WIRELESS

INFRASTRUCTURE
PRESENTATION 2022
Why Towers ...
Why Tower One
Attractive class for Real Estate – Infrastructure Investors

Niche Business (Only a handful of Tower Co’s in each market)

Built to Suit (BTS) Focus vs Majors who focus on M&A

Only Small Cap entry into Asset Class

Positioned for growth with secured financing in excess of USD 40MM

Backlog of Towers to build next two years 450+

Note: BTS means a long term site lease is in hand before construction begins, generating attractive contractual returns
1
Rapidly Creating
A PLATFORM FOR GROWTH
Towers Built Accumulative Towers in Operation Revenue CAD
12000000

300 200 10000000 $6.089.761

322
250 $9.126.082
204 8000000
150
200
6000000
150 162 100 119 $5.413.594
141 93
100 4000000
80 50 80
50 2000000
6 14 14
6 $200.498
$1.556.742
0 0
$19.403
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 0
2016 2017 2018 2019 2020 2021
Note 1 - As of December 2021 Note 1 - As of December 2021
Note 2 - Negative variation in 2020 due to towers sold Note 1 – 2021 Includes information up to Q3

Countries MLAs Tower One Employees

5 60
5

4 12 50 55 / 400
4 4 12
10 11 40
3 40
3 8 9 36
30
2 6 7
2
20
4 20
1
1 10 13
2 5
N/A 2
0 0 0
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
NOTE 1 - 2021 shows Internal and Sub contracted Employees
2
Rapidly Creating
A PLATFORM FOR GROWTH

2015 COLOMBIA 2017 ARGENTINA

Incorporation of Acquisition of 2020
EVOTECH
Tower 3 S.AS Open Tower Three
Wireless del Ecuador

2018 PTI
2017 CANADA 2015 - 2017 DEV deal PTI 2020 - 2022
20 MM USD
IPO CSE Opened 3 Countries
Secured USD 40MM
Facility - Family Office
12 MLA’ Signed

2016 TIGO 2018 MEXICO

First BTS Tower in Acquisition of
Colombia 3Q 16 Mexmaken
-
MEXICO
2021 2023
Reach 1000 Towers

3
 Tower History & Landscape
Central & Latin America
Estimated CALA tower count by Country

Panama Bolivia
2,211 4,554
Costa Rica Gutemala
4,255 6,571

Chile Caribbean Argentina Peru Colombia Mexico Brazil

9,445 11,000 14,512 14,741 17,943 36,258 67,903

El Salvador Ecuador
2,850 5,930

Nicaragua Paraguay
1,785 4,281

~6,000 (Venezuela, Ecuador, Uruguay, Surinam, French Guiana and Guyana – mostly in the hands of MNOs)

4 4
 Tower History & Landscape - Central & Latin America
CALA’s top towercos Q4 2021

Telesites SBA Communications [3]

18,875 15,066

Andean Telecom Mexico Tower

Partners Partners
3,030 3,000

Highline
5,000 Innovatel/
Torrecom Torresec
Phoenix Tower International [4] 1,245 1,093
8,754
20+
towercos
QMC Telecom
with <100
2,500
towers
1,000 725 650

Brazil Tower 190 180

Centennial
American Tower [1] Sitios Latinoamérica [2] Grupo Torresur IHS Towers [5] Company
Towers
48,851 36,008 5,000 4,629 1,400
800 365 180 166

[1] Global tower count 218,272; [2] Sitios Latinoamérica is in the process of being formed; [3] Global tower count 34,072; Continental Towers | IIMT | BTS Towers | GME Alliance | Intelli Site Solutions | ATIS Group | Tower One Wireless
[4] Global tower count 14,145; [5] Global tower count 30,207

5 5
BUILD EXPERIENCE
TOWERS BUILT TOWERS IN OPERATION

16% 7%
Colombia (212)
18%
Mexico (51) Colombia (190)

Argentina (59) Mexico (14)

66% 93% TOTAL : 204 Towers

TOTAL : 322 Towers

TENANTS PER TOWER TENANTS PER TOWER (In Service)

ALTAN
R E D E S

12% ALTAN
8% 1%
6%
WOM

41% TIGO
Colombia (227) 64%
TELEFONICA
Mexico (14)
DIRECTV
94% 21%
TOTAL : 241 Tenants CLARO

Note - as of 12/31/2021 6
 LOREM IPSUM
IS SIMPLY DUMMY
THE PRINTING AND WORK
OUR SITES
* Some examples of existing towers installed and managed
by Tower One Wireless

