#1cogent Smart People Buy Dumb Pipes NASDAQ CCOI INVESTOR PRESENTATION#2Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events and are subject to risks and uncertainties. The forward-looking statements, which address the Company's expected business and financial performance, among other matters, contain words such as: "will", "expect", "believe", "continue", "optimistic", "should", "ongoing" and other words and terms of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as revenue, subscriber and traffic growth, margins, capital expenditures, sales force headcount and productivity, pricing, financings and return of capital shareholders. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following: future economic instability in the global economy, which could affect spending on Internet services; the impact of changing foreign exchange rates (in particular the Euro to US dollar and Canadian dollar to US dollar exchange rates) on the translation of the Company's non-US dollar denominated revenues, expenses, assets and liabilities; legal and operational difficulties in new markets; the imposition of a requirement that the Company contribute to the US Universal Service Fund on the basis of the Company's Internet revenue; changes in government policy and/or regulation, including rules regarding data protection, cyber security and net neutrality; increasing competition leading to lower prices for the Company's services; the Company's ability to attract new customers and to increase and maintain the volume of traffic on its network; the ability to maintain the Company's Internet peering arrangements on favorable terms; the Company's reliance on an equipment vendor, Cisco Systems Inc., and the potential for hardware or software problems associated with such equipment; the dependence of the Company's network on the quality and dependability of third-party fiber providers; the Company's ability to retain certain customers that comprise a significant portion of its revenue base; the management of network failures and/or disruptions; and outcomes in litigation. A further description of these uncertainties and other risks can be found in the Company's Annual Report on Form 10-K for the year ending December 31, 2021, Quarterly Reports on Form 10-Q for the quarters ending September 30, 2021, June 30, 2021 and March 31, 2021 and the Company's other reports filed with the Securities and Exchange Commission. Copies of these filings may be obtained by contacting the Company or by visiting EDGAR on the SEC's website. These or other uncertainties may cause the Company's actual future results to be materially different than those expressed in any forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements. Non-GAAP Measures This presentation includes and discusses EBITDA and EBITDA as adjusted, Gross Margin, and EBITDA Margin and EBITDA, as Adjusted Margin which are non-GAAP measures. Management uses these non-GAAP measures to evaluate its business because they believes these measures assist investors and analysts in comparing the Company's performance across reporting periods on a consistent basis by excluding items that management believes are not indicative of the Company's core operating performance. Management believes these metrics are used in the financial community, and these metrics are presented here to enhance understanding of the Company's operating performance. You should not consider these non-GAAP measures as alternatives to Net income, determined in accordance with GAAP, as an indicator of operating performance. Furthermore, these non-GAAP measures are not measurements of financial performance under GAAP, and thus may not be comparable to similarly titled measures of other companies. EBITDA represents Net income before Income taxes, net interest expense, depreciation and amortization, and equity based compensation expenses. EBITDA, as adjusted, represents EBITDA plus net gains (losses) on asset related transactions. EBITDA margin represents Net income before Income taxes, net interest expense, depreciation and amortization, and equity based compensation expenses, divided by total service revenue. EBITDA, as