<SEC-DOCUMENT>0001104659-24-057499.txt : 20240506
<SEC-HEADER>0001104659-24-057499.hdr.sgml : 20240506
<ACCEPTANCE-DATETIME>20240506165155
ACCESSION NUMBER:		0001104659-24-057499
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240506
DATE AS OF CHANGE:		20240506

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CROWN CASTLE INC.
		CENTRAL INDEX KEY:			0001051470
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				760470458
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16441
		FILM NUMBER:		24918323

	BUSINESS ADDRESS:	
		STREET 1:		8020 KATY FREEWAY
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024
		BUSINESS PHONE:		7135703000

	MAIL ADDRESS:	
		STREET 1:		8020 KATY FREEWAY
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROWN CASTLE INTERNATIONAL CORP
		DATE OF NAME CHANGE:	19971215

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Boots Parallel 1, LP
		CENTRAL INDEX KEY:			0002001389
		ORGANIZATION NAME:           	
		IRS NUMBER:				934267119
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		4M MANAGEMENT PARTNERS, LLC
		STREET 2:		7800 WASHINGTON AVE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77007
		BUSINESS PHONE:		(713) 974-9049

	MAIL ADDRESS:	
		STREET 1:		4M MANAGEMENT PARTNERS, LLC
		STREET 2:		7800 WASHINGTON AVE, SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77007
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>tm2413209d3_dfan14a.htm
<DESCRIPTION>DFAN14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 5pt; text-underline-color: #000000"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Crown Castle Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified in Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BOOTS PARALLEL 1, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BOOTS, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BOOTS GP, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BOOTS CAPITAL MANAGEMENT, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4M MANAGEMENT PARTNERS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4M INVESTMENTS, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WRCB, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHARLES CAMPBELL GREEN III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DAVID P. WHEELER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THEODORE B. MILLER, JR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TRIPP H. RICE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-underline-color: #000000"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-underline-color: #000000; text-align: justify"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Boots Capital Management, LLC (&ldquo;Boots Capital&rdquo;),
together with the other Participants named herein (&ldquo;Boots&rdquo;), have filed a definitive proxy statement and accompanying GOLD
universal proxy card with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to be used to solicit proxies for, among other
matters, the election of their slate of director nominees at the 2024 annual meeting of stockholders (the &ldquo;2024 Annual Meeting&rdquo;)
of Crown Castle Inc., a Delaware corporation (&ldquo;Crown Castle&rdquo; or the &ldquo;Corporation&rdquo;).&nbsp; From time to time, Crown
Castle and the other participants named herein may refer shareholders of the Corporation to such materials reproduced herein, recent articles
or other materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2024, Boots Capital issued a press
release relating to the Corporation, a copy of which is posted to the Boots Capital campaign website at www.RebootCrownCastle.com and
is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BOOTS CAPITAL ENCOURAGES SHAREHOLDERS TO IGNORE
CROWN CASTLE&rsquo;S DISTRACTING MISREPRESENTATIONS AND JUDGE DIRECTOR CANDIDATES ON THE MERITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Boots Capital Has Unequivocally Stated It is
Not Seeking Control and is Committed to Working Collaboratively with Crown Castle&rsquo;s Board and New CEO, Contrary to Falsehoods Intended
to Mislead Shareholders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Crown Castle Materials Make No Reference to
the Board&rsquo;s Repeated Rejections of Boots&rsquo; Attempts to Settle Proxy Fight</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Crown Castle Board Deceptively Blames Boots
Capital for Board&rsquo;s Decision to Remove New CEO as a Director </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Insufficient Board &lsquo;Refresh&rsquo; Has
Produced Negative TSR Relative to Peers Since 2020</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Urges Shareholders to Vote the GOLD Proxy Card
 &ldquo;FOR&rdquo; Boots Capital&rsquo;s Four Highly Qualified Director Nominees &ndash; Ted Miller, Charles Green, David Wheeler, and
Tripp Rice &ndash; and &ldquo;WITHHOLD&rdquo; on ALL Crown Castle Nominees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>HOUSTON &ndash; May 6, 2024 &ndash;</B> Boots
Capital Management, LLC (&ldquo;Boots Capital&rdquo;), an investment vehicle led by Ted B. Miller, co-founder and former Chief Executive
Officer of Crown Castle Inc., (NYSE: CCI) (&ldquo;Crown Castle&rdquo; or the &ldquo;Company&rdquo;), today issued the following statement
in response to the misleading investor presentation filed by Crown Castle in connection with its upcoming 2024 Annual Meeting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Boots Capital began evaluating how Crown
Castle&rsquo;s fiber assets could be divested in August 2023 &ndash; while Crown Castle was still publicly committed to its fiber strategy
 &ndash; in large part driven by conversations with Company shareholders. Repeatedly, we tried to engage constructively and cooperatively
with the Company by bringing them an actionable and timely plan with a list of parties who will transact.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crown Castle&rsquo;s Board continues to refuse
to so much as look at our analysis, which comprises hundreds of pages of detailed work. It has since resorted to publicizing outright
mistruths and attacks on our motives and experience as a way to scare shareholders. However, these are the same shareholders who have
suffered under 10 years of Crown Castle&rsquo;s terrible underperformance and a corporate governance approach that has been openly hostile
to their interests. Shareholders should not be fooled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We need not review each falsehood point by point,
but there are a few key false claims that must be corrected:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, <B>Boots Capital does not seek direct or
