December 15, 2011 FiberTower Creditors Presentation

2011 Financial Discussion

Revenue Cessation of capital spending and reduction of sales team means no material incremental sales beyond Oct’11. There continues to be some minimal on-net growth circuits As of 11/30/11, FiberTower has experienced an average of $180K / mo MRR loss from T1 disconnects YTD Cost of Service Excluding impairments, COS was ~$4M / mo YTD, which we expect to trend slightly down going forward SG&A Since Mar, was about $2.6M / mo. Post-Nov RIF, expect to go down further to about $1.5m / mo Balance Sheet Steady at around $540M in assets until write down spectrum and asset values based on SRR valuation in Sep 2011. New level around $200M in assets Cash has been managed to grow from $14m in January to $24.5m in October CapEx Reduced from $3m / mo run-rate in January to $200k run-rate Key Trends

2011 YTD Quarterly Financials Q1'11 Q2'11 Q3'11 Oct' 11 2011 YTD Operational Stats Active Markets 13 13 13 13 Deployed Sites 3,308 3,335 3,356 3,354 Bandwidth (backhaul) 69,338 71,139 74,406 74,015 Headcount 142 138 136 135 Revenue Revenue w/o ETLs 21,259,002 20,042,705 18,557,951 6,000,926 65,860,584 ETLs 2,244,202 3,390,701 12,262,628 1,228,874 19,126,405 Total 23,503,204 23,433,406 30,820,579 7,229,799 84,986,989 Cost of Service Rent 5,503,549 5,605,683 5,559,037 1,802,798 18,471,066 FSP Costs 4,807,229 5,061,458 4,839,452 1,583,471 16,291,610 Impairments 222,428 3,135,681 342,477,293 45,849 345,881,251 Other COS 1,545,201 1,404,439 1,530,180 411,990 4,891,810 Total COS 12,078,406 15,207,260 354,405,962 3,844,108 385,535,736 fSG&A 1,485,064 1,313,338 1,432,067 439,392 4,669,861 Corporate SG&A 7,503,776 5,445,092 5,338,167 1,936,690 20,223,725 Stock Comp 1,189,189 1,093,045 1,014,285 300,000 3,596,519 Total SG&A 10,178,030 7,851,475 7,784,518 2,676,082 28,490,106 - Adjusted fEBITDA* 7,917,959 6,657,788 5,197,216 1,763,274 21,536,237 Adjusted EBITDA* 909,864 1,228,939 (98,595) (173,415) 1,866,793 EBITDA margin 4.3% 6.1% -0.5% -2.9% 2.8% Ending Cash 14,377,959 12,371,157 21,862,248 24,491,422 * Reconcilation to Net Income in next slide

Reconciliation to Net Income Q1'11 Q2'11 Q3'11 October 2011 YTD Adjusted EBITDA 909,864 1,228,939 (98,595) (173,415) 1,866,793 Stock-Based Compensation 1,189,189 1,093,045 1,014,285 584,214 3,880,734 Depreciation & Amortization 8,015,236 8,379,961 6,316,782 300,000 23,011,979 Interest Income (19,829) (21,137) (24,804) (5,903) (71,673) Interest Expenses 3,383,558 3,397,535 3,630,496 1,240,220 11,651,809 Impairment/USAC 222,428 3,135,681 342,477,293 45,849 345,881,251 Restructuring Charge 495,418 31,761 13,236 - 540,414 Income Tax Adjustment 1,477 107,373 (65,719,412) 15,000 (65,595,562) Early Termination Payments (2,244,202) (3,390,701) (12,262,628) (1,228,874) (19,126,405) Total Adjustments 11,043,275 12,733,519 275,445,247 950,507 300,172,547 Net Income (10,133,410) (11,504,579) (275,543,842) (1,123,922) (298,305,754) Q1'11 Q2'11 Q3'11 October 2011 YTD Adjusted Field EBITDA 7,917,959 6,657,788 5,197,216 1,763,274 21,536,237 Corporate SG&A 7,503,776 5,445,092 5,338,167 1,936,690 20,223,725 Stock-Based Compensation 1,189,189 1,093,045 1,014,285 300,000 3,596,519 Depreciation & Amortization 8,015,236 8,379,961 6,316,782 584,214 23,296,193 Interest Income (19,829) (21,137) (24,804) (5,903) (71,673) Interest Expenses 3,383,558 3,397,535 3,630,496 1,240,220 11,651,809 Impairment/USAC 222,428 3,135,681 342,477,293 45,849 345,881,251 Bad Debt Expense (264) 15,518 (29,120) - (13,867) Income Tax Adjustment 1,477 107,373 (65,719,412) 15,000 (65,595,562) Early Termination Payments (2,244,202) (3,390,701) (12,262,628) (1,228,874) (19,126,405) Total Adjustments 18,051,369 18,162,367 280,741,059 2,887,197 319,841,991 Net Income (10,133,410) (11,504,579) (275,543,842) (1,123,922) (298,305,754)

