#1(C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company Investor Update Acquisition of the Ohio Assets of Wide Open West June 30, 2021#22 Participants from Cogeco and Atlantic Broadband Philippe Jetté President and Chief Executive Officer, Cogeco Inc. and Cogeco Communications Inc. Patrice Ouimet Senior Vice President and Chief Financial Officer, Cogeco Inc. and Cogeco Communications Inc. Frank van der Post President, Atlantic Broadband ("") Cogeco COMMUNICATIONS ATLANTIC broadband a Cogeco company US Broadband segment (C) COGECO CONNEXION Canadian Broadband segment (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#33 No investment advice and no reliance NO INVESTMENT ADVICE This investor presentation is not intended to form the basis of any investment decision. It does not constitute an offer or invitation for the sale or purchase of any securities, businesses and/or assets or any recommendation or commitment by Cogeco Communications Inc. ("Cogeco" or the "Corporation") or any other person and neither this investor presentation nor its contents shall form the basis of any contract. This investor presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. If you are in any doubt in relation to these matters, you should consult your financial or other advisers. NO RELIANCE This investor presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the acquisition by Atlantic Broadband ("ABB") of Wide Open West's ("WOW!") Ohio Cluster and related financing arrangements. No representation or warranty, express or implied, is given and, so far as is permitted by law, no responsibility or liability is accepted by any person with respect to the accuracy or completeness of the investor presentation or its contents. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this investor presentation. In giving this investor presentation, Cogeco does not undertake any obligation to provide any additional information or to update this investor presentation or any additional information or to correct any inaccuracies which may become apparent. (C) COGECO ATLANTIC COMMUNICATIONS broadband a Cogeco company#44 Forward-looking statements This investor presentation contains statements that are or may be forward-looking statements within the meaning of securities laws. All statements other than statements of historical facts in this investor presentation may be forward looking statements. Future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to Cogeco Communications ("Cogeco"), Atlantic Broadband ("ABB") or the cable systems being acquired from WOW!. This investor presentation may contain forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Forward looking statements include statements relating to the following: (i) completion of the Ohio Cluster acquisition and related debt financing; (ii) Cogeco, ABB and the Ohio Cluster's expected operating results and financial performance; (iii) the estimated tax benefits of the Ohio Cluster acquisition; (iv) the expected closing date of the acquisition; (v) the anticipated benefits of the acquisition and ABB's ability to successfully integrate the Ohio Cluster. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties and are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates and tax losses carry-forwards, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to Cogeco, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Uncertainties and main risk factors" section of Cogeco's 2020 annual MD&A and the second quarter of fiscal 2021 shareholder report) that could cause actual results to differ materially from what Cogeco currently expects. These factors include risks such as competitive risks, business risks (including potential disruption to our supply chain), regulatory risks, public health crisis and emergencies such as the current COVID-19 pandemic, technology risks (including cybersecurity risks), 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 and litigation risks, many of which are beyond Cogeco's control. Therefore, future events and results may vary significantly from what management currently foresees. In addition, Cogeco's and WOW!'s ability to close the transaction within the expected timeframe, if at all, is dependent upon the parties' ability to comply with the closing conditions, some of which are beyond the control of the parties. