Mr. Erik Mickels reports

TRILOGY INTERNATIONAL PARTNERS INC. REPORTS FIRST QUARTER 2023 RESULTS

Trilogy International Partners Inc. has released its financial and operating results for the first quarter of 2023.

First Quarter 2023 Highlights

• Cash and short-term investments totaled $21.7 million as of March 31, 2023, exclusive of $14.0 million (based on the exchange rate as of March 31, 2023) representing our share of approximately $22 million New Zealand dollars ("NZD") held in escrow in connection with the sale of our New Zealand subsidiary in mid-May 2022.
• Corporate operating costs in the first quarter of 2023 declined 58% to $1.8 million compared to $4.3 million (excluding $1.6 million of nonrecurring costs) in the first quarter of 2022 as the Company executes on its plans to reduce corporate costs.
• The Company continues to expect that the next distribution to shareholders will be made in mid-2023 in an aggregate amount in the range of $15-20 million, subject to a variety of factors as previously disclosed.

Unless otherwise stated, the financial information provided herein is for TIP Inc. as of March 31, 2023.

The financial information included in this press release was prepared in accordance with U.S. generally accepted accounting principles.

All dollar amounts are in U.S. dollars ("USD") unless otherwise stated.

Managing our Liquidity and Financial Resources

As of March 31, 2023, the Company had $21.7 million in cash and cash equivalents, exclusive of our share of the purchase price escrow established in connection with the 2degrees Sale in mid-May 2022. The $21.7 million in cash and cash equivalents includes $7.3 million Canadian dollars for future distributions and ongoing costs denominated in that currency. As of December 31, 2022, the Company had $25.1 million in cash and cash equivalents.

Approximately $22 million NZD ($14.0 million based on the exchange rate as of March 31, 2023) of the consideration paid by Voyage Digital for the Company's 2degrees shares is being held in escrow as recourse for potential indemnification claims that may arise under the Purchase Agreement. The amount in escrow represents a consideration receivable and is included in Sale proceeds held in escrow within current assets in the Company's Condensed Consolidated Balance Sheet as it is currently considered to be probable that the amount will be received in full upon completion of the escrow period. The escrowed proceeds are scheduled to be released in late May 2023. The amount of escrow proceeds that will ultimately be received will depend upon whether any indemnification obligations arise under the Purchase Agreement, and the receivable will be monitored for potential impairment over time as facts and circumstances evolve.

The Company's cash reserve includes its share of the escrow balance retained from the proceeds of the 2degrees Sale. In connection with the Company's plan of liquidation adopted on June 10, 2022, the cash reserve will be utilized for costs related to the eventual dissolution of the Company, including costs related to continued financial reporting and headquarters costs through the six-year indemnification period following the closing of the 2degrees Sale along with payment of the $5.8 million balance of Total liabilities as of March 31, 2023 as presented in the Company's Condensed Consolidated Balance Sheet (including $4.5 million of remaining severance payments to be made in connection with the Company's wind-down process, with substantially all of such amount having been paid in April 2023). The cash reserve will also be utilized for the payment of indemnification claims, if any, that may arise from the transaction but are not funded by the warranty insurance policy purchased in connection with the 2degrees Sale or by the aforementioned purchase price escrow.

Furthermore, based on the Company's current estimates, the Company expects to make a distribution in mid-2023 in the range of $15 million to $20 million. However, as previously disclosed, the amount and timing of future shareholder distributions is subject to certain factors, including the amount and timing of the release to the Company of funds held in escrow to secure payment of certain indemnification obligations under the Purchase Agreement (the escrow period is scheduled to terminate in late May 2023), fluctuations in foreign currency exchange rates and costs associated with the dissolution of the Company.

In the fourth quarter of 2022, the Company entered into forward exchange contracts to sell an aggregate of $20 million NZD and buy an aggregate of $12.3 million USD on June 30, 2023. These contracts were entered into in order to mitigate exposure to fluctuations in the NZD to USD exchange rate for substantially all of the proceeds from the 2degrees Sale held in escrow.

The Company expects that it will be required to comply with Canadian and U.S. public company reporting obligations through the six-year indemnification period following the closing of the 2degrees Sale. During the period in which the Company continues to report publicly, we will be responsible for maintaining appropriate processes and controls around financial reporting. However, given the significantly reduced risk profile of the Company following the 2degrees Sale and NuevaTel Transaction, we have reduced our cost structure, with a significant portion of the workforce having ceased employment with the Company in September 2022, and we have retained only a limited number of resources to ensure compliance with ongoing regulatory and audit requirements. The Company has also negotiated with service providers to ensure a significant reduction in costs going forward. It is also the Company's expectation that following the escrow release in late May 2023 and subsequent distribution in mid-2023, the Company will endeavor to further adjust its cost structure.

About Trilogy International Partners Inc.

TIP Inc. is the parent company of Trilogy International Partners LLC ("Trilogy LLC") which was formed by wireless industry veterans John Stanton, Theresa Gillespie and Brad Horwitz. Trilogy LLC's founders have successfully bought, built, launched and operated communications businesses in 15 international markets and the United States.

Prior to the disposal of its New Zealand and Bolivia operations, Trilogy LLC was a provider of wireless voice and data communications services including local, international long distance and roaming services. Trilogy LLC also provided fixed broadband communications services to residential and enterprise customers in New Zealand and Bolivia.

The Company historically had two reportable segments, New Zealand and Bolivia. In December 2021, a subsidiary of the Company entered into a Purchase Agreement (the "Purchase Agreement") to sell its 73.2% indirect equity interest in its New Zealand subsidiary, Two Degrees Mobile Limited ("2degrees"), to Voyage Digital (NZ) Limited ("Voyage Digital") at an implied enterprise value of $1.7 billion NZD, inclusive of lease liabilities (the "2degrees Sale"). In March 2022, subsidiaries of the Company entered into an agreement to transfer their aggregate 71.5% indirect equity interest in their Bolivia subsidiary, Empresa de Telecomunicaciones NuevaTel (PCS de Bolivia), S.A. ("NuevaTel"), to Balesia Technologies, Inc. for a nominal purchase price (the "NuevaTel Transaction"). During the second quarter of 2022, the Company completed the sale of its operations in New Zealand and Bolivia, which represented substantially all of the operating activity of the business.

We seek Safe Harbor.