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assumption of debt. Global Signal shareholders will receive 1.61 shares of Crown Castle common stock for each common share of Global Signal or $55.95 in cash for each common share of Global Signal. The cash election is capped at $550 million in aggregate cash consideration, and assuming the maximum cash election, Crown Castle shareholders will own approximately 68% of the combined company, and Global Signal shareholders will own approximately 32% of the combined company.

We're very pleased to be combining with Global Signal, who as you know, is the third largest tower operator and brings over 10,650 wireless tower sites to the combined company with 78% of these sites in the top 100 U.S. markets and almost 40% of their sites in the top 25 U.S. markets.

This transaction creates a lot of opportunities for Crown Castle. It is accretive, both near and long term, to recurring cash flow per share. It provides us with an enhanced opportunity for growth because of where Global Signal is in their evolution. It further diversifies our customer base while we will still enjoy 81% of the pro forma company's revenue from investment grade accounts. And it positions Crown Castle to leverage our experienced management team and industry leading customer service across an unrivaled tower footprint and brings us skilled and dedicated employees at Global Signal.

I'd indicate that though on the chart this transaction also has synergies, and in a business like this, clearly it scales efficiently, this is not a transaction that's being done for synergies; it is, and you'll hear this in the comments that Ben and I are going to be making prior to the question and answer, this is all about growth and enhancing the growth profile by combining these two companies. So though there are synergies, that is not the reason why we would otherwise be doing this transaction.

I've talked about the benefits from Crown Castle's perspective and joining me today, as Jay has indicated, is Jerry Elliott, Chief Executive Officer of Global Signal. I've just asked Jerry to comment briefly on his perspective from Global Signal on the combination. Jerry?

Jerry Elliott

Thank you, John. Good morning, everybody. Just a few thoughts for you about this combination. As John said, it is all about growth. As you think about what's happening in this sector and in the wireless industry generally, whether it's the build outs, they're going to be following the AWS Spectrum auction that was just completed.

I know T-Mobile's announcing their plans today. Leap laid out their plans yesterday. There's obviously tremendous build out that's going to come from the AWS Spectrum alone. The Sprint/Wi-Max for 4G build out's going to provide a lot of opportunity in addition to the general growth and development of not only data but content generally in the wireless sector.


Crown Castle International

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