7
 Type of Construction
Celullar Tower Sites
& Cell Sites Overview
Antenna Heights and Technology

+30 Mts 2G

+27 Mts
MMOO
+24 Mts
+21 Mts 3G Green Field RoofTop Monopole

+18 Mts 4G

Disguise Camouflage Poles

8
 9

Recurring, Long-term Rent

with High Quality Tenants
Typical Asset Lease Structure
!Contract Type Non-cancellable
Initial Term 10 years
Renewal Options Multiple, 5 year options
Escalator !Based on local inflation rate
Pass Through Expenses Ground rent, utilities & taxes(3)
Initial TCF Yields ~ 11% (unlevered)

Typical Tower Expenses

Tower Owner Expenses Tenant Expenses

Insurance (USD)
Utilities Pass Through to
Site maintenance and Tenant
monitoring (local currency) Ground rent

Minimal ongoing Real estate taxes(3)

maintenance CapEx ( 2%) (local currency)

ALTAN
Notes: R E D E S
Source: Management estimates
(1) Mexico’s wholesale national mobile network backed by Morgan Stanley Infrastructure, IFC (Development Bank), the China
- Mexico Fund, Axtel, Isla Guadalupe
(2) Typically a pass through expense; however, in certain circumstances tower owner bears the cost of real estate taxes
(3) MLA in place, current tower site or provided search ring (i.e., backlog)
 HOW WE DO IT
Site acquisition ( 0 – 30 days) (Starts Day 1)
With an assigned search ring by one of our customers, we look into

options in that area. This search ring is a GPS coordinate with a radius

and height requirement by MNO. We find alternatives and negotiate

terms for leasing the land, a rooftop or any other available structure.

This can be found on both Private or Public Property.

Permitting ( 0 – 60 days) (Starts Day 30)

Our Licensing & Permits team reach out to Municipalities to obtain the

required permit. Included in this process is the equivalate of securing

both a construction permit and also FAA equivalent permits in each

country

Build ( 30 – 45 days)
Building requires designing each cell site (Tower-Monopole-Rooftop)

specifically to fit in the defined location and as required by regulations

and weather conditions.

10
 TOWER ONE WIRELESS
INTRODUCTION

11
ABOUT
On March 23, 2018, the Company acquired 90% of the issued and outstanding

TOWER ONE WIRELESS share capital of Comercializadora Mexmaken S.A de C.V, a Mexican-based pri-
vate tower company. which owns, builds and leases cellular towers to the tele-
com industry in Mexico, and has a Master Lease Agrement with AT&T

Tower Three Wireless SAS. (“Tower One”) was incorporated under the laws of Colombia on As at December 31, 2018, the Company owned 90% of Innervision through its
December, 2015. wholly owned subsidiary Tower Three S.A.S (“Tower Three”).

The Shell Company (Acquiring Vehicle) became a reporting issuer in British Columbia and On August 1, 2019, the Company entered into a Joint Venture Agreement with a
was approved by the Canadian Securities Exchange (CSE) and commenced trading on No- third party, Enervisa US LLC and sold 50% of TCTS shares.
vember 16, 2011.
In October 2019, the Company completed the acquisition of the remaining
On January 17, 2017, Acquiring Vehicle a Share Exchange Agreement with Tower Three SAS common shares of Innervision not previously owned by Tower Three.
(“Tower Three”, a Colombian company) and the shareholders of Tower Three. According to
the Agreement, Tower One acquired Tower Three by issuing shares which resulted in the In June 2021, the Company completed the acquisition of additional 26.25%
shareholders of Tower Three obtaining control of the Company. common shares of Evotech not previously owned by Tower 3 SA. With this acqui-
sition the Company owns 91.25% of Evotech´s common shares.
On March 31, 2017, the Company acquired a 65% ownership interest in Evolution Technology
SA ("Evotech"). Evotech is a private company incorporated under the laws of Argentina. Simi- Tower One currently has 100,403,732 issued and outstanding shares. One hun-
larly to Tower Three in Colombia, Evotech's business in Argentina is to construct and operate dred percent of such shares are publicly listed in the Canadian Securities Ex-
cellular towers. change (“CSE”), the Unites States OTC Markets (which is the most substantial
U.S. inter-dealer electronic quotation and trading system for over-the-counter se-
On October 18, 2017, the Company acquired a 70% ownership interest in Tower Construction curities) reporting with the US Securities and Exchange Commission, and the
& Technical Services, Inc. ("TCTS"). TCTS is a private company incorporated in Florida, USA, Frankfurt Stock Exchange in Germany.
that serves mobile operators to deploy 4G and 5G networks in Florida and Texas. Further-
more, in March 1st 2019, Tower One acquired the remaining 30% of TCTS.