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, Cogeco is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law. (()) COGECO ATLANTIC COMMUNICATIONS broadband a Cogeco company#5Non-audited financial information and non-IFRS measures None of the financial information in this presentation has been audited. Financial information related to the Ohio Cluster is based on accounting principles generally accepted in the United States ("U.S. GAAP") which differs from International Accounting Standards ("IFRS") used to prepare Cogeco's consolidated financial statements. Cogeco did not provide any reconciliation from U.S. GAAP to IFRS for the expected financial results of the Ohio Cluster, but expects financial impact to be minimal based upon differences identified in previous U.S. acquisitions. Cogeco has not provided a quantitative reconciliation of the non U.S. GAAP financial measures included in this presentation to the most comparable financial measures presented in accordance with IFRS due to the forward looking nature of the financial information being presented. The following non-IFRS financial measures are used in the presentation and are described in section 12 of Cogeco Communications' Q2 2021 report Adjusted EBITDA Adjusted EBITDA margin Free cash flow Capital ("CAPEX") intensity profit for the period and/or year add income taxes financial expense depreciation and amortization integration, restructuring and acquisition costs adjusted EBITDA as a % of revenue 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 expenditures (2) or acquisition of property, plant and equipment as a % of revenue 5 (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 purchases of spectrum licenses and non-cash acquisition of right-of-use-assets. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#6CO 6 1. Reaffirmation of U.S. Cable expansion strategy 2. 3. CAPITALIZE ON INCREASED IMPORTANCE AND ATTRACTIVENESS OF BROADBAND'S INFRASTRUCTURE OFFERING IN THE U.S. MARKET BUILD SCALE WITH ABB'S EXPERIENCED MANAGEMENT TEAM GROW IN ATTRACTIVE MARKETS THAT ARE LIKELY TO BE RECEPTIVE TO THE ABB CUSTOMER STRATEGY AND PRODUCT OFFERING 4. LEVERAGE ABB'S PROVEN BLUEPRINT TO INCREASE RESIDENTIAL AND BUSINESS CUSTOMER PENETRATION WHILE ALSO INCREASING ARPU (1) AND SERVICE UPTIERING 5. IMPROVE OPERATIONAL PERFORMANCE AND CAPTURE SYNERGIES AND TAX BENEFITS (1) Average Revenue Per Unit. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#7Transaction overview 1. 2. 3. ACQUISITION BY ATLANTIC BROADBAND ("ABB") OF THE OHIO CLUSTER OF ASSETS OF WIDEOPENWEST ("WOW!"): • Wide OpenWest is a publicly traded cable communications provider (NYSE: WOW) • WOW!'s Ohio Cluster includes 688,000 homes passed, serving 198,000 customers in the Cleveland, OH and Columbus, OH regions • Provider of Internet, video and telephony services to residential and business customers in Ohio US$1.125 BILLION PURCHASE PRICE (US$985 MILLION NET OF TAX BENEFITS) • Cash-free, debt-free basis • Purchase of assets, creating tax benefits with a present value of US$140 million (1) ⚫9.6x LTM 3/31/21 Adjusted EBITDA purchase price multiple on a tax-adjusted basis (2)(3) FULLY COMMITTED FINANCING MAINTAINS COGECO COMMUNICATIONS' ("COGECO") STRONG POSITION • US$900 million Term Loan B at ABB bringing pro forma leverage at ABB to 5.0x (at close) Cogeco's consolidated pro forma net leverage at close is estimated at 3.1x which is intended to preserve its secured debt investment grade rating 7 (1) Assumes present value of tax assets due to step-up. (2) LTM 3/31/21 Adjusted EBITDA of US$103 million, including adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies. (3) Multiple based on Transaction value using a tax-adjusted purchase price, which is net of the US$140 million tax benefits related to the step-up of intangibles in an asset purchase. (C) COGECO Refer to page 21 for a detailed explanation on the tax benefits. ATLANTIC COMMUNICATIONS broadband a Cogeco company#88 CO The Ohio market is a strong strategic fit OVERVIEW • Proximity to ABB's existing footprint . ⚫ Attractive demographics that are complementary • • to ABB's business strategy Quality network & plant with 100% homes passed served by DOCSIS 3.1 platform and a 1 Gbps Internet service We believe there is significant upside from recent edge outs that remain underpenetrated No corporate headquarters to transfer / integrate Rochester, NH Sanford, ME • Quincy, MA New London, CT Salamanca, NY Bradford/Warren, PA Brewick, PA Altoona / Johnstown, PA Cleveland. Uniontown, PA Columbus O Kingwood, WV Cumberland, MD Saluda, VA Aiken, SC Middletown, DE Grasonville, MD St. Mary's, MD King George, VA Tappahannock, VA Legend* Atlantic Broadband WOW! Ohio (acquired) Miami Beach, FL *Main cities where Atlantic Broadband and WOW! Ohio operate. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#9Acquisition rationale Strategic Operational Financial • Continuation of our strategy to expand in the attractive U.S. broadband & infrastructure market The critical nature of residential broadband service has been further proven out and we expect the demand for this product to continue to exhibit robust growth for many years Adds scale in the American Broadband segment which continues to exhibit steady growth and is expected to continue generating strong free cash flow These assets serve markets with very attractive demographic profiles and economics Network footprint reaches sizable portion of Columbus and Cleveland markets making it easier to operate and market products ABB plans to upgrade to a superior network and introduce its IPTV product, supporting increased Internet ARPU and reducing video-related customer churn within 2 years following the acquisition Potential Internet penetration uplift with recent edge-outs built in Cleveland that are not fully penetrated Leverage ABB's product/sales expertise to increase the customer base & deliver superior growth ABB plans to invest ~US$82 million over the next 2 years to integrate, replace infrastructure not included in transaction, interconnect with ABB and upgrade network, including IPTV, to deliver superior growth Run-rate cost synergies of US$2 million (1) identified Additional mid-term capex savings US$140 million estimated tax benefits from basis step-up to partly offset cash taxes through 2035 9 (1) Run-rate cost synergies of US$2 million occur in 2024 when the business is fully stabilized post the Transition Services Agreement ("TSA") and exclude certain capital investments to be made in fiscal years 2022-2023 to separate the network from WOW! and increase network capacity. (C) COGECO ATLANTIC COMMUNICATIONS broadband a Cogeco company#1010 Expansion in very attractive markets 1 Ohio market stability WOW! Ohio Key Stats • Strong market demographics with younger population, young families and higher income and home ownership contribute to a stable subscriber base 198k Customers 1.5x PSUs (1) per Customer • Stable competitive dynamics enable predictably modest churn 2 Superior product offering • WOW! has historically positioned itself as a price challenger in these markets, keeping pricing closer to DSL offerings ⚫ ABB plans to offer superior Internet and video offerings, resulting in upside to overall penetration rates • Telco presence The majority of Ohio markets compete with two other players, namely Charter and AT&T Charter competes in most regions and we believe that AT&T overlaps in the vast majority of the footprint However only 30% (2) of the overlapping AT&T network offers 1 Gbps services; ABB's superior internet offers a competitive advantage 29% Internet penetration AT&T Internet Speed Breakdown in Ohio Markets (2) 75-100 Mbps 20% <50 Mbps 50% 1 Gbps 30% (1) Primary service units which include Internet, video and telephony customers. (2) Cogeco / ABB management estimates based on speed tests done on AT&T's internet service in Ohio markets. (()) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#11• Ohio cluster overview WOW! is a broadband provider of Internet, video and telephony services The Ohio cluster is comprised of WOW!'s market presence in Cleveland and Columbus For the twelve months ended March 31, 2021, WOW! Ohio generated revenue of US$244 million and adjusted EBITDA of US$103 million (1) PSUs 35,309 CUSTOMER STATISTICS (AS OF MARCH 31, 2021) Homes Passed Network • Robust network with an active 100Gbps ring. 100% homes passed are served by DOCSIS 3.1 platform and a 1 Gbps Internet service is offered cluster-wide Demographics • Ohio footprint covers markets with a higher median income vs. ABB and the U.S. average Younger demographics across Ohio markets should support increased Internet ARPU and customer growth 61,249 688,275 Customers 198,191 Ohio ABB (excl. FL) U.S. Average Penetration MEDIAN INCOME • HSI • Video 28.5% $71.5k $68.2k $67.8k 8.9% AVERAGE AGE 39.2 42.0 39.8 196,410 • Phone 5.1% % OF