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Ben Moreland

On the second question last, Jon, we're anticipating that the merged company will be C-Corp going forward and we don't have any current plans to declare a dividend. That's always a topic for discussion with our Board, and we could certainly revisit that at some point in time.

We have found, as you know, our philosophy thus far that the investment of the capital either in assets or our stock is a higher returning activity than the dividend model.

On the synergies, we have been conservative because, frankly, you can afford to be. This is a transaction again not driven by synergies. This is as we've said about growth relative to a given base and the opportunities it provides to serve more customers. We always like to do "what do you have to get to" and frankly when we look at where you are, a couple of things. You don't have to believe a lot of synergies. You don't have to believe more leasing as a result of this combined company. You just don't because from the shareholders' perspective, this is a very compelling financial transaction that ultimately again given the progress we think we can continue to make on our own company and with the help of the Global Signal team make it with their portfolio, I think you'll continue to see very significant growth.

Jonathan Atkin

Thank you very much.


Thank you. Our next question comes from Tom Lee with JP Morgan. Please go ahead.

Tom Lee

Good morning, guys, and congratulations.


Good morning, Tom.

Tom Lee

I have a couple of questions. One relates to future opportunities because between the Big 3 now, it's like we keep hearing a gong and there's one less. Between the Big 3 you collectively have about 60% of all individually free standing towers out there. I'm just curious to know, do you see opportunities in the future for the Big 3 to consolidate that percentage beyond 60% or so?

Secondly, as I heard you guys talk about the merger and the benefits, I was real curious about what you guys see as any of the real risks in this transaction. In other words, if there was something that is going to keep you up at night in this transaction, what specifically among the actual execution is that going to be?

Then secondly, when you think about the risks to this transaction, do those have any effect on your relationships with the carriers? Have you had any initial feedback? Have they in the past adjusted that actually combined, reducing the number of large scale tower operators would be a positive?


Crown Castle International

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