CompanyOverview
November 2020

The pathway to possible.

Cautionary Information
This presentation contains forward-looking statements and information (“Forward-Looking Statements”) that are based on our management's
current expectations. Statements that are not historical facts are hereby identified as Forward-Looking Statements. In addition, words such as"estimate," "see," "anticipate," "project," "plan," "intend," "believe," "expect," "likely," "predicted," "positioned," "continue," "target," and any
variations of these words and similar expressions are intended to identify Forward-Looking Statements. Such statements may include our plans,projections, and estimates regarding (1) our business, strategy (including small cell strategy), strategic position, business model and capabilities,
and the strength thereof, (2) potential benefits, growth, returns, opportunities and shareholder return and values which may be derived fromour business, strategy (including small cell strategy), assets, investments, acquisitions and dividends, (3) data demand, (4) growth in carrier
network investment, including drivers thereof, and potential benefits derived therefrom, (5) spectrum availability, (6) mobile data traffic, speed
and growth in demand for, and consumption of, mobile data, (7) dividends, dividend yields (including on an annualized basis), and dividend
growth rate, including its driving factors, (8) demand for our sites and services, (9) access to capital and capital allocation, (10) site rental
revenues, (11) segment site rental gross cash margin, (12) our long-and short-term prospects and the trends, events and industry activities
impacting our business, (13) small cell market opportunity, including the number of on-air small cell nodes in the U.S. and small cell nodedensities, (14) 5G deployment and the potential value thereof to our business and strategy (including small cell strategy), and (15) the price andperformance of our securities, including our common stock. All future dividends are subject to declaration by Crown Castle’s board of directors.
This presentation also contains hypothetical scenarios and information Hypotheticals”), which are presented for illustrative purposes only. Such
Hypotheticals are not guarantees, projections, or otherwise indicative of future performance.
Forward-Looking Statements and Hypotheticals are subject to certain risks, uncertainties and assumptions, including prevailing market
conditions and other factors. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions proveincorrect, actual results may vary materially from those expected or illustrated in this presentation. Such Forward-Looking Statements andHypotheticals should be considered in light of all relevant risk factors included in our filings with the Securities and Exchange Commission.
Trading in securities involves a high degree of risk, and losses can be substantial. Crown Castle assumes no obligation to update publicly any
Forward-Looking Statements and Hypotheticals, whether as a result of new information, future events or otherwise. None of the information
provided in this presentation constitutes investment recommendation or investment advice.
This presentation includes certain non-GAAP financial measures, including Segment Net Invested Capital and Segment Cash Yield on Invested
Capital. Definitions and tables reconciling such non-GAAP financial measures are set forth in the Supplemental Information Package and NonGAAP Reconciliations for the quarter ended September 30, 2020 (“Supplemental Information Package”), which is posted in the Investors
section of Crown Castle's website at investor.crowncastle.com. As used in this presentation, the term "including" and any variations thereof,means "including without limitation."

PAGE 2PROPRIETARYOverview ofCrown Castle

PAGE 3
PROPRIETARYCrown Castle at a Glance
Leading Provider of Shared Communications Infrastructure in the U.S.

~80K

Route Miles ofFiber
Supporting>40K

Towers(1)>70K
Small Cells(1,2)$90BNEnterprise
Value(5)1.
2.
3.
4.
5.
6.

$5.32

Dividend perShare(6)5 Years

Weighted Average
Remaining
Customer
Contract
Term(3)

3.2%

Dividend
Yield(5,6)

As of 09/30/20
Number of small cell nodes on air or under contract
As of 09/30/20; weighted by site rental revenues
As of 09/30/20; excludes renewal terms at customers’ option
As of 10/21/20 close
Based on Q4 2020 dividend per share annualized, declared on October 21, 2020

$23BN

Remaining
Contracted
CustomerReceivables(4)7-8%Long-Term
Target for Annual
Growth in
Dividends perSharePAGE 4
PROPRIETARYLeading Portfolio of Shared Communication
Infrastructure Assets
12>40K

Towers>70K

Small Cells

Enable additional network
densification by offloading
traffic and bolstering
capacity in the areas of thenetwork where data
demand is the greatest

Provide the critical foundation
for coverage and capacity

3~80K

Route Miles of Fiber

Increase returns on fiber investments by
sharing the same fiber assets acrossthousands of fiber solutions customers

