AAT Closes on $180 Million of Common Equity; Funds to Fuel Company Expansion Through Acquisitions and Build-to-Suit Projects.

Business Editors/High-Tech Writers

ST. LOUIS--(BUSINESS WIRE)--Nov. 14, 2003

St. Louis-based AAT Communications Corp. announced today that it has closed on approximately $180 million of equity capital, which has been raised from current and new investors, including: Charterhouse Group; affiliates of Sandler Capital Management; The Oklahoma Publishing Company; and WallerSutton 2000, LP. The new funds will be used to help AAT expedite its growth plan through acquisitions and build-to-suit tower projects.

"This new investment illustrates the opportunity that equity sources see in AAT as a leading consolidator in the wireless tower sector. It also validates our business philosophy of forming and honoring long-term relationships," said Jerald L. Kent, Chief Executive Officer of AAT and of Cequel III, the management company overseeing AAT's operations. "Cequel III's managers have had productive partnerships with Charterhouse Group and other investors involved in this transaction for many years prior to our involvement with AAT, and we are proud to continue working with these institutions in the context of one of our most promising ventures."

Since Cequel III's appointment as AAT's management company in May 2002, AAT has expanded five-fold the number of towers it owns (from roughly 300 to more than 1,500 sites). The Company is presently in active negotiations or scheduling construction for several hundred additional tower sites. In total, AAT's portfolio includes more than 7,500 sites, spanning 48 states, counting both the properties it owns and those it manages.

"This build-up investment is consistent with Charterhouse's strategy of backing management teams with outstanding track records. We are very pleased to be investing additional capital in AAT, further supporting a team that we have successfully partnered with in multiple ventures over the last twenty years," said Thomas C. Dircks, Managing Partner of Charterhouse Group. "Our manager-partners are very effectively implementing our original business plan in this attractive industry segment. We are also very excited about the addition of three value-added investors as new partners in AAT."

"The tower industry offers a combination of characteristics that appeal to us, notably strong growth potential and the generation of high, free cash flow," said Michael Marocco, Managing Director of Sandler Capital Management. "With the successful completion of this financing round, AAT is in a unique position to take advantage of consolidation opportunities within the sector and to address build-to-suit growth opportunities, as wireless carriers continue to extend the coverage and capacity of their networks."

"We are excited to support Jerry Kent and his teams at AAT and Cequel III," said Jack Woodruff, Partner of WallerSutton 2000, LP. "With its large existing base of sites under management, strong balance sheet, and experienced executives, we believe AAT is very well-positioned to become the undisputed leader in the wireless tower sector."

In 1998, Charterhouse Group became the original private equity investor in AAT and, following this latest financing round, remains AAT's controlling shareholder. Charterhouse introduced the Cequel III management team to AAT in 2002, based on a twenty-year relationship with Jerry Kent, Howard Wood, and other Cequel III executives.

TD Securities was the sole advisor to AAT on this transaction and acted as the private placement agent.

Founded in 1950, St. Louis-based AAT is the nation's largest privately held provider of wireless tower sites, serving major wireless carriers and a premier group of site-management clients.

EDITOR'S NOTE: Please reference the next page for background information on the AAT investors noted in this news release.

BACKGROUND ON NOTED INVESTORS

Listed in Alphabetical Order

Charterhouse Group is a private equity firm with three decades of experience in building leading middle-market companies. Established in 1973, Charterhouse currently manages in excess of $1.3 billion in equity through several limited partnerships. Since its inception, Charterhouse has invested in over 80 platform companies with a focus on the business services, healthcare services, telecommunications, consumer products, and industrial sectors. For more information, please visit www.charterhousegroup.com.

Sandler Capital Management, a registered Investment Advisor, has managed both hedge funds and private equity funds since 1980 and 1989, respectively. The firm has $1.5 billion in combined assets under management and uninvested commitments (including approximately $350 million of uninvested committed capital for new private equity investments). Sandler's private equity effort focuses on three core industry sectors: traditional media, telecommunications/data communications, and enterprise communications. Within its areas of industry expertise, Sandler employs a multi-stage investment strategy. Sandler's investment professionals have over 200 years of combined experience as research analysts, portfolio managers, financial advisors, investment bankers, and private equity investors. For more information, please visit www.sandlercap.com.

The Oklahoma Publishing Company ("OPUBCO") of Oklahoma City is a 100-year-old diversified holding company. Current businesses include: The Oklahoman (the state of Oklahoma's only newspaper with statewide distribution); the internationally recognized 5 star, 5 diamond Broadmoor Hotel and Spa in Colorado Springs; Gaylord Sports Management (representation of professional athletes); OPUBCO Development Company (real estate development); Deepwater Holdings LLC (subsurface water rights); and OPUBCO Resources (oil and gas interests), among others. Selected assets of OPUBCO were used to form Gaylord Entertainment Company (NYSE), which was taken public in 1991. Those assets included the Opryland Hotel in Nashville; The Grand Ole Opry; and certain cable operations, which later formed TNN and CMT. OPUBCO was also one of the initial investors in Charter Communications.

WallerSutton 2000, LP ("WallerSutton") is a $165 million private equity fund focused on the media and communications industries. WallerSutton seeks to leverage its broad array of relationships - in cable television, broadcasting, publishing, outdoor media, new media, information technology, and other communications and technology businesses and services - to support the growth and management of its portfolio companies. For more information, please visit www.wallersutton.com.