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CORVEX MANAGEMENT LP  |  712 Fifth Avenue, 23rd Floor  |  New York, New York 10019 

Robin Hood Investors Conference
October 21, 2014
CORVEX MANAGEMENT LP
Disclaimer
Corvex Management LP (“Corvex”) is an investment adviser to funds that buy, hold and sell securities and other financial instruments. This
presentation does not constitute either an offer to sell or a solicitation of an offer to buy any interest in any fund or entity associated with or advised by
Corvex.
Funds or entities advised by Corvex have as of the date of this presentation beneficial or economic interests in shares or share equivalents of Crown
Castle International Corp. (“CCI”) and may have long or short interests or investments in the other companies referenced in this presentation. Corvex
and its advised funds may buy, sell, increase or decrease their beneficial or economic exposure to, hedge or otherwise change the form, net position, or
substance of, any of its investments related to CCI or such other companies at any time and Corvex may change its views about CCI or the other
companies or industries referenced in this presentation at any time and without notice to the market or any other person.
The information contained in this presentation is based on publicly available information about CCI and other companies. This presentation includes
forward‐looking statements (including statements as to potential future performance or prices), estimates, projections and opinions prepared with
respect to, among other things, CCI and other companies. Such statements, estimates, projections and opinions may prove to be inaccurate and are
subject to economic, competitive, financial and other risks and uncertainties. No representation or warranty, express or implied, is made as to the
accuracy or completeness (currently or historically) of those statements, estimates, projections or opinions or any other written or oral communication
made by or on behalf of Corvex in the presentation or otherwise with respect to CCI, the information contained in the presentation or otherwise. The
information contained in this presentation is provided “as is” and, except where otherwise indicated, statements speak as of the date made, and Corvex
undertakes no obligation to correct, update or revise those statements or to otherwise provide any additional materials. The statements Corvex makes
in this presentation or otherwise are not investment advice or a recommendation or solicitation to buy or sell any securities.
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CORVEX MANAGEMENT LP
Corvex Background
• Concentrated, value‐based investing strategy across the capital structure
• Focus on investing in high quality, North American businesses undergoing
change in industries with positive secular tailwinds
• Engage regularly with management teams with goal of developing close
long‐term relationships underpinned by constructive two‐way dialogue
• Long‐term investment horizon and concentrated portfolio enable us to
conduct heavy diligence and focus our full energy on each investment
• Knowledge‐based and experienced approach to partnering with
management and other constituents to create shareholder value
• Approximately $7 billion of assets under management
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CORVEX MANAGEMENT LP
Investment Themes 
• Secular growth in a no‐growth / low‐growth world
- Shale gas revolution, mobile data growth, enterprise data growth,
proliferation of “screens”
• “Infrastructure assets” of the 21
st
century
- Recurring revenue businesses critical to modern economies, with high
barriers to entry and attractive returns on invested capital
• Capitalizing on the disconnect between cost of debt and cost of equity
- M&A
- “Equity shrink” and dividends
• Consolidating industries
- Extraordinary growth through synergies and pricing power
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CORVEX MANAGEMENT LP
Company Overview
• Crown Castle International Corp. (“CCI” or the “Company”) is the largest
U.S. operator of shared wireless infrastructure, including towers,
rooftops, small cells, and associated network services
• CCI owns or operates nearly 40,000 towers in the U.S., with 56% and 71%
of these sites located in the top 50 and top 100 BTAs, respectively
• Company’s key customers are Verizon, AT&T, Sprint, and T‐Mobile
• ~83% of total revenue and ~90% of gross profit derived from recurring
rental payments with long‐term leases
• CCI owns land underneath sites representing 34% of its gross profit, and
leases remaining 66% with weighted‐average maturity of 30 years
• Customer contracts (before renewals) represent $22 billion of expected
future revenue with weighted‐average life of 7 years as of June 2014
• CCI began operating as a REIT for U.S. federal income tax purposes
effective January 1, 2014
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CORVEX MANAGEMENT LP
Tower Industry Overview
• A tower is a vertical structure built on a parcel of land to hold
communications network equipment such as antennas and base stations
• Tower operator leases space to tenant with rental payments structured
under long‐term non‐cancellable leases (~10 year initial term with
multiple ~5‐10 year renewal options), with fixed contractual escalators
(~3‐4% annually) and low churn (only ~1‐2% annually)
• A tower is typically built to accommodate multiple tenants (“co‐location”)
- An additional tenant can be added to a tower with minimal capital
investment or increase in operating costs
- Building a new tower is more expensive and time‐consuming than
leasing from an existing tower, driving shared network infrastructure
- Co‐location drives attractive returns on invested capital and high
incremental margins for towers, while strengthening barriers to entry
• Industry growth is driven by mobile data growth, network improvements,
and new spectrum deployments
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CORVEX MANAGEMENT LP
Tower Unit Economics
• CCI has 41,361 towers with an average of 2.3 tenants per tower today
- 0.1 – 0.2 tenants per tower are added to the tower portfolio each year,
driving steady long‐term growth
Source: Company presentations, Corvex estimates.  Figures in table above are illustrative.
