American Tower Corp. AMT 3Q16 Results: Solid Quarter with a Beat and Raise on EBITDA

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1 EQUITY RESEARCH COMPANY UPDATE October 27, 2016 Stock Rating: OUTPERFORM mo. Price Target $ AMT - NYSE $ Yr. EPS Gr. Rate 20% 52-Wk Range $ $83.07 Shares Outstanding 430.0M Float 428.0M Market Capitalization $49,216.3M Avg. Daily Trading Volume 1,894,464 Dividend/Div Yield $2.20/1.90% Book Value $15.76 Fiscal Year Ends Dec 2016E ROE 14.0 % LT Debt $18,679.0M Preferred $74.0M Common Equity $6,774M Convertible Available Yes EPS Diluted Q1 Q2 Q3 Q4 Year Mult. 2015A x 2016E 0.61A 0.50A 0.58A x Prior (E) NM 2017E x Prior (E) NM COMMUNICATION AND CLOUD American Tower Corp. AMT 3Q16 Results: Solid Quarter with a Beat and Raise on EBITDA SUMMARY AMT reported better than expected 3Q16 results, with solid tenant billings growth of 8% (international 13%/US 6%, in line with last quarter's). International continues to benefit from both strong organic demand and inflation-linked escalators. AFFO grew 15%, but we see 12% as more normalized long-term. Demand trends look set to improve in the US (AWS-3, 600MHz, Dish, FirstNet) from strong data growth and India. AMT is now the second-largest company by market cap in the new S&P 500 real estate sector, which should drive increasing institutional ownership, given consistently solid growth. The company slightly increased 2016 guidance and we have slightly raised estimates, helped by growth in India to 15% and currency tailwinds. We tweak up our estimates and price target to $130 from $128. KEY POINTS Strong International Growth: We believe AMT's International business remains poised to accelerate organic growth in 2016 (13% vs. 11% in 2015) as fundamentals improve in its three largest markets Mexico, India and Brazil. AMT's globally diversified asset profile not only drives superior growth vs. peers but also helps diversify both market exposure and carrier customers. Robust Domestic Revenue Trends: Given the disparity in growth rates between carriers and tower companies, the sustainability of 3% escalators in the US has become a topic of debate in recent months. However, the company reported that churn domestically was ~0.3% stable, with expected remaining contract terms of 6.6 years, indicating strong long-term revenue trends. New Leasing Activity Up 23% from 3Q15's, Strong Indicator of Trends: About 70% of US activity is amendments vs. new cell sites, and this should continue. International is 70% for new cell sites. About half of revenue growth is from increased pricing; the other half is volume related. India Visibility Has Improved, as Anticipated. India is now 18% of total site revenue, and AMT expects revenue growth there to accelerate to 15% for 4Q, up from 12%, and we suspect for the next year. The industry structure and spectrum situation has improved dramatically; LTE is just to be built out, and AMT won a large contract this quarter to help the build. Bottom Line: AMT's globally diversified asset base with exposure to a blend of mature, emerging, and developing markets offers a unique way to invest in the global mobility theme. Additionally, the upcoming reclassification of the GICS code presents a strong catalyst. Maintain Outperform. Model changes highlighted below. Stock Price Performance Company Description American Tower operates wireless and broadcast communication infrastructure (primarily towers but also distributed antenna systems) in the US, Mexico, Brazil and India. Timothy Horan, CFA Tim.Horan@opco.com Ray McDonough, CFA Ray.McDonough@opco.com Disseminated: October 27, :00 EDT; Produced: October 27, :00 EDT For analyst certification and important disclosures, see the Disclosure Appendix. Oppenheimer & Co Inc. 85 Broad Street, New York, NY Tel: Fax:

2 American Tower Corp. AMT (OUTPERFORM) - $ YEAR PRICE PERFORMANCE INVESTMENT THESIS Source: Bloomberg AMT The tower stocks align well with our horizontal segmentation thesis, or shared assets on unique infrastructure. In the next two years, 4G Advanced LTE likely will be aggressively deployed to support wireless data growth of 50%E per year. This drives demand for tower leases, which have pricing power on limited supply. AMT is focused on international and has the strongest balance sheet in the group, which allows it to pursue accretive acquisitions. We expect continued double-digit revenue growth in the next few years, which could support free cash flow growth in the area of 15%. BASE CASE ASSUMPTION The carriers continue to spend at least $30B in annual wireless CAPX, driving continued site rental revenue growth International carriers continue to migrate from 2G wireless technology to 3G and 4GLTE technology Wireless data consumption continues to grow 50% YoY CATALYSTS Sprint announces major network densification effort, focusing on its 2.5GHz spectrum The 600MHz broadcast auction A new entrant into the US wireless market UPSIDE SCENARIO Organic site rental revenue growth remains in the high single-digit range AFFO/share growth remains in mid-to-low double-digit range AMT is able to acquire additional international tower portfolios in the 200K/tower range DOWNSIDE SCENARIO Sprint or T-Mobile experience worsening FCF, causing them to pull back on network spending Carrier consolidation Higher interest rates PRICE TARGET CALCULATION Our 12- to 18-month price target of $130 is based on a 20x 2017E AFFO multiple. As a point of reference, AMT's multiple would be in line with multiples for large, established REITs, although its revenue growth rate is higher than these REITs'. KEY RISKS Our price target might not be realized due to: 1) slower network development activity by wireless carriers; 2) a slowdown in wireless subscriber growth and wireless industry profitability; 3) technology upgrades and enhancements reducing carriers' need to put more equipment on towers; 4) wireless carrier consolidation temporarily dampening growth prospects; and 5) unfavorable currency fluctuations. Also, events pertaining to the overall wireless industry, interest rates and/or the broader market could pose risk to our target. 2 Timothy Horan, CFA:

3 AMT (OUTPERFORM) - $ American Tower Corp. Selected Performance Data 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 YoY Change 3Q16 or Difference 4Q16E Actual vs. 3Q16E Estimates Consensus Recurring EPS $0.59 $0.48 $0.53 $0.60 $0.61 $0.50 $ % $0.64 $ % $0.53 Revenue Growth (%) 9.7% 13.9% 19.2% 22.3% 19.5% 22.8% 22.4% 3.1% 21.5% 22.1% 0.2% 22.0% Gross Margin (%) 75.5% 72.5% 70.5% 72.3% 72.8% 68.1% 67.6% -2.9% 68.0% 68.3% -0.7% 69.6% EBITDA Margin (%) 67.1% 64.9% 62.9% 62.7% 64.6% 60.2% 60.4% -2.5% 60.1% 60.1% 0.4% 60.1% Site Rental Revenue Growth (%) 10.6% 14.8% 20.0% 21.5% 19.4% 23.6% 23.5% 3.6% 22.7% 23.0% 0.5% 22.9% Network Development Revenue Growth (%) -29.0% -21.6% -7.4% 76.2% 25.8% -20.4% -32.5% -25.1% -30.0% -20.0% -12.5% -21.8% Tower Net Adds (000's) 12,770 5,078 6, , , Source: Company reports; FactSet; StreetAccount; Oppenheimer & Co. Inc. estimates. Old vs. New Estimates OLD NEW OLD NEW Change 2016E 2016E 2017E 2017E Change Revenues ($ mil) $5,776 $5, % $6,523 $6, % Adj. EBITDA ($ mil) $3,532 $3, % $3,963 $3, % Adj. EBITDA (% of revs.) 61.1% 61.2% 0.06% 60.8% 61.1% 0.3% AFFO/Share $5.64 $ % $6.43 $ % Recurring EPS $2.28 $ % $2.76 $ % Source: Company reports; Oppenheimer & Co. Inc. estimates Guidance 2016 ($ millions, unless specified otherwise) From: To: Mid-point OPCO Old OPCO New Guidance Change Variance Rental and Management Segment Revenue 5,685 5,735 5,710 5,699 5, % 0.3% Adjusted EBITDA 3,530 3,560 3,545 3,532 3, % 0.2% Margin (% of Rental/Mgmt Revs) 62.1% 62.1% 62.1% 62.0% 62.0% -0.1% -0.1% Adjusted Fund From Operations (AFFO) 2,455 2,485 2,470 2,420 2, % 0.1% Net Income 995 1,025 1, , % -1.0% Cap-ex % -3.7% Source: Company reports; Oppenheimer & Co. Inc. estimates. AMT AFFO Calculation Table AMT FFO Valuation Metrics ($ millions, except per share) 1Q15 2Q15 3Q15 4Q Q16 2Q16 3Q16 4Q16E 2016E 2017E Adjusted EBITDA , ,551 3,996 Funds From Operations (FFO) , ,551 3,996 less: Straight-line revenue % of revenues 3% 3% 3% 4% 0 2% 2% 2% 2% 2% 3% plus: Straight-line expense % of straight-line expenses 26% 39% 42% 36% 36% 49% 47% 51% 45% 48% 35% less: Cash interest % of revenues 98% 96% 95% 99% 1 95% 98% 97% 95% 96% 98% plus: Interest income less: Cash tax expense (benefit) plus: Dividends on preferred stock less: Recurring Capex less: Corporate Capex Adjusted Funds from Operations (AFFO) , ,474 2,781 Growth 22% 21% 33% 31% 19% 17% 10% 15% 18% 15% 12% AFFO per Share $ 1.25 $ 1.26 $ 1.31 $ 1.27 $ 5.09 $ 1.41 $ 1.38 $ 1.49 $ 1.49 $ 5.77 $ 6.48 AMT's Market Cap/AFFO 23.1x 20.4x 18.1x Source: Company reports; Oppenheimer & Co. Inc. estimates. 3

4 American Tower Corp. AMT (OUTPERFORM) - $ American Tower Corp. Quarterly Model ($ in millions, except per share data) Last Updated: 10/27/2016 Consolidated Model Q16 2Q16 3Q16 3Q16E 4Q16E 2016E 1Q16 2Q16 3Q16 4Q16E Operating revenue Rental and management 4,680 1,268 1,426 1,498 1,492 1,534 5, % 23.6% 23.5% 22.7% Network development services % (20.4%) (32.5%) -30.0% Total consolidated revenue 4,771 1,290 1,442 1,515 1,512 1,555 5, % 22.8% 22.4% 21.5% Cost of operations Rental and management 1, , % 44.0% 36.4% 41.9% % of rental & mgt. revenue 27.2% 27.0% 31.7% 32.4% 31.6% 31.9% 30.9% Network development services % (12.6%) (38.6%) (14.7%) % of network develop revenue 36.0% 42.8% 44.5% 33.8% 42.0% 42.0% 40.9% Gross Profit 3, ,024 1,032 1,057 4, % 15.3% 17.3% 14.2% Gross Margin 72.6% 72.8% 68.1% 67.6% 68.3% 68.0% 69.0% SG&A and development % 26.0% 15.1% 0.3% % of revenue 8.5% 8.4% 8.1% 7.3% 8.4% 8.1% 7.9% Total operating expenses 1, , % 38.9% 30.4% 29.8% % of revenue 35.9% 35.6% 39.9% 39.8% 40.1% 40.1% 39.0% TV Azteca Income, Net % 3.2% (9.8%) 1.4% EBITDA 2, ,458 % of revenue 62.4% 62.5% 58.7% 59.1% 58.4% 58.6% 59.6% Non cash-stock comp (8.2%) (8.9%) 11.7% 29.3% Adj. EBITDA 3, , % 14.0% 