adjusted, margin represents EBITDA plus net gains (losses) on asset related transactions divided by total service revenue. See the Appendix to this presentation for a reconciliation of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. cogent Smart People Buy Dumb Pipes 2#3company overview Cogent is a leading, global provider of Internet Access. . • • . We operate a global network carrying over 20% of all internet traffic We offer high speed internet access to two customer bases: - Corporate: 59% of revenues - Netcentric: 41% of revenues We differentiate and gain share in a commodity business by focusing on price and value We have very high operating leverage with substantial network capacity We operate in 50 countries in 216 markets cogent Smart People Buy Dumb Pipes 3#4the corporate opportunity Market Players Competitors AT&T • Verizon •⚫ Lumen Technologies Bell Canada Cable Operators Location • 1,800+ Class A MTOBS in city core • 100+ cities in North America Cogent Advantages • Price per connection is relatively equivalent • • Superior reliability: ring architecture; fiber; electronics Significant speed advantage: 2.5x to 65.0x Faster installation: Avg. installs 13 - 15 days vs 90 days • Real time monitoring Customers Located in City Core Strong Credits Professional/Financial Services • Industry leading SLAs Growth Opportunity Growing Addressable Market Growth in MTOB SqFt in Millions 987 • Potential market: over 92,000 MTOB tenants 1,000 • Favorable trends: Cloud, SaaS, WFH, Virtual Business (Zoom), IoT Q1 2010 800 597 600 • Superior speed, service, uptime, install SLAs 400 Cogent wins approximately 40% of all On-Net proposals 200 0 cogent Smart People Buy Dumb Pipes Q4 2021 CAGR: 4.4% 4#5the netcentric opportunity Market Players Competitors: Primarily global & regional • Global ⚫ Lumen Technologies • NTT • Telia (recently sold) Regional • AT&T • Tata • DT . Customers Connect in Data Centers . CDNs • Access Networks • • Verizon Streaming/OTT . ASPS Market Dynamics • New applications drive bandwidth - File Sharing/Gaming/Video/Streaming • Product sold on a per Mbps basis from 1 Gbps to 400 Gbps • Internet connectivity is a pure commodity ― Speed, connection equivalent • Cogent prices new services at 50% of market We win on price Rapid Growth/Declining $/bit ARPU (Rev/Mbit) Avg Tbyts/s $18 $16 $14 $12 $10 $8 $6 $4 $2 $0 cogent Smart People Buy Dumb Pipes Sequential Revenue Growth 70 60 HN WAS2 15% 10% 50 40 5% 30 0% 20 -5% 10 -10% Avg 1.3% 30 5#6customer segmentation corporate netcentric Connections: 45,423 Revenue Share: 59% Traffic Share: 4% Geography: North America Connections: 48,303 Revenue Share: 41% Traffic Share: 96% Geography: Global Clients: Service Locations: Professional Services (Law Firms, Accounting, Insurance) Financial Services Universities, Schools MTOBS 4+ Years: 62% 1+ Years: 91% Longevity: Monthly Churn: 1.2% Clients: Service Locations: Longevity: Monthly Churn: Access Networks - ILECS, Cable, ISPS CDNs Streaming/OTT Online Gamers Data Centers 4+ Years: 45% 1+ Years: 82% 1.0% cogent Smart People Buy Dumb Pipes 6#7large & growing addressable market Our broad network reach results in a plentiful addressable market. cogent Smart People Buy Dumb Pipes • • Corporate services are sold On-Net in MTOBS Existing Potential Existing Existing Customers Connections Customers Buildings in MTOBS* in MTOBS in MTOBS Market % On-Net 1,817 92,667 37,829 13,367 14.4% * Assumes 51 tenants per building Cogent is able to sell Off-Net connections in 4MM buildings through over 90 carrier relationships for fiber delivery Connectivity is sold to Netcentric customers in 50 countries 'Content': CDNs, OTTS/Streamers, Gaming 'Eyeballs': 7,560+ Access Networks: ISPS, PTTS, Cable, Mobile 7#8highly focused sales organization Large Salesforce Consistent Productivity Sales Rep Productivity (orders per month) ― Q1 2010 Q4 2021 Salesforce Growth 700 Q1 2010 Q4 2021 600 500 CAGR: 5.5% 490 400 300-262 200- 100- 0 765 4 3 2 10 Avg 5.2 2010 Q2 2010 Q3 2010 Q4 2010. 