One Two Three Four
Tenant Tenants Tenants Tenants
Annual Site Rental Revenue $28,800 $57,600 $86,400 $115,200
Per Tenant per Month $2,400 $2,400 $2,400 $2,400
Annual Operating Expenses $18,000 $19,800 $21,600 $23,400
Per Site per Month $1,500 $1,650 $1,800 $1,950
Tower Cash Flow $10,800 $37,800 $64,800 $91,800
% Margin 37.5% 65.6% 75.0% 79.7%
Incremental Margin % -- 93.8% 93.8% 93.8%
Per Site per Month $900 $3,150 $5,400 $7,650
Unlevered Return on Invested Capital 4.3% 12.6% 18.5% 23.0%
Invested Capital per Tower $250,000 $300,000 $350,000 $400,000
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CORVEX MANAGEMENT LP
Financial Summary

10,000
20,000
30,000
40,000
2007 2008 2009 2010 2011 2012 2013 2014E
Tower Count
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
2007 2008 2009 2010 2011 2012 2013 2014E
Total Revenue
$0
$500
$1,000
$1,500
$2,000
$2,500
2007 2008 2009 2010 2011 2012 2013 2014E
Adjusted EBITDA
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
2007 2008 2009 2010 2011 2012 2013 2014E
AFFO per Share
8.2% CAGR
14.5% CAGR
15.6% CAGR
16.9% CAGR
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CORVEX MANAGEMENT LP
Investment Thesis
• Strong secular growth driven by continued mobile data proliferation
• Exceptional business with recurring revenues, defensible barriers to entry,
attractive returns on invested capital, and a strong customer base
• Attractive valuation relative to growth prospects, business quality, tower
peers, REITs, potential dividend capacity, and our view of intrinsic value
• Earnings power in excess of Street Consensus estimates in our view
• Relative laggard over the last year, and still the most contrarian / least
well‐liked among public peers in our estimation
• Essentially all domestic tower portfolio should provide predictability,
simplicity, and lower risk
• More mature business profile should result in higher capital returns
• CCI offers shareholders attractive risk‐adjusted returns, with steady and
predictable secular growth, an inexpensive valuation, and increasing
capital returns
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CORVEX MANAGEMENT LP
How Could Crown Castle Be Mispriced?
• Sprint / T‐Mobile: as largest domestic tower operator and owner of legacy
T‐Mobile tower portfolio, CCI has greatest exposure to consolidation
• Interest rates: investor fear that interest rates were about to rise and view
that interest rates impact tower valuation multiples or trading momentum
• AT&T transaction: in October 2013, CCI acquired a portfolio of towers
from AT&T at a relatively high price with generous leasing terms, 83%
funded through new common and preferred equity issuance
• Investor base: large market capitalization (AMT and CCI are #2 and #3 in
IYR, respectively) with niche business model and “GARP” financial profile
• Capital allocation: significant component of shareholders’ future returns
will be driven by how management allocates capital
- Uncertainty preventing CCI from receiving market valuation reflective of
the quality and growth of its cash flows
- Potential Verizon tower sale exacerbating capital allocation overhang
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CORVEX MANAGEMENT LP
Capital Allocation Overhang 
• We believe CCI is “betwixt and between” on capital structure and capital
allocation strategy today
- De‐levering the balance sheet while maintaining an artificially low
payout ratio doesn’t make sense and is hurting valuation in our view
- Management has committed to ~70‐80% dividend payout ratio in 3‐5
years (2018‐2020), but is leaving behind an optimal leverage ratio today
• Discounted valuation and focus on reducing leverage could impair the
Company’s ability to grow both near‐term and long‐term
- Potential Verizon tower sale makes issue especially critical right now
• Underperformance has created frustration and put CCI on the defensive
- Status quo is not working for shareholders
• Fortunately, we believe the Company’s issues can be easily fixed
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CORVEX MANAGEMENT LP
Two Options
#1: Increase Payout Ratio
Quarterly Dividends
$4.00+ Dividend / Share
80%+ Payout Ratio
10%+ LT Dividend Growth
Maintain ~4.5x Leverage
Flex to ~6.0x for M&A
Target Investment Grade
Organic Growth and M&A
Valued on Dividend Yield
#2: Increase Leverage
Ongoing Buybacks
$1.60+ Dividend / Share
30% Payout Ratio
15%+ LT Dividend Growth
Maintain ~7.0x Leverage
Flex to ~7.5x for M&A
Non‐Investment Grade
Organic Growth and M&A
Valued on AFFO / Share
Status Quo
De‐Levering
$1.60+ Dividend / Share
30% Payout Ratio
15%+ LT Dividend Growth
Maintain ~4.5x Leverage
Flex to ~6.0x for M&A
Target Investment Grade
M&A Challenged
Valued on AFFO / Share
• CCI faces two clear options in our view: (i) increase its payout ratio, or (ii)
increase leverage
- While we believe both paths have strong merit, we believe the first
option is the best fit for the Company’s current business plans and DNA
• Either way, we firmly believe the status quo is inferior to both options
and unacceptable
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CORVEX MANAGEMENT LP
What Have We Done So Far?