 &ldquo;de-facto control&rdquo; of Crown Castle and believes all Crown Castle directors should be treated equally</B>. Boots Capital is
only seeking four seats out of twelve and we have repeatedly stated we do not seek the executive chairman role. Boots Capital originally
made the executive chairman request while the Company was in a leadership crisis, after the abrupt resignation of the CEO and the ensuing
vacuum created by the Board&rsquo;s lack of a succession plan. We intended to act as a leadership bridge and a resource for the executive
team during this time of uncertainty following key personnel departures. During a March 19, 2024 meeting in San Diego with Mr. Bartolo,
we offered to settle the proxy fight for two directors with no executive chairman or committee representation. This offer was rejected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, in a conversation with Mr. Bartolo and
Mr. Moskowitz on April 29, 2024, we reiterated our settlement proposal of two directors and were clear again that this offer did not involve
an &ldquo;executive chairman&rdquo; nor a &ldquo;co-chairman&rdquo; request. This offer was also rejected, yet the Company continues to
knowingly and blatantly promote a false narrative that we are seeking control despite these facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, <B>we plan to work constructively with
Crown&rsquo;s new CEO and vocally supported his appointment to the Board.</B> In several places, the Company&rsquo;s recent presentation
accuses Boots Capital of &ldquo;objecting to the appointment of the new CEO, Steven Moskowitz to the Board.&rdquo; We specifically <U>did
not</U> object to Mr. Moskowitz&rsquo;s board appointment when we objected to the Board&rsquo;s last-minute increase in the total number
of board seats from 12 to 13 in the middle of a proxy fight. Rather, we informed the Company the right decision would be to remove one
of the Board&rsquo;s more tenured directors, who has presided over significant and lengthy value destruction, to allow Mr. Moskowitz to
be on the Board. In fact, the Board, not Boots Capital, made the decision to remove Mr. Moskowitz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our view, Crown Castle&rsquo;s Board is more
focused on words than actions and has put forth no credible plan to reverse years of underperformance while shareholders have been left
to suffer. Despite the Board&rsquo;s repeated focus on its &ldquo;refresh&rdquo; as evidence of positive change, Crown Castle&rsquo;s
share performance has only worsened since its 2020 board turnover, while its direct peers, AMT and SBAC, have seen relative TSR of 542%
and 153%, respectively, over that period. The fact is that despite agreeing to review fiber after attacks from Elliott beginning in 2020,
the Board has continued to make the wrong decisions. Crown Castle&rsquo;s core towers business remains neglected &ndash; over the past
ten years, the Company has not grown its tower count and has become 38% less efficient &ndash; the Company has invested $4.4bn in fiber
since the end of 2019, and capital continues to be invested behind the fiber strategy, with an additional $1.4bn budgeted for 2024 alone.
Shareholders should never confuse window dressing with results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also question why Crown Castle changed the
peer index it uses to benchmark its performance in its recent presentation. In its definitive proxy statements for this year and last,
the Company used the FTSE NAREIT All Equity REITs Index as its reference, but in its recent investor presentation, the Company suddenly
pivots to using the iShares US Telecommunications ETF. We believe this reflects a desperate attempt to cherry-pick performance that is
not indicative of where the Company stands today. In fact, the fund does not even hold Crown Castle shares &ndash; and shareholders cannot
be made to forget the fact that Crown Castle&rsquo;s TSR relative to its direct peers has worsened over the prior 1-, 3-, 5-, 7-, and
10-year periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders deserve better. Boots Capital&rsquo;s
four highly qualified nominees have sought to collaborate with Crown Castle&rsquo;s Board and be an additive resource to the new CEO,
who needs supportive directors capable of helping him execute a meaningful transformation to create long-term value for shareholders.
We are not seeking control. Rather, we are seeking to thoughtfully contribute to the reboot of Crown Castle by bringing the public tower
company operating and corporate finance experience necessary to help repair more than a decade of underperformance and mismanagement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WE URGE YOU TO VOTE ON THE GOLD PROXY CARD TODAY
 &ldquo;FOR&rdquo; BOOTS CAPITAL&rsquo;S FOUR HIGHLY-QUALIFIED NOMINEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are asking for your support to help us create
long-term, sustainable value at Crown Castle. We urge you to protect the value of your investment and vote the GOLD proxy card today.
With your vote, we will be one step closer to ensuring Crown Castle is on a better path to creating lasting shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please vote &ldquo;FOR&rdquo; Boots Capital's
Nominees on the GOLD proxy card TODAY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can vote by Internet or by signing and dating
the enclosed GOLD proxy card or GOLD voting instruction form and mailing it in the postage paid envelope provided. We urge you NOT to
vote using any white proxy card or voting instruction form you receive from Crown Castle. Please discard the white proxy card.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions about how to vote your
shares, please contact our proxy solicitor, Morrow Sodali, by telephone 1-800-662-5200 or 203-658-9400 or email at <FONT STYLE="color: Blue"><B><U>Boots@info.morrowsodali.com</U></B></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>INVESTOR AND MEDIA CONTACTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morrow Sodali LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paul Schulman/William Dooley/Jonathan Eyl</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Phone: 1-800-662-5200 or 203-658-9400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Email: <FONT STYLE="color: Blue"><U>Boots@info.morrowsodali.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Gasthalter/Nathaniel Garnick/Grace Cartwright</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gasthalter &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Phone: 212-257-4170</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">By Email: <FONT STYLE="color: Blue"><U>bootscapital@gasthalter.com</U></FONT></P>

