Crown Castle Inc. announced a comprehensive review of the Company?s fiber business and the addition of two new independent directors to the Company?s Board. The initiatives were announced in connection with a cooperation agreement with Elliott Investment Management L.P., pursuant to which Crown Castle will appoint Jason Genrich, Senior Portfolio Manager at Elliott, and Sunit Patel, former Chief Financial Officer of Level-3 Communications and Executive Vice President of T-Mobile, to the Company?s Board of Directors. As part of this agreement, Crown Castle has formed the following special committees of the Board: Fiber Review Committee.

The Fiber Review Committee will direct a strategic and operating review of the Company?s fiber business, with the goal of enhancing and unlocking shareholder value. The Fiber Review Committee will be chaired by P. Robert Bartolo (Chair of the Crown Castle Board) and will include four additional directors, including Anthony J. Melone, Kevin A. Stephens, and newly appointed directors Mr. Genrich and Mr. Patel. Together, the Fiber Review Committee members will work to determine the best path forward for the fiber business and will make their recommendations to the full Board.

The Company will not comment further on the strategic review unless and until the Board has approved a specific course of action or until it determines that further disclosure is appropriate or necessary. Financial advisors to the Fiber Review Committee will be Morgan Stanley & Co. LLC and BofA Securities, and legal counsel will be Paul, Weiss, Rifkind, Wharton & Garrison LLP.

CEO Search Committee. In connection with the Company?s previously announced CEO transition, the Board has established a CEO Search Committee to conduct the search to identify Crown Castle?s next CEO. The CEO Search Committee will be chaired by Tammy K. Jones and will also include Mr. Bartolo, Mr. Genrich and Kevin T. Kabat.

In connection with today?s appointments, W. Benjamin Moreland and Maria M. Pope will be stepping down from the Board. As a result, the Board will be comprised of 12 directors, 11 of whom are independent. As previously announced, Jay Brown will step down as a Director of the Company, effective January 16, 2024.

About Jason Genrich: Jason Genrich is a Senior Portfolio Manager at Elliott Investment Management, focusing on investments across the TMT industry and leading Elliott?s activities in a wide variety of technology, software, IT hardware and digital infrastructure companies across public equity, private equity and credit investments. From 2021 to 2022, Mr. Genrich served on the public Board of Switch Inc., and was a member on the REIT Committee and Special Committee of the Board prior to its sale to Digital Bridge and IFM. Mr. Genrich currently serves on the Boards of Cloud Software Group (formerly Citrix and TIBCO Software), GoTo (formerly LogMeIn) and Travelport Worldwide.

From 2011 to 2014, Mr. Genrich was a private equity investor at GTCR on the TMT investment team, with an emphasis on digital infrastructure, including wireless towers, fiber infrastructure, cable MSOs and other broadband infrastructure businesses. From 2009 to 2011, Mr. Genrich worked in the Technology M&A advisory group at Evercore Partners. About Sunit Patel: Sunit Patel is the Chief Financial Officer of Ibotta Inc., a North American cashback rewards and mobile technology platform.

Mr. Patel has more than 25 years of executive leadership, including 15 years as a public telecommunications company CFO. In 2000, Mr. Patel co-founded Looking Glass Networks Inc., a facilities-based provider of metropolitan telecommunication transport services and served as its CFO until 2003. From 2003 to 2018, Mr. Patel served EVP and CFO of CenturyLink, now Lumen, a role he held for over 14 years at Level 3 prior to its 2017 merger with CenturyLink.

From 2018 to 2020, Mr. Patel served as EVP, Merger and Integration at T-Mobile, where he led T-Mobile's strategic planning efforts to integrate its business with Sprint following the companies' $26.5 billion merger. Mr. Patel currently serves on the Board of Cirion Technologies, a leading digital infrastructure and technology provider, offering a comprehensive suite of fiber network, connectivity, colocation, cloud infrastructure, and communication and collaboration solutions.