PAGE 5PROPRIETARY

Maximizing Shareholder Value by Focusing onGrowing Long-Term, High Quality Dividends
 Drive organic growth byleasing our existing portfolioof >40K well-located towers
and ~80K route miles of highcapacity fiber Allocate capital to accretive
discretionary investmentsthat support our long-term
dividends per share growthtarget of 7-8% annually Maintain a strong investment
grade balance sheet to ensure
consistent access to capital

PAGE 6PROPRIETARY

Balanced Approach to Capital Allocation($ in billions)

Cumulative Discretionary Capital Allocated from FY 2011 to 2020 YTD(1)Total Enterprise Value(2)$90FiberAcquisitions$119%$23 External
Financing26%
22%

28%14%TowerAcquisitions$9

Fiber Capex$6Tower Capex$4

CommonStockDividends &Share
Buybacks$71$17

Cash Flow(3)From Operations$10$20Equity$13Net
Debt$7(4)

2011

1.
2.
3.
4.

YTD Cumulative Discretionary Capital as of 9/30/2020.
Enterprise values as of 12/31/2010 and 10/21/2020.
Excludes impacts related to our previously-owned subsidiary that operated towers inAustralia (referred to as "CCAL"), which was sold in 2015.
Net debt includes $0.3 of preferred stock.

$192020

PAGE 7PROPRIETARYCombination of Stability and Growth Provides
Compelling Total Return Opportunity
Attractive Dividend Yield

Dividends supported by high quality, long-termLong-Term Growth Tailwinds

contracted lease payments


Weighted average 5-years of contracted leaseon majority of revenue


payments totaling $23 billion(1)Investment grade balance sheet

Embedded growth tied to contracted escalators

Data growth expected to drive continued
network investment

Well positioned to capture network densification
with portfolio of towers and fiber fed small cells

Provider of mission critical sharedcommunication infrastructure assets

Proven track record of generating growththrough execution and capital allocation

100% focused on attractive U.S. communications
infrastructure market

1.

As of 09/30/20; excludes renewal terms at customers’ option

PAGE 8PROPRIETARYAttractive Industry
Growth Trends

PAGE 9PROPRIETARY

Positive Fundamentals Drive Significant WirelessInfrastructure Investment in the U.S.
U.S. Wireless Capital Investment•

Mobile Data Usage Growth (MBs in billions)~$300bn since 2010 with nearly $30bn in 2019
Capital Invested in U.S.
as a % of Invested
Capital Globally in 201937,060U.S. Population as a %of Global Populationin 2019

5%388

20%

2010
Cell Site Growth~400k sites

2019Spectrum Available (MHz)> 80% of current spectrum is millimeter wave

~6,000~150k sites
~300

2010

2019

Source: CTIA 2020 Annual Survey Highlights and Wall Street research.

2007

2020E

PAGE 10PROPRIETARY

Increasing Data Consumption is Driving theNeed for Denser Networks of Towers and SmallCells
Wireless congestion
happens when too
many people try to use
the same cell site atonce.

The best way torelieve wirelesscongestion is toadd new
infrastructure.

In addition tomacro cell sites,carriers are adding
more capacity inhigh traffic areas
with small cells.

With increased datausage, all that extra
demand can quickly
overload a cell site’scapacity.

PAGE 11PROPRIETARYSmall Cell Market Opportunity Overview
US Total Small Cell On-Air Nodes in 2024E

Potential Long-Term Small Cell Densities

Mobile Experts US Outdoor Small Cell On-Air Nodes Forecast(1)iGR US Outdoor Small Cell On-Air Nodes Forecast(2)Potential densities of~20 nodes per mile

1,069k5G Tenant 35 - 6 Nodes

5G Tenant 25 - 6 Nodes

4G Tenant 32 – 3 Nodes

4G Tenant 22 – 3 Nodes

4G Anchor Tenant

2 – 3 Nodes

982k

34% CAGR

20% CAGR

2024

1.
2.

Source: Mobile Experts: Small Cells 2020. Published: May 2020.
Source: iGR: U.S. Outdoor Small Cells Forecast, 2019-2025: Even small cells getsick. Published Second Quarter 2020.