12
 Experienced Management Team
Management has built thousands of towers in focus markets
and scaled business successfully

Alejandro Ochoa Luis Parra Juan Pablo Laspeñas

Founder & CEO COO CFO
Deep relationship with major MNOs and local municipali- Vast BTS tower experience in Tower One’s Vast Finance and Administration experience in mayor
ties in focus markets focus markets companies, adding value in Tower One Wireless since 2019 as
Corporate Director of Finance and Administration
Served Latin American markets for Mackie Research In- Co-founded and co-managed Ingeant S.A., where he has over-
vestment Banking saw the construction of over 2,000 towers in Latin America Mr. Laspeñas previous work experience includes companies
such as Global Eagle Entertainment, QuickFood, Aluar/Fate.
Mr. Ochoa has over 18 years of experience within finan- Mr. Parra’s previous work experience includes overseeing the
cial services focusing on Latin America operations of QMC-TELECOM in Colombia
13
 TOWER ONE
INTRODUCTION
TowerOne is an owner / operator of wireless infrastructure
focused on Colombia and Mexico.
The Company focuses solely on a Build-to-Suit (“BTS”) strategy for
Mobile Network Operators (“MNOs”) in the regions it serves
BTS means a long-term site lease is in hand before construction
begins, generating attractive contractual returns
Tower One is managed by seasoned tower industry experts who
have a collective proven track record of building over 2,000 towers
in the Company’s focus markets

214
KEY STATS
Towers in Service
23
ALTAN
Under Construction

Portfolio Snapshot
Backlog 450
R E D E S
Tenants Per Tower 1.2x
Note - as of 1/31/2022
14
 Highly Attractive
TOWER MODEL
MNO´s

($ in USD) One Tenant Two Tenants Three Tenants

Illustrative BTS Economics
Cost to Build Tower $ 105.263 -- --
Tenant Rent $ 12.632 $ 23.368 $ 34.105
Tower Site Expenses (1.011) (1.011) (1.011)
Tower Cash Flow (TCF) $ 11.621 $ 22.358 $ 33.095
TCF Margin % 92% 96% 97%
TCF Yield 11% 21% 31%

C$1,300/Mo
C$650/Mo
MNOs lease space on the structure for their antenna equipment in
order to provide coverage and capacity to their users

Adding tenants results in significantly higher returns, as tenants are LAND

added with little to no incremental cost OWNER

In the tower industry, tower level cash flow (“TCF”) is defined as

leasing revenue from the tenants less the expenses at the tower site

15
 Highly Attractive
TOWER MODEL
Many tower companies acquire existing
sites at prices 2-3x the cost to build

Tower One is focused on a BTS strategy

that has higher returns

One build with a secured anchor tenant.

(No spec towers)

($ in USD) Build-to-suite Acquisition

Reasonable
Illustrative BTS Economics Model Latin American
Acquisition Multiple
Cost to Build Tower $ 105.263 $ 197.558
Tenant Rent $ 12.632 $ 12.632
Tower Site Expenses (1.011) (1.011)
Tower Cash Flow (TCF) $ 11.621 $ 11.621
TFC Margin % 92% 92%
TFC Yield 11% 6%

~2x Initial Yield

16
 VALUE CREATION
(For illustration purposes)

E.V. Creation Illustration Multiple

Tower Count
($ in USD) 17,0x 19,0x 21,0x 23,0x
Tower Rent
Initial Rent $ 12.632 $ 12.632 $ 12.632 $ 12.632
New Tenant n.a n.a n.a n.a

Tower Rent $ 12.632 $ 12.632 $ 12.632 $ 12.632

Tenants 1,00 1,00 1,00 1,00
Tower Level Expenses (1.011) (1.011) (1.011) (1.011)
Tower Cash Flow $ 11.621 $ 11.621 $ 11.621 $ 11.621
E.V. $ 59.267.368 $ 66.240.000 $ 73.212.632 $ 80.185.263
300 Cost to Build Tower $ 31.578.947 $ 31.578.947 $ 31.578.947 $ 31.578.947
Multiple on exit (one tenant, @ 1st year) 1,9 2,1 2,3 2,5
E.V. $ 118.534.737 $ 132.480.000 $ 146.425.263 $ 160.370.526
600 Cost to Build Tower $ 63.157.895 $ 63.157.895 $ 63.157.895 $ 31.578.947
Multiple on exit (one tenant, @ 1st year) 1,9 2,1 2,3 2,5
E.V. $ 177.802.105 $ 198.720.000 $ 219.637.895 $ 240.555.789
900 Cost to Build Tower $ 94.736.842 $ 94.736.842 $ 94.736.842 $ 94.736.842
Multiple on exit (one tenant, @ 1st year) 1,9 2,1 2,3 2,5
E.V. $ 237.069.474 $ 264.960.000 $ 292.850.526 $ 320.741.053
1200 Cost to Build Tower $ 126.315.789 $ 126.315.789 $ 126.315.789 $ 126.315.789
Multiple on exit (one tenant, @ 1st year) 1,9 2,1 2,3 2,5

