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CNBC EXCLUSIVE: CNBC EXCERPTS: RANDALL STEPHENSON, AT&T CHAIRMAN & CEO, AND RENE OBERMANN, DEUTSCHE TELEKOM CEO, ON CNBC’S “SQUAWK BOX” TODAY

When: Today, Monday, March 21st at 6AM ET

Where: CNBC’s “Squawk Box

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Randall Stephenson, AT&T Chairman & CEO, and Rene Obermann, Deutsche Telekom CEO, today on CNBC’s “Squawk Box” (M-F, 6-9AM ET).

All references must be sourced to CNBC.

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STEPHENSON ON CAPACITY:

"IF YOU LOOK AT OUR DATA NETWORK, OUR VOLUME JUST IN THE LAST 4 YEARS IS UP 8000%, AND YOU WERE JOKINGLY REFERRING TO THE CLOUD, I MEAN THE CLOUD IS A BIG DEAL, THE CLOUD WITH THESE 4TH GENERATION NETWORKS IS GOING TO DRIVE DEMAND LIKE WE HAVEN'T EVEN BEGUN TO ANTICIPATE YET, AND IN FACT OUR ANTICIPATION IS OVER THE NEXT 5 YEARS THIS DEMAND IS GOING TO GO UP 8-10 TIMES FROM WHERE IT IS TODAY."

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STEPHENSON ON MOVE TO 4G:

"BY PUTTING THE 2 BUSINESSES TOGETHER WE CAN BEGIN TO COMBINE THOSE VARIOUS ELEMENTS AND FREE UP SPECTRUM THAT LETS US MOVE TO 4TH GENERATION NETWORKS, AND IN FACT THE BEAUTY OF THIS TRANSACTION IS WE PUT THESE TWO BUSINESSES TOGETHER AND TOGETHER WE ARE GOING TO BE ABLE TO DO WHAT NEITHER ONE COULD DO BY OURSELVES, AND THAT IS GET TO 95% COVERAGE OF 4TH GENERATION LTE NETWORKS ACROSS THE UNITED STATES."

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OBERMANN ON BIGGEST CHALLENGE:

"THE BIGGEST CHALLENGE IN THIS INDUSTRY IS TO BUILD UP OUR WIRELESS BROADBAND NETWORKS UBIQUITOUSLY AVAILABLE AND TO PROVIDE ENOUGH CAPACITY AND PERFORMANCE. THIS IS THE MOST IMPORTANT THING FOR THE ENTIRE ECONOMY, IT IS THE SAME IN THE U.S. AS IT IS IN EUROPE AND THEREFORE IT MAKES PERFECT SENSE AND IT IS THE RIGHT SOLUTION FOR THE MARKET."

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STEPHENSON ON U.S. ECONOMY:

WE FEEL PRETTY GOOD ABOUT THE U.S. ECONOMY RIGHT NOW. IT IS NOT ON A TEAR PER SE BUT THE ECONOMY IS JUST CONTINUING TO GET BETTER, IT JUST FEELS LIKE EVERY MONTH WE GET BETTER AND BETTER AND THE PERFORMANCE GETS BETTER AND THE HIRING PICTURE JUST CONTINUES TO IMPROVE AND SO WE MAKE A COMMITMENT TO A DEAL LIKE THIS YOU DO MAKE IT IN ANTICIPATION OF WHAT THE ECONOMIC PERFORMANCE WILL BE AND SO WE DON'T HAVE ANY EXPECTATIONS IT IS GOING TO BE HIGH GROWTH IN THE U.S. ECONOMY FOR AWHILE BUT GOOD STEADY GROWTH. IT IS A PLACE WE WANT TO INVEST AND SO WE ARE GOING TO INVEST QUITE A BIT OF CAPITAL."

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STEPHENSON ON OBJECTIVES:

"I THINK WE AS A COUNTRY HAVE TO BEGIN TO THINK DIFFERENTLY ABOUT HOW WE FACILITATE AND ACCOMMODATE BOTH THE PRESIDENT'S OBJECTIVE OF GETTING UBIQUITOUS MOBILE BROADBAND COVERAGE ACROSS THE UNITED STATES, AS WELL AS THE FCC'S OWN AGENDA AND THE FCC IS WORKING VERY AGGRESSIVELY TO FREE UP MORE AIRWAVES, MORE SPECTRUM BUT THAT TAKES A LOT OF TIME AND TRADITIONALLY THAT HAS TAKEN A 6-7 YEAR TIME HORIZON TO FREE THAT SPECTRUM UP, THE PROBLEM WE HAVE IS THIS GROWTH RATE IS GROWING NOW, IT IS GROWING VERY QUICKLY NOW AND 6-7 YEARS IS TO LONG TO WAIT TO MAKE THIS POSSIBLE."

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STEPHENSON ON PREPAID:

"ONE THING I LIKE ABOUT THIS DEAL, T-MOBILE HAS A VERY GOOD PREPAID BUSINESS THEY HAVE A VERY NICE PLATFORM THAT IS SOMETHING THAT WE ARE REALLY EXCITED TO GET ACCESS TO."

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OBERMANN ON OPPORTUNITIES:

"WE CONSIDER THE OPPORTUNITIES IN THE U.S. MARKET TO BE BIG, BUT YOU HAVE TO BE LARGE ENOUGH AND CAPABLE TO CAPTURE IT AND IN THAT NEW COMBINATION WE ARE VERY HAPPY ABOUT THAT STAKE."

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