2011 YTD Quarterly Balance Sheet Q111 Q211 Q311 Oct-11 Act Act Act Act Assets Current assets: Total Cash & Cash Equivalents Cash and cash equivalents 14,377,959 12,371,157 21,862,248 24,491,422 Total Receivables Accounts receivable 9,800,560 10,118,784 8,808,531 9,395,118 Total Prepaid Expenses & Other Current Assets Prepaid expenses and other 2,019,445 2,060,901 2,131,514 2,209,401 Total current assets 26,197,964 24,550,842 32,802,293 36,095,941 Total fixed assets 221,510,340 213,976,857 47,886,372 47,616,928 Total ST & LT Restricted Cash & Investments Restricted cash equivalents 8,247,945 8,261,562 6,330,251 6,330,251 Total FCC Licenses FCC Spectrum Licenses 287,495,000 287,495,000 106,630,000 106,630,000 Deposits and other long-term assets Deposits and other long-term assets 5,083,575 5,234,309 5,003,663 4,912,029 Total assets 548,534,824 539,518,570 198,652,580 201,585,149 Liabilities Current liabilities: Total Accounts Payable Accounts payable and Accrued Liabilities 10,614,863 9,927,313 7,629,483 10,261,501 Accrued Interest Payable Accrued Interest Payable 1,926,425 2,137,052 1,925,343 2,479,175 Other Accrued Liabilities Capital Lease Obligation - ST 483,154 733,946 977,363 977,363 Total current liabilities 13,024,442 12,798,311 10,532,189 13,718,040 Long-term liabilities: Convertible Senior Secured Notes Long-term debt 166,678,613 168,510,077 170,379,563 171,025,280 Deferred Tax Liability Deferred Tax Liability 71,904,183 71,904,183 6,138,270 6,138,270 Other Long-term Liabilities Other long-term liabilities 18,473,356 18,397,990 18,224,107 18,149,030 Total long-term liabilities 257,056,152 258,812,250 194,741,940 195,312,580 Stockholders equity Total stockholders' equity 278,454,230 267,908,008 (6,621,549) (7,445,471) Total liabilities and equity 548,534,824 539,518,570 198,652,580 201,585,149