NOTE: E.V. = Enterprise Value

17
 Latin America Tower Equity Value Creation
The following is an illustration prepared by management of
how equity value is created under the BTS model

Assumptions - ($ in USD) Equity Value Creation Illustration End of year

Cost to Build Tower $ 105.263 ($ in USD) Initial 1 2 3 4 5

Tower Rent
Initial Tenant Yield 11% Initial Rent $ 12.632 $13.011 $13.401 $13.803 $14.217 $14.643
Tower Cash Flow (”TCF”) margin 92% New Tenant
N.A 1.659 3.417 5.280 7.251 9.335
Annual escalator (rent & expenses) 3.0%
Tower Rent $ 12.632 $14.669 $16.818 $19.082 $21.468 $23.979
New tenant growth 0,15 Tenants 1,00 1,15 1,30 1,45 1,60 1,75
Additional tenant rent 85% Tower Level Expenses (1.011) (1.041) (1.072) (1.104) (1.137) (1.171)
Exit TCF multiple 17
Tower Cash Flow $ 11.621 $13.629 $15.746 $17.978 $20.330 $22.807

Tower Build Funding Sources - ($ in USD) Value of Tower @ 17.0x TCF $ 197.558 $231.685 $267.682 $305.630 $345.614 $387.722
Less:Debt $ (78.947) $(78.947) $(78.947) $(78.947) $(78.947) $(78.947)
Debt $ 78.947
Equity 26.316 Equity Value $ 118.611 $152.738 $188.734 $226.683 $266.667 $308.775
Cost to Build Tower $ 105.263 Multiple on Equity invested in Tower 4,5 5,8 7,2 8,6 10,1 11,7

18
 Tower Transactions
LATIN AMERICA
DATE BUYER SELLER # TOWERS COUNTRY PRICE (Million) PRICE/TOWER TCF MULTIPLE
2021 IHS Towers Skysites 1000 Brazil - - NA
2021 IHS Towers Centennial Towers 819 Brazil & Colombia - - NA
2021 Highline Oi 637 Brazil - - NA
2020 Telxius Telefónica 1909 Brazil $151 $79,099
2019 American Tower Corporation Entel 3243 Chile & Peru $772 NA NA
2019 SBA Communications Grupo TorreSur 1313 Brazil $469 $350,342 NA
2019 Phoenix Tower International Telefónica 2029 Ecuador & Colombia $317 NA NA
2019 Phoenix Tower International Trilogy 600 Bolivia $100 $166,666 NA
2019 Phoenix Tower International Uniti Towers 500 Mex, Nica,Colombia $100 $200,000 NA
2018 SBA Comunications Tigo 800 El Salvador $189 $306.313 N/A
2017 AMT Millicom/Tigo 1200 Colombia $191 $159.250 NA
2017 American Tower Axtel 142 Mexico $73 $512,676 NA
2017 AMT Millicom/Tigo 1400 Paraguay $163 $116,071 NA
2014 AMT TIM 6480 Brazil $1560 $240,741 16.0x
2014 SBAC Oi 1641 Brazil $685 $417,489 15.8x
2014 AMT BR Towers 4640 Brazil $1271 $274,009 12.1x
2013 SBAC Oi 2007 Brazil $537 $322,269 14.7x

Source: CALA Tower Industry Update 01_2022

19
 LATIN AMERICA
INDUSTRY OVERVIEW

20
 MEXICO
COLOMBIA & ECUADOR
Tower One is Focused on the Predictable BTS Markets in Latin America

Mexico
Demographics: Telecom Data:

Population ……………. 125M 3,500 subscribers per site (vs.1,200 in U.S)

Land Area km 2……….. 2.0M 4,900+ towers annually needed
GDP (PPP) ……………… $1.1T C$14B MNO CapEx spend (2016 - 2020)
GDP Per Capita ……… $8,347

Colombia
Demographics: Telecom Data:

Population ……………. 48M 3,600 subscribers per site (vs.1,200 in U.S)

Land Area km2……….. 1.1M 1,400+ towers annually needed
GDP (PPP) …………..… $271B C$8B MNO CapEx spend (2016 - 2020)
GDP Per Capita ……… $5,333

