2018 Guide to Effective Proxies

2.17.5 Elements of pay tables | 349 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES COMPENSATION AND OTHER INFORMATION CONCERNING DIRECTORS AND OFFICERS Compensation Discussion and Analysis SUMMARY OF EXECUTIVE COMPENSATION PROGRAM The following tables summarize the components of our 2017 compensation program and how they help us achieve our compensation objectives. ANNUAL BASE SALARY What the Element Rewards: Purpose and Key Features: • Individual executive’s tenure, scope of responsibility and work experience • Executive’s day-to-day leadership skills and role in supporting key operating objectives • Provides competitive level of compensation to attract and retain highly-qualified executive talent • Rewards sustained performance over time and is market competitive ANNUAL PERFORMANCE INCENTIVE PROGRAM What the Element Rewards: Purpose and Key Features: • Achievement of pre-established Company financial goals (80% of target award) • Achievement of pre-established individual performance goals (20% of target award) • Provides at-risk, variable cash pay opportunity for short-term performance; motivates and rewards executive primarily for contributions to Company’s financial goals, as well as individual goals • Bonus targets are designed to motivate our executives to achieve or exceed annual goals within appropriate risk parameters • For 2017, Company financial metrics include: total property revenue, excluding pass through, and Adjusted EBITDA (1) ; no payouts awarded for performance levels below threshold LONG-TERM INCENTIVE PLAN What the Element Rewards: Purpose and Key Features: • Achievement of results that have a positive impact on the long-term success of the Company and returns to stockholders • Provides at-risk, variable, equity-based pay opportunity for long-term performance and focuses executive officers on the creation of long-term stockholder value • Long-term retention tool • Equity mix consists of 60% PSUs and 40% RSUs; PSU performance metrics include cumulative achievements of target levels of Consolidated AFFO per Share and average ROIC, over a three-year performance period (1) • Total compensation is heavily weighted toward equity (1) Definitions of non-GAAP financial measures and reconciliations to GAAP can be found in Appendix A. AMERICAN TOWER CORPORATION 2018 PROXY STATEMENT 29 Total of 02 pages in section AMERICAN TOWER CORPORATION