INVESTOR UPDATE Results For Quarter-end

INVESTOR UPDATE Results For Quarter-end February 28, 2018 (disclosed on April 12, 2018)

TABLE OF CONTENTS OVERVIEW 6 COGECO COMMUNICATIONS 7 Financial Results 17 COGECO 24 COGECO INVESTMENT HIGHLIGHTS 28 APPENDICES 30 Network Maps 31 Customer Profile 32 Acronyms 33 2

FORWARD-LOOKING STATEMENT 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" section in the MD&A of the 2017 annual report and the Fiscal 2018 Revised Financial Guidelines section in the MD&A of the first quarter of fiscal 2018 shareholders 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 2017 annual report that could cause actual results to differ materially from what we currently expect. 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 the date of the second quarter of fiscal 2018 shareholders report filed on April 12, 2018 (or as of the date they are otherwise stated to be made) 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. 3

NON-IFRS MEASURES THE FOLLOWING NON-IFRS MEASURES ARE USED IN THE PRESENTATION AND A RECONCILIATION TO THE MOST COMPARABLE IFRS FINANCIAL MEASURES IS DESCRIBED ON PAGE 58 OF THE COGECO COMMUNICATIONS 2017 ANNUAL REPORT Free cash flow Capital expenditures ("CAPEX") Capital intensity Adjusted EBITDA Adjusted EBITDA margin cash flow from operating activities add amortization of deferred transaction costs and discounts on long-term debt changes in non-cash operating activities income taxes paid financial expense paid deduct current income taxes financial expense capital expenditures acquisitions of property, plant, equipment, intangibles and other assets, including assets acquired under capital leases capital expenditures as a % of revenue profit (loss) for the year add income taxes financial expense impairment of goodwill and intangible assets depreciation and amortization claims and litigations integration, restructuring and acquisition costs Adjusted EBITDA as a % of revenue 4

SIMPLIFIED CORPORATE STRUCTURE GESTION AUDEM (Family of the late Henri Audet) 11.4% Equity 71.2% Voting Rights COGECO Market capitalization: $1.1 billion (1) 82.2% Voting Rights 31.7% Equity 100% Voting Rights 100% Equity COGECO COMMUNICATIONS Market capitalization: $3.5 billion (1) LTM revenue (2)(4) $2.27 billion (3) : Cogeco Connexion $1,305 million Atlantic Broadband (4) $ 687 million Cogeco Peer 1 $ 282 million COGECO MEDIA LTM revenue (2) - $119 million (1) As of April 10, 2018 (2) For the last twelve months ended February 28, 2018 (3) Includes inter-segment eliminations and other (4) Includes 2 months of MetroCast s financial results 5

COMPANY OVERVIEW COGECO COMMUNICATIONS COGECO CONNEXION 2nd largest cable system operator in Ontario and Québec 786,000 Internet service, 709,000 video service and 419,000 telephony service customers ATLANTIC BROADBAND 9th largest cable provider in the United States The acquisition of all of the cable systems of Harron Communications (operating under the MetroCast brand name), in partnership with Caisse de dépôt et placement du Québec ( CDPQ ), was completed on January 4, 2018 Atlantic Broadband serves 413,000 Internet service, 321,000 video service and 140,000 telephony service customers COGECO PEER 1 Leading provider of business information and communications technology services, including colocation, hosting, cloud services, network connectivity and managed services COGECO INC. : COGECO MEDIA Second most important radio player in Québec #1 share in hours tuned in Montréal and in Québec City COGECO COMMUNICATIONS ADJUSTED EBITDA SEGMENTATION (1) REPORTED LAST 12 MONTHS ENDED FEBRUARY 28, 2018 Atlantic Broadband 27% Cogeco Peer 1 8% Cogeco Connexion 65% PRO FORMA 12 MONTHS OF METROCAST ACQUISITION (2) Atlantic Broadband 35% Cogeco Peer 1 7% Cogeco Connexion 58% (1) Excludes inter-segment eliminations and other for the last twelve months ended February 28, 2018 (2) MetroCast s financial results converted at the average CND/USD rate of 1.2965 for the additional 10 months ended December 31, 2017 6

