M2M and IoT Definitions and Overview LPWA Technology Overview Unlicensed LPWA Provider Profiles SIGFOX LoRa Alliance Weightless Ingenu LPWA Technology Assessment MNO Approaches to LPWA Deploy proprietary LPWA network Support range of LPWA technologies Await 3GPP LPWA standards Resell LPWA network services M2M and LPWA Market Forecasts MNO LPWA Case Studies Key Findings and Recommendations

Exhibit 1: M2M Overview Exhibit 2: Pyramid Research's M2M Application Categories Exhibit 3: Mapping M2M Applications by Bandwidth and Coverage/Mobility Requirements Exhibit 4: Cellular M2M Connections as a Percentage of Total Cellular Sims by Region, 2015 Exhibit 5: Telefonica Cellular M2M Connections as a Percentage of Total Cellular Sims by Country, Q3 2015 Exhibit 6: M2M Overview Exhibit 7: Wireless Technology Comparison of Bandwidth Vs. Range Exhibit 8: M2M Network Technologies: Licensed Vs. Unlicensed Exhibit 9: Comparison of Cellular and LPWA IoT Technologies Exhibit 10: 3GPP Standards Address Both IoT and High Data Usage Requirements Exhibit 11: LTE Categories and Details Exhibit 12: SIGFOX Growth and Key Milestones Exhibit 13: SIGFOX Network Deployments Exhibit 14: LORA Alliance Membership Growth Exhibit 15: LORA Network Deployments Exhibit 16: Weightless SIG Key Members Exhibit 17: Key Ingenu Energy Partners Exhibit 18: Mapping Wireless WAN M2M Technologies by Bandwidth and Battery Life Exhibit 19: Link Budget Comparison of LPWA Technologies Exhibit 20: Wireless M2M Module Pricing Trends, 2014-2017 Exhibit 21: Cellular and LPWA IoT Technology Ecosystem Comparison Exhibit 22: LPWA Impact on 2G by Market Type Exhibit 23: Network Discontinuation: Announcements and Timings Exhibit 24: Global Population Coverage Estimates, 2016 Exhibit 25: M2M Connectivity Technology Comparison by Application Exhibit 26: MNO Main Approaches To LPWA Technologies Exhibit 27: MNO Deploys Proprietary LPWA Network Approach Summary Exhibit 28: MNO Supports a Range of LPWA Technologies Approach Summary Exhibit 29: MNO Waits For Standard LPWA Technology Approach Summary Exhibit 30: MNO Resells LPWA Network Services Approach Summary Exhibit 31: Operator M2M Capabilities Exhibit 32: LPWA Key Milestones and Forecast, 2014-2020 Exhibit 33: Key LPWA Connections Forecast Assumptions by Region and by Type of Spectrum Exhibit 34: M2M Wireless WAN Connections by Technology, 2014-2020 Exhibit 35: Cellular and LPWA M2M Connectivity Revenue, 2014-2020 Exhibit 36: LPWA Connections by Application, 2014-2020 Exhibit 37: LPWA Connections by Region, 2014-2020 Exhibit 38: LPWA M2M Connections by Application In North America, 2014-2020 Exhibit 39: LPWA M2M Connections by Application In Western Europe, 2014-2020 Exhibit 40: LPWA M2M Connections by Application In Central and Eastern Europe, 2014-2020 Exhibit 41: LPWA M2M Connections by Application In Asia Pacific, 2014-2020 Exhibit 42: LPWA M2M Connections by Application In Latin America, 2014-2020 Exhibit 43: LPWA M2M Connections by Application In Africa And Middle East, 2014-2020 Exhibit 44: Global Utility Meter Breakdown, 2015 Exhibit 45: Smart Meter Forecast by Connection Technology, 2014-2020 Exhibit 46: Cellular and LPWA M2M Connections Forecast, Telematics and Fleet Management, 2014-2020 Exhibit 47: Cellular and LPWA M2M Connections Forecast, Consumer Electronics, 2014-2020 Exhibit 48: Cellular and LPWA M2M Connections Forecast, Smart City, 2014-2020 Exhibit 49: Cellular and LPWA M2M Connections Forecast, Industrial/Financial, 2014-2020 Exhibit 50: KPN M2M Overview Exhibit 51: KPN M2M and LPWA Connections, 2013-2016 Exhibit 52: Wireless WAN M2M Connections In France, 2013-2016 Exhibit 53: Bouygues Group Overview Exhibit 54: Swisscom Mobile Data and Transmitter Capacity Breakdown by Cellular Generation, 2015 Exhibit 55: Stromer EBIKE Connecting Through Swisscom Network Exhibit 56: Orange IoT 2015 Revenue, 2018 Target and as a Percentage of Business Services Group Revenue Exhibit 57: Orange's Datavenue Suite of IoT Services Exhibit 58: ATandT Vertical M2M Services Exhibit 59: M2M Subscriptions, ATandT, US, 2013-2015 Exhibit 60: Telefonica M2M Connections by Region, Q4 2014 Vs. Q4 2015 Exhibit 61: Telefonica Movistar Verisure Hogar Exhibit 1: M2M Overview Exhibit 2: Pyramid Research's M2M Application Categories Exhibit 3: Mapping M2M Applications by Bandwidth and Coverage/Mobility Requirements Exhibit 4: Cellular M2M Connections as a Percentage of Total Cellular Sims by Region, 2015 Exhibit 5: Telefonica Cellular M2M Connections as a Percentage of Total Cellular Sims by Country, Q3 2015 Exhibit 6: M2M Overview Exhibit 7: Wireless Technology Comparison of Bandwidth Vs. Range Exhibit 8: M2M Network Technologies: Licensed Vs. Unlicensed Exhibit 9: Comparison of Cellular and LPWA IoT Technologies Exhibit 10: 3GPP Standards Address Both IoT and High Data Usage Requirements Exhibit 11: LTE Categories and Details Exhibit 12: SIGFOX Growth and Key Milestones Exhibit 13: SIGFOX Network Deployments Exhibit 14: LORA Alliance Membership Growth Exhibit 15: LORA Network Deployments Exhibit 16: Weightless SIG Key Members Exhibit 17: Key Ingenu Energy Partners Exhibit 18: Mapping Wireless WAN M2M Technologies by Bandwidth and Battery Life Exhibit 19: Link Budget Comparison of LPWA Technologies Exhibit 20: Wireless M2M Module Pricing Trends, 2014-2017 Exhibit 21: Cellular and LPWA IoT Technology Ecosystem Comparison Exhibit 22: LPWA Impact on 2G by Market Type Exhibit 23: Network Discontinuation: Announcements and Timings Exhibit 24: Global Population Coverage Estimates, 2016 Exhibit 25: M2M Connectivity Technology Comparison by Application Exhibit 26: MNO Main Approaches To LPWA Technologies Exhibit 27: MNO Deploys Proprietary LPWA Network Approach Summary Exhibit 28: MNO Supports a Range of LPWA Technologies Approach Summary Exhibit 29: MNO Waits For Standard LPWA Technology Approach Summary Exhibit 30: MNO Resells LPWA Network Services Approach Summary Exhibit 31: Operator M2M Capabilities Exhibit 32: LPWA Key Milestones and Forecast, 2014-2020 Exhibit 33: Key LPWA Connections Forecast Assumptions by Region and by Type of Spectrum Exhibit 34: M2M Wireless WAN Connections by Technology, 2014-2020 Exhibit 35: Cellular and LPWA M2M Connectivity Revenue, 2014-2020 Exhibit 36: LPWA Connections by Application, 2014-2020 Exhibit 37: LPWA Connections by Region, 2014-2020 Exhibit 38: LPWA M2M Connections by Application In North America, 2014-2020 Exhibit 39: LPWA M2M Connections by Application In Western Europe, 2014-2020 Exhibit 40: LPWA M2M Connections by Application In Central and Eastern Europe, 2014-2020 Exhibit 41: LPWA M2M Connections by Application In Asia Pacific, 2014-2020 Exhibit 42: LPWA M2M Connections by Application In Latin America, 2014-2020 Exhibit 43: LPWA M2M Connections by Application In Africa And Middle East, 2014-2020 Exhibit 44: Global Utility Meter Breakdown, 2015 Exhibit 45: Smart Meter Forecast by Connection Technology, 2014-2020 Exhibit 46: Cellular and LPWA M2M Connections Forecast, Telematics and Fleet Management, 2014-2020 Exhibit 47: Cellular and LPWA M2M Connections Forecast, Consumer Electronics, 2014-2020 Exhibit 48: Cellular and LPWA M2M Connections Forecast, Smart City, 2014-2020 Exhibit 49: Cellular and LPWA M2M Connections Forecast, Industrial/Financial, 2014-2020 Exhibit 50: KPN M2M Overview Exhibit 51: KPN M2M and LPWA Connections, 2013-2016 Exhibit 52: Wireless WAN M2M Connections In France, 2013-2016 Exhibit 53: Bouygues Group Overview Exhibit 54: Swisscom Mobile Data and Transmitter Capacity Breakdown by Cellular Generation, 2015 Exhibit 55: Stromer EBIKE Connecting Through Swisscom Network Exhibit 56: Orange IoT 2015 Revenue, 2018 Target and as a Percentage of Business Services Group Revenue Exhibit 57: Orange's Datavenue Suite of IoT Services Exhibit 58: ATandT Vertical M2M Services Exhibit 59: M2M Subscriptions, ATandT, US, 2013-2015 Exhibit 60: Telefonica M2M Connections by Region, Q4 2014 Vs. Q4 2015 Exhibit 61: Telefonica Movistar Verisure Hogar