Cogeco Communications : Q1-2022 Presentation to Investors

Investor Update

As of January 13, 2022

TSX: CGO | TSX: CCA

Contents

Overview	5
Cogeco Communications	9
Breezeline (formerly Atlantic Broadband)	13
Cogeco Connexion	18
Financial Results	22
Cogeco	29
Appendices	33
Supplemental Information	34
Customer Profile	35

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Forward-looking statements and

Presentation of financial information

Certain statements contained in this presentation may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events, business, operations, financial performance, financial condition or results. Particularly, statements regarding our financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which we believe are reasonable as of the current date. Refer in particular to the "Corporate Objectives and Strategies" and the "Fiscal 2022 Financial Guidelines" sections in the MD&A of the 2021 annual report for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements.

While we consider these assumptions to be reasonable based on the information currently available to us, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including Uncertainties and Main Risk Factors which are described in the MD&A section of the 2021 annual report that could cause actual results to differ materially from what we currently expect. These factors include risks such as competitive risks, business risks (including potential disruption to our supply chain), regulatory risks, technology risks (including cybersecurity risk), financial risks (including variations in currency and interest rates), economic conditions, human-caused and natural threats to our network, infrastructure and systems, community acceptance risks, ethical behavior risks, ownership risks, litigation risks and public health crisis and emergencies such as the current COVID-19 pandemic, many of which are beyond Cogeco's control. Moreover, Cogeco's radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to changing economic conditions.

These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what we currently foresee. The reader should not place undue importance on forward-looking information contained in this presentation and forward-looking statements contained in this presentation represent our expectations as of January 13, 2022 and are subject to change after such date. While we may elect to do so, we are under no obligation (and expressly disclaim any such obligation) and do not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.

Note: All fiscal 2022 financial guidelines in this presentation include the expected financial results from the Ohio broadband systems acquisition, closed as of September 1, 2021.

3

Non-IFRS financial measures

The following non-IFRS financial measures are used in the presentation and do not have standard definitions prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies. These financial measures are described in sections 15 and 13 of Cogeco Communications' FY2021 annual report and FY2022 first quarter shareholders' report, respectively.

		Adjusted EBITDA	profit for the period and/or year
				add
				income taxes
				financial expense
				depreciation and amortization
				integration, restructuring and acquisition costs
		Adjusted EBITDA margin	adjusted EBITDA as a % of revenue
		Free cash flow	adjusted EBITDA
				add
				amortization of deferred transaction costs and discounts on long-term debt
				share-based payment
				loss (gain) on disposals and write-offs of property, plant and equipment
				defined benefit plans expense, net of contributions
				deduct
				integration, restructuring and acquisition costs
				financial expense(1)
				current income taxes
				capital expenditures(2) or acquisition of property, plant and equipment
				repayment of lease liabilities
		Capital ("CAPEX") intensity	capital expenditures(2) or acquisition of property, plant and equipment as a % of revenue
4	(1)	Excludes the $22.9 million non-cash gain on debt modification related to the repricing of Breezeline's (formerly Atlantic Broadband) Term Loan B recognized in the second quarter of FY2020
(2)	Acquisition of property, plant and equipment, excludes non-cash acquisition of right-of-use assets and purchases of spectrum licences

About Cogeco

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