1051470--3/24/2006--CROWN_CASTLE_INTERNATIONAL

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Our Business Depends on the Demand for Wireless Communications and Towers We may be adversely affected by any slowdown in such demand. A Substantial Portion of Our Revenues Is Derived From a Small Number of Customers The loss or consolidation of, network sharing among, or financial instability of any of our limited number of customers may materially decrease revenues. Wireless Carrier Consolidation Consolidations and mergers in the wireless industry could decrease the demand for our towers and may lead to reductions in our revenues and our ability to generate positive cash flows. Economic and Wireless Telecommunications Industry Slowdown an economic or wireless telecommunications industry slowdown may materially and adversely affect our business (including reducing demand for our towers and network services) and the business of our customers. Substantial Level of Indebtedness Our substantial level of indebtedness may adversely affect our ability to react to changes in our business. We may also be limited in our ability to use debt to fund future capital needs. We Operate Our Business In a Competitive Industry and Some of Our Competitors Have Significantly More Resources or Less Debt Than We Do As a result of this competition, we may find it more difficult to achieve favorable lease rates on our sites. New Technologies May Make Our Site Leasing Services Less Desirable to Potential Tenants and Result in Decreasing Revenues Such new technologies may significantly reduce demand for site leases and negatively impact the growth in our revenues. New Technologies May Not Perform as Projected 3G and other technologies may not deploy or be adopted by customers as rapidly or in the manner projected. We Generally Lease or Sublease the Land Under Our Towers and May Not Be Able to Extend These Leases If we fail to protect our rights against persons claiming superior rights in our communications sites, our business may be adversely affected. We May Need Additional Financing, Which May Not Be Available, for Strategic Growth Opportunities If we are unable to raise capital in the future when needed, we may not be able to fund future growth opportunities. Restrictive Debt Covenants The terms of our debt instruments limit our ability to take a number of actions that our management might otherwise believe to be in our best interests. In addition, if we fail to comply with our covenants, our debt may be accelerated. Modeo s Business Has Certain Risk Factors Different from our Core Tower Business, Including an Unproven Business Model Modeo s business may fail to operate successfully and produce results that are less than anticipated. FiberTower s Business Has Certain Risk Factors Different from our Core Tower Business, Including an Unproven Business Model FiberTower s business may produce results that are less than anticipated, resulting in a write-off of all or part of our investment in FiberTower. Laws and Regulations Which May Change at Any Time and With Which We May Fail to Comply Regulate Our Business If we fail to comply with applicable laws or regulations, we may be fined or even lose our right to conduct some of our business. We Are Heavily Dependent on Our Senior Management If we lose members of our senior management, we may not be able to find appropriate replacements on a timely basis and our business may be adversely affected. Variability In Demand For Network Services Business Reduces the Predictability of Our Results Our network services business has historically experienced significant volatility in demand. Emissions From Antennas on Our Sites or Wireless Devices May Create Health Risks We may suffer from future claims if the radio frequency emissions from wireless handsets or equipment on our sites are demonstrated to cause negative health effects. Anti-Takeover Provisions in Our Certificate of Incorporation and Competition Laws May Have Effects That Conflict with the Interests of Our Stockholders Certain provisions of our certificate of incorporation, by-laws and operative agreements and domestic and international competition laws may make it more difficult for a third party to acquire control of us or for us to acquire control of a third party, even if such a change in control would be beneficial to you. Shares Eligible For Future Sale Sales or issuances of a substantial number of shares of common stock may adversely affect the market price of our common stock. Tower Industry Consolidation Our participation or failure to participate in a tower industry consolidation may be harmful to our business. We Have Experienced Disputes With Customers and Suppliers Such disputes may lead to increased tensions, damaged relationships or litigation which may result in the loss of a key customer or supplier. Our Operations in Australia Expose Us to Changes in Foreign Currency Exchange Rates We may suffer losses as a result of changes in such currency exchange rates.

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1051470--3/24/2006--CROWN_CASTLE_INTERNATIONAL_CORP