• Corvex funds currently have beneficial or economic ownership of
approximately 12.6 million shares and share equivalents of Crown Castle
- Represents approximately $1 billion of economic exposure at current
market prices
• We recently met with management, continuing the productive dialogue
we have had with the Company for several years
- As background, we have invested in and followed CCI and its tower
peers since the inception of Corvex in 2011
• On October 14, 2014, we released a letter and presentation to fellow CCI
shareholders outlining a proposal to improve the Company’s capital
allocation strategy and strengthen its valuation
- Given recent press suggesting Verizon towers sale could be imminent,
we felt compelled to reach out to fellow shareholders publicly
- These materials available publicly at www.CorvexCCIpresentation.com
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CORVEX MANAGEMENT LP
What Have We Done So Far? (cont’d)
• Company has stated it plans to address its capital allocation policy,
including dividends, on its 3
rd
quarter earnings call (October 31, 2014)
- Management regularly solicits input from us and other shareholders
- We believe the management team is thoughtful and wants to get to the
right answer
• We plan to continue to engage with the Company and our fellow
shareholders
- We believe our proposal creates significant long‐term value for owners,
and we will continue to try to persuade key stakeholders of this view
- Responsibility of the Company to embrace change or provide
shareholders with a clear path to a superior alternative
• While we have a high degree of conviction in our plan, we remain open to
any ideas which can be shown to further enhance this proposal or
credibly demonstrate superior returns over a similar period of time
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CORVEX MANAGEMENT LP
Risk‐
Adjusted 
Returns
U.S. Only 
Towers
REIT 
Election
Target 
Investment 
Grade 
Rating
Steady 
Dividends w/ 
High Payout 
Ratio
New Dividend Policy is the Missing Link
• We believe CCI should “close the circle” for shareholders by increasing its
dividend payout ratio
• We model approximately 25% upside to CCI’s recent share price through
a change in capital allocation, and potential for over 60% upside in 15
months including dividends
Recommendations:
1. Pay a dividend of at least $4.00
per share in 2015
2. Guide to 10%+ dividend per
share growth over next 3+ years
3. Plan to maintain leverage of 4.5x
and target an investment grade
rating over time
4. Flex leverage up to 6.0x for
accretive M&A
5. De‐lever back to 4.5x following
M&A thru EBITDA growth
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Note: Returns based on share prices as of October 17, 2014 unless otherwise noted.
CORVEX MANAGEMENT LP
Dividend Policy Recommendations
• Pay a dividend of at least $4.00 per share in 2015
- Equates to a payout ratio of ~80% of AFFO (over 1.20x Coverage), or
~70% of free cash flow after maintenance capex given cash flow benefit
of prepaid rents which are straight‐lined in reported AFFO
• Guide to 10% or higher dividend per share growth over the next 3+ years
• Plan to maintain leverage of approximately 4.5x net debt / EBITDA on an
ongoing basis and target an investment grade credit rating over time
• Flex leverage up to 6.0x net debt / EBITDA for M&A (including potential
Verizon transaction), if deal is accretive to the standalone dividend plan
- De‐lever back to 4.5x following M&A through EBITDA growth (maintain
80% ‐ 90% payout ratio over time including periods following M&A)
• We do not believe this capital allocation scenario would materially
reduce operating flexibility or increase CCI’s risk profile – minimal
execution risk in our view
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CORVEX MANAGEMENT LP
80% AFFO Payout Scenario (1.20x Coverage)
• We believe CCI could
conservatively trade at a
4.0% dividend yield in
this scenario, reducing
cost of capital and driving
approx. 25% upside to
recent CCI share price
• Over time, we believe the
Company should trade
below a 4.0% yield as new
investors become familiar
with the CCI story, driving
additional upside for
long‐term owners
Note: We believe CCI will earn approximately $5.00 per share of AFFO in 2015, although we expect the Company to guide more conservatively than this figure on its 
3Q14 earnings call based on past practice.  Stock prices and price percentage change in tables above do not include dividends received.  We believe operating 
results can likely exceed the long‐term projections above through new spectrum deployments not explicitly modeled here.
