<SEC-DOCUMENT>0000950142-24-001179.txt : 20240424
<SEC-HEADER>0000950142-24-001179.hdr.sgml : 20240424
<ACCEPTANCE-DATETIME>20240424171220
ACCESSION NUMBER:		0000950142-24-001179
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240424
DATE AS OF CHANGE:		20240424

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:		24871522

	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>eh240473816_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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    <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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is the text of a letter that Crown Castle Inc. distributed to certain of its shareholders on or about April 24, 2024:</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vote
the Enclosed <U>WHITE</U> Proxy Card Today</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;FOR&rdquo;
All 12 of Crown Castle&rsquo;s Highly Qualified Director Nominees</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
24, 2024</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Fellow Shareholders,</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have appointed 25+ year tower industry veteran Steven Moskowitz as President and CEO, effective
                                            April 11, 2024, following a robust search process.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have strengthened our Board with proven executives who possess relevant experience and provide
                                            shareholder perspectives.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>To
protect your investment, we urge you to vote the enclosed <U>WHITE</U> proxy card or voting instruction form today &ldquo;FOR&rdquo;
</B>all 12 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, 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 or voting instruction form in the postage-paid envelope provided.</FONT></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BOARD
IS TAKING ACTIONS TO DELIVER SUSTAINABLE VALUE BASED ON GOOD GOVERNANCE</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRINCIPLES</B></FONT></P>

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


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board is taking concrete steps to improve Crown Castle&rsquo;s performance, including:</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt"><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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe Mr. Moskowitz&rsquo;s breadth and depth in the tower industry is unique:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
                                            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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Undertaking
                                            a strategic and operating review of our fiber and small cell business.</B> Since January
                                            2024, 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):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
                                            of the fiber solutions sub-segment, small cells sub-segment, and the Fiber segment as a whole;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluation
                                            of potential counterparties to a sale, merger or JV transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
                                            of any resulting proceeds; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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. Over the past year, the Company has added the
                                            following four highly qualified directors to the Board:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin
                                            Kabat, who brings public company CEO experience from Fifth Third Bancorp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of these appointments, seven of our 12 director nominees have been added to the Board since 2020 and the average tenure of our
director nominees is 5.9 years.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CROWN
CASTLE&rsquo;S NOMINEES ARE HIGHLY QUALIFIED WITH RELEVANT RECENT EXPERIENCE AND</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INDEPENDENT POINTS OF VIEW ENABLING THEM TO EFFECTIVELY
OVERSEE THE EXECUTION OF</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY STRATEGY</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board&rsquo;s nominees comprise 12 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 Mr. Melone) 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 12 nominees are demographically diverse.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our directors&rsquo; expertise in real estate / REITs, strategic planning, finance, M&amp;A and technology, one-third of
the Company&rsquo;s director nominees also have relevant experience in the wireless tower industry. Specifically, Messrs. Patel 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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
four of the Company&rsquo;s director nominees have specific relevant experience in the fiber industry, including Mr. Melone, 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CROWN
CASTLE HAS SHAREHOLDER REPRESENTATION ON THE BOARD</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TED
MILLER IS SEEKING DE FACTO CONTROL OF CROWN CASTLE BY INSTALLING HIMSELF AS</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTIVE CHAIR AND APPOINTING HIS FAMILY AND FRIENDS TO
THE BOARD</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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: Times New Roman, Times, Serif; font-size: 10pt">&times;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TED
MILLER HAS NO NEW PLAN TO DRIVE VALUE; HE HAS MADE CLAIMS THAT ARE AT BEST</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MISLEADING AND HIS ACTIONS ARE NOT ALIGNED WITH INTERESTS
OF SHAREHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 a number of the parties who signed NDAs were not in fact &ldquo;prospective buyers&rdquo; or &ldquo;financing
sources&rdquo; for a transaction involving the fiber business at all, and that some were &ldquo;potential investors in the Boots
Funds.</U>&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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</FONT></P>


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 25 potential unidentified bidders or financing sources
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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Miller&rsquo;s actions appear to demonstrate that he is not aligned with the interests of long-term shareholders. For example:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Calibri, 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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VOTE
THE <U>WHITE</U> PROXY CARD TODAY</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>We
urge you to use the enclosed <U>WHITE</U> proxy card or voting instruction form and vote &ldquo;FOR&rdquo; only the twelve (12) 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, 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 or voting instruction form in the
postage-paid envelope provided.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Your
vote is extremely important no matter how many shares you own. </B>Please cast your vote 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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or voting instruction form by mail in the postage-paid envelope provided, or by voting via Internet or telephone by
following the instructions on your <B><U>WHITE</U></B> proxy card or voting instruction form. Only your latest validly executed proxy
card or voting instruction form will count and you can revoke any proxy at any time prior to the 2024 Annual Meeting as described in
the Company&rsquo;s proxy statement.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
note that your <B><U>WHITE</U></B> proxy card or voting instruction form has more names on it than the 12 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 or voting instruction form carefully and vote &quot;FOR&quot; only the Board&rsquo;s 12 nominees.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thank
you for your continued support.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Crown Castle Board of Directors</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you have any questions or require any assistance with voting your shares, please call the Company&rsquo;s proxy solicitor:</FONT></P>

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INNISFREE
M&amp;A INCORPORATED</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>at</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>or</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Advisors</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #212529"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan
Stanley is serving as financial advisor, and Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP is serving as legal counsel, to the Company.</FONT></P>

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


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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Crown Castle</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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"><U>www.crowncastle.com</U></FONT>.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAUTIONARY
LANGUAGE REGARDING FORWARD-LOOKING STATEMENTS </B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter 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 letter best position
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 directors and the new CEO, 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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Stockholder Information</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>.</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Participant
Information</B></FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

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