<SEC-DOCUMENT>0000950142-24-001013.txt : 20240411
<SEC-HEADER>0000950142-24-001013.hdr.sgml : 20240411
<ACCEPTANCE-DATETIME>20240411072834
ACCESSION NUMBER:		0000950142-24-001013
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240411
DATE AS OF CHANGE:		20240411

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:		24837133

	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>eh240468297_defa14a.htm
<DESCRIPTION>DEFA14A
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<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; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

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

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(Amendment No.&nbsp; )</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">Filed by the Registrant&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <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">&#9746;</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">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <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>
<TR STYLE="vertical-align: top">
    <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>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Payment of Filing Fee (Check all boxes that apply):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <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>
  <TR STYLE="vertical-align: top">
    <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>
  </TABLE>

<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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<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 Highlights Actions Underway to Create
Stronger and More Valuable Company</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 Definitive Proxy Materials and Mails Letter
to Shareholders</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>Urges Shareholders to Vote &ldquo;FOR&rdquo; Only
Crown Castle&rsquo;s 13 Qualified and Experienced Nominees </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>on the <B><U>WHITE</U></B> Proxy Card</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>Ted Miller is Seeking De Facto Control of the Company
by Installing Himself as Executive Chair and Appointing His Family and Friends to the Board</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"><B>HOUSTON, TX &ndash; April 11, 2024</B> &ndash; Crown Castle Inc. (NYSE:
CCI) (&ldquo;Crown Castle&rdquo; or the &ldquo;Company&rdquo;) today announced that it has filed definitive proxy materials with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) in connection with its upcoming 2024 Annual Meeting of Shareholders (the &ldquo;2024 Annual
Meeting&rdquo;) scheduled for May 22, 2024. Shareholders of record as of the close of business on March 28, 2024 are entitled 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">In connection with the filing of the definitive proxy statement, Crown
Castle is mailing a letter to the Company&rsquo;s shareholders. Crown Castle&rsquo;s definitive proxy materials and other materials regarding
the Board of Directors&rsquo; recommendation for the 2024 Annual Meeting can be found at <FONT STYLE="color: Blue"><U>www.VoteCrownCastle.com</U></FONT>.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The full text of the letter being mailed to shareholders follows:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Vote the Enclosed <U>WHITE</U> Proxy Card Today</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&ldquo;FOR&rdquo; All 13 of Crown Castle&rsquo;s
Highly Qualified Directors</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">April 11, 2024</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Crown Castle Board of Directors and management team are taking decisive
action to create a stronger and more valuable company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>We have appointed 25+ year tower industry veteran Steven Moskowitz as President and CEO, effective April 11, 2024, following a robust
search process.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>We are executing a comprehensive strategic and operating review of the fiber and small cell business, with the help of independent
financial and legal advisors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>We have strengthened our Board with proven executives who possess relevant experience and provide shareholder perspectives.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Despite these recent actions, Ted Miller, along with Boots Capital Management,
LLC (&ldquo;Boots Capital&rdquo;), has continued his proxy contest to install himself as <I>de facto</I> chief executive of the Company
and appoint his son-in-law and two of his friends to the Board in place of four of the Company&rsquo;s highly qualified directors. We
have engaged extensively with Mr. Miller (together with Boots Capital and other entities and persons affiliated or associated with Mr.
Miller, collectively, &quot;Boots Group&quot;) over the last five months to better understand his views and discuss his proposals. During
his 22-year absence from Crown Castle, Mr. Miller has neither been involved with the management of any other major industry</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">participant nor has he gained industry-related experience that would be
relevant for the Company&rsquo;s opportunities and risks today. Furthermore, Mr. Miller&rsquo;s campaign has relied on claims that do
not hold up to examination. Mr. Miller has not presented any actionable new ideas that the Company has not already considered or is not
currently evaluating.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">If successful in his proxy contest, we believe Mr. Miller&rsquo;s lack
of recent relevant experience coupled with his (in our view, misguided) certitude that only he is capable of running the Company will
negatively impact the ability of the Company&rsquo;s new CEO, Mr. Moskowitz, to exercise his leadership on critical operational and strategic
initiatives and will jeopardize our ability to maximize shareholder value.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>To protect your investment, we urge you to vote the enclosed <U>WHITE</U>
proxy card today &ldquo;FOR&rdquo;</B> all 13 of Crown Castle&rsquo;s qualified and experienced director nominees: P. Robert Bartolo,
Cindy Christy, Ari Q. Fitzgerald, Jason Genrich, Andrea J. Goldsmith, Tammy K. Jones, Kevin T. Kabat, Anthony J. Melone, Steven J. Moskowitz,
Sunit S. Patel, Bradley E. Singer, Kevin A. Stephens and Matthew Thornton, III. You can vote online, by telephone or by marking, signing,
dating and returning the enclosed <B><U>WHITE</U></B> proxy card in the postage-paid envelope provided.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TOWER INDUSTRY VETERAN STEVEN J. MOSKOWITZ APPOINTED
PRESIDENT AND CEO &ndash; </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>BOARD IS TAKING ACTIONS TO DELIVER SUSTAINABLE
VALUE BASED ON GOOD GOVERNANCE PRINCIPLES</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">Our Board is taking concrete steps to improve Crown Castle&rsquo;s performance,
including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Naming Steven J. Moskowitz, with 25-plus years of tower experience and a proven track record of value creation, as President and
CEO. </B>Following a robust search process, the Board&rsquo;s CEO Search Committee unanimously determined that Mr. Moskowitz is the candidate
best suited to oversee our strategy and path forward. He possesses all the key skill sets that the Board was looking for, including strong
operating experience with domain expertise, strategic capital allocation, and prior CEO experience leading high-performing teams.</TD></TR></TABLE>

