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Cautionary Language Regarding Forward-Looking Statements - page 12 / 28





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a higher growth rate on the acquired sites.

We in no means thought that our 20% to 25% statement was at risk in our own portfolio, continue to believe that. But again, if you were to believe similar growth in terms of revenue growth across the Global Signal portfolio as our own, the mathematics would suggest that the growth rate will be enhanced significantly.

That's where I come back to our "what do you have to believe" comment because you know that's how we operate and that's back to the 70% break even number. So no, we were not concerned about our prior statements and we're going to be always conservative in our outlook as we tell you. Again, a couple things that could go ... three things that could go our way as I mentioned going forward. Leasing, refinancing and synergies all could potentially enhance that growth and I'd say it in that order.

Ric Prentiss

Final question for you guys. Can you talk a little bit about what was the trigger for doing the deal? What was the trigger for doing it now and using that equity per tower slide, does that mean there's other tower companies that you would look at for large transactions?


Rick, I think the trigger clearly is we're always vigilant about opportunities and clearly from the Global Signal perspective, and I'll allow Jerry to talk about that, every company is otherwise looking at what is going to optimize their returns to their shareholders and what combinations are otherwise appropriate at any given point in time.

And in our particular case, we have always been very comfortable that scale in and of itself is not a reason to do any combination of tower companies. Because whereas expanding the scope of our product offering for our customers is in fact very exciting, it's really a question of whether or not that combination is going to result in improved financial outlook for the combined company as opposed to just the pure notion of benefits from scale.

In our case, as you all know, we have been very disciplined about how we've otherwise approached this notion of consolidation in our industry by virtue of the fact that we've been very comfortable with the ability to grow this business organically as Ben just touched on in your question previously, Rick, about the longer term objective that we had of growing recurring cash flow per share at 20% to 25%. So we've been very comfortable with our ability to do that organically. But by the same token, if there was transaction that was available to us that was going to be additive in terms of the portfolio and where these locations were, because once again that's very important to us.

We are very comfortable with our core portfolio, having acquired them predominantly from the A and B side cellular carriers and the urban nature of our portfolio, we're very comfortable with how that has been able to drive


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