21 2011 222222 122222222 Systematic Process Direct Web Tele- Sales Force Marketing Marketing 400 contacts 24 appointments 12 proposals 4.2 orders Salespeople typically win 40% of On-Net proposals Salesforce Performance • Simple product: modest training investment Success at building the team • Highly leveraged compensation cogent Smart People Buy Dumb Pipes 8#9business breakout REVENUE United States Q4 2021 Europe Canada, South TRAFFIC Q4 2021 America, Asia & Africa North & South America Europe, Asia & Africa CUSTOMER CONNECTIONS Q4 2021 North & South America Europe, Asia & Africa cogent Smart People Buy Dumb Pipes 18% GEOGRAPHY MARKET SEGMENT 8% PRODUCT TYPE 3% 16% 41% 59% 74% 54% 46% 29% ON-NET/OFF-NET 3% 21% 38% On-Net Corporate 81% On-Net NetCentric Off-Net Corporate 38% Off-Net NetCentric Non Core Corporate NetCentric 4% IP (DIA & Transit) Rack & Power 2% VPN 96% On-Net 1% Off-Net 99% 98% Non Core IP (DIA & Transit) VPN Corporate NetCentric 5% 14% 48% 71% 52% 82% Corporate NetCentric IP (DIA & Transit) Rack & Power VPN On-Net Corporate 6% <1% 8% On-Net NetCentric Off-Net Corporate Off-Net NetCentric 40% 46% Non Core#10broad, deep, scaleable network cogent Vincouver Stockholm. Portand Boles Sacramento Salt Lake City Denar Santa Clara Colorado Springs Las Vegas Hong Kena San Franciscand Sydney Ottawa Montreal Minneapolis Detroit Chicago) To Toromo Syracuse Workester Bouton Abanyoudence Buffalo White Piss Surford Cleveland Philadeph New York Pillsburys Sout Des Moines Dayton Columben Herndon Cincinnat Ken City St. Louis Richmond Greensbord Nashville Charlotte Olahoma City Tulsa Albuquerque Orange County Phoeni Birminghom Alsata San Diego Jackson Honolulu Fort Worth -Dallsa Tun B Pase San Amnio Jacksonville Austin Houston Now Grano pilando Tampa On-Net and Of-Net Market On Not and Of Not Market with Cogent Date Center) Network Route Route Under Construction Nonterrey McAn Castern Mexico City • Interconnected with 7,560+ access networks • 3,035 On-Net buildings 60% multi-tenant office buildings (1,817) • 40% carrier neutral and Cogent data center buildings (1,218) Agreements with 250+ building owners (REITs) . 54 Cogent data centers with over 600,000 square feet • Low cost network which is approximately 27% utilized cogent Smart People Buy Dumb Pipes West Palm Beach Fort Lauderdale Валетвиница - гори Edinburgh Tallinn Betast Uverpool Hamburg Dublin Amster Bremen Cambridge Dedin Rotterda Essen Dortmund Ghert Antwerp Dusseldorf Colegne Dresden Lille Mainz Frankurt Katowice Nuremberg Krakow Kharkiv Mawhain Bring Rains Ronnes Paris Strasbourg Munich Vanna Bratalava Nantes BARA Dijon Budapest Tou Bern Geneva Udine Poitiers Ljublan Timisoara Turin Bordeaux Grensble Bologna Buchares Beltrace Mome San Sabastian Marselle Sephin Barcelona Dobula Nea Podgorica Kaplan Fortalez Johannesburg To Londen Ro de Janeiro Sao Paulo Buenos Aires • • Vigo Porto Nadrid Valencia To Johannesburg Sevilla Granada To Hong Kong Malaga То ядрот 1,033 metro networks; 39,500+ metro fiber miles Over 60,600+ intercity fiber route miles • North America . Europe • Transatlantic (Leased) Transpacific (Leased) • Transindian (Leased) • Transcaribbean (Leased) Up to 3,600 Gbps per city pair Up to 4,200 Gbps per city pair 3,290 Gbps (8 Providers, 8 Cables) 820 Gbps (5 Providers, 7 Cables) 800 Gbps (5 Providers, 3 Cables) 1,600 Gbps (3 Providers, 5 Cables) 10#11network architecture Our network is facilities based- IRUS on fiber & ownership of all optronics and routing equipment. Longhaul metro backbone is built from a diverse set of 295 IRU suppliers IRUS from 10 to 40 years; most are pre-paid and have diverse end dates O+M expenses are calculated by share of fiber pairs thereby reducing the cost to Cogent of maintaining a network • Cogent's network is ring protected at Layer 3 (IP convergence) • • All transport is IP directly over DWDM and CWDM Cogent generally owns lateral connections from the metro rings to the building • Cogent owns riser facilities in multi-tenant buildings • Cogent owns 54 data centers and 201 hubs that house core network equipment cogent Smart People Buy Dumb Pipes 11#12cogent's network advantage Cogent's network offers substantial cost and operating advantages Choice IP over DWDM Single Vendor/ Configuration LT Lease of Fiber Pairs Ownership of lateral and riser facilities Ring architecture to all on- net