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80% AFFO Payout 2015E 2016E 2017E 2018E
AFFO $1,630 $1,823 $1,963 $2,090
AFFO / Share $4.99 $5.58 $6.09 $6.63
% Growth 17.4% 11.9% 9.0% 9.0%
Net Debt / LTM EBITDA 4.9x 4.5x 4.5x 4.5x
Dividend / Share $4.00 $4.50 $5.20 $5.75
% Growth 185.7% 12.5% 15.6% 10.6%
Dividend Yield on Recent 4.9% 5.6% 6.4% 7.1%
Coverage Ratio (AFFO) 1.2x 1.2x 1.2x 1.2x
Payout Ratio (AFFO) 80% 81% 85% 87%
CCI Price @ Yield: 2015E 2016E 2017E 2018E
3.00% $133.33 $150.00 $173.33 $191.67
3.50% $114.29 $128.57 $148.57 $164.29
4.00% $100.00 $112.50 $130.00 $143.75
4.50% $88.89 $100.00 $115.56 $127.78
5.00% $80.00 $90.00 $104.00 $115.00
Price % Change:
3.00% 64.9% 85.6% 114.4% 137.1%
3.50% 41.4% 59.0% 83.8% 103.2%
4.00% 23.7% 39.2% 60.8% 77.8%
4.50% 10.0% 23.7% 42.9% 58.1%
5.00% (1.0%) 11.3% 28.6% 42.3%
CORVEX MANAGEMENT LP
90% AFFO Payout Scenario (1.10x Coverage)
• While CCI may begin at a
lower payout ratio as
shown on previous page,
we believe the optimal
long‐term policy is 1.10x
Coverage of AFFO
• Equates to payout ratio of
~90% of AFFO, or ~80% of
FCF after maint. capex
given cash flow benefit of
prepaid rents
• 1.10x Coverage scenario
drives nearly 40% upside
at a 4.0% dividend yield
Note: We believe CCI will earn approximately $5.00 per share of AFFO in 2015, although we expect the Company to guide more conservatively than this figure on its 
3Q14 earnings call based on past practice.  Stock prices and price percentage change in tables above do not include dividends received.  We believe operating 
results can likely exceed the long‐term projections above through new spectrum deployments not explicitly modeled here.
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1.10x Coverage 2015E 2016E 2017E 2018E
AFFO $1,626 $1,812 $1,955 $2,089
AFFO / Share $4.98 $5.55 $6.02 $6.53
% Growth 17.1% 11.4% 8.5% 8.5%
Net Debt / LTM EBITDA 5.0x 4.6x 4.5x 4.5x
Dividend / Share $4.50 $5.00 $5.50 $6.00
% Growth 221.4% 11.1% 10.0% 9.1%
Dividend Yield on Recent 5.6% 6.2% 6.8% 7.4%
Coverage Ratio (AFFO) 1.1x 1.1x 1.1x 1.1x
Payout Ratio (AFFO) 90% 90% 91% 92%
CCI Price @ Yield: 2015E 2016E 2017E 2018E
3.00% $150.00 $166.67 $183.33 $200.00
3.50% $128.57 $142.86 $157.14 $171.43
4.00% $112.50 $125.00 $137.50 $150.00
4.50% $100.00 $111.11 $122.22 $133.33
5.00% $90.00 $100.00 $110.00 $120.00
Price % Change:
3.00% 85.6% 106.2% 126.8% 147.4%
3.50% 59.0% 76.7% 94.4% 112.1%
4.00% 39.2% 54.6% 70.1% 85.6%
4.50% 23.7% 37.4% 51.2% 64.9%
5.00% 11.3% 23.7% 36.1% 48.4%
CORVEX MANAGEMENT LP
7.1%
5.6%
5.5%
5.0%
5.0%
4.9%
4.1%
4.0%
3.8%
2.3%
2.1%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2015E Dividend Yield
Comparable Companies
• Dividend paying companies across a range of industries suggest CCI
should trade below a 4.0% yield, implying at least 24% ‐ 39% upside
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Source: Bloomberg, Wall Street research, Corvex estimates.  CCI based on Corvex estimates.
