Professor Tommaso Valletti 
Imperial College Business School 
Imperial College London
South Kensington Campus, London SW7 2AZ, UK 
Telephone: +44 (0)20 7594 9215
Fax: +44 (0)20 7823 7685
www.imperial.ac.uk/people/t.valletti
t.valletti@imperial.ac.uk
21 July 2016
Dear Ms Shetler,
Many thanks for your letter of July 12
th
. I have now read the updated version of Attachment
3, correcting the regression analysis after a coding issue was rectified. I checked in 
particular the nine tables of the regression results that were affected. These changes did 
not produce any material effect on the previously estimated effect of facilities-based 
competition. I confirm that this update does not change the findings in the FCC Staff 
Memorandum. I conclude that I am satisfied with the revised paper and I do not need to 
add to my peer review.
Yours sincerely,
Tommaso Valletti
Professor of Economics
Imperial College London
Imperial College of Science, Technology and Medicine