2018 Guide to Effective Proxies

6 TH EDITION | GUIDE TO EFFECTIVE PROXIES 142 AMERICAN TOWER CORPORATION ANADARKO PETROLEUM CORPORATION ARAMARK AT&T, INC. PROXYSTATEMENTSUMMARY Board Diversity WhilewedonothaveaspecificdiversitypolicyforourBoard,ourCorporateGovernanceGuidelinesprovideforselectingDirectors whoreflectadiversityofskills,professionalandpersonalbackgroundsandexperiences.WeareproudtohaveDirectorswhoare highlydiverse,includingwithrespecttogender,raceandexperience.Herearesomestatisticsregardingthecompositionofour Boardin2017: Women&Ethnic Minorities 50% (Women: 30%; EthnicMinorities: 20%) 50% Former and CurrentCEOs Wireless and/orREIT Industry Experience International Experience 80% 60% 60% OurBoardconsistsofindividualswithdiverseandcomplementarybusiness,leadershipandfinancialexpertise.Manyofour Directorshaveleadershipexperienceatmajordomesticandmultinationalcompanies,aswellasexperienceontheboardsofother companiesandorganizations,whichprovideanunderstandingofdifferentbusinessprocesses,challengesandstrategies.Mostof ourDirectorshaveindustryandpublicpolicyexperiencethatprovidesinsightintoissuesfacedbypubliccompanies. Key Corporate Governance Best Practices • AnnualElectionofAllDirectors • AllDirectorsExceptChairmanAreIndependent(OurCEO servesasChairmanandistheonlyManagementDirector) • LeadIndependentDirector • OnlyIndependentDirectorsServeonBoard’sStanding Committees • MajorityVotingforDirectors • IndependentDirectorsMeetWithoutManagementPresent • AnnualReviewofBoardCompositionandSuccessionPlanning • OneVoteperShareofCommonStock • RegularStockholderEngagement • ProxyAccess(3%,3years,25%ofBoard) • CodeofEthicsandBusinessConductPolicy • CorporateGovernanceGuidelines • DisclosureCommitteeforFinancialReporting • StockOwnershipRequirementsforDirectorsandExecutives • AnnualAdvisoryVoteonExecutiveCompensation • Stockholders’RighttoActbyWrittenConsent • Anti-InsiderTradingPolicy,includingAnti-Hedgingand Anti-PledgingProvisions • ClawBackProvisions • Double-TriggerEquityVestingandNoTaxGross-Upsina ChangeofControl • StockholderAbilitytoCallSpecialMeetings(25% OwnershipThreshold) • AnnualRiskAssessment • ReviewandApprovalPolicyforRelatedPartyTransactions • IndependentCompensationConsultant • AnnualReviewofCEOPerformance,UnderLeadershipof LeadIndependentDirector • OnboardingProgramfornewDirectors • DirectorsAttendContinuingEducationPrograms • StockOptionsAreNotRepricedorRepurchased RelatedPartyTransactions,DirectorIndependenceandCodeofConduct Forfiscalyear2017,therewere: • NO relatedpartytransactions • NO transactionsthataffectedourDirectors’independence • NO violationsorwaiversofourCodeofEthicsandBusinessConductPolicy(CodeofConduct)withrespecttoourDirectorsor executiveofficers AMERICANTOWERCORPORATION 2018PROXYSTATEMENT 7 Total of 02 pages in section Corporate Governance BoardQualificationsandRefreshment. TheBoardhasa rigorousprocesstoensurethatthecompositionofdirectors isdiverse,balancedandalignedwiththeevolvingneedsof theCompany.AsstatedinourCorporateGovernance Guidelines,oneofthecorecompetenciesourBoardhas identifiedinassessingthequalificationsoftheBoardasa wholeisadiversityofexperience,professionalexpertise, perspectiveandageinordertoensuretheBoardhadthe propermixofskillsandexperiencetoprovideeffective oversight. TheBoardrecognizesthatsuchdiversityisanimportant factorinboardcompositionand,althoughtheBoarddoes nothaveaformalpolicy,theGovernanceandRisk Committeeensuresthatsuchdiversityconsiderationsare discussedinconnectionwitheachcandidatefordirector. TheBoardconsiderstheCompany’slong-termstrategyin evaluatingwhatcurrentandfutureskillsandexperienceare requiredandweighsthoseskillswhenevaluatingthe directorsaswellaspotentialdirectorcandidates. Aspartofthisprocess,ourBoardreviewsadirectorskillset chartthatidentifiesexpertise,experienceandother characteristicsthattheBoardbelievescontributetoan effectiveandwell-functioningboardandthattheBoardasa wholeshouldpossess. AnthonyR.Chase YES DavidE.Constable YES H.PaulettEberhart YES ClaireS.Farley YES Peter J.Fluor YES JosephW.Gorder YES JohnR.Gordon YES SeanGourley YES MarkC.McKinley YES EricD.Mullins YES R.A.Walker NO 63 56 64 59 70 60 69 38 61 55 61 =nosignificantexperience 1 – =2ormoreotherBoards; =1otherBoard 2 – =2ormorecompanies; =1othercompany 3 – =eligibletobedesignatedanAuditCommi eeFinancialExpert atapublicly traded company; =significanteducationorexperience 4 – =significantbankingorfinancialexperience; =otherbankingorfinancialexperience 5 – =veryactive; =moderatelyactive 6 –Environmentalexperienceandsuccessfulentrepreneurialtrackrecord. 