Investing in Rural Broadband Radius Broadband Holdings LLC

1. Investing in Rural Broadband Radius Broadband Holdings LLC October 2019 PRIVILEGED AND CONFIDENTIAL

2. Contents 1. Radius Broadband Investment Program 3 2. Rural Broadband Investment Thesis 10 3. About Radius Capital Partners 13

3. 1. Radius Broadband Investment Program

4. Executive Summary Radius Broadband Investment Program • Radius Capital is a private equity manager focused on broadband-related investments in Telecom & Technology. • Radius is committed to growing companies that improve the lives of families and communities. • Radius has created Radius Broadband Holdings (“Radius Broadband”) specifically to pursue opportunities in the U.S. Rural Broadband Market, i.e. bringing high-speed broadband internet services in the rural broadband sector. • A central element of every Radius investment is the creation and nurturing of Public – Private Partnerships to align the interests of the companies that Radius invests in with the needs of the communities they serve.

5. 2. Rural Broadband Investment Thesis

6. Declining Rural Populations, and Economies Declining Demographics1 • US population growth has been uneven. Urban counties have grown at roughly the overall national rate of 13.0% from 2000 to 2016 • Rural counties have lagged and half of them had fewer residents in 2016 than they did in 2000 Shrinking share of Americans in rural counties1 % of total US population living in each county type Other Economic Indicators Rural areas have experienced declining Employment • Rural areas lag urban areas in: • Education: In 2016, only 19.0% of adults attained higher education in rural areas compared to 33.0% in urban areas • Wealth: Rural poverty rate was 16.9% while the urban rate was 13.6% • Employment: Total employment in adjacent rural areas declined by 1.9% during the same period and by 3.5% in non-adjacent places % of Employment growth by community type since 2008 Although the US economy is growing, rural Americans are not seeing this prosperity. Losing young people depresses rural economic conditions Source: 1. Pew Research Center May 22, 2018 (Link) 2. USDA, 2018 (Link) 3. USDA Oct 11, 2018 (Link) 4. The Economic Impact of Rural Broadband April, 2016 (Link)

7. Yet.. Public Preference for Rural Life & Telecommuting Telecommuting1 • Regular work-at-home among the non-self-employed population has grown by 140.0% since 2005, roughly 10.0x faster than the rest of the workforce or the self-employed • Larger companies are expected to offer telecommuting options to most of their employees specially in New England and Mid-Atlantic regions • The telecommuter population increased by 11.7% in 2016 being the largest y-o-y growth since 2008 • 50.0% of the US workforce holds a job that is compatible with at least partial telework and approximately 20.0-25.0% of the workforce teleworks at some frequency • With increase in telecommuting options, the demand of the fast broadband is also expected to grow Preference for Rural Shift2,3 • About 15.0% of Americans live in rural areas, while 27.0% say they would ideally live in such an area • But Americans still continue to reflect a strong interest in living a rural lifestyle, if that choice were economically viable • The nation could see an out-migration from big cities, small cities and towns, and a substantial movement into rural regions Source: 1. Global Workplace Analytics, Jul, 2018 2. The Washington Post, Dec 18, 2018 (Link) *% of population, Based on survey conducted from Sep - Nov, 2018 3. Gallup, Dec 7, 2018 (Link) **% of population, Based on survey conducted from Nov. 13 - 18, 2018

8. Significant Policy and Business Initiatives Dependent on Rural Broadband Infrastructure Education: Rural Broadband critical to bridge Homework Gap Agriculture: Increasingly dependent on connectivity for productivity • To increase the productivity, the agriculture industry is increasingly relying on precision agriculture and telematics which require broadband wireless network6 • Broadband can provide farmers with an online platform to monitor real time market prices and trends, purchase supplies, increase their customer base and market their products locally, regionally, nationally and globally6 • Farmers associations highly recommend public - private investments for mobile broadband services, as well as fiber networks in agricultural areas • 70.0% of the teachers assigning homework that needs internet1 • The homework gap hits ~12.0 million school-aged kids nationwide – mostly in rural and outer suburban areas4 Healthcare: Telemedicine critical for rural healthcare delivery Business and E-Commerce: Rural contributions only a fraction3,4 • More than 65.0 million Americans live more than an hour away from the closest acute care hospital making it difficult to contact a doctor in case of emergency1 • Broadband enabled telemedicine tools extend the range of healthcare and decrease the costs of healthcare2 • This can help serve rural and unserved parts of the country with majority of the people having low income level2 • Small businesses power American commerce, comprising 99.0% of firms in the country • Retail e-commerce increased by 30.0% from $261.0 billion in 2013 to $340.0 billion in 2015, out of which ONLY $9.2 billion of sales were supported by rural broadband industry Broadband connectivity is having a profound effect on healthcare in America. It is opening the door to more accessible and cost-effective patient care through telehealth Modern e-Connectivity for rural America holds great promise for expansion of rural entrepreneurship, which is only possible from ubiquitous broadband connectivity Source: 1. The Atlantic Oct 30, 2018 (Link) 5. Speakup (Link) 2. Wired Nov 12, 2018 (Link) 6. Broadband USA Jun, 2018 (Link) 3. Edsurge Nov 19, 2018 (Link) 4. Washington Center for Equitable Growth Sep 28, 2018 (Link)