customers Narrow, simple product line Implication •Simple, predictable performance • Lowest cost network • 'Southwest Airlines' cost and operating advantages • Reduced capital intensity and operating costs •Sole fiber access to most corp. customers •Industry leading SLAs for installation and performance • Low cost support Reduced sales training and costs cogent Smart People Buy Dumb Pipes 12#13big, diverse & balanced global network Access to Business/Residential Customers Worldwide • 45,400+ corporate connections primarily in North America •In 1,817 On-Net MTOBS • 7,652 Off-Net Buildings 1,413 On-Net Data Centers* Eyeballs 'Network Effect' A growing portion of Cogent's traffic, currently 71%, originates and terminates on-net *These datacenters are located in 1,218 buildings cogent Smart People Buy Dumb Pipes Dense Global Footprint • 1,413 On-Net Data Centers* • 216 Markets • 50 Countries • • • 7,560 Access Networks 24 Settlement Free Peers Tier 1 peering status Footprint/Network Leading Share of Content Providers • OTT Media Services • Gaming Providers ⚫ CDN Networks • ASP Content 13#14cogent Smart People Buy Dumb Pipes proven integration execution Cogent purchased $14 BILLION of original investment for $60 MILLION. (Fiber Network Solutions, hc) FNSI Date Original Investment PP&E NetRail Sep 2001 $180 $35 Allied Riser Feb 2002 $590 $335 PSINet* Apr 2002 $5,180 $2,175 Feb. 2003 $30 $5 Firstmark Jan 2004 $1,100 $560 Carrier 1* Mar 2004 $1,035 $535 UFO Group Aug 2004 $25 $5 Global Access Sep 2004 $10 $5 Aleron Broadband Oct. 2004 $200 $5 Verio* Dec 2004 $5,700 $390 TOTAL ($ in millions) $14,050 $4,050 *Purchased the majority of assets of these companies. This list does not include Applied Theory, FiberCity Networks, OnSite Access, Last Mile Connections, PacWest, and ANet. 14 Network Peering Customers Building Access#15-4% -2% %0 2% 4% 6% 8% -10% -5% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012* Q2 2012 Q3 2012 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 cogent *Loss of Megaupload Smart People Buy Dumb Pipes 0% Q4 2012 Q1 2013 Q1 2013 Q2 2013 Q2 2013 Q3 2013 Q3 2013 Q4 2013 Q4 2013 Q1 2014 Q1 2014 Q2 2014 Q2 2014 Q3 2014 Q3 2014 Q4 2014 Q4 2014 Q1 2015 5% 15% 10% revenue growth Q1 2010 Q4 2021 Sequential Corporate Revenue Growth 15% Corporate revenue is North American. 10% Pandemic Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q2 2015 Q1 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 2018 Q2 20: Q3 2018 Q4 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 $50 Sequential Total Revenue Growth Q1 2010 Q4 2021 $40 װןװו װױ Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 2021 Q4 202 $30 Qtrly Avg 1.8% $0 -$10 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 $10 $20 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 24 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 22 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 -10% Qtrly Avg 2.3% Q1 2010 Q2 2010 Q3 2010 Q4 2010 -5% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 0% Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2010 Q4 2021 Strong Unlevered Free Cash Flow¹ 1Calculated as EBITDA (as adjusted) less CAPEX, which includes principal payments on IRU capital Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 15 $135MM cumulative in last 4 quarters. Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 (finance) leases. Q2 2021 Q3 2021 Q4 2021 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 5% Q2 2015 Q3 2015 Q4 2015 Q1 2016 Sequential NetCentric Revenue Growth Q1 2010 Q4 2021 ~50% of NetCentric revenue is from outside the US. Q2 2016 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Qtrly Avg 1.3% דיון Q2 2021 Q3 2021 Q4 2021#16cogent Smart People Buy Dumb Pipes $250 is $180 $160 ($ in millions) $140 Q1 2010 Q4 2021 $120 $100 $80 $60 $40 $20 2010 Q3 2010 OTOZ 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012. 