<P STYLE="color: #373737; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #373737; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #373737; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information herein contains &ldquo;forward-looking
statements.&rdquo; Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or
current facts and include, without limitation, words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;believes,&rdquo;
 &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;potential,&rdquo; &ldquo;targets,&rdquo;
 &ldquo;forecasts,&rdquo; &ldquo;seeks,&rdquo; &ldquo;could,&rdquo; &ldquo;should&rdquo; or the negative of such terms or other variations
on such terms or comparable terminology. Similarly, statements that describe the Participants&rsquo; (as defined below) objectives, plans
or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be
no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize,
or if the underlying assumptions of Boots Capital (as defined below) or any of the other Participants in the proxy solicitation described
herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking
statements should not be regarded as a representation by Boots Capital or the other Participants that the future plans, estimates or expectations
contemplated will ever be achieved. You should not rely upon forward-looking statements as a prediction of actual results and actual results
may vary materially from what is expressed in or indicated by the forward-looking statements. Except to the extent required by applicable
law, neither Boots Capital nor any Participant will undertake and specifically declines any obligation to disclose the results of any
revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the
date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain statements and information included herein
have been sourced from third parties. Boots Capital and the other Participants do not make any representations regarding the accuracy,
completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite
such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should
not be viewed as an indication of support from such third parties for the views expressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The participants in the proxy solicitation are
Boots Parallel 1, LP, Boots, LP, Boots Capital Management, LLC (&ldquo;Boots Capital&rdquo;), Boots GP, LLC, 4M Management Partners, LLC,
4M Investments, LLC, WRCB, L.P., Theodore B. Miller, Jr. and Tripp H. Rice (collectively, the &ldquo;Boots Parties&rdquo;); and Charles
Campbell Green III and David P. Wheeler (together with Mr. Miller and Mr. Rice, the &ldquo;Boots Nominees,&rdquo; and together with the
Boots Parties, the &ldquo;Participants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Boots Capital and the other Participants have
filed a definitive proxy statement and accompanying GOLD proxy card (the &ldquo;Definitive Proxy Statement&rdquo;) with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on April 22, 2024 to be used to solicit proxies for, among other matters, the election
of its slate of director nominees at the 2024 annual meeting of stockholders of Crown Castle Inc., a Delaware corporation (&ldquo;Crown
Castle&rdquo; or the &ldquo;Corporation&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IMPORTANT INFORMATION AND WHERE TO FIND IT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BOOTS CAPITAL STRONGLY ADVISES ALL STOCKHOLDERS
OF CROWN CASTLE TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH DEFINITIVE PROXY STATEMENT, AND OTHER PROXY
MATERIALS FILED BY BOOTS CAPITAL AS THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S
WEBSITE AT WWW.SEC.GOV AND AT BOOTS CAPITAL&rsquo;S WEBSITE AT <FONT STYLE="color: Blue"><U>WWW.REBOOTCROWNCASTLE.COM</U></FONT>. THE
DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE CORPORATION&rsquo;S STOCKHOLDERS. STOCKHOLDERS
MAY ALSO DIRECT A REQUEST TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR, MORROW SODALI LLC, 430 PARK AVE., 14TH FLOOR, NEW YORK, NEW YORK
10022 (STOCKHOLDERS CAN CALL TOLL-FREE: (800) 662-5200).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about the Participants and a description
of their direct or indirect interests by security holdings or otherwise can be found in the Definitive Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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