SpectraSite Announces Offering of Common Stock in Connection with a Market Price Adjustment Obligation Under Its Accelerated Stock Buyback Agreement

Business Wire, March 31, 2005

CARY, N.C. -- SpectraSite, Inc. ("SpectraSite" or the "Company") (NYSE: SSI) announced today that it has filed a registration statement with the Securities and Exchange Commission for an offering of up to 250,000 shares of the Company's common stock to settle the Company's market price adjustment obligation under the previously announced accelerated stock buyback agreement (the "ASB") with Goldman, Sachs & Co. On November 22, 2004, the Company announced the repurchase of approximately $150.0 million of its outstanding common stock, or approximately 2.7 million shares, under the ASB. Under the ASB, the repurchased shares are subject to a market price adjustment provision which requires that the Company make a payment in either cash or stock based on the volume weighted average market trading price of its shares from November 19, 2004, through March 18, 2005. The market price adjustment is approximately $9.4 million. The Company has elected to settle the ASB transaction with shares of its common stock. The actual number of shares of common stock to be sold in order to satisfy the market price adjustment obligation will depend on the net proceeds received at the time of the sale of the shares. Based on the current trading price of its common stock, the Company estimates that it would sell approximately 165,000 shares of its common stock out of the 250,000 shares registered in order to settle this obligation.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

Copies of the prospectus relating to the offering, when available, may be obtained from the offices of Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004.

About SpectraSite, Inc.

SpectraSite, Inc. (www.spectrasite.com), based in Cary, North Carolina, is one of the largest wireless tower operators in the United States. At December 31, 2004, SpectraSite owned or operated approximately 10,000 revenue producing sites, including 7,821 towers and in-building systems primarily in the top 100 markets in the United States. SpectraSite's customers are leading wireless communications providers, including Cingular, Nextel, Sprint PCS, T-Mobile and Verizon Wireless.

Safe Harbor

This press release and oral statements made from time to time by representatives of the Company may contain "forward-looking statements" concerning the Company's financial and operating outlook, plans and strategies, its share repurchase program and the trading markets for its securities. These forward-looking statements are subject to a number of risks and uncertainties. The Company wishes to caution readers that certain factors may impact the Company's actual results and could cause results for subsequent periods to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Such factors include, but are not limited to (i) the Company's substantial capital requirements and debt, (ii) market conditions, (iii) the Company's dependence on demand for wireless communications and related infrastructure, (iv) competition in the communications tower industry, including the impact of technological developments, (v) consolidation in the wireless industry and the tower industry, (vi) future regulatory actions, (vii) conditions in its operating areas and (viii) management's estimates and assumptions included in the Company's 2005 outlook. These and other important factors are described in more detail in the "Risk Factors" and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's SEC filings and public announcements. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.