SBA Communications (SBAC) 8-K Pro forma growth is calculated from mid-point of 2006 pro forma Outlook to mid-point of 2007 Outlook

Financial Guidance 2007

Financial Guidance  -

2007

Financial Guidance  -

2007

Pro forma growth is calculated from mid-point of 2006 pro forma Outlook to mid-point of 2007 Outlook

assuming AAT acquisition was closed and all anticipated synergies realized as of January 1, 2006. 2006

pro forma Outlook excludes one-time transition, integration, severance and bonus costs incurred

in

connection with the AAT acquisition, $2 mm of site leasing revenue and $3 mm of tower cash flow one-time

benefits realized in 2006.

($ in mm)

2006 – 2007

2007 FY

Pro Forma Growth

Site leasing revenue

$300.0

-

$320.0

11%

Site development revenue

$90.0

-

$100.0

0%

Total revenues

$390.0

-

$420.0

8%

Tower cash flow

$220.0

-

$240.0

14%

Adjusted EBITDA

$200.0

-

$210.0

17%

Net interest expense

$90.0

-

$91.0

(12%)

Non-discretionary cash capital expenditures

$8.0

-

$10.0

34%

Cash taxes

$1.0

-

$2.0

0%

Equity free cash flow

$97.0

-

$111.0

62%

Discretionary cash capital expenditures

$44.0

-

$46.0

NM

Acquisitions Since Q4 2004

Acquisitions Since Q4 2004

$168.5 mm of consideration

63 transactions

Average of $340K per tower

496 towers

Average of 8 towers per transaction

765 tenants

Average of 1.5 tenants per tower

$16 mm of Run Rate Revenue at Closing

$11 mm of Run Rate Tower Cash Flow at Closing

94% telephony revenue at closing

Metrics consistent with or better than existing portfolio

Note: Excludes AAT acquisition.

Financial Performance of Acquisitions

Financial Performance of Acquisitions

Transactions Closed More than One Year Ago

12.45x

15.52x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Closing TCF Multiple

Current TCF Multiple

All Transactions Since Q4 2004

9.92x

13.50x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Closing TCF Multiple

Current TCF Multiple

27 Transactions

143 Towers

63 Transactions

496 Towers

Highly Accretive

Ground Lease Purchases

Ground Lease Purchases

Program Profile

Program commenced in Q4 2004

Target a minimum 15% five-year IRR

Flexible structure

Purchases

Long-term amendments

Perpetual or long term easements

Purchases since Q4 2004

210 transactions

$16.6 mm of aggregate consideration

9.45x current expense average acquisition multiple

Immediately Accretive to Equity Free Cash Flow Per Share