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City Edmonton / Winnipeg / Montreal / Ottawa / Vancouver / Toronto / Calgary / London / Durham / / Company TeraGo Inc. / MetroBridge Networks International Inc. / Royal Bank of Canada / TeraGo Networks Inc. / National Online Inc. / Public Mobile Inc. / Company Overview TeraGo / ARPU / / Country Canada / / Currency USD / / Event M&A / Security Buyback / Earnings Announcement / Company Expansion / Reorganization / / IndustryTerm Internet access / secure Internet access / data connectivity services / wireless broadband network / communications network / broadband wireless base stations / cellular networks / potential future applications / broadband wireless radios / voice services / server equipment / local exchange carrier / fixed wireless / wireless networks / customer premise equipment / wireless backhaul services / wireless services / wireless radios / switched telephone network / broadband services / broadband wireless radio / wireless backbone / Internet access services / wireless system / wireless carrier / access network / broadband fixed wireless network / redundant fiber-optic equipment / mission critical applications / secured wireless connection / traffic management / real estate leases / local voice access services / technology / wireless broadband communications service / voice and data traffic / data and voice services / Internet Protocol / broadband Internet access / Internet Services The / Internet peering / long-term solution / voice and data / voice demarcation device / backhaul services / wireless carriers / broadband wireless services / facilities-based backhaul services / / MusicGroup Industry / Company / / Organization CRTC / Bank of Canada / Canadian Radio-television and Telecommunications Commission / / Person Victoria Windsor / Brooks Montreal Nanaimo / Brandon Brockville Calgary Chatham Cobourg / Oshawa / / Position EXECUTIVE / Major Internet peering / / Product iRiver E100 Portable Audio Device / / ProvinceOrState British Columbia / / RadioStation Core / / Technology MPLS routers / LAN / broadband / IP / wireless broadband / Quality of Service / DSL / carrier-grade Multi-Protocol / local exchange carrier / broadband fixed wireless / Ethernet / PSTN / MPLS / service level agreement / PBX / / URL www.sedar.com / www.terago.ca / / SocialTag 
TERAGO INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL RESULTS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 The following Management’s Discussion and Analysis (“MD&A”) is intended to help the reader unde