Smart People Buy Dumb Pipes

consistent return of capital; modest leverage $1,500 $1,000 $500 2007* 2008 2009 *Includes June 2007 Note Transaction Cumulative Total Return of Capital by type ($M) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD Cumulative Total Share Buyback Cumulative Total Dividends Paid Net Debt/LTM EBITDA* 5.0 4.2 4.2 4.0 3.4 3.6 3.0 2.9 2.9 2.9 2.9 3.0 2.4 2.4 2.1 1.8 2.0 1.6 1.6 1.5 1.6 1.0 H T 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD * EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement cogent Smart People Buy Dumb Pipes 23

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