Quarterly Statement of Cashflows Q111 Q211 Q311 Oct-11 2011 YTD Act Act Act Act Actual Operating Activities Net Income (10,133,410) (11,504,579) (275,543,842) (1,123,922) (298,305,754) Depreciation & Amortization 8,008,363 8,376,672 (116,820,680) 583,302 (99,852,342) Impairment / USAC 222,428 3,135,681 342,477,293 45,849 345,881,251 Stock Based Compensation 1,189,189 1,093,045 1,014,285 300,000 3,596,519 Debt Related Amortization 1,892,799 1,872,726 1,911,305 645,717 6,322,547 Deferred Tax Liability - - (65,765,913) - (65,765,913) Impairment of FCC Licenses - - 180,865,000 - 180,865,000 Working capital/other (2,457,536) (928,172) (1,086,539) 2,512,935 (1,959,312) Net Operating Cashflow (1,278,167) 2,045,373 67,050,908 2,963,880 70,781,995 Investing Activities Change in restricted cash equiv 1,742,638 (13,617) 1,931,311 - 3,660,331 Property, plant and equipment (7,452,371) (3,903,871) (59,491,128) (334,707) (71,182,077) Net investing cashflows (5,709,734) (3,917,488) (57,559,817) (334,707) (67,521,745) Financing Activities Exercise of stock options and warrants 52,209 (134,688) - - (82,479) Net Financing Cashflow 52,209 (134,688) - - (82,479) Net change in cash and equivalents (6,935,692) (2,006,802) 9,491,091 2,629,174 3,177,771 Beginning Cash 21,313,651 14,377,959 12,371,157 21,862,248 21,313,651 Ending Cash 14,377,959 12,371,157 21,862,248 24,491,422 24,491,422

2011 Debt Summary 2011 Q1 Q2 Q3 Q4 GAAP 2012 $35,062,810 $35,436,137 $35,821,307 $36,220,209 2016 $131,615,802 $133,073,939 $134,558,256 $136,076,232 Total $166,678,613 $168,510,077 $170,379,563 $172,296,441 Contract Amount 2012 $35,086,034 $35,455,902 $35,837,566 $36,232,902 2016 $120,597,160 $120,597,160 $124,215,075 $124,215,075 Total $155,683,194 $156,053,062 $160,052,640 $160,447,977 Accrued Interest 2012 $1,021,946 $338,144 $1,014,432 $1,698,234 2016 $904,479 $1,798,908 $910,911 $1,852,875 Total $1,926,425 $2,137,052 $1,925,342 $3,551,109

Quarterly Market Financials Q111 Q211 Q311 Oct-11 2011 YTD Act Act Act Act Actual Net Revenue Dallas 3,870,131 4,620,971 9,507,070 1,632,824 19,630,995 SAW 474,826 502,425 716,439 202,715 1,896,406 Denver 1,124,065 1,143,056 1,620,489 341,848 4,229,459 Houston 1,899,167 1,397,461 2,328,016 462,044 6,086,688 Tampa 1,553,794 1,541,437 2,382,201 433,726 5,911,157 NYC 2,000,529 1,362,523 1,368,546 383,289 5,114,887 Boston 2,872,024 2,076,411 3,400,350 557,129 8,905,914 Wash D.C. 5,230,712 6,114,701 5,061,262 1,762,185 18,168,859 Cleveland 1,367,110 1,356,577 1,382,039 443,210 4,548,936 Chicago 778,871 918,459 607,173 185,220 2,489,723 Pittsburgh 431,487 437,102 485,039 156,760 1,510,388 Detroit 1,157,350 1,172,624 1,144,805 381,152 3,855,931 Atlanta 706,570 730,841 739,512 264,253 2,441,175 Other 72,340 84,239 77,640 23,443 257,661 Total 23,503,204 23,433,406 30,820,579 7,229,799 84,986,989 Adjusted Field EBITDA (excludes ETLs and write-offs) Dallas 2,512,514 2,295,023 1,361,874 375,557 6,544,968 SAW (6,514) 3,310 64,679 28,553 90,028 Denver 536,988 566,014 424,020 162,081 1,689,102 Houston 266,999 172,092 141,298 48,709 629,098 Tampa 454,644 404,636 339,555 108,259 1,307,095 NYC 466,231 256,228 280,065 109,951 1,112,476 Boston 832,178 473,342 184,311 70,426 1,560,256 Wash D.C. 3,382,216 2,772,595 2,693,388 936,961 9,785,160 Cleveland (245,889) 29,770 (63,349) (44,412) (323,880) Chicago (47,218) (186,974) (224,177) (103,468) (561,837) Pittsburgh 28,320 60,911 66,878 27,963 184,072 Detroit (101,939) (135,899) (56,314) (21,734) (315,886) Atlanta (5,968) 18,826 34,993 33,748 81,600 Other (154,603) (72,087) (50,004) 30,679 (246,014) Total 7,917,959 6,657,788 5,197,216 1,763,274 21,536,237

