Fourth Quarter 2013 Earnings Conference Call January 23, 2014

Cautionary Information This presentation contains forward-looking statements and information that are based on management’s current expectations. Such statements may include projections, Outlook and estimates regarding (i) demand for our sites and services, (ii) site densification and leasing activity, including the impact on our results and Outlook, (iii) small cell network activity, (iv) the AT&T tower transaction, including the integration of and contribution from the AT&T towers, (v) the T-Mobile and NextG transactions, including leasing activity, growth and results of assets, (vi) capital expenditures, (vii) dividends, including our dividend plans, timing and the amount and growth of any dividends, (viii) growth opportunities and growth potential, including as may be derived from our assets and financings, (ix) our investments, including the types of such investments and the potential benefits which may be derived therefrom, (x) organic revenue growth, (xi) non-renewal of leases and the impact therefrom, (xii) the impact of the iDEN network decommissioning, (xiii) tenant churn, (xiv) U.S. wireless market metrics, including average revenue per user (“ARPU”), mobile data usage, and wireless carrier capital expenditures, (xv) site rental revenues, (xvi) site rental cost of operations, (xvii) site rental gross margin and services gross margin, (xviii) Adjusted EBITDA, (xix) interest expense and amortization of deferred financing costs, (xx) FFO, (xxi) AFFO, including on a per share basis, (xxii) net income (loss), including on a per share basis, (xxiii) prepaid rents, (xxiv) our common shares outstanding, including on a diluted basis and (xxv) the utility of certain financial measures in analyzing our results. The term “including”, and any variation thereof, means “including, without limitation.” Such forward-looking statements 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 prove incorrect, actual results may vary materially from those expected. More information about potential risk factors which could affect our results is included in our filings with the Securities and Exchange Commission. The Company assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA and AFFO. Tables reconciling such nonGAAP financial measures are available under the investor section of Crown Castle’s website at http://investor.crowncastle.com.

2

Executive Summary 

Excellent 2013 produced very strong results and several accomplishments ― Closed on $4.85 billion AT&T tower transaction ― Completed integration of T-Mobile and NextG acquisitions ― Completed necessary procedures to begin operating as a REIT on January 1, 2014



Exceeded 2013 Outlook for site rental gross margin, Adjusted EBITDA, AFFO and AFFO per share 2012 to 2013 Actual Growth

18%

12%

16%

40%

2013 Growth Guidance from Jan 2013 Outlook(1)

15%

10%

9%

21%

Site Rental Revenue

Site Rental Gross Margin

Adjusted EBITDA

AFFO per Share

(1) Site rental revenue, site rental gross margin, Adjusted EBITDA, and AFFO based on the midpoints of the 2013 Outlook provided on January 23, 2013

3

Q4 2013 Overview

Q4 2013 Highlights ($ in millions)

Site Rental Gross Margin

Site Rental Revenues $651

$570 $355

↑14%

$421 $241

↑10%

13% CAGR

Q4'08

Q4'09

Q4'10

Q4'11

$464

14% CAGR

Q4'12

Q4'13

Q4'08

Q4'09

Q4'10

Q4'11

Q4'12

Q4'13

AFFO

Adjusted EBITDA $414

$359

$468 $243

↑13%

$225

$147

↑48%

16% CAGR

Q4'08

5

Q4'09

Q4'10

Q4'11

20% CAGR

Q4'12

Q4'13

Q4'08

Q4'09

Q4'10

Q4'11

Q4'12

Q4'13

 Increasing site

densification led to a more than two fold increase in new leasing activity in Q4 2013 compared to Q4 2012  ~19% of customer

installations during Q4 2013 consisted of presold vs. ~70% in Q4 2012  Activity on small cell

networks also seeing strong activity as carriers continue to focus on improving their networks

Investment and Liquidity Summary Q4 2013 Capital Deployment ($ in millions)

Sustaining Capex Land Purchases Revenue Generating Capex

$20.5 $24.0

 Financed the AT&T tower transaction by:  Raising approximately $4 billion in net proceeds through

the issuances of common and preferred stock  Amending and borrowing under our credit facility − Raised $700 million of incremental term loans

$137.8

− Re-priced the revolving credit facility and term loan A

loans, effectively reducing interest rates by 0.50% − Extended the maturity on our revolving credit facility

and the vast majority of our term loans $4,905.3

 As of December 31, 2013:  Undrawn capacity under our revolving credit facility

stood at $1.1 billion Acquisitions

Total: $5,087.7 million

Note: Components may not sum due to rounding

6

 Total outstanding debt had a weighted average cost of

4.3% and a weighted average maturity of 6 years  Net debt to last quarter Adjusted EBITDA and cash

interest coverage ratio were 5.5x and 4.1x, respectively

Full Year 2013 Highlights ($ in millions)

