INVESTMENTS FLOWING INTO PRIVATE CELL TOWERS! By Ken Schmidt President of Steel in the Air

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1 INVESTMENTS FLOWING INTO PRIVATE CELL TOWERS! By Ken Schmidt President of Steel in the Air

2 INVESTMENT BANKS & TOWERS! Cell tower acquisi;on & development in the U.S. has tradi;onally been the purview of large, public tower companies, such as American Tower (AMT), Crown Castle (CCI), and SBAC. In the last 2-3 years, Investment Banks have shown an increasing willingness to finance small to mid- sized, privately owned cell tower companies. The escala;on of this trend to invest in new entrants is not coincidental to an increase in the mul;ples of cash flow that are paid for tower acquisi;ons and a dearth of ac;ve tower developers. Ken Schmidt, President of Steel in the Air

3 WHY ARE CELL TOWER INVESTMENTS ON THE RISE?! A combination of low interest rates and exploding demand make communication towers a good addition to any portfolio.

4 THE DATA TSUNMAI HAS YET TO CRASH! According to the CTIA, during the past few years, there has been a 57% year- over- year increase in wireless data consump;on on mobile networks. AT&T alone has seen a 100,000% increase in the amount of data transmited across its network from Addi;onally, consumer demand for mobile devices is expected to skyrocket. Industry studies forecast more than 200 Billion new Internet of Things devices will be connected to wireless networks by 2020.

5 INFRASTRUCTURE DEVELOPMENT CAN T KEEP UP! Wireless providers in the U.S. have spent more than $134 billion in capital investments in the past five years. Industry analysts forecast increases in cell site deployment from all Big Four Wireless Carriers through 2016: 20-30K macro cell towers and ~250K small cells. All Big Four Wireless Carriers will be deploying new sites in sufficient quan;;es for the first ;me since 2008/2009. The industry extends far beyond tradi;onal wireless carriers and involves equipment manufacturers, backhaul producers and more. Technological innova;ons require equipment upgrades, which happen systema;cally at exis;ng cell sites across the U.S. Modifica;ons to accommodate new frequencies from the recent 700MHz and AWS- 3 Auc;ons are currently taking place, and require mul;ple lease amendments.

6 CELLTOWER INVESTMENTS HAVE A STABLE FOUNDATION Grade A Blue Chip Company Tenants AT&T, Sprint, T- Mobile, Verizon Prepaid Long Term Leases Fixed Escala;ons typically around 3% Incremental growth on exis;ng towers require very low capital investment Limited opera;ng expenses which do not increase linearly with revenue

7 STOCK STEADILY INCREASES FOR TOP 3 CELL TOWER COMPANIES! SBAC CCI AMT

8 MAJOR TOWER ACQUISITIONS FOR TOP 3 U.S. CELL TOWER COMPANIES! American Tower (AMT) ,448 sites from Verizon ,400 towers and 9,000 rooftop sites from Global Tower Partners Crown Castle (CCI) ,000 miles of Fiber for Small Cell builds ,700 towers from AT&T ,200 towers from T-Mobile SBA (SBAC) ,300 towers from Mobilitie ,256 towers from TowerCo

9 TOWERS OWNED BY TOP 3 U.S. CELL TOWER COMPANIES! 40,000 35,000 30,000 25,000 39,928 39,739 20,000 15,000 14,873 10,000 5,000 0 American Tower Crown Castle SBA Communications *from the Wireless Estimator 8/17/15

10 TOTAL FUNDING RECEIVED BY 11 PRIVATE CELL TOWER COMPANIES! *in Millions of Dollars

11 BLUE SKY TOWERS! DATE CAPITAL SOURCE PURPOSE 3/14/14 $80 M Peppertree Capital Mgmt. To fund new cell sites in the next 5 years (2/3 rooftops sites/ 1/3 macro cell towers) Formed: 2014 Towers Owned: Unknown; although we expect that it s <50 Sites Managed: ~1,000, including roolop and smaller cell sites that don t provide cellular income. Footprint: NE United States

12 CENTRAL STATES TOWER! DATE CAPITAL SOURCE PURPOSE 11/16/13 $35 M CIT Corporate Finance 8/10/12 $35 M Goldman Sachs Specialty Lending Group 4/06/10 $25 M Goldman Sachs Specialty Lending Group To refinance debt and provide capital for construction & development of new towers. To continue development of tower sites. To continue growth of tower portfolio. Formed: 2008 Towers Owned: 265