<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">We believe Mr. Moskowitz&rsquo;s breadth and depth in the tower
industry is unique:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Mr. Moskowitz spent 12 years in leadership roles at American Tower Corporation, including seven years as EVP and President of the
U.S. Tower business. During his tenure, American Tower&rsquo;s domestic operations became the largest and most profitable U.S. wireless
infrastructure company, tripling in size to more than 20,000 cell sites and expanding the indoor DAS network division.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Most recently, he served as CEO of Centennial Towers Holding LP, where he established the company as a leading provider of build-to-suit
cell sites in Brazil, Colombia and Mexico.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Prior to Centennial, Mr. Moskowitz served as the CEO of NextG Networks, a provider of fiber-based small cell solutions. During his
tenure, he successfully scaled the business, significantly increasing revenue and cash flow, and doubling the asset base prior to its
sale to Crown Castle in 2012.</TD></TR></TABLE>

<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">We are confident that under Mr. Moskowitz&rsquo;s leadership,
Crown Castle is well positioned to execute on its strategic initiatives and drive enhanced value for our shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Undertaking a strategic and operating review of our fiber and small cell business.</B> Since December 2023, the Fiber Review Committee
of the Board has been working with Morgan Stanley, BofA Securities, Paul, Weiss and leading industry consultants at Altman Solon to determine
the best path forward for this business segment. The Board is prepared to execute on any actionable strategic alternative that is value
accretive to Crown Castle and its shareholders. Our analysis includes the following considerations (among others):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Valuation of the fiber solutions sub-segment, small cells sub-segment, and the Fiber segment as a whole;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Evaluation of potential counterparties to a sale, merger or JV transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Use of any resulting proceeds; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Pro forma financial impact of the various alternatives on the remaining business of the Company, including the leverage, Adjusted
Funds from Operations (&ldquo;AFFO&rdquo;) accretion / dilution, and dividend sustainability in the event of separation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Strengthening the Board. </B>The Board&rsquo;s current composition reflects its proactive refreshment process and rigorous selection
criteria geared toward safeguarding value for shareholders and is consistent with good governance principles. In addition to the recent
appointment of Mr. Moskowitz to the Board, over the past year, the Company has added four highly qualified directors:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Kevin Kabat, who brings public company CEO experience from Fifth Third Bancorp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Jason Genrich, a representative of one of our largest investors and an executive who possesses deep financial insight as well as analytical
and board experience across the telecom and technology sectors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Sunit Patel, who has significant fiber/telecom experience as the former CFO of Level 3 Communications and an important understanding
of tower leases from the perspective of our customers as a former EVP at T-Mobile charged with oversight of its integration with Sprint;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD>Brad Singer, who has demonstrated both tower expertise and strong financial acumen as the former CFO of both American Tower and Discovery
Communications, as well as a deep understanding of shareholder perspectives as a longtime executive at ValueAct.</TD></TR></TABLE>