Cogeco Communications

COGECO CONNEXION S STRATEGY MEETING CUSTOMERS EVOLVING NEEDS WHILE PURSUING PROFITABLE GROWTH GROWING ADJUSTED EBITDA MARGIN (in millions of dollars) $641 $647 $660 $678 51.1% 51.2% 52.0% 52.3% FY2014 FY2015 FY2016 FY2017 Adjusted EBITDA STABLE CAPITAL INTENSITY (in millions of dollars) $224 $248 Adjusted EBITDA margin $234 $240 17.8% 19.6% 18.4% 18.5% IMPROVING ADJUSTED EBITDA MARGINS WHILE EXPANDING SERVICE OFFERING 120 Mbps Internet service offered in essentially all of the footprint and a 1 Gbps Internet service offered in selected areas of Ontario and Quebec Benefits from TiVo s enhanced multiplatform video since over 3 years Expanded HD and TV everywhere offering Suite of business solutions, including hosted PBX phones and software as a service available to the 150,000 businesses in the footprint STABLE CAPITAL INTENSITY HAS ENABLED DEPLOYMENT OF STATE-OF-THE ART TECHNOLOGIES All digital networks DOCSIS 3.0 rolled-out to essentially all the footprint Currently investing in DOCSIS 3.1 technology to further deploy 1 Gbps Internet speeds in a cost effective way FY2014 FY2015 FY2016 FY2017 Capital as a % of revenue 8

COGECO CONNEXION FY2018 PRIORITIES continue solidifying market position through customer relations built on amazing experiences 1 2 DELIVERING ORGANIC GROWTH BY INTRODUCING VALUE ADDED SERVICES FOR RESIDENTIAL CUSTOMERS Continue to invest in DOCSIS 3.1 technology to further deploy 1 Gbps services within footprint and maintain network expansion intensity Continue to enhance TiVo product offering: a non-dvr smart box was launched in February Maintain competitive pricing strategy to stimulate subscriber growth GROW MARKET POSITION IN THE 150,000 BUSINESSES FOOTPRINT Increase market share of existing services and expand network Evolve offering with additional managed services and voice capabilities 3 OPTIMIZE RETURN ON INVESTMENT BY DELIVERING OUR SERVICES MORE EFFICIENTLY Invest to deliver superior customer experiences while reducing costs Deploy new ordering and billing platform and simplify infrastructure Drive low value transactions through digital self serve channels 9

ATLANTIC BROADBAND S STRATEGY ENHANCED GROWTH THROUGH PRUDENT ACQUISITIONS Focus on largely non-metropolitan areas with fragmented competition In August 2015, Connecticut system acquisition serving 57,700 PSUs, generated 11% revenue growth and 8% customer growth in FY2017 In January 2018, MetroCast acquisition serving 251,379 PSUs, is also expected to generate superior revenue growth and lead to increased adjusted EBITDA margins De-levering following larger acquisitions to maintain solid balance sheet STRATEGIC RESIDENTIAL POSITIONING Superior video platform and Internet speeds Integrated Netflix and YouTube access with TiVo Internet speeds of 120 Mbps in essentially all of the footprint and 1 Gbps service to cover over 35% of the footprint by fiscal year-end FTTN 20% COMPETITION SUMMARY (1) FTTH 6% DSL Only 74% COMMERCIAL GROWTH OPPORTUNITY Approximately 95,000 businesses in footprint Florida commercial market provides stable cash flow and growth opportunity STRONG FINANCIAL PROFILE Strong adjusted EBITDA margin and free cash flow generation enhanced by favorable tax reform Capital structure allows growth to be financed at the Atlantic Broadband level (1) Cogeco s estimates as a percentage of homes passed. 10