CORVEX MANAGEMENT LP
Comparable Companies (cont’d)
• Clear disconnect in our view between the growth, valuation, and stability
of pro‐forma CCI relative to other dividend paying companies
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PF CCI
@ 4.0%
Data Center REITs
Outdoor REITs
Wireline
Energy GPs
Utilities
REITs (IYR)
Wireless
R² = 0.58
3.00%
3.50%
4.00%
4.50%
5.00%
5.50%
6.00%
6.50%
7.00%
(7.0%) (2.0%) 3.0% 8.0% 13.0% 18.0%
2014E‐2016E Earnings / AFFO CAGR (X) vs. 2015E Dividend Yield (Y)
PF CCI 
(current)
Source: Bloomberg, Wall Street research, Corvex estimates.  CCI based on Corvex estimates.  PF CCI dividend yields shown assumes 2015E dividend of $4.50 per share. 
CORVEX MANAGEMENT LP
DLR
DFT
CONE
LAMR
CBSO
VZ
T
CTL
FTR
WIN
PF CCI
@ 4.0%
R² = 0.85
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
(18.0%) (13.0%) (8.0%) (3.0%) 2.0% 7.0% 12.0% 17.0%
2014E‐2016E Earnings / AFFO CAGR (X) vs. 2015E Dividend Yield (Y)
Comparable Companies (cont’d)
• Comparable dividend paying companies suggest CCI’s dividend yield
should compress below 4.0% over time
Source: Bloomberg, Wall Street research, Corvex estimates.  CCI based on Corvex estimates.  PF CCI dividend yields shown assumes 2015E dividend of $4.50 per share. 
PF CCI 
(current)
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CORVEX MANAGEMENT LP
Comparable Companies (cont’d)
• 1.10x Coverage scenario would place CCI #9 in the S&P 500 in terms of
dividend yield (or #14 in 80% AFFO Payout scenario) – a severe valuation
disconnect which simply could not persist in our view
Source: Bloomberg as of September 30, 2014.
10.1%
8.8% 8.7%
7.4% 7.4%
7.0%
6.1%
5.7%
5.6%
5.3% 5.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Highest NTM Dividend Yield (S&P 500)
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CORVEX MANAGEMENT LP
Attractive Absolute Valuation
• To be clear, we believe CCI is significantly undervalued on an absolute
basis, and not simply relative to dividend paying companies across a
range of industries
- We view a change in the Company’s dividend payout ratio as a catalyst
for narrowing its discount to intrinsic value and peer trading multiples
- While some “yield stocks” may be overvalued today due to the current
low interest rate environment (i.e., stocks with high yields but limited
growth or even declining businesses), we believe investor demand for
high cash returns and double‐digit dividend growth will remain strong
for the foreseeable future
- High dividend payout ratio simply forces the market to value CCI’s strong
cash flows and growth, while also reducing the overhang of capital
allocation uncertainty
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CORVEX MANAGEMENT LP
Attractive Risk‐Adjusted Returns 
• A dividend discount model
shows how simple and
compelling an investment in
CCI is with a high payout ratio
• Strong downside protection:
exit at market multiple P/E of
CCI’s dividend (which therefore
gives zero credit for cash flow
in excess of dividend or future
returns from growth capex) still
results in a 5% IRR over 3 years
• In model to lose money over 3
years, need to exit below a
12.8x multiple of dividend per
share (i.e., 7.8% dividend yield)
80% AFFO 2014E 2015E 2016E 2017E
Dividend / Share $1.40 $4.00 $4.50 $5.20
% Growth -- 185.7% 12.5% 15.6%
3 Year Stock Price +
IRR Price Dividends
3.00% 31.2% $173.33 $187.73
3.50% 25.5% $148.57 $162.97
2017E 4.00% 20.8% $130.00 $144.40
Exit 4.50% 16.8% $115.56 $129.96
Yield 5.00% 13.3% $104.00 $118.40
15.0x 4.5% $78.00 $92.40
12.8x 0.0% $66.44 $80.84
1.10x & VZ Deal: 2014E 2015E 2016E 2017E
Dividend / Share $1.40 $4.60 $5.20 $5.75
% Growth -- 228.6% 13.0% 10.6%
3 Year Stock Price +
IRR Price Dividends
3.00% 35.7% $191.67 $207.92
3.50% 29.8% $164.29 $180.54
2017E 4.00% 24.9% $143.75 $160.00
Exit 4.50% 20.8% $127.78 $144.03
Yield 5.00% 17.3% $115.00 $131.25
15.0x 8.2% $86.25 $102.50
11.2x 0.0% $64.59 $80.84
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CORVEX MANAGEMENT LP
R² = 0.15
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
5.50
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
22.0x
24.0x
Apr‐05 Apr‐06 Apr‐07 Apr‐08 Apr‐09 Apr‐10 Apr‐11 Apr‐12 Apr‐13 Apr‐14
Towers Avg. EV / NTM EBITDA (LHS) vs. U.S. 10 Year Yield (RHS)
Towers EV/EBITDA U.S. 10‐Yr. Yield
Interest Rate Sensitivity
• Minimal correlation between multiples and interest rates over last 10
years; towers traded at 20‐24x EBITDA with rates over 200bps higher
Source: Bloomberg. 
