<SEC-DOCUMENT>0000950142-24-000763.txt : 20240325
<SEC-HEADER>0000950142-24-000763.hdr.sgml : 20240325
<ACCEPTANCE-DATETIME>20240325075038
ACCESSION NUMBER:		0000950142-24-000763
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240325
DATE AS OF CHANGE:		20240325

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16441
		FILM NUMBER:		24776909

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>eh240461329_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No.&nbsp; )</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

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

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    <TD STYLE="width: 5%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><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><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; width: 100%; text-align: center"><FONT STYLE="font-size: 12pt"><B>Crown Castle Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD>
    <TD STYLE="width: 95%">No fee required</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD>Fee paid previously with preliminary materials</TD></TR>
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    <TD><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></TD>
    <TD>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</TD></TR>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Below
is the text of a press release issued by Crown Castle Inc. on March 25, 2024:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Crown Castle Issues Open Letter to Shareholders</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Files Preliminary Proxy Statement; Recommends Shareholders
Vote FOR Crown Castle&#8217;s Director Nominees</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Addresses Statements by Ted Miller</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">HOUSTON, TX &#8211; March 25, 2024 &#8211; Crown Castle Inc. (NYSE: CCI)
(&#8220;Crown Castle&#8221; or the &#8220;Company&#8221;) today filed its preliminary proxy materials with the Securities and Exchange
Commission (&#8220;SEC&#8221;) in connection with its 2024 Annual Meeting of Stockholders to be held on May 22, 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In connection with the filing, the Company announced that the Board has
nominated 12 directors to stand for election at the Company&#8217;s Annual Meeting. The Board&#8217;s nominees comprise diverse individuals
with executive and public-company board experience across a range of relevant backgrounds, including telecommunications, towers, fiber,
real estate and REIT, as well as strategic planning, finance, M&amp;A and technology, all of whom are actively engaged in overseeing the
execution of the Company&#8217;s strategy. <B>The Crown Castle Board of Directors unanimously recommends shareholders use the WHITE proxy
card to vote FOR only the twelve nominees proposed by our Board of Directors. </B>The Board encourages shareholders to read its preliminary
proxy materials for additional information, which can be found on the SEC&#8217;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Additionally, the Company issued the following letter to Crown Castle Shareholders,
which lays out the steps that the Board is currently taking to create shareholder value and aims to set the record straight regarding
certain statements made by Ted Miller and Boots Capital Management, LLC (&#8220;Boots Capital&#8221;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Dear Shareholders,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">The Crown Castle Board and management team believe that we have
made significant strides over the last three months toward creating a stronger and more valuable company. We remain focused on the comprehensive
strategic and operating review of the fiber and small cell business, in conjunction with Morgan Stanley, BofA Securities, Paul, Weiss
and leading industry consultants. We also remain focused on the search for the Company&#8217;s next CEO with the support of a leading
executive search firm. We expect to share an update on the progress of these initiatives in the near future.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">The Board values feedback from all of its shareholders, and as
we advance these initiatives, we are committed to acting in our shareholders&#8217; best interests by positioning Crown Castle for long-term
success and value creation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Recently, Boots Capital and in particular one of its principals,
Ted Miller, have publicly provided suggestions regarding our fiber and small cell business and the operations of our tower business. We
believe a number of these statements are misleading to the market, and we want to ensure our shareholders have heard all of the facts.
Included below are responses to certain of Ted Miller&#8217;s claims.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Ted Miller Claim<SUP>1</SUP></B></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Setting the Record Straight</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim:</B> Crown Castle&rsquo;s Board &ldquo;continues to refuse to meaningfully
    engage with us or our value enhancing proposal&rdquo;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Crown Castle has engaged extensively</U> with Ted Miller since the outset
    of his campaign.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On December 27, 2023, Rob Bartolo and Interim CEO Tony Melone had a meeting with Mr. Miller in which Mr. Miller presented Boots
    Capital&rsquo;s proposals for the Company.</P>
    </TD></TR>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>1</SUP> Unless otherwise stated, all
quotations of Ted Miller&#8217;s claims are from Boots Capital&#8217;s press release filed by Boots Capital on Schedule 14A on March
14, 2024.</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Ted Miller Claim<SUP>1</SUP></B></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Setting the Record Straight</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">

