#1TeraGo Investor Presentation March 2020#2Forward-Looking Information This presentation includes certain forward-looking statements that are made as of the date hereof and are based upon current expectations, which involve risks and uncertainties associated with our business and the economic environment in which the business operates. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian securities laws. This presentation includes, but is not limited to, forward looking statements relating to TeraGo's growth strategy and higher growth opportunities in 5G, revenue growth, investments redirected to potential 5G services, the Company's 5G technical and customer trials in advance of launching a fixed wireless 5G business, options available to leverage spectrum to create greater value for shareholders, funnel and sales pipeline growth, leveraging channels wholesalers and an alliance program, and initiatives for customer acquisition. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. When relying on forward-looking statements, whether written or oral, to make decisions with respect to the Company, investors and others should carefully consider the risks, uncertainties and assumptions, including the risk that TeraGo's growth strategy and strategic plan will not generate the result intended by management, cross-selling of TeraGo's cloud services may not succeed, future ISED decisions in upcoming Consultations being unfavourable to the Company, the technical 5G trial the Company is currently conducting may not generate the results intended, the lack of availability of suitable 5G radio equipment, the inability of the Company to successfully launch a 5G fixed wireless business, new market opportunities for 5G may not exist or require additional capital that may not be available to the Company, and those risks set forth in the "Risk Factors" section in the annual MD&A of the Company for the year ended December 31, 2019, available on www.sedar.com. All the forward-looking statements in this presentation are expressly qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences for the Company. Except as may be required by applicable Canadian securities laws the Company does not intend, and disclaims any obligation to update or revise any forward-looking statements, whether oral or written as a result of new information, future events or otherwise. TeraGo 2#3Non-GAAP Measures Adjusted EBITDA The term "EBITDA" refers to earnings before deducting interest, taxes, depreciation and amortization. The Company believes that Adjusted EBITDA is useful additional information to management, the Board and investors as it provides an indication of the operational results generated by its business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and amortization and it excludes items that could affect the comparability of our operational results and could potentially alter the trends analysis in business performance. Excluding these items does not necessarily imply they are non-recurring, infrequent or unusual. Adjusted EBITDA is also used by some investors and analysts for the purpose of valuing a company. The Company calculates Adjusted EBITDA as earnings before deducting interest, taxes, depreciation and amortization, foreign exchange gain or loss, finance costs, finance income, gain or loss on disposal of network assets, property and equipment, impairment of property, plant, & equipment and intangible assets, stock-based compensation and restructuring, acquisition-related and integration costs. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to operating earnings or net earnings determined in accordance with IFRS as an indicator of our financial performance or as a measure of our liquidity and cash flows. Adjusted EBITDA does not take into account the impact of working capital changes, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed in the consolidated statements of cash flows. Adjusted EBITDA does not have any standardized meaning under GAAP. TeraGo's method of calculating Adjusted EBITDA may differ from other issuers and, accordingly, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Please refer to the Company's MD&A for the three and nine months ended September 30, 2019 for a reconciliation of net loss to Adjusted EBITDA. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenue in the applicable period. Backlog MRR The term "Backlog MRR" is a measure of contracted monthly recurring revenue (MRR) from customers that have not yet been provisioned. The Company believes backlog MRR is useful additional information as it provides an indication of future revenue. Backlog MRR is not a recognized measure under IFRS and may not translate into future revenue, and accordingly, investors are cautioned in using it. The Company calculates backlog MRR by summing the MRR of new customer contracts and upgrades that are signed but not yet provisioned, as at the end of the period. TeraGo's method of calculating backlog MRR may differ from other issuers and, accordingly, backlog MRR may not be comparable to similar measures presented by other issuers. ARPU The term "ARPU" refers to the Company's average revenue per customer per month in the period. The Company believes that ARPU is useful supplemental information as it provides an indication of our revenue from an individual customer on a per month basis. ARPU is not a recognized measure under IFRS and, accordingly, investors are cautioned that ARPU should not be construed as an alternative to revenue determined in accordance with IFRS as an indicator of our financial performance. The Company calculates ARPU by dividing our total revenue before revenue from early terminations by the number of customers in service during the period and we express ARPU as a rate per month. TeraGo's method of calculating ARPU has changed from the Company's past disclosures to exclude revenue from early termination fees, where ARPU was previously calculated as revenue divided by the number of customers in service during the period. TeraGo's method may differ from other issuers, and accordingly, ARPU may not be comparable to similar measures presented by other issuers. Churn The term "churn" or "churn rate" is a measure, expressed as a percentage, of customer cancellations in a particular month. The Company calculates churn by dividing the number of customer cancellations during a month by the total number of customers at the end of the month before cancellations. The information is presented as the average monthly churn rate during the period. The Company believes that the churn rate is useful supplemental information as it provides an indication of future revenue decline and is a measure of how well the business is able to renew and keep existing customers on their existing service offerings. Churn and churn rate are not recognized measures under IFRS and, accordingly, investors are cautioned in using it. TeraGo's method of calculating churn and churn rate may differ from other issuers and, accordingly, churn may not be comparable to similar measures presented by other issuers. TeraGo 3#4TeraGo at a Glance NATIONAL Wireless and Fibre Network ~3,000 Customers 24/38 GHZ Spectrum covering ~8.6 billion MHz-Pops 92% of Licensed mmWave Spectrum held $48M 2019 Revenue $18M 2019 Adj. EBITDA* 5) Data Centres *Adjusted EBITDA includes the adoption of IFRS 16 TeraGo 600+ Deployed Towers $>3B Enterprise TAM TeraGo 4#5Largest Holder of mmWave Spectrum in Canada Coverage includes 2,210 MHz of Canada's 6 largest cities Spectrum Coverage Map - 24 GHz (14 of 20 licenses issued) Spectrum Coverage Map - 38 GHz (25 of 27 licenses issued) ~8.6 B MHz-Pops Edmonton Vancouver Victoria Calgary Okanagan 15 Metropolitan Markets 24 GHz 38 GHz >2/3 Canada's Population 400 400 400 400 Red Deer Winnipeg Calgary Ottawa Barrie Victoria Barrie Montreal London Kingston Toronto Niagara Windsor 200 160 Licenses from 100-199 MHz Licenses from 200-299 MHz Licenses over 300 MHz 200 600 600 100 400 400 160 400 200 200 600 600 Toronto 2,659 Montreal Vancouver Ottawa 1,682 1,074 577 Calgary 500 Barrie 404 Okanagan Edmonton Niagara 249 234 221 MHz-PoPs