Change in Market Financials Dec-10 Oct-11 % Change Dec-10 Oct-11 % Change Net Revenue Revenue Without ETL Dallas 1,248,258 1,632,824 31% 1,244,654 818,003 (34%) SAW 146,907 202,715 38% 142,180 198,879 40% Denver 362,354 341,848 (6%) 362,354 321,894 (11%) Houston 487,080 462,044 (5%) 466,442 410,167 (12%) Tampa 419,637 433,726 3% 419,637 370,105 (12%) NYC 487,142 383,289 (21%) 487,142 368,539 (24%) Boston 730,608 557,129 (24%) 730,608 515,808 (29%) Wash D.C. 1,734,153 1,762,185 2% 1,714,745 1,561,438 (9%) Cleveland 347,511 443,210 28% 331,495 425,266 28% Chicago 258,574 185,220 (28%) 258,574 185,220 (28%) Pittsburgh 137,656 156,760 14% 132,125 156,760 19% Detroit 305,091 381,152 25% 303,774 381,152 25% Atlanta 242,546 264,253 9% 233,989 264,253 13% New Market - - NM - - NM Other 16,418 21,943 34% 16,418 21,943 34% Adjustment - 1,500 NM - 1,500 NM Total 6,923,938 7,229,799 4% 6,844,137 6,000,926 (12%) Adjusted Field EBITDA (excludes ETLs and write-offs) Dallas 761,146 375,557 (51%) SAW (22,991) 28,553 (224%) Denver 159,004 162,081 2% Houston 96,116 48,709 (49%) Tampa 155,325 108,259 (30%) NYC 185,700 109,951 (41%) Boston 263,630 70,426 (73%) Wash D.C. 1,041,932 936,961 (10%) Cleveland 6,524 (44,412) (781%) Chicago 3,798 (103,468) (2824%) Pittsburgh 10,286 27,963 172% Detroit (5,433) (21,734) 300% Atlanta (14,287) 33,748 (336%) New Market - 46,127 NM Other (42,346) (16,948) (60%) Adjustment - 1,500 NM Total 2,598,403 1,763,274 (32%)

Quarterly SG&A Breakdown Beg Headcount 160.0 142.0 138.0 136.0 160.0 End Headcount 142.0 138.0 136.0 135.0 135.0 Q1'11 Q2'11 Q3'11 Oct-11 2011 YTD Act Act Act Act Act Employee Compensation 3,759,808 3,305,425 3,278,775 1,050,832 11,394,840 Overtime 207,081 211,707 192,142 50,932 661,862 Employee Health Insurance 357,354 338,528 321,053 66,538 1,083,474 Dental & Vision 48,039 48,196 44,371 14,011 154,617 Life Insurance 36,253 26,951 24,974 12,193 100,372 Payroll Taxes 471,915 358,435 230,928 76,732 1,138,010 Bonus 529,932 699,168 626,281 212,096 2,067,476 Commissions 113,055 111,350 116,180 40,000 380,585 Other S&B 510,161 20,561 55,266 5,567 591,555 Salaries & Benefits 6,033,597 5,120,321 4,889,969 1,528,902 17,572,790 Facilities 584,876 491,249 443,254 143,862 1,663,240 Office Expenses 90,030 56,098 50,380 9,365 205,874 Travel & Entertainment 323,813 201,761 146,130 73,093 744,798 Computer Expenses 194,226 220,100 218,782 64,092 697,201 Engineering Costs 121 - - 42 163 Contractor Fees 339,199 403,239 212,714 108,363 1,063,515 Other Prof Fees 1,528,629 401,992 761,469 413,734 3,105,824 Outside Services 36,855 20,377 22,749 5,434 85,415 Marketing Expenses 5,770 3,052 1,557 1,969 12,347 Workers' Comp Insurance 98,936 33,839 79,614 16,022 228,411 Corporate Insurance 243,180 240,192 237,277 84,190 804,839 Non Salaries & Benefits 3,445,636 2,071,899 2,173,925 920,166 8,611,626 Total (excl Stock Comp) 9,479,233 7,192,220 7,063,894 2,449,068 26,184,416 Cap labor (490,392) (433,791) (293,661) (72,986) (1,290,829) Stock Comp Expense 1,189,189 1,093,045 1,014,285 300,000 3,596,519 Total SG&A 10,178,030 7,851,475 7,784,518 2,676,082 28,490,106