    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On January 30, 2024, members of the Board and Crown Castle advisors met for nearly two hours with representatives of Boots Capital,
    namely Messrs. Green, Miller and Rice, to discuss Boots Capital&rsquo;s proposed plan for the Company.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On February 2, 2024, the Board invited Mr. Miller to submit a proposal for the fiber business, which he declined to do.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
February 8 and 9, 2024, the NESG Committee participated in interviews with each of the director nominees suggested by Boots Capital.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On March 3, 2024, in response to Morgan Stanley&rsquo;s outreach on behalf of the Company, Mr. Miller stated that although he
had reached out to Company executives, Mr. Miller did not have any new proposal to make or discuss.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
    March 15, 2024, Tony Melone sent a letter to Mr. Miller requesting that he identify his purported &quot;25 prospective buyers and
    financing sources&rdquo;<SUP>2</SUP> and reiterated the Board's invitation to the Boots Group and such interested parties to submit
    any proposals for a fiber transaction.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
    March 19, 2024, Mr. Bartolo met with Mr. Miller in person to discuss Mr. Miller&rsquo;s campaign and had a follow-up call with Mr.
    Miller on March 20, 2024.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On March 21, 2024, the Board met with all of the Boots Capital nominees and discussed their qualifications and their proposals
    for the Company. Later that day, Mr. Melone also had a follow-up discussion with Mr. Miller.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim:</B> As one of the founders and a substantial shareholder, Mr.
    Miller has &ldquo;a special perch from which to drive a cultural and operational reawakening&rdquo;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Miller&rsquo;s purported <U>ownership of Crown Castle represents significantly
    less than half of one percent, yet he is seeking to hand pick 33% of the Company&rsquo;s Board and secure 17% of the Board for members
    of his family, including attempting to become Executive Chairman of the Board</U>.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Around the time of Mr. Miller&rsquo;s departure from the Board in August 2002, Crown Castle&rsquo;s stock price had declined to
    approximately $1 per share. The stock is now over 100 times above that price &ndash; an increase achieved while Mr. Miller had no role
    in the Company&rsquo;s operations or governance.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Crown Castle today is very different than it was 22 years ago when Mr. Miller was last at the Company. The Company is now a REIT
    and is part of the S&amp;P 500.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.3pt; text-indent: -0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>In fiscal year 2002, the Company generated less than $1 billion of revenue and operated 15,000 towers. In comparison, revenue for
    our current fiscal year is expected to be 7x larger, and the Company now operates more than 40,000 towers as well as small cell and fiber
    assets.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.3pt; text-indent: -0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Mr. Miller has never had direct experience operating a business of our current size in the face of changing industry dynamics that
    have developed over the last two decades since his departure from the Company.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>In addition, and very importantly, the Company believes that Mr. Miller&rsquo;s attempt to be named Executive Chairman of the Company
    could have a chilling effect on Crown Castle's CEO </P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>2</SUP> Presentation filed by Boots
Capital on Schedule 14A on March 12, 2024.</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Ted Miller Claim<SUP>1</SUP></B></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Setting the Record Straight</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; padding-left: 0.25in; text-indent: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">search,
    potentially increasing the time the Company operates without a permanent CEO.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim</B>: Boots Capital has a &ldquo;long-term plan &ndash; not a short-term
    trading strategy&rdquo;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Boots Capital acquired the majority of its ownership position in Crown Castle after Elliott&rsquo;s disclosure in November 2023,
    and Boots Capital has indicated that approximately 80% of its position consists of call options that expire in 10 months. At the time
    of the Annual Meeting in May 2024, there will be approximately eight months of duration remaining on Boots Capital&rsquo;s current call
    options.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Boots Capital has not clarified whether the entity that holds the derivatives has the capital to exercise these options and we
    are not aware of any commitment that has been made to exercise these options.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim:</B> Boots Capital has developed a detailed plan for a fiber sale
    that Crown Castle could use instead of &ldquo;recreating the wheel&rdquo;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Boots Capital has provided no actionable proposal or introductions to any
    interested parties, but rather the <U>outline of a theoretical transaction</U>.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #1D1C1D">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Boots Capital claims to have signed NDAs with &ldquo;25 prospective buyers and financing sources&rdquo; for the fiber business,
    but has not revealed any of their names to the Board.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Crown
    Castle subsequently asked Boots Capital for clarity on these representations and for the identities of the parties to the NDAs in a
    letter to Boots Capital dated March 15, 2024.</FONT></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>As far as the Company is aware, none of those &ldquo;prospective buyers&rdquo; or &ldquo;financing sources&rdquo; have contacted
    the Company or its advisors regarding their interest in any potential transaction.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Crown Castle has received no evidence that any of these &ldquo;prospective buyers and financing sources&rdquo; are in a position
    to transact for the fiber business.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim:</B> There will be &ldquo;$1bn+ of [incremental] CCI tax benefits
    if [the fiber sale] closed in 2024&rdquo;<SUP>3</SUP></P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Closing a potential fiber sale in 2024 will not create incremental tax
    savings for Crown Castle.</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Boots Capital&rsquo;s proposal does not create any actual tax &ldquo;savings&rdquo; to Crown Castle, because Crown Castle is a
    REIT and does not pay taxes as long as it pays distributions to shareholders equal to its taxable income each year.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT>The only potential benefit to Crown Castle from Boots Capital&rsquo;s proposal would be to create deductions in the year of the
    fiber business sale that would offset some of the gain and thereby reduce Crown Castle&rsquo;s REIT distribution requirements, enabling
    Crown Castle to retain more of the fiber sale proceeds.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;However, Crown Castle has a number of other options to deal with its REIT distribution requirements without rushing into complex
    and highly uncertain transactions.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
    </FONT>&nbsp;In addition, none of the Company's net operating losses, which would reduce its REIT distribution requirements in the case of a
    potential fiber sale, expire in 2024.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>