9. Governments and Corporates see the gap.. .. And are opening up Funding for Rural Broadband Broadband Initiatives by Government and Corporates • Connect America Fund (CAF) • Healthcare Connect Fund • Schools and Libraries Program • Mobility Fund • ReConnect Program • Community Connect Grant Program • Distance Learning and Telemedicine Program • Rural Broadband Access Loan and Loan Guarantee Program • Corporate Initiative: • Microsoft Rural Airband Initiative Some of the Initiatives by the Government at the country level : Denotes active states • Iowa Funding Initiative: • Iowa Grants System • Virginia Funding Initiatives: • Community Development Block Grant Planning Grant • Virginia Telecommunication Initiative • Economic Development Grant Program • Washington Funding Initiatives: • CERB Rural Broadband Program • Washington’s Digital Learning Access Grant Program • California Funding Initiatives: • California Advanced Services Fund • California Teleconnect Fund • North Carolina Funding Initiatives: • Great Grant Program • The North Carolina Economic Infrastructure Program • Kentucky Funding Initiatives: • Fund B – Infrastructure • Fund C – Governmental Kerr-Tar Regional Council of Governments assists local governments by identifying needs in five North Carolina counties. Funding include the grants by US Economic Development Administration, USDA Rural Development, NC Department of Commerce and the GoldenLEAF Foundation. Governments - at all levels – are looking for private sector partners for investment and expertise

10. 3. Radius Rural Broadband Strategy and Pipeline

11. The Radius Broadband Infrastructure Market Development Playbook The Radius Broadband Infrastructure - Market Development Playbook Radius has developed a Market Development Playbook for building out and financing individual geographic markets on a market-by-market basis, similar to how the cable TV, long distance/IXC and mobile telecom markets developed Step 1: Identify and invest in high-potential local Internet Service Providers / Projects (ISP or Wireless ISP), often co-investing and through Public Private PPPs Step 2: Fund accelerated market penetration with goal of achieving EBITDA breakeven within 6-8 quarters and 30.0% penetration over 5 years Step 3: Make smart acquisitions of both fill-in and market extension broadband providers/WISPs Step 4: Backfill with investment in “hard” infrastructure to lower costs, raise barriers to entry and increase valuation multiples, e.g. fiber, middle mile Step 5: Consolidate individual markets to achieve scale and create exit possibilities to infrastructure funds, strategics, or via IPO

12. We have a Proven Thesis – Public Private Partnerships Work Public Private Partnerships Work • Partnerships work for risk sharing • Revenue sharing partnerships for economic access to government-owned Metro Area Networks (“MANs”) • Partnered with semi-state utilities and infra entities – owners of non-core assets benefit from incremental monetization • Gas, Rail, Electric companies/utilities • Counties/Chambers of Commerce – for guaranteed take-up • Expand rapidly through complementary acquisitions • Technology – Wireless Assets overlay on fiber infra • Fiber Middle Mile sale/leaseback with global carrier • Deploy build capital strategically • Last mile enhancement to MANs • Fiber-to-the-Premise (FTTP) in non-MAN towns • Integrate well • KPIs, best practices • Synergy targets and tracking

13. 3. About Radius Capital Partners

14. Radius Brings Experience and Deep Expertise Radius Team Leadership The Radius principals have worked together over the last five years, identifying and developing opportunities that create value across the Tech, Telecom, and Space Sectors in Europe, the Americas and Asia. Each of them brings deep industry knowledge, extensive deal and operating experience, plus an extensive network of resources Radius Team Leaders Gopi Sundaram Managing Partner Tom Watts Managing Partner • Founder, Chairman of SEC-registered investment advisor Watts Capital with >$100.0 million assets under management (AUM) • Led a multidisciplinary team for 3 years to create one of the most successful competitive telecom carriers in the world. Scope included regulatory framework development, network design, procurement and construction, business plan development, and negotiation of operating agreements • Built and exited three companies previously • Previously headed specialized investment bank focused on the TMT, Cleantech, Renewable Energy and Real Estate sectors • Co-head of the Satellite and Space Finance investment banking group at Bear Stearns, as well as being responsible for serving the telecom long distance industry • Highly ranked equities analyst and member of the Institutional Investor All-Star Team covering tech, telecom, and space companies at Bear Stearns, Merrill Lynch, and Cowen • Began career at McKinsey & Company • MBA - Harvard Business School. BA - Stanford University • Managing Director of Tetrad McCourt Investors, an Infrastructure Investment Vehicle anchored by Tetrad Corp., the family office of a telecom pioneer and Berkshire Hathaway affiliate • Lead investor in a European wholesale telecom carrier that served as a platform for subsequent acquisitions and was sold to an infrastructure private equity fund, generating 4.0x investment returns • Lead investor and interim general manager for satellite equipment company serving the maritime, video and data markets. Re-designed the company’s manufacturing process and distribution network to reduce costs and drive revenue. Substantially reduced working capital requirements • Principal of publicly traded acquisition vehicle (AMEX: GHN) for rollup investments in the telecom sector • Prior experience includes TMT investment banking at Citi, and corporate development at Fairchild Semiconductor • MBA - Dartmouth (Tuck). MS Computer Science - Syracuse University