Ecuador
Demographics: Telecom Data:
Population ……………. 17M 4,200 subscribers per site (vs.1,200 in U.S)
2
Land Area km ……….. 1.1M 400+ towers annually needed
GDP (PPP) …………..… $99B C$2B MNO CapEx spend (2016 - 2020)
GDP Per Capita ……… $5,600

21
Source: GSM Association, TowerXchange, management estimates
- Assumes a spot rate of 1.30 CAD:USD
 Tenant Overview

Market Cap Market Build

Tenant MLA Status
(1) Share Activity

n.a. 3% Signed

Colombia $51B (2)

$44B
47%

25% (4)
Signed

Signed

$6B (3) 25% Signed

$49B (3) <1% Signed

New Tower Site Demand Figures

3,600 users per site (1,200 in U.S.)

1,400 towers annually needed
$6B mobile carrier CapEx spend (2016-2020)

Key Catalysts & Demand Drivers

“Business friendly” President
LTE networks launched by all major players
Communications Regulation Commission (CRC) reviewing barriers to
infrastructure deployment, promoting future tower deployments
Tigo-Une merger provides stronger third carrier; $263M network
investment announced at time of merger

Mobile Data Consumption per User

GB/month
6.0x
5.4
Source: Tower Exchange, GSM, S&P IQ, Statistica
(1) Tenant market cap as of 11/7/18
(2) Parent company: América Móvil $51B
(3) Parent company: Millicom International Cellular $6B
(4) Includes Virgin Mobile users
0.9

2016 2021 22
 Tenant Overview

Tenant Market Cap (1) Market Share Build Activity MLA Status

(2) n.a. n.a. Signed

Mexico
$226B 13% Signed

$44B 21% Not Signed

(3) $51B 66% Not Signed

New Tower Site Demand Figures

3,500 users per site (1,200 in U.S.)

4,900 towers annually needed
$11B mobile carrier CapEx spend (2016-2020)

Key Catalysts & Demand Drivers

Red Compartida, 20-year wholesale wireless broadband procurement,
was awarded to Altan Consortium which gives access to 90 MHz of 700
MHz band (Nov’16)
March 2018 auction of 2.5 GHz (2500-2690 MHz), all operators allowed
to participate
National roaming agreement signed by America Mobil and Telefonica
(Dec’16)

Mobile Data Consumption per User

GB/month 4.5
6.4x

Notes
Source: Tower Exchange, GSM, S&P IQ, Statistica 0.7
(1) Tenant market cap as of 11/7/18
(2) Mexico’s wholesale national mobile network
(3) Parent company: América Móvil $51B

2016 2021
23
 Tenant Overview

Tenant Market Cap (1) Market Share Build Activity MLA Status

Ecuador
$44B 30%. Not Signed

N/A 17% Not Signed

$58B 53% Not Signed

New Tower Site Demand Figures

4,200 users per site (1,200 in U.S.)

400 towers annually needed
$2B mobile carrier CapEx spend (2016-2020)

Key Catalysts & Demand Drivers

Telefonica is investing steadily to be an important player.

Change of government that aims to connect the country.

Renewed authorities in CNT who seek to make it grow.

Mobile Data Consumption per User

GB/month 1,5
4x

Notes
Source: Tower Exchange, GSM, S&P IQ, Statistica 0.3
(1) Tenant market cap as of 11/7/18

2016 2021
24
Private Equity Firms
LATIN AMERICA
Historical PE-Backed Tower Companies Participating in LatAm’s Growth Opportunity

Sponsor Tower Company Countries

Central America and Colombia

(Sold ATP ) Chile, Peru and Colombia
(Sold AMT ) Brazil

Mexico, Colombia and Brazil

Brazil

(Sold) Colombia, Mexico and Nicaragua

Chile, Peru and Colombia / Mexico

(Sold IHS)
Brazil

Brazil and Central America

Brazil

25
21
 Listing date: Thursday, January 26, 2017
Transfer Agent: Computershare Investor Services Inc.
Email: [email protected]
Auditor: Smythe CPA

Address: 5301 NW 74 Ave, FL 33166, Miami, USA

Phone: 917-546-3016
Email: [email protected]
Website: https://www.toweronewireless.com/

CAPITALIZATION
Issued & Outstanding: 100,403,732
Reserved for Issuance: 8,665,201
Canada Primary Listing
CSE – Canadian Securities Exchange (CSE:TO)

United States Secondary Listings

OTCQB – Over the Counter (OTC : TOWTF)

Germany Secondary Listing:

Frankfurt (1P3N.F) Stuttgart (1P3N.SG)

26