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CORVEX MANAGEMENT LP
Investor Base Discussion
• We believe CCI can be more successful attracting yield‐oriented investors
to its shareholder base than it has been at attracting “traditional” REIT
investors
• There are several obstacles to traditional REIT investors investing in tower
REITs, including: (i) key benchmark REIT indices, (ii) perceived technology
risk, (iii) limited alternative use for land and equipment, and (iv) no net
asset value (“NAV”) reference metric
• In contrast to REIT investors, we believe the key requirements for yield‐
oriented investors are relatively straightforward: stability and growth of
dividends
• We believe a sizable dividend backed by the credit quality of America’s
largest wireless operators in a business with one of the brightest areas of
growth within the telecom sector will be incredibly well received by
yield‐oriented investors
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CORVEX MANAGEMENT LP
Highly Unique Equity Security
• Simply put, we are not aware of any other security in the public markets
with pro‐forma CCI’s unique combination of growth, value, stability and
yield
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Investment 
Attributes
Value
Capital 
Returns
Stability
Growth
CORVEX MANAGEMENT LP
Re‐Packaged U.S. Wireless Credit Risk
• With a high payout ratio, CCI becomes a growing, pure play pass‐through
of re‐packaged U.S. wireless credit risk, structured in a tax‐advantaged
REIT
28
2.62%
2.60%
3.91%
3.84%
5.11%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Verizon AT&T Sprint T‐Mobile High Yield Index
Cost of Debt
(after‐tax, except HY)
Source: Bloomberg, company filings.  After‐tax cost of debt assumes 38.0% normalized tax rate.  High yield index shown pre‐tax. 
CORVEX MANAGEMENT LP
Payout Ratio Discussion
• High payout ratio maximizes share price, lowers cost of capital, and allows
for higher long‐term growth in our view
• High payout ratio will not impact ongoing growth investments or rely on
the capital markets in our view
~70% ~90%
$3.50 $4.50
(+) (–) 
Greater capital 
allocation 
flexibility; 
potential to 
drive higher 
dividend growth 
through 
increases in 
payout ratio
Unlikely to 
maximize cost of 
capital; yield 
investors may not 
give credit for 
dividend growth in 
above ~10%; 
capital markets 
still required for 
large M&A
(+) (–) 
Maximizes metric likely 
to drive valuation and 
cost of capital; creates 
higher predictability of 
returns; increases 
appeal to yield and 
REIT investors; should 
not limit growth capex; 
maximizes value of  IG 
credit rating  
Limits
management’s 
flexibility among 
capital allocation 
options; may 
require capital 
markets if capex 
growth 
accelerates (e.g., 
small cells)
Dividend Payout Spectrum
29
CORVEX MANAGEMENT LP
Payout Ratio Discussion (cont’d)
• Discretionary investment
capacity includes (i) AFFO
(i.e., cash flow after
maintenance capex), (ii)
prepaid rent, and (iii) the
leverage capacity created
by EBITDA growth at a
constant leverage ratio
• Even in a downside case
of only 6.0% EBITDA
growth, CCI would have
$767‐$930mm to invest
in Growth CapEx at a
80%‐90% AFFO payout
ratio, compared to 2014
spending of $650mm
30
Downside Corvex Upside
2014E Adjusted EBITDA $2,115 $2,115 $2,115
2015E Adjusted EBITDA $2,242 $2,297 $2,327
% Growth y-o-y 6.0% 8.6% 10.0%
$ EBITDA Growth y-o-y $127 $182 $212
Target IG Leverage Ratio 4.50x 4.50x 4.50x
2015E Leverage Capacity Created $571 $820 $952
2015E Leverage Capacity Created $571 $820 $952
2015E AFFO $1,500 $1,626 $1,675
2015E Prepaid Rents $165 $200 $235
Total 2015E Investment Capacity $2,236 $2,646 $2,862
Total 2015E Investment Capacity $2,236 $2,646 $2,862
2015E Dividend @ 90% AFFO $1,469 $1,469 $1,469
Available for Growth CapEx $767 $1,177 $1,392
% of 2014E Growth CapEx 118% 181% 214%
Memo: 2014E Growth CapEx $650 $650 $650
Total 2015E Investment Capacity $2,236 $2,646 $2,862
2015E Dividend @ 80% AFFO $1,306 $1,306 $1,306
Available for Growth CapEx $930 $1,340 $1,556
% of 2014E Growth CapEx 143% 206% 239%
Memo: 2014E Growth CapEx $650 $650 $650
Note: 2014E EBITDA and 2014E Growth CapEx shown here are at the high end of the
Company's Guidance range as of 2Q14 earnings call.