15. Industry Leading Bench Strength Radius Advisors are Sector Leaders / Pioneers

16. Industry Leading Bench Strength Radius Advisory Board Members

17. Radius Capital Partners –Focused Private Equity Radius Capital Partners Overview • Radius Capital Partners is a private equity manager with offices in New York and Raleigh/Durham • Industry focus: Focused on investments in telecom and technology companies • Highly refined investment thesis: Companies that leverage the fundamental business and social transformation that is occurring “at the network edge,” that is developments in rural areas and the portions of networks closest to the end user • Company stage: Companies that are EBITDA positive or will turn EBITDA positive with the Radius investment thesis • Functional Concentration: Radius investments focus on infrastructure, plus the applications and analytics opportunities that infrastructure enables • Created out of recent successful investment exit: Radius formed after partnering on a recent Irish broadband infrastructure investment that produced 4.0x MOI for investors • Deep industry expertise: The Radius leadership team brings leadership track records across the telecom and technology sectors – general management, operations, technology, funding, finance, regulatory, public policy • Partner alignment: The Radius team has committed $8.0 million of personal capital to date A key criteria for all Radius investments are the social benefits they create through security, education, employment and wellness

18. Overall Investment Thesis Radius Investment Criteria High Growth for Connectivity Enabled Businesses The most important technology trends of the next decade – Artificial Intelligence (AI), Internet-of-Things (IoT), Blockchain, Autonomous Vehicles, and Augmented Reality – all rely on high-speed, reliable, next generation connectivity for data capture, processing, storage, and transmission. Just the Edge Computing Market is projected to growth at 41.0% annually, reaching $3.2 billon by 20251. Other connectivity enabled businesses are expected to experience similar growth Radius targets infrastructure, applications and analytics businesses that support these high growth opportunities. Radius investments typically demonstrate potential for 20+% annual revenue growth, plus opportunities for scaling through consolidation Favorable Exit Alternatives Radius aims to provide the round of capital that bridges companies from slightly positive EBITDA to EBITDA in the $10.0 to $25.0 million range, where exit opportunities and multiples expand Manage Risk through Positive Cash-Flow Investments To manage investment risk, Radius targets companies that are cash flow positive, or that will become cash flow positive with the Radius investment. Radius generally avoids start-ups and companies with high technology or market risk Radius Targets Scalable, Defensible Niches Many connectivity-enabled opportunities will be dominated by mega-cap companies such as Google, Baidu, Amazon, and Verizon. However, a number of market niches are too small to attract these giants or offer them competitive advantages. Radius targets opportunities in smaller, fragmented, high-growth, defensible niches to which the Radius team can apply a scalable investment framework and where the Radius team has substantial experience, access to proprietary deal flow, and a network of exceptional managers Add Value at the Infrastructure, Applications, and Analytics Layers Radius considers opportunities based on the entire range of infrastructure technologies. From a communications perspective, these technologies include optical fiber, terrestrial radio, free-space optics, and satellite. Radius then adds value to infrastructure through portfolio additions ranging across applications such as eCommerce, security, and IoT and end user segments including energy/water conservation, healthcare and digital media. Further, Radius enhances its portfolio can be enhanced through the addition of data and analytics investments

19. Radius Adds Value at the Infrastructure, Applications, and Analytics Layers Value Added at Three Layers of the Value Chain Analytics Growth Applications Infrastructure Applications Analytics Opportunities to extend infrastructure to under-served markets can incorporate a range of technologies: • Optical fiber networks • Wireless ISPs using licensed and unlicensed spectrum • Satellite • Free space optics Multiple opportunities exist to layer value-added services on top of infrastructure • E-commerce • Internet of Things • Payments systems • Supply chain management • Energy management Analytics creates the opportunity to exponentially increase application effectiveness • Descriptive Analytics • Predictive Analytics • Prescriptive Analytics Infrastructure

20. Portfolio and Prior Affiliations Portfolio and Prior Affiliations Current Portfolio

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