13 CTI TOWERS (COMCAST)! DATE CAPITAL SOURCE PURPOSE 10/14 $30 M Debt Financing - Undisclosed To aggregate tower portfolio Undisclosed Seaport To continue development of tower sites. Formed: 2011 Towers Owned: 230 Towers Managed: 800

14 HORVATH TOWERS, LLC! DATE CAPITAL SOURCE PURPOSE 11/20/13 $20 M The PrivateBank To develop and manage cell sites for wireless carriers. 10/20/13 $68 M Peppertree Capital Mgmt. To develop cell towers. Formed: 1996 Towers Owned: 235

15 INSITE WIRELESS! DATE CAPITAL SOURCE PURPOSE 8/14 $177.5 M Secured cellular site Rev Notes backed by mortgages Undisclose d Seaport To develop and operate cell phone towers. To continue development of cell sites. Formed: 2010 Towers Managed: 1, DAS Networks Major Acquisi;ons: towers from CTI Towers; 2012 Turis Sites of Canada

16 LIBERTY TOWERS (CIG)! DATE CAPITAL SOURCE PURPOSE 8/13 $35 M Fir Tree Partners Preferred Stock Financing Agreement 8/13 $25 M Fir Tree Partners To acquire cell towers. 9/12 $150 M Macquarie Bank To aggregate cell tower portfolio. Formed: 2007 Footprint: NE United States Towers Owned: 200 (recently sold)

17 PEGASUS TOWER! DATE CAPITAL SOURCE PURPOSE 9/20/13 $20 M Cornerstone Holdings, LLC & Highland Holdings, LLC To develop a new portfolio of towers. 4/01/07 $15 M National City Bank To aggregate a sizeable tower portfolio. 6/02/06 $20 M Peppertree Capital Fund, LP & Primus Capital Fund V To fund wireless communications sites developed and acquired through the U.S. Formed: 2006 Towers Owned: 172

18 PHOENIX TOWER! DATE CAPITAL SOURCE PURPOSE 5/11/15 $32.5 M Banco General, TowerBank, MetroBank To support acquisitions, new tower build programs & growth strategy Formed: 2014 Towers Owned: 620 Major Acquisi;ons: 60 cell towers from American Tower Corp s Panamanian tower business; 500 towers from T4U Holding Brasil

19 SKYWAY TOWERS! DATE CAPITAL SOURCE PURPOSE 1/20/13 $77 M Tinicum L.P. & Permit Capital Private Equity Fund 6/12/11 $65 M Goldman Sachs Specialty Lending Group 3/08/09 $55 M Tinicum L.P. & Permit Capital Private Equity Fund To develop wireless communications towers in strategic location. To grow tower portfolio. To buy and build tower sites. Formed: 2009 Towers Owned: 250 Major Acquisi;ons: towers from Towers of Texas

20 TARPON TOWERS II, LLC! DATE CAPITAL SOURCE PURPOSE 4/21/15 $60 M Redwood Capital Investments & Tarpon Towers 3/15/10 $15 M Spire Capital Partners To buy and build cell tower sites. 6/09/09 $25 M ABS Capital Partners To acquire and build cell towers. Formed: 2010 Towers Owned: 78 Footprint: Primarily SE & NE United States Affilia;ons: Dixie Towers, LLC; North Atlan;c Towers, LLC; Florida Tower Partners, LLC

21 VERTICAL BRIDGE! DATE CAPITAL SOURCE PURPOSE 12/10/14 $470 M Incremental equity commitments in second round capital raise 9/10/14 $230 M Digital Bridge Holdings; The Jordan Company & The Edgewater Funds To support acquisitions, new tower build programs & growth strategy To support acquisitions, new tower build programs & growth strategy Formed: 2002 Towers Owned: 2,864 owned/ managed and 1,406 land parcels Major Acquisi;ons: towers from Townsquare Media, 411 broadcast towers from iheartmedia, 200+ towers from a merger with CiG Wireless Corp.; decommissioned towers from U.S. Cellular *Ver;cal Bridge has the exclusive right to market 1,000+ Conterra towers.

22 Steel in the Air has been assisting private landowners, business and venue owners and government entities with cell tower and cell site lease negotiations and valuation since We welcome any questions or feedback. Phone: (877) Steel in the Air All Rights Reserved.

The key elements of GSL V s strategy are (see Item 1. Business of the Crown Castle 10-K for further discussion):

The key elements of GSL V s strategy are (see Item 1. Business of the Crown Castle 10-K for further discussion): Management s Discussion and Analysis of Financial Condition and Results of Operations The following management s discussion and analysis ( MD&A ) of the combined financial condition and results of operations