Investor Presentaiton

Legal Framework History of Pole Attachment Regulation Electric and Incumbent Local Exchange Carrier ("ILEC") dominance over pole facilities arose as a result of public policies to establish widespread availability of electric services Utility pole networks have been paid for over the years by utility ratepayers, as intended, for whom the networks were built and are maintained ■ Most attachers, including cable operators and wireless companies, did not have the same opportunity to construct their own networks under rate of return regulation 8 Davis Wright Tremaine LLP

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