<SEC-DOCUMENT>0001104659-24-063105.txt : 20240517
<SEC-HEADER>0001104659-24-063105.hdr.sgml : 20240517
<ACCEPTANCE-DATETIME>20240517172436
ACCESSION NUMBER:		0001104659-24-063105
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240517
DATE AS OF CHANGE:		20240517

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:		24961429

	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>
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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: 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; text-align: center">&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"></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">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#168;</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">&#120;</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%">
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    <TD COLSPAN="2" STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; 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"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="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>

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    <TD><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="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">&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 17, 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>TED B. MILLER SENDS OPEN LETTER TO CROWN CASTLE
SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Crown Castle&rsquo;s Board Has Presided Over
a Decade of Underperformance and Lacks the Expertise to Turn the Company Around</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>Boots Capital&rsquo;s Nominees Bring the Critical
Tower Industry Experience and Detailed Plan Necessary to Restore Crown Castle&rsquo;s Value for 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>Time is Running Out to Cast Your Vote &ndash;
Your Voice Matters No Matter How Many Shares You Own</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>Urges Shareholders to Vote the <B><U>GOLD</U></B>
Proxy Card Today &ldquo;<B>FOR</B>&rdquo; Boots Capital&rsquo;s Four Highly Qualified Director Nominees &ndash; Ted Miller, Charles Green,
David Wheeler, and Tripp Rice &ndash; and &ldquo;<B>WITHHOLD</B>&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 17, 2024 &ndash;</B> Ted
B. Miller, co-founder and former Chief Executive Officer of Crown Castle Inc., (NYSE: CCI) (&quot;Crown Castle&quot; or the &quot;Company&quot;),
and his investment vehicle Boots Capital Management, LLC (&quot;Boots Capital&quot;) today sent a letter to Crown Castle shareholders
in connection with the Company&rsquo;s upcoming Annual Meeting scheduled for May 22, 2024.</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">The full text of the letter is below and available at <FONT STYLE="color: #467886">www.RebootCrownCastle.com</FONT>:</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">May 17, 2024</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; text-align: justify">To fellow Crown Castle shareholders:</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 last few weeks have exposed us to the candid
feedback and insights of Crown Castle&rsquo;s largest shareholders. We heard repeatedly an overwhelming concern and frustration with the
Company&rsquo;s performance, slipshod governance, and lack of strategic planning.</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">This feedback has further reinforced our views, which we are sharing
with all shareholders and hope will inform your decision as you cast your votes on the future of the Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>There is a serious need for change at Crown Castle and the Board needs skilled, active leaders to execute
it. Repeatedly, we heard shareholders express frustration with Crown Castle&rsquo;s performance and direction.</B></TD></TR></TABLE>

<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">Crown Castle&rsquo;s total shareholder returns
have lagged for a decade-plus due to capital misallocation, a debt-fueled dividend, and execution failures. This is not in dispute, and
<U>the Company has not even tried to defend its record</U> other than to cherry-pick an obscure ETF as a comparison point, which is not
used to set compensation or as a benchmark in its annual proxy.</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">Since our involvement, Crown Castle has added
a new CEO and has shown an openness to finally selling fiber. Those are each worthy moves. Shareholders are telling us they want Boots
to help drive the necessary changes by replacing decades-old directors responsible for this quagmire and once again focusing Crown Castle
on the operations of its core tower business.</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">Simply put, the Boots nominees bring a detailed,
informed view on fiber and a plan for the tower business based on decades of experience as Crown Castle and industry founders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>The corporate governance at Crown Castle has totally failed shareholders.</B></TD></TR></TABLE>

<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 materials put out by Crown Castle&rsquo;s
Board speak endlessly about its &ldquo;refresh&rdquo; to deflect from its long list of governance failures that are now being laid bare,
which include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>a.</B></TD><TD STYLE="text-align: justify">Not a single independent director on the Board &ndash; including all of the directors brought on during
the &ldquo;refresh&rdquo; &ndash; has tower company operating experience. This is an unbelievable weakness for a board of any tower company,
let alone one that has just onboarded a CEO who will need much help to rebuild Crown Castle.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>b.</B></TD><TD STYLE="text-align: justify">The Board&rsquo;s complete lack of a CEO succession plan. This proved especially costly in terms of time,
money, and disruption for shareholders when Jay Brown resigned in December 2023. Even today, Crown Castle continues to pay the new CEO,
the interim CEO, and Jay Brown himself.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>c.</B></TD><TD STYLE="text-align: justify">The folly of embarking on a $22 billion fiber project, ~50% of Crown Castle&rsquo;s market capitalization,
without including Return on Invested Capital as a measurement for executive and director compensation. This misaligned incentives in a
way that continues to haunt the Company today.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>d.</B></TD><TD STYLE="text-align: justify">Rushing to sign an entrenching cooperation agreement with Elliott Management Corp. which gave Elliott
special privileges. To correct governance missteps, the agreement was revised twice after scrutiny by the Delaware Chancery Court.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>e.</B></TD><TD STYLE="text-align: justify">The entrenchment of long-tenured directors such as Ari Fitzgerald (21+ years) and Cindy Christy (16+ years)
who have overseen and approved, year after year, bad decisions and resulting value destruction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>f.</B></TD><TD STYLE="text-align: justify">A lack of willingness to engage with us constructively. Crown Castle&rsquo;s Board took an overtly superficial
approach to considering Boots&rsquo; nominations, effectively forcing this proxy contest on shareholders, and have rejected our multiple
settlement proposals to reach a resolution for the benefit of shareholders. They will spend tens of millions of shareholder money to do
so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Boots&rsquo; nominees bring superior experience compared to the long-tenured, underqualified directors
we are seeking to replace. </B></TD></TR></TABLE>

<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&rsquo;s nominees have extensive
experience in the U.S. and internationally building and running large-scale tower companies. I founded and built Crown Castle. Chuck Green
has been responsible for leading 150,000+ wireless towers and has led 23 carveouts in 15 countries on 4 continents. Tripp Rice and I have
spent the last decade building technology companies whose express purpose is to reduce costs in wireless-tower businesses. David Wheeler
literally founded the banking practices that today finance tower acquisitions.</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">Compare our relevant tower industry resumes to
Ari Fitzgerald and Cindy Christy, neither of whom have any tower experience and have presided over one of the greatest misallocations
of capital this century; Rob Bartolo, who as chairman should bear responsibility for all of the Board&rsquo;s failures and missteps; and
Kevin Kabat, who has CEO experience, but at a bank.</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">These directors, clinging to their roles, want
to scare you with the concept that we are disruptive and want to take over the Company. You have always had my pledge: we seek to work
collaboratively with the Board and new CEO, whom we support. We seek to make Crown Castle an excellent operating company and an even better
investment. We have no agenda other than building value for you and all shareholders. This is the same agenda that has driven me since
co-founding the Company.</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 regard our role as a way for you, the shareholders,
to receive confidence and inject new energy into a Board that has failed you. <B>We are an insurance policy for your investment.</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">Sincerely,</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">Ted B. Miller</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: #467886">Boots@info.morrowsodali.com</FONT>.</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"><B></B></P>

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<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"><B>INVESTOR AND MEDIA CONTACTS</B></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">Investors:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Email: <FONT STYLE="color: #467886">Boots@info.morrowsodali.com</FONT></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">Media:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By Email: <FONT STYLE="color: #467886">bootscapital@gasthalter.com</FONT></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>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"></P>

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