<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">As a result of these appointments, eight of our 13 directors
have been added to the Board since 2020 and the average tenure of our directors is 5.7 years.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CROWN CASTLE&rsquo;S NOMINEES ARE HIGHLY QUALIFIED
WITH RELEVANT RECENT EXPERIENCE AND INDEPENDENT POINTS OF VIEW ENABLING THEM TO EFFECTIVELY OVERSEE THE EXECUTION OF COMPANY STRATEGY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Board&rsquo;s nominees comprise 13 individuals with executive and
public-company board experience across a range of relevant backgrounds. In contrast to Mr. Miller and his nominees, all of the Board&rsquo;s
nominees (other than Messrs. Melone and Moskowitz) are independent and do not have personal connections with one another. The Company
expects that Mr. Melone will also qualify as an independent Board member effective June 1, 2024 when he steps down as Special Advisor
to the CEO. We believe that the diversity of the Board is a strength, and seven of our 13 nominees are demographically diverse.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In addition to our directors&rsquo; expertise in real estate / REITs,
strategic planning, finance, M&amp;A and technology, over one-third of the Company&rsquo;s directors also have recent experience in the
wireless tower</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">industry. Specifically, Messrs. Patel, Moskowitz and Singer, Cindy Christy,
who has more than 25 years of experience in the telecommunications and high-technology sector, and Mr. Melone, whose nearly four-decade
career includes responsibility for managing infrastructure assets, including over 20,000 communications towers and over 50,000 wireless
cell sites.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Moreover, five of the Company&rsquo;s directors have specific relevant experience
in the fiber industry, including Messrs. Melone and Moskowitz, Ms. Christy, Mr. Patel (through his experience at Level 3 Communications
during its merger with CenturyLink and its subsequent creation of a leading global network services company with a larger fiber network),
and Kevin A. Stephens, who has served in various leadership positions in the sector, including as EVP and President, Business Services
Division of Altice USA.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Board is actively engaged in overseeing the execution of the Company&rsquo;s
strategy &ndash; each director brings an independent point of view when evaluating the progress of our organization, along with the expertise
and experience to do so successfully.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CROWN CASTLE HAS SHAREHOLDER REPRESENTATION ON
THE BOARD</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Board actively seeks and carefully evaluates shareholder input on
an ongoing basis. As evidenced by our engagement with Elliott Investment Management L.P. (&ldquo;Elliott&rdquo;), we are open to constructive
discussions that will advance our goal of maximizing shareholder value, including adding qualified shareholder representatives to the
Board. In contrast to Mr. Miller, who is seeking executive control of Crown Castle and domination of the Board by adding his son-in-law
and two of his friends as well as himself as directors, Mr. Genrich is the only Elliott employee on the Board, and Mr. Genrich has not
sought and does not have an executive role at the Company.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Board entered into a Cooperation Agreement on market terms with Elliott
because of our view that there was alignment with Elliott on many of the key issues facing the Company, including the Board&rsquo;s desire
to review strategic alternatives for the fiber business and the Company&rsquo;s efforts to identify a new CEO. <U>We seek to avoid the
cost and distraction of a proxy fight when we can do so on a reasonable basis and when we believe that is in the best interest of shareholders</U>.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TED MILLER IS SEEKING DE FACTO CONTROL OF CROWN
CASTLE BY INSTALLING HIMSELF AS EXECUTIVE CHAIR AND APPOINTING HIS FAMILY AND FRIENDS TO THE BOARD</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mr. Miller&rsquo;s claimed economic interest in Crown Castle represents
