An anonymous director reports

LIGHT TOWER RENTALS COMPLETES RECAPITALIZATION WITH NEW EQUITY SPONSORS

Light Tower Rentals has finalized its recapitalization by adding a group of institutional equity investors, following a $330-million (U.S.) bond offering, which was announced on July 21, 2014. The new equity investors will broaden LTR's shareholder base and provide additional access to capital to pursue further growth initiatives. Among the new equity investors are StepStone and Constitution Capital Partners LLC. As part of the transaction, shareholders of LTR sold 44.2 per cent of their equity for proceeds of $100-million (U.S.). After the transaction, where Clairvest Group Inc., together with Clairvest Equity Partners III Limited Partnership, received $49.9-million (U.S.), Clairvest will continue to own 29.2 per cent of LTR. Consistent with its beneficial ownership, Clairvest realized 25 per cent of this amount, or $12.5-million (U.S.).

About StepStone

StepStone is a leading private markets firm that oversees approximately $60-billion (U.S.) of private capital allocations, including $10-billion (U.S.) of assets under management. It is a global firm with offices in New York, London, San Diego, Beijing, San Francisco, Hong Kong, Sao Paulo and Seoul. StepStone creates customized and targeted portfolios for the world's most sophisticated investors using a highly disciplined research-focused approach that integrates primary, secondary, credit and co-investments. StepStone leverages its unique global platform to optimize exposure to top-performing investment managers in all strategies and geographies.