Wi2Wi : MD&A for the period ended September 30, 2021

INTERIM MANAGEMENT'S DISCUSSION AND

ANALYSIS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2021

Wi2Wi Corporation	Page 1 Management Discussion and Analysis for the period ended September 30, 2021

Wi2Wi

Management Discussion and Analysis

(All amounts in US Dollars unless noted otherwise)

Forward-Looking Statements:

This MD&A includes information that is forward-looking in nature. Such statements concern the future earnings of the Company, its operations, its financial results and its financial condition. These forward-looking statements can be identified through use of expressions such as "believe", "foresee", "anticipate", "estimate", "expect" and other similar types of terms and are based on the information available at the time that they were made and on the good faith of management according to information available at that time. We wish to advise the reader that by their very nature, forward-looking statements include an element of uncertainty and the actual results may be significantly different from the assumptions and estimations described in the forward-looking statements. The actual results will be affected by numerous factors over which the Company has no influence. Consequently, we recommend against placing undue trust in such forward-looking statements since future events and actual results may differ significantly from any forecasts. Unless otherwise stipulated under current law, the Company does not intend to update these statements to take into account new facts or future events and it makes no undertaking to do so.

Management Discussion

The following management discussion and analysis ("MD&A") is a review of operations, current financial position and outlook for Wi2Wi Corporation ("Wi2Wi" or the "Company"). It is dated November 15, 2021 and should be read in conjunction with the Unaudited Condensed Interim Consolidated Financial Statements for periods ended September 30, 2021 and 2020 and Audited Consolidated Financial Statements for years ended, December 31, 2020, 2019 and 2018 which are available on SEDAR at www.sedar.com.

All dollar amounts are in thousands of United States Dollars, unless otherwise noted.

Corporate Strategy and Overview

Wi2Wi is a vertically integrated manufacturer providing end to end wireless connectivity solutions, precision timing devices, frequency control devices and microwave filters to the global market. Wi2Wi's miniaturized wireless System-in-Package (SIP) connectivity solutions are well accepted in the global market for Internet of Things (IoT), Industrial Internet of Things (IIoT/M2M/Industry 4.0) and portable device embedded applications worldwide.

Headquartered in San Jose, California, the heart of the Silicon Valley with manufacturing operations in Middleton, Wisconsin, the industrial belt of North America, Wi2Wi provides leading-edge wireless connectivity solutions, customized precision timing devices, frequency control products and Microwave Filters for customer applications worldwide with substantial savings on time-to-market, cost and system-integration. Wi2Wi also leverages its technology along with tier-1 global partnerships with industry leading silicon valley and supply chain companies, serving several Fortune-500 customers.

Wi2Wi's strategic objective is to service the unique needs of each customer by providing wireless integration solutions, thereby speeding up the customer's design, development and manufacturing cycle and reducing the end product overall cost. Wi2Wi's products and value- added services provide highly integrated, rugged, robust and reliable, multifunctional wireless integration solutions with integrated software, customised frequency control devices, timing devices and microwave filters for customer applications globally. Wi2Wi distinguishes itself from commodity grade products, having developed best in class products with integrated software, broader temperature ranges, longer useful lives, and greater robustness and ultimately providing end to end solutions to its global customer base. The Company also provides custom software to its wireless connectivity customers.

Wireless connectivity is the primary communication back bone of Internet of Things (IoT) and customer's needs are unique due to the nature of the application of their end products and the level of wireless integration expertize they possess. To service such unique needs, Wi2Wi has created three distinct product architectures and supported by integrated software. The product architecture and software are based on the best known, rapidly adopting and fastest growing global wireless standards. The wireless connectivity modules are based on 802.11ac, 802.11 a/b/g/n, 802.11 ac/a/b/g/n, Bluetooth, Bluetooth smart ready, 802.11ac, NFC and dual mode BT (Smart ready BLE4.2) combo and GNSS ( navigation) modules based on various constellations such as GPS, BeiDou and GLONASS.