significantly less than one-half of one percent, yet he is seeking to have his family and friends represent over one-third of the Board&rsquo;s
independent directors.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">We believe that Mr. Miller is set on installing himself (as Executive
Chair) along with his son-in-law and two friends on the Board in order to obtain executive control and execute a preconceived agenda.
We do not believe that adding Mr. Miller and his nominees to the Board is consistent with sound corporate governance or in the best interest
of all shareholders. With respect to Mr. Miller specifically, based on the Board&rsquo;s interactions with him over the last several months
and his stated desire to control the Company, it is the Board&rsquo;s judgment that his addition to the Board would negatively impact
the ability of the Company&rsquo;s new CEO, Mr. Moskowitz, to exercise his leadership on critical operational and strategic initiatives.
In addition:</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>Ted Miller has not served as an executive at Crown Castle or any other tower business in the last 22 years. Crown Castle today
                                                                     is a vastly different company from the one that Mr. Miller left 22 years ago. Around the time of his departure from the Board in
                                                                     August 2002, Crown Castle&rsquo;s stock price had declined to approximately $1 per share. The stock is now nearly 100 times above
                                                                     that price &ndash; an increase achieved while Mr. Miller had no role in the Company&rsquo;s operations or governance.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>Mr. Miller&rsquo;s insistence on becoming Executive Chair of the Board poses governance concerns by merging the roles of Board Chair
and executive officer, which have historically been maintained as separate positions by Crown Castle in line with best governance practices.
It is our belief that Mr. Miller&rsquo;s desire to serve in both roles is part of his agenda to control the Company, rather than steward
it for the benefit of all shareholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>Tripp Rice, Mr. Miller&rsquo;s son-in-law, has no operational experience whatsoever and has never served on a public company board.
He has worked for his father-in-law (Mr. Miller) for the last 10 years at various ventures, including Boots Capital and 4M Management
Partners.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>David Wheeler has also never served on a public company board. Mr. Wheeler currently serves as a consultant to 4M Management Partners,
for which Mr. Miller serves as President. Mr. Wheeler&rsquo;s experience is principally as a former investment banker. The Board has already
retained the services of current and highly experienced investment bankers at Morgan Stanley and BofA Securities, and the financial and
industry experience of Mr. Wheeler is already present on the Board through numerous other directors, including Messrs. Bartolo, Singer,
Patel and Genrich.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>Charles Green has not worked at Crown Castle since serving as CFO under Ted Miller more than 22 years ago, in 2002. Mr. Green currently
serves as a director on PowerX, a private software development company, alongside Mr. Miller. CFO experience is already present on the
Board through Messrs. Singer and Patel, who have both served as a CFO far more recently than Mr. Green.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>Messrs. Miller (72 years old) and Green (77 years old) are older than the retirement age of 72 for directors prescribed by the Company&rsquo;s
Corporate Governance Guidelines, and Mr. Wheeler (71 years old) is within one year of that director retirement age. Boots Group is attempting
to force us to violate or waive our own governance policy, contrary to a leading proxy advisory service&rsquo;s recommendation and our
belief that such a policy is in our shareholders&rsquo; best interests.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&times;</TD><TD>Mr. Miller and his nominees lack gender and ethnic diversity. They would not contribute to the gender, racial or ethnic diversity
of the Board, but rather reduce the Board&rsquo;s overall diversity.</TD></TR></TABLE>