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<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><SUP>3</SUP> Presentation filed by Boots
Capital on Schedule 14A on March 12, 2024.</FONT></P>

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<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Ted Miller Claim<SUP>1</SUP></B></TD>
    <TD STYLE="width: 74%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><B>Setting the Record Straight</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Furthermore, the Fiber Review Committee and its advisors are already working to complete the strategic review of the fiber and
    small cell business and any related actions as quickly as possible. Boots Capital&rsquo;s proposed process would not offer any timing
    advantage over the process that the Company already has underway, especially considering the fact that the potential unidentified bidders
    have not, to our knowledge, reached out to the Company&rsquo;s advisors despite the strategic review process beginning several months
    ago.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim:</B> &ldquo;When it comes to executing the fiber sale, time is
    literally money&rdquo;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">As part of Boots Capital&rsquo;s lawsuit, <U>Boots Capital sought a court
    order to stop the important work of the Fiber Review Committee.</U></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Had Boots Capital succeeded, this would have impeded all progress toward a potential transaction regarding the Company&rsquo;s
    fiber business for months. Thankfully for investors, the judge rejected this motion.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Boots Capital similarly sought to impede the CEO Search Committee&rsquo;s progress. Thankfully for investors, the judge also rejected
    this motion.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Claim: </B>&ldquo;Crown Castle has a 12-person Board, yet only one of
    its members includes a tower business in their resume&rdquo;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Four of 12 of the Company&rsquo;s Board members have relevant experience
    in the wireless tower industry</U>.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Cindy Christy has more than 25 years of experience in the telecommunications and high-technology sector, where she held senior
    executive roles leading and developing major infrastructure portfolios&horbar;including tower, fiber and small cell&horbar;and her board
    role with CTIA, a wireless communications industry trade association.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Mr. Melone, a former Verizon senior executive, has more than 35 years of experience in the telecommunications industry, including
    responsibility for managing infrastructure assets and over 20,000 communications towers and over 50,000 wireless cell sites.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Sunit Patel served as Executive Vice President, Merger and Integration of T-Mobile during its merger with Sprint, including addressing
    the synergy opportunity to evaluate the combined T-Mobile and Sprint tower lease portfolio.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>Brad Singer served as Senior Executive Vice President and CFO of American Tower Corporation, the largest owner of wireless towers
    in the world and with a domestic tower portfolio comparable to Crown Castle.</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">The Company is committed to correcting the record in the future
as necessary. We remain confident that the actions we are already taking to orient the business for long-term success, which are in line
with those suggested by Boots Capital, will enhance shareholder value and build on the Company&#8217;s strong foundation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Sincerely,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">Crown Castle Board of Directors</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Shareholders may receive solicitation materials from Mr. Miller (together
with Boots Capital and other entities and persons affiliated or associated with Mr. Miller, collectively, &quot;Boots Group&quot;), including
an opposition proxy statement and gold proxy card<B>. The Board of Directors does not endorse Boots Group&#8217;s nominees or Boots Group&#8217;s
By-Laws Proposal and unanimously recommends shareholders discard any proxy materials from Boots Group.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Crown Castle&#8217;s preliminary proxy materials can be found on the SEC&#8217;s
website at www.sec.gov. The Company&#8217;s definitive proxy materials will be distributed/disseminated to all shareholders eligible to
vote at the 2024 Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ABOUT CROWN CASTLE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Crown Castle owns, operates and leases more than 40,000 cell towers and
approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio
of communications infrastructure connects cities and communities to essential data, technology and wireless service &#8211; bringing information,
ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please visit www.crowncastle.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This press release contains forward-looking statements for purposes of the
safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Statements that are not historical facts are hereby identified
as forward-looking statements. In addition, words such as &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221;
&#8220;intend,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;likely,&#8221; &#8220;predicted,&#8221; &#8220;positioned,&#8221;
&#8220;continue,&#8221; &#8220;target,&#8221; &#8220;seek,&#8221; &#8220;focus&#8221; and any variations of these words and similar expressions
are intended to identify forward-looking statements. Examples of forward-looking statements include (1) statements and expectations regarding
the process and outcomes of Company&#8217;s Fiber Review Committee, including that it will help enhance and unlock shareholder value,
(2) statements and expectations regarding the process and outcomes of CEO Search Committee, including that it will conduct the search
to identify Crown Castle&#8217;s next CEO, (3) that the actions set forth in this press release best position the Company for long term
success, including our Board&#8217;s regular evaluation of all paths to enhance shareholder value, (4) that the Company will benefit from
the experience and insights of the newly appointed directors, (5) that the Company will identify the best path forward to capitalize on
significant opportunities for growth in our industry, and (6) statements and expectations regarding the Company&#8217;s revenue for fiscal
year 2024. Such forward-looking statements should, therefore, be considered in light of various risks, uncertainties and assumptions,
including prevailing market conditions, risk factors described in &#8220;Item 1A. Risk Factors&#8221; of the Annual Report on Form 10-K
for the fiscal year ended December 31, 2023 and other factors. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those expected. Unless legally required, the Company undertakes
no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Our filings with the SEC are available through the SEC website at www.sec.gov
or through our investor relations website at investor.crowncastle.com. We use our investor relations website to disclose information about
us that may be deemed to be material. We encourage investors, the media and others interested in us to visit our investor relations website
from time to time to review up-to-date information or to sign up for e-mail alerts to be notified when new or updated information is posted
on the site.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Important Stockholder Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On March 25, 2024, the Company filed a preliminary proxy statement and a
<B><U>WHITE</U></B> proxy card with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with its solicitation
of proxies for its 2024 Annual Meeting. THE COMPANY&#8217;S STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT,
THE ACCOMPANYING WHITE PROXY CARD, AND ANY AMENDMENTS AND SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN
IMPORTANT INFORMATION. Stockholders may obtain the proxy</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">statement, any amendments or supplements to the proxy statement, and other
documents as and when filed by the Company with the SEC without charge from the SEC&#8217;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Participant Information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company, its directors, director nominees, certain
of its officers, and other employees are or will be &#8220;participants&#8221; (as defined in Section 14(a) of the U.S. Securities Exchange
Act of 1934, as amended) in the solicitation of proxies from the Company&#8217;s stockholders in connection with the matters to be considered
at the 2024 Annual Meeting. The identity, their direct or indirect interests (by security holdings or otherwise), and other information
relating to the participants is available in the Company&#8217;s preliminary proxy statement on Schedule 14A filed with the SEC on March
25, 2024, on the section entitled &#8220;Beneficial Ownership of Common Stock&#8221; (on page 88) and Appendix C (on page&nbsp;C-1). All
these documents are or will be available free of charge at the SEC&#8217;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CONTACTS</B>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Dan Schlanger, CFO</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Kris Hinson, VP &amp; Treasurer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Crown Castle Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">713-570-3050</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MEDIA</B>:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Andy Brimmer / Adam Pollack</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">212-355-4449</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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