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Cautionary Language Regarding Forward-Looking Statements - page 20 / 28

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Ben Moreland

Yeah, I would think so. Absolutely, I would think that as we go through the integration process in 2007 and we continue to grow EBITDA, you will continue to see this sort of drive back down towards the 7 times level.

But you know, that doesn't mean we're necessarily out of the market. This combined company is going to produce, without giving you guidance for ‘07, is going to produce very significant levels of borrowing capacity even if you're de-leveraging to 7 times as well as recurring cash flow that's available to be spent outside the business.

Again, we are not at all changing our approach. In fact I think this is very consistent with our approach that we will be a buyer of our shares until we find things that are more attractive and we believe this transaction is in keeping with that. We think again the growth relative to the price for this opportunity is a very, very attractive proposition.

Jim Ballan

Got it. The securitizations both at Global Signal and at Crown Castle, these are all going to survive this transaction of changing control at Global Signal. There isn't any risk of those having to be refinanced?

Ben Moreland

Oh, no, those all survive intact and move forward.

Jim Ballan

Okay, that's great. One last question. Can you talk a little bit about the due diligence process? Obviously when Sprint was on the block last year, you had a good chance to look at those towers, but there's also the remaining we'll call them the old Pinnacle towers that there was sort of the material weakness in controls at Global Signal. Can you talk just a little bit about the process, maybe how long that diligence process went on and what you did there?

Ben Moreland

I don't know if we'll get into a lot of detail around that particularly. Fundamentally it's an asset business and it's one, as John and Jerry have mentioned, we have systems as you know, Jim, and we feel we will ultimately be able to accommodate these assets in both our operating and financial systems at or shortly after the close that make us very comfortable just from a control environment, if that was your question. So from that perspective, not really a concern.

You mentioned the Sprint transaction was out there some 15-18 months ago. We certainly looked at it. I will say at the time we didn't have our balance sheet in order. We hadn't done our securitization. It made a material difference in the valuation of our business, and we availed ourselves to a large degree of that lower valuation by buying shares along the way. And while it's maybe not quite a one-for-one proposition, you look at where we sit today and on the relative value equation and the statistics I've walked you through this morning, around the sort of what do you have to believe to be

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Crown Castle International

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