X0303 4 2008-11-18 1 0001010286 FiberTower CORP FTWR 0001127939 ASPEN ADVISORS LLC 152 WEST 57TH STREET 39TH FLOOR NEW YORK NY 10019 0 0 1 0 0001237622 ASPEN PARTNERS SERIES A C/O ASPEN ADVISORS LLC 152 WEST 57TH STREET NEW YORK NY 10019 0 0 1 0 0001237613 ASPEN CAPITAL LLC C/O ASPEN ADVISORS LLC 152 WEST 57TH STREET NEW YORK NY 10019 0 0 1 0 0001237606 HECHT NIKOS C/O ASPEN ADVISORS LLC 152 WEST 57TH STREET NEW YORK NY 10019 0 0 1 0 Common Stock 2008-11-18 4 J 0 12146266 0 D 9725408 I Through a partnership and managed accounts Common Stock 2008-11-18 4 J 0 599200 0 A 599200 D This form reflects the distribution on November 18, 2008 by Aspen Partners Series A, of Aspen Capital Partners L.P., a Delaware limited partnership (the "Partnership") of 11,133,348 shares of the Issuer to its limited partners and 1,012,918 shares of the Issuer to its general partner Aspen Capital LLC (the "General Partner"), and the concurrent distribution by the General Partner to its members of all 1,012,918 shares of the Issuer received by the General Partner from the Partnership (collectively, the "Distribution"). Following the Distribution, neither the Partnership nor the General Partner will hold any shares of the Issuer. Aspen Partners is managed by Aspen Advisors LLC, a Delaware limited liability company (the "Advisor"). By virtue of such status, the Advisor may be deemed to have been the beneficial owner of the shares distributed by the Partnership. All of the 9,725,408 shares reported in Table I are owned by private institutional accounts (the "Managed Accounts") managed by the Advisor. The Advisor disclaims any beneficial interest in the securities owned by the Managed Accounts. See also Note (3). Mr. Nikos Hecht is the managing member of the Advisor. By virtue of such status he may be deemed to be a beneficial owner of the securities held by the Managed Accounts and to have been a beneficial owner of the shares distributed by the Partnership under Regulations 13D/G under the Exchange Act. Mr. Hecht disclaims any beneficial interest in the securities owned by the Managed Accounts. Except as expressly acknowledged herein, this report shall not be deemed an admission that any such person or entity is the beneficial owner of, or has a pecuniary interest in, any such securities for purposes of Section 16 of the Exchange Act or for any other purpose. Includes all 599,200 shares Mr. Hecht received in the Distribution. Previously, Mr. Hecht had reported on his indirect interest in all of the securities held by the Partnership rather than his allocable portion thereof. ASPEN ADVISORS LLC By: /s/ NIKOS HECHT, Managing Member 2008-11-18 ASPEN PARTNERS SERIES A, of Aspen Capital Partners, L.P. By: Aspen Capital LLC, General Partner By: /s/ NIKOS HECHT, Managing Member 2008-11-18 ASPEN CAPITAL, LLC By: /s/ NIKOS HECHT, Managing Member 2008-11-18 /s/ NIKOS HECHT 2008-11-18