Site Rental Revenues

Site Rental Gross Margin $2,124

$1,403

$2,504

↑18%

$1,585 $946

↑12%

12% CAGR

2008

2009

2010

2011

$1,779

13% CAGR

2012

2013

2008

2009

2010

2011

2012

2013

AFFO

Adjusted EBITDA $1,553

$1,794

$1,272 $886

$867

↑16%

↑44%

$533

16% CAGR

2008

7

2009

2010

2011

19% CAGR

2012

2013

2008

2009

2010

2011

2012

2013

Q1 2014 Outlook ($ in millions)

Site Rental Revenues

Site Rental Gross Margin

$737 to $742

$438

$615 $368

↑20%

$258

↑17%

15% CAGR Q1'09

Q1'10

Q1'11

Q1'12

15% CAGR Q1'13

Adjusted EBITDA $441

Q1'14

Q1'09

Q1'10

Q1'11

Q1'12

Q1'13

Q1'14

$370 to $375 $291 ↑28%

$139 22% CAGR

Q1'13

Q1'14

Reported Results

8

Q1'12

AFFO

16% CAGR Q1'10

Q1'11

$509 to $514

↑16%

$242

Q1'09

$508 to $513

Q1'09

Q1'10

Q1'11

Outlook Issued on January 22, 2014

Q1'12

Q1'13

Q1'14

Full Year 2014 Outlook ($ in millions)

Site Rental Revenues

Site Rental Gross Margin $2,972 to $2,982

$2,043 to $2,053

↑19%

2010

2011

2012

↑14%

$1,013

14% CAGR 2013

2014E

2009

2010

Reported Results

9

$1,794

↑15%

$1,087

14% CAGR 2009

$2,040 to $2,055

$1,779

$2,504

$1,543

Adjusted EBITDA

2011

2012

15% CAGR 2013

2014E

2009

Outlook Issued on January 22, 2014

2010

2011

2012

2013

2014E

Full Year 2014 Outlook (cont’d) ($ in millions)

AFFO per Share

2014 Investment Capacity 

$4.25

$4.49 to $4.52 ~$470

Available for discretionary investments, including: – Share purchases – Tower / small cell builds – Acquisitions – Land purchases

~$500 to ~$600

$1,496 to $1,511 $1.54

~$400 to ~$500

17% CAGR

2007

2008

2009

Reported Results

10

2010

2011

2012

2013

Outlook Issued on January 22, 2014

2014E

2014 AFFO Guidance

Anticipated Dividend Initiation

Projected Capex

Remaining Investment Capacity

Proven Track Record of Executing on Acquisitions Yields on Precedent Crown Carrier Portfolio Transactions(1)

 In November 2012, Crown completed its transaction to acquire

18%

exclusive rights to approximately 7,100 T-Mobile USA towers

16%

15%

T-Mobile Portfolio Transaction

 Outperformed estimated 2013 AFFO contribution announced at

time of acquisition by 10%  Based on current application volume, leasing has been

accelerating ahead of our initial expectations

~4%-5% NextG Transaction  In April 2012, Crown completed its acquisition of NextG Networks,

Year Acquired # of Towers

Bell Atlantic / GTE Wireless

PowerTel

Bell South

1999/2000

1999

1999/2000

4,216

652

2,600

Current Yield

 Adjusted EBITDA contribution has more than doubled since closing

of acquisition

Initial Yield

(1) Yield calculated as tower cash flow over reported gross asset value (2) Represents approximate yield at time of acquisition

11

Inc., the largest provider of outdoor distributed antenna systems

 Currently on pace to exceed long-term goal of growing Adjusted

EBITDA by 5x-6x from time of acquisition (2)

 For 2014, leasing is ahead by approximately 30% compared to

initial expectations

U.S. Market Represents Compelling Investment Opportunity 2013E Monthly ARPU(1)

Forecasted U.S. Mobile Data Usage(2) (petabyte per month)

$52.08

1,933

$33.13 ↑ 56% CAGR $10.94

Emerging Markets Developed Markets

U.S.

108

206

2011

2012

2017E

Projected U.S. Wireless Carrier Capital Expenditures ($ in billions) (3) $33.6

$34.2

$29.6

$32.2

 Each of the Big 4 wireless carriers has communicated multi-year

network deployment plans

 Potential new entrants (e.g. Dish and FirstNet) and currently un-

deployed spectrum create further growth opportunities

2012 (1) (2) (3)

12

2013

2014E

2015E

Source: Wall Street research; weightings based on average wireless service revenues per country Source: Cisco VNI, 2013 Source: Wall Street Research ; includes AT&T, Clearwire, Leap, Metro PCS, Sprint, T-Mobile, U.S. Cellular, and Verizon