TED B. MILLER SENDS OPEN LETTER TO CROWN CASTLE SHAREHOLDERS

Group 1 - Crown Castle has experienced over a decade of underperformance, with total shareholder returns lagging due to capital misallocation, a debt-fueled dividend, and execution failures [4][5] - Boots Capital's nominees possess critical tower industry experience and a detailed plan to restore Crown Castle's value for shareholders [6][9] - Shareholders have expressed frustration with the company's governance and lack of strategic planning, highlighting the need for change at the board level [2][4] Group 2 - The current board lacks independent directors with tower company operating experience, which is a significant weakness for a tower company [7] - There is no CEO succession plan in place, which has led to costly disruptions for shareholders [7] - The board's decision to embark on a $22 billion fiber project without considering Return on Invested Capital as a measurement for compensation has misaligned incentives [8] Group 3 - Boots Capital's nominees have extensive experience in building and running large-scale tower companies, contrasting with the long-tenured directors who lack relevant experience [9][10] - The current board has been criticized for its governance failures and for not engaging constructively with Boots Capital [14] - Boots Capital aims to work collaboratively with the board and new CEO to enhance Crown Castle's operations and shareholder value [11]