5G Infrastructure Series
Part 1: Progression to 5G—Looking to the Future
Bryan Spratt
Portfolio Manager
Bryan J. Spratt, CFA, graduated summa cum laude from Spring Arbor College with a BA degree in Economics/Computer Science.
He previously worked as an analyst and portfolio manager in various investment subsidiaries at Comerica Bank, from 1990 to 2001, including Munder Capital, from 1994 to 2001. At Munder he was a member of the Energy and Power Team that developed and managed the Munder Power Plus Fund, among other portfolio management responsibilities. From 2001 through 2004, Bryan was responsible for the utilities and telecom sectors for the Value Team at Banc One Investment Advisors and the One Group Funds, which ranked among the largest asset managers in the US prior to its acquisition by JP Morgan Chase.
About Miller/Howard Infrastructure
Miller/Howard Infrastructure provides both rising income and growth, and seeks to participate in the stability and dynamic growth of essential services and infrastructure worldwide. The stability arises from the fact that utilities and infrastructure are in constant demand and continuously generating revenues. The growth is due to expanding populations and demographic shifts that drive more usage. In the developing world, growth arises as economies push toward a developed-world standard of living.
5G Infrastructure Series
Part 1: Progression to 5G—Looking to the Future

Commentary

We believe 5G has the potential to unleash the true power of the Internet and may radically change how business is conducted. Imagine a world of 24/7 seamless connectivity by both manned and unmanned devices (aka the Internet of things) keeping track, and monitoring everything. Think the network on steroids!

First-generation mobile networks brought us analog cellular that gave us the ability to cut the cord and make mobile phone calls. 2G technologies like CDMA and GSM were the beginning of the digitization of the network and brought us texting and the beginning of email. 3G with greater speeds brought us Internet access on our mobile devices. 4G technology such as WiMAX and LTE brought us video, and apps like YouTube, along with the insatiable appetite for data usage, grew as the adoption of smartphones transformed how we used our "phone."

Each progression also created a host of services and new business models not even thought of by the average person at that time. 5G is gaining a lot of attention and maybe even some hype. But at the core of it, will bring significantly faster speeds, lower latency (think far more responsive), and provide the ability to connect many more devices all at once.

In the upcoming episodes, we will discuss 'Hype versus Opportunity and Timing' and 'How Miller/Howard Invests in 5G Today.' We hope you can join us.

© 2018 Miller/Howard Investments.

Investment products: are not FDIC insured - May lose value - Are not bank guaranteed

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance and investment time horizon.

Past performance does not guarantee future results.

DISCLOSURE

Investment products: are not FDIC insured - May lose value - Are not bank guaranteed

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns, past, hypothetical or otherwise, are not indicative of future performance. Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance and investment time horizon.

Past performance does not guarantee future results.

© 2018 Miller/Howard Investments.