x4 x4 x4 x4

Annualized adjusted EBITDA $ 274.0 $ 300.0 $ 319.2 $ 359.6 $ 355.6 $ 384.4 $ 403.6 $ 419.6 $ 425.6 $ 440.8 $ 462.8

Long-term obligations, including current portion $ 3,431.4 $ 3,448.0 $ 3,448.4 $ 3,448.5 $ 3,585.9 $ 3,516.8 $ 3,490.6 $ 3,361.2 3,299.2 3,266.8 3,218.4

Cash and c ash equivalents (29.6) (29.5) (64.9) (127.3) (101.4) (107.6) (66.1) (105.5) (98.7) (197.9) (126.8)
Restric ted cash and investments (47.5) (47.5) - - (217.2) (192.9) (283.7) (170.0) (119.1) - -

Net debt $ 3,354.3 $ 3,371.0 $ 3,383.5 $ 3,321.2 $ 3,267.3 $ 3,216.3 $ 3,140.8 $ 3,085.7 $ 3,081.4 $ 3,068.9 $ 3,091.5

Divided by annualized adjusted EBITDA 274.0 300.0 319.2 359.6 355.6 384.4 403.6 419.6 425.6 440.8 462.8

Net Leverage Ratio 12.2x 11.2x 10.6x 9.2x 9.2x 8.4x 7.8x 7.4x 7.2x 7.0x 6.7x

38
This presentation contains "forward-looking statements" concerning our goals, beliefs, expectations,
strategies, objectives, plans, future operating results and underlying assumptions, and other statements
that are not necessarily based on historical facts. Actual results may differ materially from those
indicated in our forward-looking statements as a result of various important factors, including: (1) a
decrease in demand for tower space would materially and adversely affect our operating results; (2) our
substantial leverage and debt service obligations may adversely affect our operating results; (3)
restrictive covenants in our credit facility and indentures could adversely affect our business by limiting
our flexibility; (4) our participation or inability to participate in tower industry consolidation could involve
certain risks; (5) if our wireless service provider customers consolidate or merge with each other to a
significant degree, our growth, our revenue and our ability to generate positive cash flows could be
adversely affected; (6) due to the long-term expectations of revenue from tenant leases, the tower
industry is sensitive to the creditworthiness of its tenants; (7) our foreign operations are subject to
expropriation risk, governmental regulation, funds inaccessibility, and foreign exchange exposure; (8) a
substantial portion of our revenues is derived from a small number of customers; (9) new technologies
could make our tower antenna leasing services less desirable to potential tenants and result in
decreasing revenues; (10) our business is subject to government regulations and changes in current or
future laws or regulations could restrict our ability to operate our business as we currently do; and (11)
the bankruptcy proceeding of our Verestar subsidiary exposes us to risks and uncertainties. For other
important factors that may cause actual results to differ materially from those indicated in our forward-
looking statements, we refer you to the information under the caption entitled "Factors That May Affect
Future Results" in our Form 10-Q for the quarter ended September 30, 2004, which we incorporate
herein by reference. We undertake no obligation to update the information contained in this presentation
to reflect subsequently occurring events or circumstances.

39