Portfolio activity / September 20, 2012

Black Rock Cable to Merge with Wave Broadband

For Immediate Release

KIRKLAND, WA, September 20, 2012

Wave Broadband announced today that they have entered into a merger agreement with Black Rock Cable, Inc (“Black Rock”). The terms of the transaction were not disclosed.

Wave is a leading provider of video, internet and phone services on the West Coast, currently serving over 390,000 residential and commercial customers in Washington, Oregon and California. Formed in 2003 by CEO Steve Weed, the company has established a reputation for high quality service, growing both organically and by expanding their footprint to new communities. Wave was recently recognized by CableFAX Magazine with the prestigious Independent Cable Operator of the Year award.

Steve Weed, CEO of Wave Broadband, said, “We’re excited about the opportunity to further invest in the Northwest fiber business through this merger. Black Rock is an outstanding provider of fiber services and we look forward to working with the Black Rock team, continuing to build our enterprise business by focusing on the delivery of exceptional products and service to our customers.”

Black Rock currently provides high-speed fiber optic connectivity services in Whatcom, Skagit, and Snohomish counties to public and private sector commercial customers in government, medical, aerospace, communications, manufacturing and other regionally-based industries.

“The merger with Wave will allow Black Rock employees to continue providing our customers with the high-quality personalized service they rely on, for the long-term,” said Black Rock’s President, Bob Warshawer.

Transition plans will not impact current Black Rock customers. Services will continue without interruption as operations are merged with Wave over the coming months. Both Wave and Black Rock have expressed their commitment to ensuring the smoothest transition possible. Current Black Rock customers are directed to continue calling 1-360-738-3116 with any questions regarding their service.

About Wave Broadband

Wave Broadband is a leading provider of Video, Internet and Phone services, currently serving over 390,000 residential and business customers in the communities, and surrounding suburbs, of the Seattle, Portland, San Francisco and Sacramento markets. Wave is headquartered in Kirkland, Washington and operates under two retail brand names – Wave Broadband, www.wavebroadband.com, and Astound Broadband, www.astound.net.

Owned and operated by local industry leaders, Wave supports its customers with decades of cable know-how. Its mission is to provide all customers with the latest technologies and upgrades including advanced Video services, true High Speed Internet, Phone Service, and customized Enterprise Solutions. In addition, Wave Business Solutions delivers a redundant 10G fiber ring that serves businesses of all sizes, from local government to well-known Fortune 100 companies and brands, with major fiber hubs in San Francisco, Sacramento, Portland, and Seattle.

The merger is conditioned on the closing of the previously announced acquisition of Wave by an investor group led by Oak Hill Capital Partners, which is expected to occur in the fourth quarter of 2012.

For more information about Wave Broadband, visit www.wavebroadband.com.

About Black Rock Cable

Black Rock builds, owns and operates its own fiber optic network in Northwest Washington. With fiber optic connections, businesses and organizations can access unprecedented levels of bandwidth and networking services that significantly enhance their operations. Access to fiber is a strategic asset for any business and a vital resource for communications in the communities we serve.

Black Rock offers fiber connections at huge costs savings against comparable technologies and enables customers to access advanced networking solutions that would otherwise be out of reach.

Black Rock leases direct fiber connections to customers who have multiple locations, who want to connect to the region’s data centers and telecom carriers, and/or who simply want a direct, very high speed Internet connection.

Black Rock’s partners provide a range of competitive voice, data and video services for networking within their market area as well as connections to national and global destinations.