The Company has created a standard design platform for its frequency control devices, precision timing devices and microwave filters. This platform allows the Company to easily customize and meet the highest application demand from customers and timely service customers with rugged, robust and reliable products cost effectively. Such cost-effective customization with superior performance is mandatory in the markets such as avionics, space, Industrial, medical and defense. Wi2Wi's products and value-added services are highly desirable in these markets.

Wi2Wi manufactures its frequency control devices, precision timing devices and microwave filters in the manufacturing plant located in Middleton Wisconsin. Manufacturing of wireless connectivity products are outsourced. The Company has the following certifications:

• Restrictions on Hazardous Substances (RoHS): design and manufacturing control program for the output of "Lead-Free"(Pb-Free) products

Wi2Wi Corporation	Page 2 Management Discussion and Analysis for the period ended September 30, 2021

• Department of Defense
• MIL-STD-790Product Assurance Certified
• Qualified Products List: MIL-PRF-55310 Oscillator, Crystal Controlled MIL-PRF-3098 Crystal Units, Quartz
• DSCC Laboratory Suitability Certified
• MIL-PRF-38534Hybrid Microcircuit Certified
• Qualified Manufacturer's List
• ISO 9001:2015 FM 75597 ISO Certified Quality Management System
• REACH Compliant Registration, Evaluation, Authorization and Restriction of Chemicals
• ESD Program, employee training certification
• IPC 610 Electronics Acceptance Criteria, employee training and certification
• IPC/EIA-JClass 2 solder joint industry standard training and certification
• ISO 14644 1&2, Class 7 (FED-STD 209E Class 10,000 Clean Room)

Highlights of 2021

• On August 16, 2021, the Company announced its unaudited consolidated financial results for the three months ended June 30, 2021
• On May 14, 2021, the Company announced its unaudited consolidated financial results for the three months ended March 31, 2021
• On January 15, 2021, the Company held its annual and special meetings of shareholders.
• On April 16, 2021, the Company announced its audited consolidated financial results for the fiscal year ended December 31, 2020.
• The Company continues to expand its customer base.
• The Company continues to invest in research and development in all product lines.

Results of Operations:

The consolidated financial statements for the nine months ended September 30, 2021 and 2020 form an integral part of this MD&A. All amounts are expressed in thousands of U.S. dollars unless otherwise noted.

Summary of Quarterly Results:

The following table presents selected quarterly financial data for the last eight quarters.

Statement of results	2021	2021	2021	2020
In thousands of Dollars	Q3	Q2	Q1	Q4
	$	$	$	$
Revenue	1,651	1,619	1,513	1,414
Income (loss) from operations	55	44	(302)	(401)
Net income/(loss)	8	(2)	(352)	126
-per share basic and diluted (in $)	0.000	0.000	0.000	0.000
Statement of results	2020	2020	2020	2019
In thousands of Dollars	Q3	Q2	Q1	Q4
	$	$	$	$
Revenue	1,515	1,808	2,191	2,360
Income (loss) from operations	(422)	(204)	16	115
Net income/(loss)	(473)	(243)	2	234
-per share basic and diluted (in $)	0.000	0.000	0.000	0.000

Wi2Wi Corporation

Page 3 Management Discussion and Analysis for the period ended September 30, 2021

Revenue

	Nine	Nine
	Months	Months
	Ending	Ending
	September	September
	30, 2021	30, 2020
In thousands of Dollars	$	$
Revenue	4,783	5,515

Revenues for the nine months ended September 30, 2021 and 2020 were $4,783 and $5,515 respectively.

Although, the Company had planned 10% organic growth in 2021 over 2020 based on the key customer's commitment, the COVID-19 related shutdown faced by customers significantly affected the revenue. The decrease in revenue is primarily due to the slow down and subsequent shut down of the Company's key customers made according to the local and federal regulations to control the COVID-19 pandemic. The customers that were faced with slow down or shut down rescheduled their open orders to subsequent months. The duration of such customer slow down or shut down are still unknown to the Company. As part of the "Essential Critical Infrastructure", the Company is continuing its manufacturing operations and product shipment to the customers under the strict guidance of local government and healthcare professionals. The Company expects the revenue to grow once the shutdown is fully lifted and the customers

come back to their normal work routine.