2015 Q2 2012 On-Net Revenue 2012 2012 Q1 2013 Q2 2013 Q3 2013 Q4 20 2013 Q1 2014 Q2 2014 Q3 2014 historical & continuing margin expansion Total Revenue by Segment Q4 2014 Q1 2015 QQ2 2015 Q3 2015 Ź 04 2015 Q4 2015 + Q1 2016 O Off-Net Revenue Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 64% Non GAAP Gross Margin (% of revenue) 62% CAGR: 7.5% Q1 2010 Q4 2021 60% Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 O Q3 2019 Q4 2019 Q1 2020 Q2 2020 2020 Non Core Revenue 100% 04 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 50% 52% 54% 56% 58% $200 ($ in millions) & (% of revenue) EBITDA as Adjusted 90% 2010-2021 80% $150 CAGR 9.2% 70% - 60% Revenue Commission Sales On-Net ARPU = $459 Expense Bad Debt Q4 2021 Operating - 50% $1.00 $0.03 $0.02 $100 40% 30% $50 20% 10% $0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 EBITDA, as adjusted EBITDA, as adjusted - margin Q1 2010 Q2 2010 Q3 2010 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 + 600 Basis Points Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 2019 Q1 2020 Off-Net ARPU = $962 Q4 2021 Leverage Sales Revenue Commission Expense Local Loops Leverage Bad Debt Operating $1.00 $1.00 $1.00 $0.03 $0.90 $0.02 $0.90 $0.80 $0.80 $0.70 $0.70 $0.60 $0.60 $0.50 $0.50 $0.95 $0.40 $0.50 $0.40 $0.30 $0.30 $0.45 $0.20 $0.20 $0.10 $0.10 $0.00 $0.00 16 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021#17investing: increasing returns, demand driven, all funded internally 115 95 55 75 18.2 19.1 55- 11.2 15.5 16.8 Capital Expenditures and Principal Payments on IRU Capital Leases ($ in millions) 2010-2021 23.1 24.0 10.3 11.2 9.1 20.2 12.5 35 52.8 45.9 44.3 49.0 60.0 35.6 45.2 45.8 49.9 47.0 56.0 69.9 15 -5 2010 2011 2012 2013 2014 2015 ■CapEx 700 600 500 400 300 200 100 0 2010 2011 2012 2013 2014 Revenue cogent Smart People Buy Dumb Pipes 2015 2016 2017 2018 2019 2020 2021 Principal Payments on IRU Capital Leases Growing Returns (Revenue to CapEx & Principal Payments on IRU Capital Leases) ($ in millions) 2010-2021 2016 2017 2018 CapEx and Principal Payments on IRU Capital Leases / Revenue 30% 25% - 20% -15% 10% 5% 0% 2019 2020 2021 17#18highlights Q4 2021 RESULTS ($ in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q/Q % 2020 2020 2020 2020 2021 2021 2021 2021 Change Y/Y % Change On-Net Revenue $103.5 $103.8 $105.1 $107.1 $109.9 $111.0 $111.1 $110.7 (0.3)% 5.6% Off-Net Revenue $37.3 $37.0 $37.1 $36.7 $36.7 $36.7 $36.7 $36.3 (1.0)% (1.2)% Non-Core Revenue $0.1 $0.1 $0.1 $0.1 $0.1 $0.1 $0.2 $0.2 (9.9)% 10.6% Total Revenue $140.9 $141.0 $142.3 $143.9 $146.8 $147.9 $147.9 $147.2 (0.5)% 3.8% Gross Profit (Non-GAAP) $85.2 $87.4 $88.1 $89.4 $91.8 $91.8 $91.4 $90.9 (0.6)% 4.5% Gross Margin (Non-GAAP) 60.5% 62.0% 61.9% 62.1% 62.5% 62.1% 61.8% 61.8% 0.0% 0.4% EBITDA $50.4 $53.3 $54.6 $55.7 $55.6 $57.2 $57.8 $57.4 (0.6)% 6.5% EBITDA Margin 35.8% 37.8% 38.4% 38.7% 37.9% 38.7% 39.0% 38.9% 0.0% 1.0% EBITDA, as adjusted $50.4 $53.6 $54.7 $55.7 $55.6 $57.2 $57.8 $57.3 (0.6)% 6.3% EBITDA, as adjusted 35.8% 38.0% 38.4% 38.7% 37.9% 38.7% 39.0% 38.9% 0.0% 0.9% Margin cogent Smart People Buy Dumb Pipes 18#19highly disciplined allocator of capital Cogent is focused on driving profitability and efficiently allocating capital. . • . M&A Discipline: Cogent has evaluated and passed on over 700 acquisitions since 2005. Cost Discipline: Cogent has improved its EBITDA and Adjusted Gross Margin consistently over 20 years at approximately 200 bps per annum. Returning Capital: Cogent has returned over $1.0 Billion to shareholders since our 2005 public offering. Dividend Record: Cogent has increased its dividend for 38 straight quarters · Bought back over 10MM shares. Management Ownership: Senior Management owns approximately 11% of Cogent and gets compensated primarily in stock. cogent Smart People Buy Dumb Pipes 19#20consistent return of capital; modest leverage Cumulative Total Return of Capital by type ($M) $1,200 $1,000 $800 $600 $400 $200 $- 2007* 4.0 2008 2009 *Includes June 2007 Note Transaction 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Cumulative Total Share Buyback Cumulative Total Dividends Paid Net Debt/LTM EBITDA* 3.0 2.4 2.1 1.8 2.0 1.6 1.6 1.5 1.6 1.0 2007 2008 T 2009 2010 *EBITDA adjusted by including asset related gains cogent Smart People Buy Dumb Pipes 3.4 3.6 3.0 2.9 2.9 2.9 2.9 2.4 H 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20#21investment highlights Cogent is a leading global Internet Service . Provider. . Fundamentals provide for continued, consistent growth and profitability Independent, low-cost international network Network footprint targeted at high traffic locations Substantial network capacity; very high operating leverage with low capital intensity Proven ability to grow top line and drive margin exposure and cash flow growth Very strong balance sheet with high levels of liquidity Experienced management team cogent Smart People Buy Dumb Pipes 21#22cogent Smart People Buy Dumb Pipes Cogent Communications Holdings, Inc.