Subject: TDF France acquisition summary
From: "Devon Archer" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Mon, 10 Feb 2014 21:58:57 -0500

Global Communications Infrastructure, LLC ("GCI") led by Dering Capital
("Dering" / aka Ben Jenkins) and co-investors is in advanced discussions
with the shareholders of TDF to acquire TDF France, the largest independent
portfolio of broadcast & mobile telecommunication towers in Europe for EURO 3.7
billion. Projected return to investors modeled at 10 years = a 3.6X and an
18% IRR.

- Large scale platform in the communications infrastructure space: 6,465
towers and 225 rooftop sites

- TDF France generated revenues of EURO 764m and EBITDA of EURO 354m in FY13 (March
year-end)

*Investment Team leadership: *
- Ben Jenkins, founder of Dering Capital and former Senior Managing
Director at Blackstone and Chairman of Global Tower Partners ("GTP")
- Marc Ganzi, founder & CEO of Global Tower Partners
- Tim Culver, former GTP SVP and General Counsel with responsibility for US
and international M&A, financing and strategic initiatives
- Louis Prothery, former MD at Citi in Paris. Led original TDF financing
and advised on numerous private equity transactions in Franc