7 –Bigdataanalyticsandartificialintelligence. DirectorSkillSets 7 6 TheGovernanceandRiskCommitteeconsiderstheseand otherfactorsandtheextenttowhichsuchattributescanbe representedwhenevaluatingpotentialcandidatesforthe Board.Otherfactorsconsideredincludeboardrefreshment anddirectortenure.Together,thisbalanceofskillsets, experiencesandpersonalbackgroundsallowsourdirectors toprovidethediversityofthoughtthatiscriticaltothe Board’sdecision-makingandoversightprocess. Board Refreshment Since May 2012 8 6 Board of Directors JOINED EXITED 7.6 Years Average Tenure of Independent Directors ANADARKOPETROLEUMCORPORATION 2018PROXYSTATEMENT 19 ProxyStatementSummary Director Nominees* Snapshot of 2018 Director Nominees Our Director nominees exhibit an effective mix of skills, experience, diversity, and perspectives Women 30% 54% 1-5 years 6-10 years 11-15 years >15 years 5 years or less People of color 23% Name Age Director Since PrincipalOccupation Randall L. Stephenson 57 2005 Chairman, CEO, and President, AT&T Inc. Samuel A. Di Piazza, Jr. 67 2015 Retired Global CEO, PricewaterhouseCoopers International Limited Richard W. Fisher 68 2015 Former President and CEO, Federal Reserve Bank of Dallas Scott T. Ford 55 2012 Member and CEO, Westrock Group, LLC Glenn H. Hutchins 62 2014 Co-Founder, North Island and Co-Founder, Silver Lake William E. Kennard 61 2014 Former United States Ambassador to the European Union and former Chairman of the Federal Communications Commission Michael B. McCallister 65 2013 Retired Chairman and CEO, Humana Inc. Beth E. Mooney 63 2013 Chairman and CEO, KeyCorp Joyce M. Roché 70 1998 Retired President and CEO, Girls Inc. Matthew K. Rose 58 2010 Chairman and CEO, Burlington Northern Santa Fe, LLC Cynthia B. Taylor 56 2013 President and CEO, Oil States International, Inc. Laura D’Andrea Tyson 70 1999 Distinguished Professor of the Graduate School, Haas School of Business, and Chair of the Blum Center for Developing Economies Board of Trustees at the University of California at Berkley Geoffrey Y. Yang 59 2016 Founding Partner and Managing Director, Redpoint Ventures * All Director nominees are independent, except for Mr. Stephenson senior leadership/CEO experience industry/technology investment/private equity global business/affairs finance/public accounting government/regulatory 8 4 13 8 7 9 AT&T 2018 Proxy Statement | 3 | Total of 02 pages in section DIRECTOR NOMINEES ThefollowinginformationdescribescertaininformationregardingourdirectornomineesasofDecember21,2017. Director Nominee Composition TENURE 3.6 yrs. AverageTenure 7 0-4 years 3 5-9 years 1 10+ years AGE 60s 50s DIVERSITY 3Women/2OfEthnicDiversity 6 5 4 3 2 1 0 45% Diversity Director Nominee Skills, Experience, and Background TheBoardregularlyreviewstheskills,experience,andbackgroundthatitbelievesaredesirabletoberepresentedon theBoardand,inconjunctionwiththeBoard’srefreshmentprocessdescribedbelow,hasrecentlyre-evaluatedthese skillsandqualificationstobetteralignwiththeCompany’sstrategicvisionandbusinessandoperations.Thefollowing isadescriptionofsomeoftheseskills,experience,andbackground: StrategicLeadership Experiencedriving strategicdirection andgrowthof an organization OperationsManagementExpertise Experienceorexpertise inmanaging theoperations ofabusinessormajororganization IndustryBackground Knowledgeofor experience inoneormoreof the Company’s specific industries (e.g., food, facilities management, anduniform services) PublicCompanyBoardService Experience as aboardmemberof another publicly-traded company. FinancialAcumen&Expertise Experienceor expertise in financial accounting and reportingor the financialmanagementof amajor organization CorporateFinance&M&AExperience Experience incorporate lendingorborrowing,capital markets transactions, significantmergersor acquisitons,privateequity,or investmentbanking SeniorManagementLeadership Experience serving in a senior leadership roleof a majororganization (e.g.,ChiefFinancialOfficer, GeneralCounsel,President,orDivisionHead) TechnologyBackgroundorExpertise Experienceorexpertise in information technologyor theuseofdigitalmediaor technology to facilitate businessobjectives CEOLeadership Experience serving as theChiefExecutiveOfficerof a majororganization InternationalExperience Experiencedoingbusiness internationally 9 StrategicLeadershipExperiencedrivingstrategicdirectionandgrowthofanorganizationOperationsManagementExpertiseExperienceorexpertiseinmanagingtheoperationsofabusinessormajororganizationIndustryBackgroundKnowledgeoforexperienceinoneormoreoftheCompany’sspecificindustries(e.g.,food,facilitiesmanagement,anduniformservices)PublicCompanyBoardServiceExperienceasaboardmemberofanotherpublicly-tradedcompany.FinancialAcumen&ExpertiseExperienceorexpertiseinfinancialaccountingandreportingorthefinancialmanagementofamajororganizationCorporateFinance&M&AExperienceExperienceincorporatelendingorborrowing,capitalmarketstransactions,significantmergersoracquisitions,privateequity,orinvestmentbankingSeniorManagementLeadershipExperienceservinginaseniorleadershiproleofamajororganization(e.g.,ChiefFinancialOfficer,GeneralCounsel,President,orDivisionHead)TechnologyBackgroundorExpertiseExperienceorexpertiseininformationtechnologyortheuseofdigitalmediaor technologytofaciltatebusnessobjectivesCEOLeadershipExperienceservingstheChiefExecutiveOfficerofamajororganizatioIntenationalExperieceExperiencdoingbusinesinternationally Total of 02 pages in section