August 17, 2020 Letter to the Board
Dear Members of the Board:
We are writing to you again on behalf of Elliott Associates, L.P. and Elliott International, L.P. (together, “Elliott” or “we”) regarding our investment in Crown Castle International Corp. (“Crown Castle” or the “Company”). On July 6th, Elliott published a letter and presentation in which we demonstrated with facts and analysis that the Company’s fiber strategy was detracting from shareholder returns and would continue to do so unless significant changes were made. We subsequently published a follow-up letter calling on the Company to present a multi-year plan and critical performance metrics to allow investors to judge for themselves whether the current fiber and small cell strategy is value-accretive to shareholders.