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  "documentTitle": "Crown Castle International Corp. (CCI)",
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  "authorName": "Corvex Management",
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  "presentationDate": "2014-10-14 00:00:00",
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  "notes": "The chart highlights the valuation gap between CCI and other tower transactions.",
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      "text": "AT&T and T-Mobile tower portfolios traded for premium multiples in excess of 21.0x EV / EBITDA, in comparison to CCI's recent multiple of only 17.3x",
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      "kind": "chart",
      "text": "U.S. Tower Precedent Transactions",
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      "text": "Potential Verizon tower sale should be an additional catalyst for CCI to change its capital allocation plan now, strengthening its equity currency in front of a possible transaction. AT&T and T-Mobile tower portfolios traded for premium multiples in excess of 21.0x EV / EBITDA, in comparison to CCI's recent multiple of only 17.3x",
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      "text": "Source: Company filings and press releases, Wall Street research, Corvex estimates. Multiples represent EV / EBITDA. See Appendix for additional details.",
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      "text": "Reduce Cost of Capital",
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