Oct’11 Market Economics DLS SAW HOU TAM ATL DEN NYC BOS WDC CLE PIT CHI DET Other Total Stats Deployed Sites 348 118 291 197 181 149 297 270 502 354 115 209 323 3,354 Billing Sites 312 83 248 164 178 138 270 246 485 303 110 100 292 2,929 Billing Locations 630 146 412 336 451 226 351 619 1,214 456 291 135 522 5,789 Mbps - Carrier Backhaul 6,885 4,272 8,753 3,805 2,485 2,846 3,253 4,788 21,435 7,077 1,896 1,090 5,430 74,015 Mbps - Carrier Fiber Transport 290 - - - 45 - - - 3,110 - - 10,000 - 13,445 Mbps - Wholesale 110 - - - 622 2 - 70 46 - - - - 850 Mbps - Government - - - - - - 300 - - - 32 - - 332 Mbps - Total 7,284 4,272 8,753 3,805 3,152 2,848 3,553 4,858 24,592 7,077 1,929 11,090 5,430 88,642 Field Techs 5 3 4 2 3 3 4 4 6 5 3 3 3 48 Field EBITDA+ 1 1 1 1 1 1 1 1 1 - 1 - - 10 Oct-11 Financials 1 Revenue $818,003 $198,879 $410,167 $370,105 $264,253 $321,894 $368,539 $515,808 $1,561,438 $425,266 $156,760 $185,220 $381,152 $23,443 $6,000,926 Adjusted fEBITDA $375,557 $28,553 $48,709 $108,259 $33,748 $162,081 $109,951 $70,426 $936,961 ($44,412) $27,963 ($103,468) ($21,734) $30,679 $1,763,274 Oct-11 Oct-11 Margin Analysis FSP 20.4% 26.8% 33.0% 19.7% 21.0% 10.6% 24.6% 44.5% 14.3% 49.1% 21.2% 58.0% 45.2% 26.4% Site EBITDA 51.8% 30.5% 19.0% 35.4% 22.9% 59.6% 42.5% 21.1% 63.2% -1.3% 34.0% -42.0% 1.2% 36.7% fSG&A (no cap labor) 6.0% 16.3% 9.5% 6.2% 10.2% 9.2% 12.6% 8.2% 4.1% 9.2% 16.1% 13.9% 6.9% 7.8% fSG&A 5.9% 16.1% 7.1% 6.2% 10.1% 9.2% 12.6% 7.5% 3.1% 9.1% 16.2% 13.9% 6.9% 7.3% Adj fEBITDA (no cap labor) 45.8% 14.2% 9.5% 29.2% 12.7% 50.4% 29.8% 12.9% 59.0% -10.5% 17.9% -55.9% -5.7% 28.9% Adjusted fEBITDA 45.9% 14.4% 11.9% 29.3% 12.8% 50.4% 29.8% 13.7% 60.0% -10.4% 17.8% -55.9% -5.7% 29.4% Oct-11 Per Site Metrics 1 Revenue $2,351 $1,685 $1,410 $1,879 $1,460 $2,160 $1,241 $1,910 $3,110 $1,201 $1,363 $886 $1,180 $1,789 FSP 478 451 465 370 307 229 306 851 446 589 289 514 533 472 Rent 582 575 551 674 650 554 321 536 591 526 467 602 490 538 Other COS 73 146 125 170 168 90 87 120 110 102 144 143 142 123 fSG&A (no cap labor) 141 275 134 117 148 200 157 157 128 110 220 123 82 140 Adjusted fEBITDA $1,076 $239 $134 $548 $186 $1,088 $370 $247 $1,837 ($126) $244 ($495) ($67) $517 Oct-11 Sites/Tech 70 39 73 99 60 50 74 68 84 71 38 70 108 70 Oct-11 Per Location Metrics Revenue $1,298 $1,362 $996 $1,102 $586 $1,424 $1,050 $833 $1,286 $933 $539 $1,372 $730 $1,037 Billing Colo 2.02 1.76 1.66 2.05 2.53 1.64 1.30 2.52 2.50 1.50 2.65 1.35 1.79 1.98 Bandwidth Metrics MBPS/site - Carrier Backhaul 19.8 36.2 30.1 19.3 13.7 19.1 11.0 17.7 42.7 20.0 16.5 5.2 16.8 22.1 Revenue/MBPS $112 $47 $47 $97 $84 $113 $104 $106 $63 $60 $81 $17 $70 $68 FSP/MBPS $23 $12 $15 $19 $18 $12 $26 $47 $9 $29 $17 $10 $32 $18 Footnotes: 1) Excludes ETLs and write-offs FiberTower Oct-11 Market Economics