<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: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TED MILLER HAS NO NEW PLAN TO DRIVE VALUE; HE HAS
MADE CLAIMS THAT ARE AT BEST MISLEADING AND HIS ACTIONS ARE NOT ALIGNED WITH INTERESTS OF 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">We have engaged extensively with Ted Miller to hear his views and understand
his perspectives. To date, Mr. Miller has recommended no new ideas, made a series of claims that are at best misleading, and suggested
only actions that your Board is already undertaking.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Starting on December 29, 2023 and continually through March 27, 2024,
Mr. Miller claimed to have signed non-disclosure agreements (&ldquo;NDAs&rdquo;) with &ldquo;25 prospective buyers and financing sources&rdquo;
for the fiber business. Despite these claims, not a single &ldquo;prospective buyer&rdquo; or &ldquo;financing source&rdquo; approached
us claiming to have signed an NDA with the Boots Group. Three months after he first claimed that he had secured potential buyers and financing
sources as part of a &ldquo;five-month head start on the sale process,&rdquo; and after referencing having secured such parties at least
10 times starting on December 29, 2023, on March 28, 2024, Mr. Miller changed his story. He disclosed in the Boots Group&rsquo;s proxy
statement <U>that an undisclosed number of these parties (we suspect most or all) were not in fact &ldquo;prospective buyers&rdquo; or
&ldquo;financing sources&rdquo; for a transaction involving the fiber business at all, but rather &ldquo;potential investors in the Boots
Funds.</U>&rdquo;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Notwithstanding this admission, Mr. Miller has still not provided any
information about which, if any, of these parties has interest in pursuing a transaction, nor has he disclosed the size or financial resources
of such potential parties. In the Company&rsquo;s view, Mr. Miller&rsquo;s claims raise the question of whether any of his purported buyers
and financing sources has any interest in pursuing a transaction at all&mdash;or, worse yet from the Company&rsquo;s perspective, whether
Mr. Miller is simply inventing such parties or exaggerating their interest to bolster his platform.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><U>Additionally, and contrary to Mr. Miller&rsquo;s claims, Boots Group&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 if
it pays distributions to shareholders equal to its taxable income each year</U>. The only potential benefit to Crown Castle from Boots
Group&rsquo;s tax ideas 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. However,
Crown Castle has a number of options to deal with its REIT distribution requirements without rushing into complex and highly uncertain
transactions. In addition, <U>none</U> of the Company&rsquo;s net operating losses, which would reduce its REIT distribution requirements
in the case of a potential fiber sale, expire in 2024. Mr. Miller&rsquo;s attempt to generate reckless urgency through a mistaken understanding
of tax &ldquo;savings&rdquo; is another example of what appears to be a misleading statement Mr. Miller has made to bolster his campaign
for Board seats.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">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. <B>Mr. Miller&rsquo;s
proposed process would not offer any timing advantage over the process that the Company is already undertaking</B>. As noted earlier,
none of the potential unidentified bidders or financing sources (originally claimed to be 25 by Mr. Miller and now admitted by him to
be some unstated lower number) have, to our knowledge, reached out to the Company&rsquo;s advisors despite the publicly announced strategic
review process beginning several months ago. In addition, Boots Group is insisting on onboarding its own advisors for the fiber process
and requesting that the Company assume the costs that Boots Group has incurred in connection with its proposals. Boots Group originally
told Crown Castle these costs would be $4.5-5 million and later estimated the costs to be $5 million in the press release that the Boots
Group filed on Schedule 14A on February 20, 2024.</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">Mr. Miller&rsquo;s actions appear to demonstrate that he is not aligned
with the interests of long-term shareholders. For example:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><U>Boots Group acquired the majority of its ownership position in Crown Castle after Elliott&rsquo;s disclosure of its investment
in November 2023</U>. After disclosure of Elliott&rsquo;s investment, Boots Group proactively reached out to Elliott to solicit an investment
by Elliott into the Boots fund as an &ldquo;anchor&rdquo; investor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In addition, Boots Group has indicated that <U>approximately 80% of its position consists of call options that expire in 10 months
(January 2025)</U>. At the time of the 2024 Annual Meeting in May, there will be approximately eight months of duration remaining on Boots
Group&rsquo;s current call options. And Mr. Miller and Boots Group have not provided any evidence that Boots Group has the financial ability
to exercise these options or the intention of doing so. Said differently, 80% of Boots&rsquo; Crown Castle position could disappear eight
months after the Annual Meeting if Boots does not have capital to exercise its call options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><U>Mr. Miller sought a court order to stop the important work of the Fiber Review Committee</U>, despite stating that &ldquo;when
it comes to executing the fiber sale, time is literally money.&rdquo; Had he succeeded, this would have impeded all progress toward a
potential transaction regarding the Company&rsquo;s fiber business for months. The court rightly rejected Mr. Miller&rsquo;s motion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Your Board believes that ceding the control that Mr. Miller is demanding
could jeopardize Crown Castle&rsquo;s growth prospects and optimization initiatives, and ultimately diminish shareholder value.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROTECT THE VALUE OF YOUR INVESTMENT IN CROWN CASTLE:
</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE THE <U>WHITE</U> PROXY CARD TODAY</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Crown Castle Board is taking decisive actions to improve the Company&rsquo;s
business and drive value for shareholders. We believe that Ted Miller&rsquo;s self-interested agenda will disrupt the clear progress underway,
and that your current Board is best positioned to strengthen Crown Castle and deliver on our objectives.</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"><B>We urge you to use the enclosed <U>WHITE</U> proxy card and vote &ldquo;FOR&rdquo;