17.5% 16.4% % of revenue 64.3% 64.6% 60.2% 60.4% 60.1% 60.1% 61.2% Depreciation & amortization 1, , % 21.1% 16.7% 19.1% Operating income 1, , % 8.6% 14.7% 14.2% % of revenue 37.3% 38.1% 32.7% 33.2% 33.1% 33.1% 34.4% Other (income) expense, net 21 (7) (11) (6) - (10) (34) Interest expense % 21.9% 27.0% 28.7% Pretax income 1, , % 13.4% 15.2% 5.5% Provision for income taxes Tax rate 7.0% 9.4% 7.0% 7.0% 7.0% 7.0% 9.6% Minority Interest Preferred Stock Dividends Net income, continuing ops , % 4.6% 11.0% 7.5% Net income to common % 24.4% ###### 33.7% % of revenue 12.5% 19.3% 11.1% 15.7% 16.3% 17.7% 15.9% Earnings per share: Reported EPS $ 1.41 $ 0.58 $ 0.37 $ 0.55 $ 0.57 $ 0.64 $ 2.15 Non-recurring gain (loss) ($ 0.79) ($ 0.03) ($ 0.12) ($ 0.03) $ 0.00 $ 0.00 ($ 0.18) Operating EPS $ 2.19 $ 0.61 $ 0.50 $ 0.58 $ 0.57 $ 0.64 $ % 4.1% 10.3% 7.2% Avg. diluted shares outstanding % 0.5% 0.6% 0.3% Dividends per share $ 1.81 $ 0.51 $ 0.53 $ 0.55 $ 0.55 $ 0.59 $ % 20.5% 19.6% 20.0% AFFO Per share $ 5.09 $ 1.41 $ 1.38 $ 1.49 $ 1.41 $ 1.49 $ % 9.7% 14.2% 17.3% 35.6% 36.2% 38.4% 36.9% 38.9% 39.5% 37.8% Operating Metrics: Total ending comm. sites 101, , , , , , , % 55.1% 44.8% 45.5% Net adds 25, , ,210 46,003 Average comm. sites 88, , , , , , ,031 Monthly rev./ Avg. comm. sites $4,423 $4,177 $3,866 $3,451 $3,432 $3,505 $3,848 (3.6%) (8.9%) (17.5%) (15.5%) Assumed tennants per tower % 3.8% 3.7% 3.7% Implied tennants 201, , , , , , , % 61.0% 50.2% 50.9% Monthly rev./ Avg. tennant $2,146 $2,078 $1,892 $1,667 $1,658 $1,669 $1,887 (2.1%) (12.4%) (20.5%) (18.5%) Free cash flows analysis: Net income, continuing ops , % 4.6% 11.0% 7.5% plus: D&A 1, , % 21.1% 16.7% 19.1% plus: non-cash comp plus: other non-cash minus: total cap-ex % 11.9% (22.1%) 2.7% as % of revenue 15.3% 12.4% 11.8% 10.6% 14.0% 14.0% 12.2% Free cash flows 1, , % 21.0% 35.9% 18.7% FCF per share before buy-backs $ 3.90 $ 1.17 $ 1.18 $ 1.23 $ 1.14 $ 1.22 $ % 20.5% 35.0% 18.3% AFFO per share $ 5.09 $ 1.41 $ 1.38 $ 1.49 $ 1.41 $ 1.49 $ % 9.7% 14.2% 17.3% Balance sheets data: Cash Total debt 17,119 17,022 18,717 18,679 18,528 18,585 18,585 Net debt 16,798 16,686 18,306 18,149 18,054 18,024 18,024 Effective annual interest expense 3.7% 3.7% 4.1% 4.1% 4.0% 4.0% 4.0% Net PP&E 9,866 9,917 10,575 10,452 10,379 10,395 10,395 Implied useful life (PP&E) Total assets 26, ,740 30,656 30,607 30,630 30,630 Shareowners equity 6,713 6,756 6,840 6,774 6,851 6,797 6,797 Net debt / Total capitalization 71.4% 71.2% 72.8% 72.8% 72.5% 72.6% 72.6% Source: Company Reports & Oppenheimer & Co. Research Estimates. 4

5 AMT (OUTPERFORM) - $ American Tower Corp. American Tower Corp. Annual Model ($ in millions, except per share data) Last Updated: 10/27/2016 CAGR Consolidated Model E 2017E E 2017E '12-'17 Operating revenue Rental and management 4,007 4,680 5,727 6, % 16.8% 22.4% 13.0% 18.2% Network development services % (2.1%) (18.2%) 0.0% 0.6% Total consolidated revenue 4,100 4,771 5,802 6, % 16.4% 21.6% 12.8% 17.9% Cost of operations Rental and management 1,056 1,275 1,770 2, % 20.7% 38.9% 14.1% 24.1% % of rental & mgt. revenue 26.4% 27.2% 30.9% 31.2% Network development services % (13.7%) (7.1%) 1.4% (2.9%) % of network develop revenue 40.9% 36.0% 40.9% 41.5% Gross Profit 3,006 3,464 4,001 4, % 15.2% 15.5% 12.3% 15.9% Gross Margin 73.3% 72.6% 69.0% 68.7% SG&A