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Curious to hear your perspective. Thanks.

John Kelly

Alright, Tom. I guess I'll just run down through the list over here. But on the first question relative to I think when you're alluding to the Big 3, you're talking about the Big 3 tower companies. Is that right?

Tom Lee

That's right.

John Kelly

And whether or not there's any more opportunity for consolidation between the Big 3 tower companies. I have no idea necessarily what the future might bring in that particular regard, but again from our perspective, it isn't an absolute necessity that that in fact does occur. Beyond that though, there are what you're describing as the Big 3 publicly traded tower companies pro forma of this transaction.

There are quite frankly a number of tower operators that are not public that continue to do a very good job of owning, operating and building new assets throughout the country because, if there's one thing that is clear, it is the fact that there is going to continue to be more infrastructure needed to support the wireless applications of the future than is in place today.

I think there's always the opportunity for further consolidation but is it among the "Big 3" tower companies? I have no idea what the future will bring in that particular regard and as far as we're concerned at this point in time, we're very excited about what we're announcing today and we're going to stick to our knitting about integrating that.

You mentioned the issue about risks that keep us up at night. In any acquisition and combination of companies like this, the issues that you're clearly always focused on is ensuring that the companies come together seamlessly, that there's no disruption in service, that we are able to integrate these assets and ensure that we are delivering for both our customers and our shareholders. That's something I think many of you know after having gotten to know us over the years, we obsess over.

We are very comfortable that our systems have progressed to the point where they can in fact accommodate this type of scaling and that maintaining a disciplined focus on all of the details associated with integrating these two companies and it'll be a primary focus of mine I can tell you for certainly the next 12-18 months, ensuring that we don't skip a beat in that particular regard.

That's something that would keep me up at night, and that's just by virtue of my personality. I worry very much about all the operational details in that particular regard, and I will continue to as we bring these companies together.


Crown Castle International

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