only the thirteen (13) nominees proposed by the Board: </B>P. Robert Bartolo, Cindy Christy, Ari Q. Fitzgerald, Jason Genrich, Andrea
J. Goldsmith, Tammy K. Jones, Kevin T. Kabat, Anthony J. Melone, Steven J. Moskowitz, Sunit S. Patel, Bradley E. Singer, Kevin A. Stephens
and Matthew Thornton, III. You can vote online, by telephone or by marking, signing, dating and returning the enclosed <B><U>WHITE</U></B>
proxy card in the postage-paid envelope provided.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Your vote is extremely important no matter how many shares you own.
</B>Please submit your proxy in advance of the 2024 Annual Meeting in one of the ways outlined above, whether or not you plan to attend
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">You may receive solicitation materials from Mr. Miller, including an opposition
proxy statement and gold proxy card. <B>The Board does not endorse Boots Group&rsquo;s nominees or Boots Group&rsquo;s By-Laws Proposal
and unanimously recommends shareholders discard any proxy materials from Boots Group. </B>If you have already submitted a gold proxy card,
you can revoke such proxy and vote for the Company&rsquo;s director nominees and on the other matters to be voted on at the 2024 Annual
Meeting by marking, signing, dating and returning the <B><U>WHITE</U></B> proxy card by mail in the postage-paid envelope provided, or
by</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">voting via Internet or telephone by following the instructions on your
<B><U>WHITE</U></B> proxy card, <B><U>WHITE</U></B> voting instruction form or Proxy Materials Notice. Only your latest validly executed
proxy will count and any proxy may be revoked at any time prior to the 2024 Annual Meeting as described in the accompanying proxy statement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Please note that your <B><U>WHITE</U></B> proxy card has more names on
it than the 13 seats that are up for election, pursuant to the requirement that it list the Boots Group nominees in addition to the Board's
nominees. Please mark your <B><U>WHITE</U></B> proxy card carefully and vote &quot;FOR&quot; only the Board&rsquo;s 13 nominees.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529">Thank you for your continued support.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529">Sincerely,</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529">The Crown Castle Board of Directors</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">If you have any questions or require any assistance with voting your shares,
please call the Company&rsquo;s proxy solicitor:</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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(877) 717-3904 (toll-free from the United States
and Canada) </B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>+1 (412) 232-3651 (from other locations).</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529"><B>Advisors</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #212529">Morgan Stanley is serving as financial advisor, and Paul,
Weiss, Rifkind, Wharton &amp; Garrison LLP is serving as legal counsel, to the Company.</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 &ndash;
bringing information, ideas and innovations to the people and businesses that need them. For more information on Crown Castle, please
visit <FONT STYLE="color: Blue">www.crowncastle.com</FONT>.</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">&nbsp;</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 &ldquo;estimate,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;project,&rdquo;
&ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;likely,&rdquo; &ldquo;predicted,&rdquo;
&ldquo;positioned,&rdquo; &ldquo;continue,&rdquo; &ldquo;target,&rdquo; &ldquo;seek,&rdquo; &ldquo;focus&rdquo; 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&rsquo;s Fiber Review Committee, including that it will help
enhance and unlock shareholder value, (2) that the actions set forth in this press release best position</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">the Company for long term success, including our Board&rsquo;s regular
evaluation of all paths to enhance shareholder value, (3) that the Company will benefit from the experience and insights of the newly
appointed directors, and (4) that the Company will identify the best path forward to capitalize on significant opportunities for growth
in our industry. Such forward-looking statements should, therefore, be considered in light of various risks, uncertainties and assumptions,
including prevailing market conditions, risk factors described in &ldquo;Item 1A. Risk Factors&rdquo; 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 <FONT STYLE="color: Blue"><U>www.sec.gov
</U></FONT>or through our investor relations website at <FONT STYLE="color: Blue"><U>investor.crowncastle.com</U></FONT>. 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; text-align: justify"><B>Important Stockholder Information</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company filed&nbsp;a&nbsp;definitive&nbsp;proxy&nbsp;statement&nbsp;and
a <B><U>WHITE</U></B> proxy card with the SEC in connection with its solicitation of proxies for its 2024 Annual Meeting. THE COMPANY&rsquo;S
STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING <B><U>WHITE</U></B> PROXY CARD, AND ANY
AMENDMENTS AND SUPPLEMENTS TO THESE DOCUMENTS, AS THEY CONTAIN IMPORTANT INFORMATION. Stockholders may or will be able to obtain the
proxy statement, any amendments or supplements to the proxy statement, and other documents without charge from the SEC&rsquo;s website
at <FONT STYLE="color: blue"><U>www.sec.gov</U></FONT>.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</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 &ldquo;participants&rdquo; (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&rsquo;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&rsquo;s definitive proxy statement on Schedule 14A filed with the SEC on April
11, 2024, on the section entitled &ldquo;Beneficial Ownership of Common Stock&rdquo; (on page 90) and Appendix C (on page&nbsp;C-1). To
the extent the holdings by the &ldquo;participants&rdquo; in the solicitation reported in the Company&rsquo;s definitive proxy statement
have changed, such changes have been or will be reflected on &ldquo;Statements of Change in Ownership&rdquo; on Forms 3, 4 or 5 filed
with the SEC. All these documents are or will be available free of charge at the SEC&rsquo;s website at www.sec.gov.</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"><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"></P>

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



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