Table of Contents Table of contents 3 List of exhibits 4 Executive summary 6 Section 1: Market Context 7 Technology and Infrastructure Developments in Wholesale Carrier Services 8 Rationale and Purposes of Wholesale Technology Developments 9 Section 2: Technology and Infrastructure Investment - (1) Fixed-line: Voice and Data Connectivity Case Studies 10 Telxius cable systems 11 Colt spectrum 12 ngena SD-WAN 13 Section 3: Technology and Infrastructure Investment - (2) Mobile: Voice, Data, Signalling, and Hubbing Case Studies 14 Vodafone Carrier Services intelligent voice and IPX services 15 Telia Carrier mobile roaming and signalling 16 Section 4: Technology and Infrastructure Investment - (3) Service Platforms: APIs and Data Analytics/AI Case Studies 17 Epsilon Infiny platform 18 BICS customer portal and data analytics tool 19 Section 5: Key findings and recommendations 20 Appendix 22 Acronyms and definitions 23 Companies mentioned 25 About the author 26 Related research 27 Contact information 28

List of Figures Exhibit 1: Report Scope - Technology & Infrastructure Developments Across Three Wholesale Service Classes 8 Exhibit 2: Wholesale Player Infrastructure Development Trends And Drivers 9 Exhibit 3: Telxius Cables 11 Exhibit 4: Colt IQ Network 12 Exhibit 5: ngena Alliance Members and Technology Partners 13 Exhibit 6: Vodafone Carrier Services Voice Infrastructure And Tech Development 15 Exhibit 7: Telia Carrier Services Mobile Signalling & Roaming Tech Development 16 Exhibit 8: Epsilon Optical Bandwidth-on-demand Equipment Partner 18 Exhibit 9: BICS Business Intelligence 19

Telxius BICS Epsilon Colt Vodafone Carrier Services Telia Carrier ngena