CORVEX MANAGEMENT LP
Payout Ratio Discussion (cont’d)
• While we understand practice of “under‐promising and over‐delivering,”
setting dividend policy based on overly conservative projections could
result in CCI capturing a limited portion of the available upside
- In theory, conservative projections imply excess coverage and therefore
stock should trade at a lower dividend yield all else equal – in practice
the market may or may not give such valuation credit
• We would suggest a fixed payout ratio on realized AFFO per share with a
4
th
quarter true‐up in order to maximize shareholder value
31
2015E AFFO / Share $4.50 $4.60 $4.70 $4.80 $4.90 $5.00 $5.10 $5.20 $5.30
AFFO Payout Ratio 80% 80% 80% 80% 80% 80% 80% 80% 80%
2015E Dividend / Share $3.60 $3.68 $3.76 $3.84 $3.92 $4.00 $4.08 $4.16 $4.24
Payout Ratio incl. Prepaid Rents 70% 71% 71% 71% 71% 71% 71% 72% 72%
CCI Price @ 4.0% Dividend Yield $90.00 $92.00 $94.00 $96.00 $98.00 $100.00 $102.00 $104.00 $106.00
CCI Price @ 3.5% Dividend Yield $102.86 $105.14 $107.43 $109.71 $112.00 $114.29 $116.57 $118.86 $121.14
CCI Price @ 3.0% Dividend Yield $120.00 $122.67 $125.33 $128.00 $130.67 $133.33 $136.00 $138.67 $141.33
% Change @ 4.0% Dividend Yield 11.3% 13.8% 16.3% 18.8% 21.2% 23.7% 26.2% 28.6% 31.1%
% Change @ 3.5% Dividend Yield 27.2% 30.1% 32.9% 35.7% 38.5% 41.4% 44.2% 47.0% 49.9%
% Change @ 3.0% Dividend Yield 48.4% 51.7% 55.0% 58.3% 61.6% 64.9% 68.2% 71.5% 74.8%
CORVEX MANAGEMENT LP
Conclusion
• We believe CCI offers shareholders strong secular growth, an exceptional
business model, an attractive valuation, and earnings power in excess of
Consensus estimates
• However, CCI is “betwixt and between” on capital structure and capital
allocation today, and we believe this overhang has largely led to CCI’s
discount and its underperformance
- We believe CCI faces two clear solutions: (i) increase its payout ratio, or
(ii) increase leverage
• We recommend in part that CCI: (i) pay a dividend of at least $4.00 per
share in 2015, (ii) guide to 10% or higher dividend per share growth over
the next 3+ years, and (iii) plan to maintain leverage of approximately 4.5x
net debt / EBITDA to target an investment grade credit rating over time
• Our analysis suggests approximately 25% near‐term upside, and the
potential for over 60% upside in 15 months including dividends received
• We believe it is the responsibility of the Company to embrace change
now or provide shareholders with a clear path to a superior alternative
32
CORVEX MANAGEMENT LP 33
APPENDIX
CORVEX MANAGEMENT LP
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2013 2014 2015 2016 2017 2018
North America Mobile Data Traffic Forecast
(TB per Month)
Mobile Data Growth 
34
Source: Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2013‐2018.
50% CAGR
• Wireless carriers must continue to invest in their networks and/or deploy
additional spectrum in order to satisfy rapid mobile data growth
CORVEX MANAGEMENT LP
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2013 2014 2015 2016 2017 2018
Global Mobile Data Traffic by Device Type
(TB per Month)
Smartphones Tablets Laptops M2M
Mobile Data Growth (cont’d) 
35
Source: Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2013‐2018.