and development % 11.1% 13.1% 10.7% 13.1% % of revenue 8.9% 8.5% 7.9% 7.8% Total operating expenses 1,461 1,715 2,262 2, % 17.4% 31.8% 13.2% 20.7% % of revenue 35.6% 35.9% 39.0% 39.1% TV Azteca Income, Net (52.6%) 6.3% (0.4%) 0.0% (4.8%) EBITDA 2,570 2,977 3,458 3,896 % of revenue 62.7% 62.4% 59.6% 59.5% Non cash-stock comp % 13.0% 3.1% 7.7% 14.4% Adj. EBITDA 2,649 3,067 3,551 3, % 15.8% 15.8% 12.5% 16.1% % of revenue 64.6% 64.3% 61.2% 61.1% Depreciation & amortization 1,004 1,285 1,557 1, % 28.0% 21.2% 13.5% 22.4% Operating income 1,646 1,782 1,994 2, % 8.3% 11.9% 11.8% 12.3% % of revenue 40.1% 37.3% 34.4% 34.1% Other (income) expense, net (34) (20) Interest expense % 1.9% 21.4% 1.0% 12.5% Pretax income 956 1,080 1,217 1, % 13.0% 12.7% 16.9% 13.9% Provision for income taxes Tax rate 6.5% 7.0% 9.6% 7.0% Minority Interest Preferred Stock Dividends Net income, continuing ops ,000 1, % 4.1% 7.9% 20.4% 11.9% Net income to common , % (25.7%) 55.0% 30.6% 13.6% % of revenue 19.5% 12.5% 15.9% 18.4% Earnings per share: Reported EPS $ 2.00 $ 1.41 $ 2.15 $ 2.81 Non-recurring gain (loss) ($ 0.22) ($ 0.79) ($ 0.18) $ 0.00 Operating EPS $ 2.23 $ 2.19 $ 2.33 $ % (1.5%) 6.3% 20.4% 10.3% Avg. diluted shares outstanding % 5.7% 1.5% 0.0% 1.5% Dividends per share $ 1.40 $ 1.81 $ 2.18 $ % 29.3% 20.3% 20.0% 23.8% AFFO Per share $ 4.53 $ 5.09 $ 5.77 $ % 12.3% 13.4% 12.4% 16.2% $ % 37.8% 40.3% Operating Metrics: Total ending comm. sites 75, , , , % 34.1% 45.5% 7.2% 23.7% Net adds 8,179 25,704 46,003 10,540 Average comm. sites 71,236 88, , ,302 Monthly rev./ Avg. comm. sites $4,687 $4,423 $3,848 $3, % (5.6%) (13.0%) (8.0%) (5.4%) Assumed tennants per tower % (7.2%) 3.8% 15.9% 3.7% Implied tennants 161, , , , % 24.5% 51.0% 24.3% 28.3% Monthly rev./ Avg. tennant $2,217 $2,146 $1,887 $1, % (3.2%) (12.1%) (16.3%) (7.2%) Free cash flows analysis: Net income, continuing ops ,000 1, % 4.1% 7.9% 20.4% 11.9% plus: D&A 1,004 1,285 1,557 1, % 28.0% 21.2% 13.5% 22.4% plus: non-cash comp plus: other non-cash minus: total cap-ex % (25.1%) (3.0%) 29.4% 10.0% as % of revenue 23.8% 15.3% 12.2% 14.0% Free cash flows 1,063 1,648 2,059 2, % 55.1% 24.9% 9.5% 19.8% FCF per share before buy-backs $ 2.66 $ 3.90 $ 4.80 $ % 46.8% 23.1% 9.5% 18.1% AFFO per share $ 4.53 $ 5.09 $ 5.77 $ % 12.3% 13.4% 12.4% 16.2% Balance sheets data: Cash Total debt 14,609 17,119 18,585 19,610 Net debt 14,295 16,798 18,024 19,391 Effective annual interest expense 4.0% 3.7% 4.0% 3.9% Net PP&E 7,627 9,866 10,395 11,544 Implied useful life (PP&E) Total assets 21,332 26,904 30,630 31,437 Shareowners equity 4,053 6,713 6,797 6,380 Net debt / Total capitalization 77.9% 71.4% 72.6% 75.2% Source: Company Reports & Oppenheimer & Co. Research Estimates. 5

6 American Tower Corp. AMT (OUTPERFORM) - $ Disclosure Appendix Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Analyst Certification - The author certifies that this research report accurately states his/her personal views about the subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Potential Conflicts of Interest: Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, Oppenheimer & Co. Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest. Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by Oppenheimer & Co. Inc: Stock Prices as of October 27, 2016 Sprint (S - NYSE, $6.36, PERFORM) AT&T, Inc. (T - NYSE, $36.43, OUTPERFORM) T-Mobile (TMUS - NYSE, $49.50, OUTPERFORM) Verizon (VZ - NYSE, $47.63, PERFORM) 6

