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Topecuoglu with Goldman Sachs. Please go ahead.

Lale Topecuoglu

Hey, guys, just a few very quick questions. The first one, do you see any antitrust issues as it relates to the merger? And secondly would you reconsider visiting your Australian portfolio to focus more on the U.S. assets?

And the third one as it relates to going from a REIT structure to a C-Corp structure again. Ben, as you look forward, at what point would you consider dividends especially as it becomes really hard with high valuations to make sure buy back's accretive? Thanks.

John Kelly

I guess I'll take the first two here and then, Ben, you can comment on the question of dividends again. Lale, on the question of antitrust issues, and clearly we will be filing all of the appropriate documents and going through the appropriate reviews for this transaction, and there are certainly other comparable transactions to this one in the marketplace that have been approved so we don't contemplate that there would be any issues in that particular regard based on all the precedents that have been set to date. But we will be working through the process as is customary in these types of combinations.

With respect to the Australian portfolio, it really has no ... this transaction has no impact on Australia whatsoever. As we've mentioned before, when we were otherwise engaged in an evaluation of what the opportunities might be for that portfolio by virtue of some unsolicited requests that people had to look at those assets, we came to the conclusion quite frankly that our growth rates in Australia are such that we want to keep that portfolio. It is additive. Certainly it is smaller as a percentage of the overall company, Lale, and if that clearly was part of your question. I mean its total impact on the business is diluted. But by the same token, it's a very good investment in our view for our shareholders by virtue of what we're accomplishing down there, and there is no reason to otherwise divest that business because we have simply gotten larger in the United States.

Our focus clearly is on the United States, and that's where we will continue to be placing our primary focus, but I can tell you we are very excited about the prospects for our Australian business and continue to encourage them to do all the fantastic work that they're doing down there.

Ben Moreland

On the share buy back versus dividends, if we are successful in what we believe will be the case here, is enhancing the growth rates of this business. As you've seen us behave before, our view is clearly notwithstanding the short term dilution from borrowing to buy shares, gee if you're growing recurring cash flow 20% to 25% per year over an extended period of time, the long term accretion that occurs from borrowing 6% or less is tremendous as a long term investment.


Crown Castle International

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