POPULATION 50+ (2021) 34.7% 40.8% 35.9% 11 ■HSD Video Phone (1) LTM 3/31/21 Adjusted EBITDA of US$103 million, including adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#1212 Strong track-record integrating and completing acquisitions ABB is uniquely positioned to identify value potential and seamlessly integrate WOW!'s Ohio assets given its experience from prior transactions August 2015: Metro Cast Connecticut (US$45mm revenue) ABB'S ACQUISITION HISTORY January 2018: Remaining Metro Cast Systems (US$270mm revenue) October 2018: Fiberlight (doubled the fiber footprint in Florida and accelerated the footprint expansion in the state) March 2020: Thames Valley Communications (US$12mm revenue) Successful integration of Remaining Metro Cast Systems (January 2018) On-boarded approximately 400 employees Internet provisioning was transitioned within 90 days TiVo video platform was launched within 12 months • ABB's Internet penetration increased from 44.6% prior to the transaction to 55.0% in Q2 '21 The acquisition provided scale and enhanced growth resulting in ABB's Adjusted EBITDA margin growing from 41.7% prior to the acquisition to 46.3% in Q2 '21 (C) COGECO ATLANTIC broadband COMMUNICATIONS a Cogeco company#13Acquisition adds meaningful scale to Atlantic Broadband Geographical presence Homes passed Atlantic Broadband (1) 11 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Pennsylvania, South Carolina, Virginia & West Virginia WOW! Ohio (2) 1 state: Ohio Pro forma 12 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Pennsylvania, South Carolina, Virginia, West Virginia & Ohio 929,323 688,275 1,617,598 (+74.1%) Primary Service Units 972,353 292,968 1,265,321 (+30.1%) Internet service customers 511,004 196,410 Internet service penetration 55.0% 28.5% 707,414 43.7% (+38.4%) Video service customers 313,591 61,249 Video service penetration 33.7% 8.9% 374,840 23.2% Telephony service customers 147,758 35,309 Telephony service penetration 15.9% 5.1% 183,067 11.3% (1) As of February 28, 2021. 13 (2) As of March 31, 2021. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#1414 Cogeco Communications - Increasing mix of high growth U.S. cable Canadian broadband American broadband (CND$ in millions) Unaudited figures (1) Cogeco Connexion Atlantic Broadband Cogeco consolidated (2) WOW! Ohio (3) Pro forma Cogeco consolidated Revenue $1,328 $1,137 $2,464 $324 $2,789 Adjusted EBITDA $735 $523 $1,207 $137 $1,344 Cogeco Revenue mix ABB (American Broadband) 46% Revenue pre-transaction Pro forma ABB (American Broadband) 52% Revenue post-transaction O > O Canadian Broadband 54% Canadian Broadband 48% (1) Cogeco financials for the twelve months ended February 28, 2021 and WOW! Ohio financials for the twelve months ended March 31, 2021 and includes adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies. (2) Includes consolidation adjustments and costs associated to corporate activities. (3) Assumes that U.S. results are converted into CND$ at CND$/US$ rate of 1.33. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#15Atlantic Broadband - Independent U.S. cable capital structure (US$ in millions) Unaudited figures Revenue Adjusted EBITDA Net indebtedness Atlantic Broadband (1) WOW! Ohio (2) $855 $244 Pro forma $1,098 (+28.5%) (3) $393 $103 $496 (+26.1%) $1,427 Net indebtedness / Adjusted EBITDA 3.6x (1) For the twelve months ended February 28, 2021. (2) For the twelve months ended March 31, 2021. 15 (3) LTM 3/31/21 Adjusted EBITDA of US$103 million, including adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies. (4) Expected net indebtedness as of August 31, 2021. $2,484(4) (C) COGECO 5.0x COMMUNICATIONS ATLANTIC broadband a Cogeco company#1616 Cogeco Communications' history deleveraging following acquisitions Expected consolidated net debt / Adjusted EBITDA of 3.1x at closing CONSOLIDATED NET DEBT / ADJUSTED EBITDA Atlantic Broadband & Peer 1 Hosting Metro Cast Connecticut System Acquisition Acquisition 3.5x 3.3x 3.0x 2.9x 2.3x MetroCast Acquisition Sale of data centers Pro forma for DERY telecom Acquisition Pro forma for WOW! Ohio Cluster Acquisition 3.4x 3.1x 2.6x 2.4x 2.4x FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 Q2 FY2021 PFQ4 FY2021 (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#1717 Transaction details Price and consideration Transition Services Agreement • • . . US$1.125 billion purchase price, including US$140 