7 AMT (OUTPERFORM) - $ American Tower Corp. 7

8 American Tower Corp. AMT (OUTPERFORM) - $ All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer & Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price histories, please write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager. Oppenheimer & Co. Inc. Rating System as of January 14th, 2008: Outperform(O) - Stock expected to outperform the S&P 500 within the next months. Perform (P) - Stock expected to perform in line with the S&P 500 within the next months. 8

9 AMT (OUTPERFORM) - $ American Tower Corp. Underperform (U) - Stock expected to underperform the S&P 500 within the next months. Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential conflict of interest. Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008: Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector. Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere. Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group. Distribution of Ratings/IB Services Firmwide IB Serv/Past 12 Mos. Rating Count Percent Count Percent OUTPERFORM [O] PERFORM [P] UNDERPERFORM [U] Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform. Company Specific Disclosures Oppenheimer & Co. Inc. makes a market in the securities of T and TMUS. Additional Information Available Please log on to or write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager. Other Disclosures This report is issued and approved for distribution by Oppenheimer & Co. Inc. Oppenheimer & Co. Inc. transacts business on all principal exchanges and is a member of SIPC. This report is provided, for informational purposes only, to institutional and retail investor clients of Oppenheimer & Co. Inc. and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. The securities mentioned in this report may not be suitable for all types of investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer & Co. Inc. Recipients should consider this report as only a single factor in making an investment decision and should not rely solely on investment recommendations contained herein, if any, as a substitution for the exercise of independent judgment of the merits and risks of investments. The analyst writing the report is not a person or company with actual, implied or apparent authority to act on behalf of any issuer mentioned in the report. Before making an investment decision with respect to any security recommended in this report, the recipient should consider whether such recommendation is appropriate given the recipient's particular investment needs, objectives and financial circumstances. We recommend that investors independently evaluate particular investments and strategies, and encourage investors to seek the advice of a financial advisor. Oppenheimer & Co. Inc. will not treat non-client recipients as its clients solely by virtue of their receiving this report. Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this report. The price of the securities mentioned in this report and the income they produce may fluctuate and/or be adversely affected by exchange rates, and investors may realize losses on investments 9

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