Q4-2021 Presentation to investors

Investor Update

As of November 11, 2021

TSX: CGO | TSX: CCA

Contents

Overview	5
Cogeco Communications	11
Financial Results	23
Cogeco	31
Appendices	35
Customer Profile	36
Acronyms	37

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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, 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.

Forward-looking statements also include statements relating to the following: (i) the expected operating results and financial performance of the recent acquisition of the broadband systems of WideOpenWest, Inc. located in Ohio (the "Ohio broadband systems" acquisition), closed on September 1, 2021; (ii) the estimated tax benefits of the Ohio broadband systems acquisition; (iii) the expected run-rate synergies resulting from the Ohio broadband systems acquisition; and (iv) the anticipated benefits of the Ohio broadband systems acquisition and Atlantic Broadband's ("ABB") ability to successfully integrate the Ohio broadband systems acquisition.

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 November 11, 2021 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 impact of the Ohio broadband systems acquisition.

3

Non-IFRS financial measures

The following non-IFRS financial measures are used in the presentation and are described in section 15 of Cogeco Communications' FY2021 annual report

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
	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 Atlantic Broadband's 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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