Victoria Winnipeg London 216 207 166 Windsor 156 Red Deer 144 Kingston 106 (mm) TeraGo 5#6Regulatory Conditions Support mmWave Value 5G Fixed Wireless Access already permitted with a clear path to mobile services ❝❝ 5G is expected to be a mix of fixed and mobile services in the mmWave bands and there are a variety of different use cases expected to develop once 5G is deployed. ISED has decided to adopt a flexible use licensing model for fixed and mobile services in the 38 GHz band as it will allow licensees to decide whether to deploy fixed systems, mobile systems or a combination of fixed and mobile systems to meet the demands of 5G services." ISED Decision on Releasing Millimetre Wave Spectrum to Support 5G (June 2019) UNITED STATES May 2017 Verizon to acquire Straight Path Communications for US$3.1b ~US$0.017 per MHz Pop CANADA Jun 2017 ISED issues consultation on 28/37-40 GHz spectrum use for 5G Jan 2019 FCC completes 28GHz auction Top 3 markets average ~US$0.024 per MHz Pop Jun 2018 ISED announces intention to auction 37-40 GHz spectrum in 2021 Adds 26 GHz to Consultation and will monitor 24 GHz developments Jun 2019 FCC's completes 24GHz auction Top 10 markets for 5 100 MHz blocks receiving an average of US$0.018 per MHz Pop Jun 2019 ISED decision permits ALL existing 38 GHz fixed wireless spectrum licenses to be renewed under a flexible use model after expiry in 2025 Jan 2020 The 37-39 GHz licenses sold on average for $0.0096/MHz pop a penny per MHz pop - while the top 10 market licenses garnered 40% more per MHz pop with an average price point of 1.4 cents. The top 50 market licenses sold at a 25% premium to the entire set of licenses for 1.25 cents/MHz pop on average Why mmWave for 5G? Higher Speeds Greater Bandwidth/Capacity Lower Latency TeraGo 6#75G Fixed Wireless Ready Footprint TeraGo's mmWave assets have scarcity value and provide a time to market advantage mmWave Spectrum Market Share in Canada (based on MHz-PoPs) Business Connectivity Total Addressable Market¹ 24 GHz 38 GHz Total Telus Bell 5% Bell 5% Xplornet 0.5% ABC 0.5% Telus 4% 4% ABC 0.1% 1-499 Xplornet 0.1% TeraGo Spectrum Coverage Area: Canadian Employee Business Companie Telecom: S: $7.6bn $4.9bn 65% 100% $3.3bn² 43% TeraGo 90% TeraGo 99% TeraGo 92% TeraGo Fixed Wireless Footprint Prince Albert, SK Grande Prairie, AB Edmonton, AB Kelowna, BC • Red Deer, AB Calgary, AB Vancouver, BC Winnipeg, MB Victoria, BC Ottawa, ON Existing rooftop deployment Toronto, ON Montreal, QC Total Sites: 600+ Note: Data as of Q3 '18 1. 2. Canadian Data and Internet Services Includes businesses with 1-499 employees and only includes areas where TeraGo owns spectrum; total addressable market size as of 2018 Fixed Wireless Sites by Key Market 187 111 ■..... Greater Toronto Area 73 66 61 53 Calgary Vancouver Edmonton SW Ontario Other TeraGo 7#85G Fixed Wireless Access TeraGo is uniquely positioned to be first carrier in Canada to launch 5G Fixed Wireless Services 5G FWA Trial Underway • First phase technical trial complete: Up to 700 Mbps per customer end point • Latency of 3-4ms Other 5G FWA Trials & Deployments verizon Second phase technical trial in early 2020: STARRY AT&T cspire • 5G NR equipment • Back office and provisioning processes Customer trials in 2020: MTN arqiva imagine Telefonica • Enterprise connectivity applications • Urban residential LG U+ swisscom connectivity applications orange TeraGo 8#9TeraGo Financial Highlights 9#10Multi-Pronged Strategy - Update & Outlook 1. Profitable business and positive FCF generation 2. Building a premier channel and alliance program 3. Positioned for 5G Fixed Wireless TeraGo 10#11Strengthen the Connectivity Business: Significant future opportunity leveraging existing fixed wireless footprint Manage Churn and Create Up-sell Opportunities in Our Customer Base Backlog MRR $71,624 $64,659 $57,081 Churn $92,096 $47,672 ARPU 1.4% 1.5% 1.6% 1.3% 1.4% $1,054 $1,033 $1,023 $1,014 $1,019 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Onboarding new CHANNELS and Wholesalers - i.e U.S. customers with operations in Canada • BUNDLED OFFERNGS to leverage multiproduct customers Stabilized Churn and APRU with a focus on organizational EFFICIENCY and effectiveness TeraGo 11#12Growth from Cloud and Colocation: Continued market demand for managed services under the Hybrid IT model Investing in our Sales Backlog MRR Organization to Accelerate Growth and Target the Right Customers Churn 1.7% 1.3% 1.3% $37,094 $37,237 1.1% $31,742 0.9% $18,615 $17,049 ARPU $3,393 $3,138 $3,221 $3,185 $3,248 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Onboarding new CHANNELS and Wholesalers - i.e. U.S. customers with operations in Canada Recognized in the . MAJOR PLAYERS category by IDC for Canadian Data Centre Operaztions¹ 1IDC MarketScape for Canadian Datacenter Operations and Management Service Providers 2019 Vendor Assessment Report • Data centre CAPACITY allows business to scale without significant capex requirements TeraGo 12#13Connectivity Cloud and Colocation 2014 $3.4 Resilient Recurring Revenue Base All $ figures in CAD millions 2015 $13.2 $59.1 $57.7 $55.4 $40.8 $54.3 $44.6 $51.2 $36.4 $35.0 $48.4 $47.8 $30.4 2016 $18.3 2017 $19.0 2018 $19.3 2019 63% 37% $18.1 TeraGo 13#14Adjusted EBITDA Margin Adjusted EBITDA Capital Expenditures Adjusted EBITDA includes the adoption of IFRS 16 in 2019 2014 Stabilize Adjusted EBITDA and Cash Flow All $ figures in CAD millions 2015 $16.2 $12.6 31.6% 31.9% 32.1% $18.4 $18.9 23.2% 23.9% $12.9 $13.0 $9.4 $9.2 $8.2 $7.8 $7.4 2016 2017 2018 2019 TeraGo 14 $17.5 35.5%#15Balance Sheet TeraGo Cash and cash equivalents $8.7 Unused operating line of credit (1) $10.0 Available acquisition facility $25.0 Total cash and access to credit(1) $43.7 Long-term debt $28.5 Operating Leverage 2.7x TeraGo 15#16Experienced Leadership Team • Strong Track Record Antonio (Tony) Ciciretto President & CEO President and CEO of Cogeco Peer 1 and Cogeco Data Services for over six years, where he was responsible for leading their market growth and development. Previously held executive leadership roles at Rogers and Bell over a 20 year period. Duncan McGregor Vice President, Engineering & Operations Duncan is a seasoned executive with 20 years of global experience in the technology sector. Prior to joining TeraGo, Duncan served as the Global Vice President of Engineering Operations for Cogeco Peer 1, and held various senior roles at OpenText Corporation. David Charron Chief Financial Officer David has more than 20 years of financial leadership and experience in the IT services industry. Prior to joining TeraGo, David was CFO and Corporate Secretary at Redknee Solutions Inc. He has also held senior finance positions at Nortel Networks and Descartes Systems Group. Geoff Kereluik Vice President, Sales Geoff brings an extensive background in the information and communications technology industry, having held several Sales and Marketing Vice President positions at Hewlett Packard and Bell Canada. Blake Wetzel Chief Revenue Officer Blake has 20 years of strategic leadership experience at leading telecom, Cloud, Data Centre and IT companies. Prior to joining TeraGo, Blake was Principal at his own technology consulting company and has held senior positions at Rackspace and CenturyLink/Qwest Communications Mark Lau Vice President, Legal & General Counsel Over the past 5 years, Mark has led TeraGo's acquisitions of Mobilexchange, RackForce, BoxFabric, AirVM and the Mississauga Data Centre. He is the Company's liaison to ISED and CRTC on spectrum and regulatory matters. Previously spent 5 years at Borden Ladner Gervais LLP. TeraGo 16#17Summary Enterprise- Class Cloud, Colocation, and Connectivity One of Canada's Largest Holders of Millimetre Wave Spectrum A Clear Growth Opportunity in 5G Fixed Wireless Access Financial Strength to Fund Our Growth Strategy Experienced Management Team Committed to Value Creation TeraGo 17#18Capital Markets Snapshot TeraGo Stock symbol Shares outstanding Price at Feb 26, 2020 52-week low/high TSX: TGO 16.6 million $7.80 $7.50/$13.06 Enterprise Value ("EV") $167.6 million EV/Adjusted EBITDA 9.6x TeraGo 18#19TeraGo 19