million of tax value 9.6x LTM 3/31/21 Adjusted EBITDA net of synergies & tax benefits (1)(2) All cash consideration US$82 million of costs over ~2 years to separate network from WOW!, interconnect with ABB and upgrade network, including IPTV capabilities, to deliver superior growth plan ⚫12-18 month TSA to support business while ABB stands-up infrastructure to support business during transition phase for integration of network, systems and products . • Committed financing • Transaction structure Billing, Customer Service, Engineering and Sales & Marketing support to be provided under TSA • WOW! Ohio's key vendors' service levels agreements (SLAs) are in-line with those of ABB's existing vendors . US$900 million Incremental Senior Secured Term Loan B to fund majority of purchase price Remaining purchase price funded with cash on hand Purchase of assets, creating a tax step-up by which intangible assets can be amortized for tax purposes Cash-free, debt-free basis • Q1 FY2022 expected closing Anticipated closing • Regulatory approval process for franchise agreements Hart-Scott-Rodino, CFIUS approvals and customary closing conditions (1) LTM 3/31/21 Adjusted EBITDA of US$103 million, including adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies. (2) Multiple based on Transaction value using a tax-adjusted purchase price, which is net of the US$140 million tax benefits related to the step-up of intangibles in an asset purchase. Refer to page 21 for a detailed explanation on the tax benefits. (()) COGECO ATLANTIC broadband COMMUNICATIONS a Cogeco company#1818 Transaction benefits drive attractive valuation multiple • LTM 3/31/21 Adjusted EBITDA of $103mm is fully adjusted to reflect ABB expected cost structure and implies a purchase multiple of 10.9x ⚫ Purchase multiple is reduced to 9.6x when fully adjusted for run-rate synergies and tax benefits • • This multiple is in-line with current trading ranges of U.S. public cable companies U.S. cable valuations have risen recently and remain above valuations for similar Canadian companies (US$ in millions) LTM 3/31/21 Adjusted EBITDA (1) Implied multiple Total Enterprise Value ($1,125 million) $103 10.9x Implied multiple adjusted for Step-up (2) 9.6x (1) LTM 3/31/21 Adjusted EBITDA of US$103 million, including adjustments to reflect the expected cost structure of Atlantic Broadband and run-rate synergies. (2) Multiple based on Transaction value using a tax-adjusted purchase price, which is net of the US$140 million tax benefits related to the step-up of intangibles in an asset purchase. Refer to page 21 for a detailed explanation on the tax benefits. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#1919 1. 2. 3. 4. 5. ABB investment highlights NEW "BROADBAND FIRST" STRATEGY ENHANCES CONTRIBUTION MARGIN • Emphasizes superfast and reliable broadband at the center of the customer experience Pricing strategy revolves around Internet offering; customers incented to add more services through everyday straight-up modular pricing • WiFi Your Way provides managed and secure, superfast WiFi solution STRATEGIC RESIDENTIAL POSITIONING Superior video platform and Internet speeds 1 Gbps service offering in 100% of ABB's footprint COMMERCIAL GROWTH OPPORTUNITY Upside potential from Ohio as commercial revenue represents a lesser portion of total revenue relative to Atlantic Broadband Strong momentum in Ohio's urban markets with launch of Atlantic Broadband's business suite of services STRONG FINANCIAL PROFILE • Strong adjusted EBITDA margin and free cash flow generation PROVEN MANAGEMENT TEAM • ABB management team has 100+ years of combined experience in the cable industry with a track record of superior results (C) COGECO ATLANTIC COMMUNICATIONS broadband a Cogeco company#2020 Appendix (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company#21Value of tax assets It is estimated that ABB will not pay cash taxes until 2026, primarily as a result of the amortization of acquired intangible assets and its tax loss carry-forwards (US$ in millions) Equity purchase price (-) Amount allocated to PP&E (estimated) Intangibles step-up amount Amortization period (years) Incremental annual intangible asset tax amortization Present value of step-up in basis (1) $1,125 (225) $900 15 $60 ~$140 21 (1) Tax bump value calculated using net present value of tax savings. (C) COGECO COMMUNICATIONS ATLANTIC broadband a Cogeco company