ln this quarterly report, we examine trends across the global tower industry, inclusive ofboth U.S.TowerCos under our coverage and the European and Emerging Marketsnames covered by European Telecom Services Analyst Simon Coles.Following 2Q21results, we look at trends in key metrics within each of these regions. We also compareKPls and valuation across all tower companies under Barclays coverage.As a firm, wehave a positive view on the tower sector, and have Overweight ratings on AMT,CCL,SBAC，CLNX.MC.HTWS.L. VTWRn.DE and Equal Weight ratings on lINWT.Ml andSITESB1.MX.

lncreased services expectatlons agaln boosting AFFO guldance.All three U.S. towercompanies under our coverage walked up their FY21 AFFO outlooks again due tohigher expectations in their respective services lines. We believe this application activitywill begin to flow through the property revenue line in roughly 6-9 months as leasescome online. We believe the slight sequential bump in domestic organic growth seen byall three TowerCos in Q2 is the continued result of the 2H20 ramp in tower activity thecompanies previously discussed.

FY21 domestlc organic growth rates malntained. Despite the walk up in FY21guidance, all three U.S. tower companies maintained their respective domestic organictower growth outlooks. Due to the lead time between application activity and leasecommencement, we believe the ramping application activity currently seen will not flowthrough to the property revenue line until 2H21, weighted more towards Q4.

Small cells takIng a backseat...for now.CCl notably lowered its small cell deploymentand growth expectations for FY21, as carriers aggressively prioritize macro sites in theinitial phase of their 5G rollouts. CCl management expects this trend to continuethrough FY22 with small cell focus remerging in FY23.

Emerglng market pressures abatIng. In 2Q21 AMT and SBAC experienced a morefavorable FX environment than the companies assumed in previous guidance.However,macro/pandemic-related issues continued to negatively affect the emerging marketsarena. SBAC maintained muted guidance for its EM-centric international footprint.Asvaccination rates rise, we believe the EM market may begin to positively inflect. BothHelios and Telesites expect activity to ramp up in 2021 vs 2020 despite slow starts thisyear.

Europen many players, diverse assets.AMT closed the bulk of its Telxius transaction inQ2 and is integrating the sites into its broader portfolio. We believe AMT's Europeassets will mute the FX headwinds of its legacy EM-centric international business. Weanticipate a slowing of M&A activity in Europe and focus to return to organic growth.we see a healthy pipeline for growth in the coming years from new site builds and anincrease in tenancy ratio as carriers densify their networks.

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business withcompanies covered in its research reports.As a resuft, investors should be aware that thefirm may have a conflict of interest that could affect the objectivity of this report. Investorsshould consider this report as only a single factor in making their investment decision.

This research report has been prepared in whole or in part by equity research analystsbased outside the US who are not registered/qualified as research analysts with FINRA.PLEASESEEANALYST CERTIFICATION(S)AND IMPORTANTDISCLOSURES BECINNINC ON PACE 22.