• Smartphones are the primary driver of mobile data growth in the U.S. and
globally, although newer connected devices are growing even faster
'13-'18E '13 % '18E %
CAGR of Total of Total
Smartphones 63% 62% 66%
Tablets 87% 9% 18%
Laptops 30% 25% 9%
M2M 113% 1% 6%
All Other 27% 3% 1%
CORVEX MANAGEMENT LP
Mobile Data Growth (cont’d) 
• As smartphone penetration growth
begins to slow in the U.S., increased
data consumption per device
continues to drive massive mobile
data growth
• A 4G connection currently drives
almost 15x the traffic of earlier
wireless technologies
• Higher speeds are believed to drive
the adoption and usage of high‐end
devices as well as more bandwidth
intensive applications, including
mobile video
36
Source: Cisco Visual Networking Index: Global Mobile Data Traffic Forecast Update, 2013‐2018.
CORVEX MANAGEMENT LP
Mobile Data Growth (cont’d) 
37
Source: Sandvine “1H 2014 Global Internet Phenomena Report.”
CORVEX MANAGEMENT LP
Exceptional Business Model 
• Attractive secular growth profile with visible long‐term drivers (e.g.,
mobile data growth, new spectrum deployments) and multiyear runway
for continued growth
• Steady, recurring revenues structured under long‐term, non‐cancellable
leases with contractual escalators and low churn
• Attractive returns on invested capital and high barriers to entry driven by
co‐location model, location‐based scarcity and zoning restrictions,
network effects, capital requirements and time‐to‐market
• Well capitalized, creditworthy customer base – CCI cash flows essentially
represent pass through of U.S. wireless credit risk for critical network
payments (cash flows arguably senior to even wireless debt)
• Strong financial profile with consistent growth, high free cash flow
conversion, high incremental margins, limited maintenance capex
requirements, and attractive tax profile via REIT structure
38
CORVEX MANAGEMENT LP
Valuation Comparison
• CCI’s trades at a ~1.5x‐2.0x discount to peers on Consensus 2014E AFFO
per share, and a ~1.0x discount on Consensus 2015E AFFO per share
• CCI’s valuation discount has narrowed recently due in part to investor
enthusiasm around a significant dividend increase in our view
Source: Bloomberg.
19.5x
20.7x
21.3x
16.9x
18.1x
18.0x
12.0x
13.0x
14.0x
15.0x
16.0x
17.0x
18.0x
19.0x
20.0x
21.0x
22.0x
CCI AMT SBAC
Consensus AFFO / Share Multiples
2014E 2015E
39
CORVEX MANAGEMENT LP
Embrace Future Today
“As we discussed previously, over the next five years we expect to increase
our dividend per share by at least 15% annually. We currently have a net
operating loss balance, or NOL, of approximately $2 billion, which we would
expect to utilize prior to 2020. We expect that once the NOLs are
exhausted, our dividend payout as a percentage of AFFO will increase from
the approximately 30% today to something in the area of 70% to 80%,
which implies a compound annual growth rate of our dividend in excess of
20% over this period of time.” ‐ CFO Jay Brown, 2Q14 Earnings Call
• We believe CCI should embrace its previously communicated payout
structure now rather than artificially deferring it to 2018‐2020
- All this practice does is artificially defer stock price performance
- Payout structure should not hinder growth investments – logic around
using NOLs to drive growth or pre‐tax returns appears hazy to us
- Go on offensive with equity currency trading at higher multiple
40
CORVEX MANAGEMENT LP
21.3x
18.5x
21.0x
15.7x
14.8x
25.6x
17.7x
15.4x
17.7x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
22.0x
24.0x
26.0x
28.0x
U.S. Tower Precedent Transactions
Reduce Cost of Capital 
• Potential Verizon tower sale should be an additional catalyst for CCI to
change its capital allocation plan now, strengthening its equity currency in
front of a possible transaction
Source: Company filings and press releases, Wall Street research, Corvex estimates.  Multiples represent EV / EBITDA.
41
CORVEX MANAGEMENT LP
6.4%
9.3%
10.0%
7.7%
7.9%
11.6%
9.0%
9.4%
13.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
CCI AMT SBAC
2014E Domestic Organic Revenue Growth Guidance
Reported Growth % Adjusted Growth % Adjusted Growth % before Churn
Organic Site Rental Revenue Growth
• CCI’s organic growth (~7.7%) is similar to AMT (~7.9% domestic) after
adjusting for one‐time items and accounting differences
Source: Company filings, Wall Street research, Corvex estimates.
42