#23Appendix Reconciliation of non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP cogent Smart People Buy Dumb Pipes 23 23#24Non-GAAP EBITDA and non-GAAP EBITDA, as adjusted, reconciled to GAAP cash flows provided by operating activities Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 ($ in 000's) unaudited Net cash flows provided by operating activities Changes in operating assets and liabilities $28,458 $41,311 $32,980 $37,571 $47,106 $39,749 $47,418 $35,984 5,325 $(3,232) $6,255 $1,920 $(9,060) $2,352 $(6,267) $(7,095) Cash interest expense and income tax expense EBITDA 16,611 $15,269 $15,348 $16,184 $17,504 $15,080 16,602 $28,521 $50,394 $53,348 $54,583 $55,675 $55,550 $57,181 $57,753 $57,410 PLUS: Gains on asset related transactions 39 205 99 10 18 0 0 0 EBITDA, as adjusted $50,433 $53,553 $54,682 $55,685 $55,568 $57,181 $57,753 EBITDA margin EBITDA, as adjusted, margin 35.8% 35.8% 37.8% 38.0% 39.0% 39.0% Non-GAAP gross profit and non-GAAP gross margin reconciled to GAAP gross profit and GAAP gross margin 38.4% 38.7% 38.4% 38.7% 37.8% 37.9% 38.7% 39.0% $57,410 39.0% 38.7% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 ($ in 000's) unaudited Service revenue total $140,915 $140,990 $142,302 $143,901 $146,777 $147,879 $147,927 $147,208 Minus Network operations expense including equity-based compensation and including depreciation and amortization expense $75,429 $73,782 $76,138 $77,284 79,062 78,276 79,254 78,985 GAAP Gross Profit (1) $65,486 $67,208 $66,164 $66,617 $67,715 $69,603 $68,673 $68,223 Plus - Equity-based compensation - network operations expense 252 305 $346 $316 2,076 136 163 146 Plus Depreciation and amortization expense 19,508 $19,896 $21,619 $22,455 21,970 22,096 22,609 Non-GAAP Gross Profit (2) $85,246 $87,409 $88,129 $89,388 $91,761 $91,835 $91,445 22,567 $90,936 GAAP Gross Margin (1) Non-GAAP Gross Margin (2) 46.5% 60.5% 47.7% 46.5% 62.0% 61.9% 46.3% 62.1% 46.1% 47.1% 46.4% 46.3% 62.5% 62.1% 61.8% 61.8% (1) (2) GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equity based compensation included in network operations expense. GAAP gross margin is defined as GAAP gross profit divided by total service revenue. Non-GAAP gross profit represents service revenue less network operations expense, excluding equity-based compensation and amounts shown separately (depreciation and amortization expense). Non- GAAP gross margin is defined as non-GAAP gross profit divided by total service revenue. Management believes that non-GAAP gross profit and non-GAAP gross margin are relevant metrics to provide to investors, as they are metrics that management uses to measure the margin and amount available to the Company after network service costs, in essence these are measures of the efficiency of the Company's network. cogent Smart People Buy Dumb Pipes 24#25ESG efforts Cogent is focused on Environmental, Social, and Governance (ESG) Cogent is focusing on its ESG performance and improving and broadening its disclosure: Environmental • • • Provided detailed performance characteristics and carbon footprint related to its Network Backbone Carbon emissions from Network Backbone declined in 2021 90% reduction in power used per Bit mile over the past 5 years. Nearing completion of a 1 megawatt solar facility in Pasadena, California Social . Provided detailed strategies and disclosures about our capabilities and our engagement activities Governance Expanded our diversity by adding a female and two minorities to Cogent's Board; increasing the size of the Board to attract more diverse opinions Cogent ESG activity can be tracked on our website at www.cogentco.com cogent Smart People Buy Dumb Pipes 25