1053507--2/28/2007--AMERICAN_TOWER_CORP

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Decrease in demand for tower space would materially and adversely affect our operating results and we cannot control that demand. If our wireless service provider customers consolidate or merge with each other to a significant degree, our growth, revenue and ability to generate positive cash flows could be adversely affected. Substantial leverage and debt service obligations may adversely affect us. Restrictive covenants in our credit facilities and indentures could adversely affect our business by limiting flexibility. Due to the long-term expectations of revenue from tenant leases, the tower industry is sensitive to the creditworthiness of its tenants. Our foreign operations are subject to economic, political and other risks that could adversely affect our revenues or financial position. A substantial portion of our revenue is derived from a small number of customers. Status of Iusacell Celular s financial restructuring exposes us to certain risks and uncertainties. New technologies could make our tower leasing business less desirable to potential tenants and result in decreasing revenues. We could have liability under environmental laws. 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. Increasing competition in the tower industry may create pricing pressures that may adversely affect us. If we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results. If we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from such towers would be eliminated. Our towers may be affected by natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage. Our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated. Our stock option granting practices are subject to ongoing governmental proceedings, which could result in fines, penalties or other liability. Pending civil litigation relating to our stock option granting practices exposes us to risks and uncertainties. The bankruptcy proceeding of our Verestar subsidiary exposes us to risks and uncertainties.

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1053507--2/28/2007--AMERICAN_TOWER_CORP_/MA/