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Investor Presentaiton

Regulatory Conditions Support mmWave Value 5G Fixed Wireless Access already permitted with a clear path to mobile services āā 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
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