Oct’11 Customer Revenue by Market (excluding ETLs) AT&T Mobility Leap MetroPCS Nextel Sprint/PCS T-Mobile Verizon Wireless Other Grand Total % Atlanta - - 128,008 10,960 74,952 48,132 - 2,200 264,253 4.4% Boston 281,913 - 65,725 23,541 89,066 53,614 - 1,950 515,808 8.6% Chicago - - - 6,214 33,582 3,516 97,672 44,236 185,220 3.1% Cleveland 140,633 - - 9,052 56,492 33,082 173,749 12,258 425,266 7.1% Dallas-Fort Worth 296,503 - 115,895 18,758 226,690 59,940 89,411 10,806 818,003 13.6% Denver 261,048 - - 3,745 21,825 34,825 - 450 321,894 5.4% Detroit - - 115,998 17,891 76,878 105,711 64,675 - 381,152 6.4% Houston 100,039 81,482 - 17,759 86,132 26,036 98,719 - 410,167 6.8% New York-New Jersey 172,134 - - 9,690 166,269 13,456 - 6,990 368,539 6.1% Pittsburgh - 35,565 - 18,588 44,629 48,327 - 9,651 156,760 2.6% San Antonio-Austin-Waco 75,799 27,262 - 4,964 43,568 12,237 35,049 - 198,879 3.3% Tampa-West Florida 193,564 - 108,712 6,163 37,932 23,734 - - 370,105 6.2% Washington-Baltimore 688,714 58,877 - 86,004 290,545 376,094 19,358 41,845 1,561,438 26.0% Other - - - - - - - 23,443 23,443 0.4% Total 2,210,347 203,186 534,338 233,330 1,248,560 838,703 578,633 153,829 6,000,926 100.0% 36.8% 3.4% 8.9% 3.9% 20.8% 14.0% 9.6% 2.6% 100.0%

Cash Forecast Weekly Cash Forecast Weekly Cash Forecast 12/9/2011 12/16/2011 12/23/2011 12/30/2011 Beginning Bank Balance $25,722,103 $23,969,103 $24,132,759 $24,364,759 Estimated Cash Collections 800,000 2,500,000 500,000 2,000,000 Estimated Cash Outflows (2,553,000) (2,336,343) (268,000) (398,000) Net Change in Cash ($1,753,000) $163,657 $232,000 $1,602,000 Ending Bank Balance $23,969,103 $24,132,759 $24,364,759 $25,966,759