2020

PAGE 12PROPRIETARYWhat Are Small Cells?
Fiber fed small cells enable wireless carriers to add much needed coverage andcapacity to relieve congestion on their networks
Streetlights

Utility Poles

Slim Line Poles

Crown Castle assets
Wireless operator assets

Collocation of multiple
tenants on shareablefiber asset drives highincremental marginand yields
Carriers enter into
long-term, renewableleases to access fiberand pole

PAGE 13PROPRIETARYCompelling Strategy
with Towers,
Small Cells and Fiber

PAGE 14PROPRIETARYLeading Provider of Shared Communications Infrastructure in U.S.,
Positioned to Generate Significant Long-Term Shareholder Value(1)Towers
Fiber
10.7%

2.1

11 Yrs$22.7b

7.8%$14.4b

> 3 YrsInvested Capital(2)Weighted Average Life ofCapital Investment< 0.5 (3)Tenancy

Cash Yield(4)•Combined investment of nearly $40bn in shared infrastructure assets that are mission critical to 4G & 5G networks•Towers and Fiber investments are at very different stages of development, each with significant potential growth
opportunity•

Despite earlier stage of development, Fiber investment is already generating a ~ 8% yield

1.
2.
3.
4.

Figures are as of 9/30/2020.
See Supplemental Information Package for further information on “Segment Net InvestedCapital”.
Small Cell 4G tenant equivalent to 2-3 nodes per mile of fiber.
See Supplemental Information Package for further information on “Segment Cash Yield on
Invested Capital”.

PAGE 15PROPRIETARYTowers And Small Cells Business Model ComparisonTowers

Small Cells

Wireless data growth

Wireless data growth and density

Wireless carriers

Wireless carriersBusiness Model Highlights:
Underlying Demand Driver
Customer Base
Buying Decisions••

Significant Demand Drivers

Business ModelBarriers to Entry

Nationally negotiated contracts
Individual decisions made at marketlevel••

Nationally negotiated contracts
Local market pricing conditions

2G to 3G to 4G to 5G

4G to 5G•••

High initial investment
Lease-up over time
Shared infrastructure reduces costof ownership•••High initial investment
Lease-up over time
Shared infrastructure reduces costof ownership••First mover
Municipal regulations••First mover at scale
Municipal and utility regulations

Unit Economics:
Initial Investment per Opportunity~$500K - $1MM

$10MM - $500MM

3-4%

6-7%

2-Tenant Asset Yield

High single digits

Low double digits

3-Tenant Asset Yield

Mid-teens

Mid-teens

Pace of Lease Up1 tenant every 10 years

1 tenant every 10 years

Maintenance Capex

1% of revenue

1% of revenue

Initial Contract Term

10 years

10 years

Renewal Rates – per Annum

98-99%

98-99%~3%~1.5%

Initial Asset Yield

Escalators – per Annum

PAGE 16
PROPRIETARYSmall Cell Strategy Provides Potential Compelling Risk Reward
Opportunity
Illustrative Scenarios: Potential Value Creation by 2030(1)Potential Total Shareholder Values in2030 Relative to Current Value

4x

Strategy provides potential
7:1 upside to downside•

We believe increasing smallcell node densities
associated with 5G networks
have the potential tomeaningfully increase longterm shareholder value
creation beyond the value
created by the current 7-8%
annual target in dividends
per share growth

Dividends Per Share CAGR: 7-8%

•Combination of 5G network
requirements and higher
spectrum bands has
potential to meaningfullyincrease density of small cell
nodes per fiber mile fromtarget 4G network densitiesof 2 to 3 nodes per mile

4G Densities

5G Densities•

2–3

Approaching 7

We believe illustrative
upside and downsidescenarios for small cell nodedensities have the potential
to result in compelling risk
reward opportunity with 7x
potential upside relative topotential downside2x

1x
Nodes Per Mile:Assumptions<2•

Downside scenarios assume current volume and mix of small cell lease-up activity do
not increase and fiber solutions growth decelerates•

Target and upside scenarios assume small cell volumes increase as 4G and 5G networks
require densification to satisfy increasing mobile data demand
The only assumptions that vary across scenarios are (1) volume and mix of small celllease-up and (2) fiber solutions growth•1.

See cautionary language on page 2.

PAGE 17
PROPRIETARY