Gross Profit

	Nine	Nine
	Months	Months
	Ending	Ending
	September	September
	30, 2021	30, 2020
In thousands of Dollars	$	$
Gross profit	1,116	927
Gross profit %:	23%	17%

Cost of revenues consist of the costs of parts; costs incurred with contract manufacturers to assemble and test the Company's products, as well as the direct and indirect costs incurred to control and test the in-house and outsourced manufacturing and supply chain.

Gross profit for the nine months ended September 30, 2021 and September 30, 2020 was $1,116 and $927 respectively. Gross margins increase 6% for the nine months ended on September 30, 2021 over 2020. The increase in the margins was due to the change of product mix that shipped. The Company needs certain revenue to absorb the fixed expenses. The decline in revenue significantly affected Gross Margin. Gross margin has increased compared to the six months ended on June 30, 2021. This is an indication of the change in the product mix shipped and some key customers resuming it's manufacturing operations. The Company typically ship a wide range of products to its customers which result in consistent planned margins compared to previous quarters. Some of the high margin products planned to ship were rescheduled to the subsequent months by the customers which was the result of COVID-19 related slow down and shut down. The Company continues to work on increasing the gross margin.

Gross margins can fluctuate depending on the product mix shipped in that period. The frequency control products are manufactured in house and are very labour intensive, and on average, yield gross margins in the region of 28% which is significantly higher than the competitors in the same markets and sectors. Wireless connectivity solutions products yield margins typically over 50%. The Company continues to invest in new machinery and manufacturing yield and such efforts effect the increase of margins.

Research and Development Expenses

	In thousands of Dollars		Nine	Nine
			Months	Months
			Ending	Ending
			September	September
			30, 2021	30, 2020
			$	$
	R&D		233	399
	Wi2Wi Corporation	Page 4 Management Discussion and Analysis for the period ended September 30, 2021

Research and development (R&D) expenses consist primarily of expenses related to the design of the Company's products and development of prototypes. Research and development expenses for the nine months ended September 30, 2021 and 2020 were $233 and $399 respectively, a decrease of 42%. The Company continues off shoring certain R&D to optimize its budget.

The Company continues to invest in R&D and diversifying its product offering in complementary market sectors. The Company continues to receive sample orders for prototyping for the new products released in the previous year. Depending on the applications and the market, product qualification can take up to three years. The Company doesn't announce any new products until it completes all product related qualifications. However, the Company does not recognise a design win until the end customer product certification and qualification is complete.

Selling, General and Administrative Expenses (SG&A)

In thousands of Dollars
	Nine	Nine
	Months	Months
	Ending	Ending
	September	September
	30, 2021	30, 2020
	$	$
SG&A	1,080	1,141

Revenue for connectivity solutions is generated through the distributor network. These partners will hold inventory and ship to customers when orders are received through the Wi2Wi sales network or through their own infrastructure. The Wi2Wi sales network is managed through the sales staff and inside sales staff, who are supported by a global network of specialized representatives who are compensated based on the level of revenue they generate each quarter.

SG&A expenses for the nine months ended September 30, 2021 and September 30, 2020 were $1,080 and $1,141 respectively, decrease of 5%. The decrease for the nine months ended September 30, 2021 as compared to 2020 was primarily due to the reduction in wages, legal and investor relations expenses.

Other Income/Expenses

In thousands of Dollars	Nine	Nine
	Months	Months
	Ending	Ending
	September	September
	30, 2021	30, 2020
	$	$
Other
Other Income (expense)	(7)	(3)
Total	(7)	(3)

Nine months ended September 30, 2021 and September 30, 2020 was primarily due to loss on currency translation.

Interest Income (Expense)

In thousands of Dollars	Nine	Nine
	Months	Months
	Ending	Ending
	September	September
	30, 2021	30,
	$	2020
		$
Interest (expense)	(136)	(102)
Interest income	-	-

Interest income (expense) for the nine months ended September 30, 2021 and 2020 was $(136) and $(102) respectively. Interest expense in 2021 and 2020 relates to the new standard IFRS 16 for Leases.

Wi2Wi Corporation

Page 5 Management Discussion and Analysis for the period ended September 30, 2021