Smart People Buy Dumb Pipes

consistent 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

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