ATLANTIC BROADBAND: FAVORABLE IMPACT OF TAX REFORM Effective January 1, 2018, the combined Federal and State corporate income tax rate has been reduced from 40% to 27% Limitations on interest deductibility based on EBITDA or EBIT thresholds should not have an impact over the next 4 fiscal years based on current financial projections Minimal annual cash taxes in FY2018 and FY2019 Estimating annual cash taxes of less than US$10 million between FY2020 and FY2024 Reduced cash tax rate beyond FY2024 Favorable cash flow impact of tax reform significantly offsets the reduction in the tax shield of purchasing MetroCast s tax-deductible intangible assets 11

ATLANTIC BROADBAND: FY2018 PRIORITIES 1 2 3 4 INTEGRATION OF THE METROCAST ACQUISITION Common operating platform and past experience in integrating the Connecticut system Launch of TiVo, 1Gbps Internet service, enhanced bundles and expanded business services by end of fiscal year DRIVE CUSTOMER GROWTH THROUGH INTERNET SUPERIORITY AND BUNDLE SALES Build on 1 Gbps service which is expected to cover over 35% of footprint by fiscal year-end Leverage launch of more flexible bundles which enables customers to right-size their video package and upsize / upsell their Internet and telephony services Leverage TiVo and enhanced WiFi to increase bundle sales, video ARPU and reduce churn Pursue network expansion in Florida ACCELERATE BUSINESS SERVICES GROWTH BY MOVING UPMARKET Leverage Hosted PBX phone offering Support enterprise growth with advanced connectivity products and carrier partnerships Launch business WiFi solution MAINTAIN SOLID ADJUSTED EBITDA MARGIN Manage direct costs in the face of video programming cost pressure Focus on efficiencies in technical and customer care without impacting service 12

ATLANTIC BROADBAND: METROCAST ACQUISITION RATIONALE A scale operator from Maine to Florida covering 11 states and 834,000 homes passed A GREAT FIT Adjacent territories in similar non-metropolitain markets Quality network and plant Common systems, operations and technical approaches Complimentary call centers and network operating centers in New-Hampshire and Pennsylvania SIGNIFICANT GROWTH POTENTIAL Strong demographics Higher income and higher propensity to adopt technology than ABB Favorable competitive profile 92% competition top speeds under 25 Mbps Drive residential growth with renewed video platform & bundle focus Accelerate business growth by moving upmarket 13

COGECO PEER 1 16 DATA CENTRES 50+ POINTS OF PRESENCE 48,000 KILOMETERS OF FIBRE 1,800 ON NET BUILDINGS 14

COGECO PEER 1: CORE SERVICE OFFERINGS COMPREHENSIVE PROVIDING HYBRID A IT COMPLETE SOLUTIONS TRUSTED RANGE BY OF CUSTOMERS BUSINESS INFORMATION TO ENABLE ENTERPRISE AND COMMUNICATIONS TRANSFORMATION TECHNOLOGY APPLICATION DRIVEN CLOUD PLATFORMS COMPREHENSIVE HOSTING WORLD CLASS COLOCATION HIGH PERFORMANCE CONNECTIVITY BEST IN CLASS MANAGED SERVICES Flexible Cloud platforms from private cloud to Microsoft Azure designed for performance, intensive computing and scalability providing choice and flexibility to customers Complete IT infrastructure stack for hosting businesscritical applications, able to support intensive big data, analytics and high frequency trading workloads Best-in-class carrier neutral data centre facilities, allowing business customers to lease space and power to protect mission critical or legacy applications Comprehensive suite of connectivity options delivering Wavelength, Internet, IP/Ethernet over our Global MPLS FastFiber TM network Suite of managed services including monitoring, OS, databases, security, and back up to help customers manage their front line and back office 15

COGECO PEER 1: FY2018 PRIORITIES 1 2 3 FOCUS ON SUSTAINABLE REVENUE GROWTH Hosting and Cloud Solutions - Emphasize hybrid cloud offerings by leveraging partnership with Microsoft Azure and other partners - Grow Partner and Reseller Programs, launched in 2017, to accelerate indirect sales Connectivity - Increase penetration of on-net buildings - Cross sell to colocation and managed services customers Colocation - Market best-in-class facilities that can be sold at a premium and leverage our ecosystem of cloud, SaaS and solution providers as an asset IMPROVE OPERATIONAL EFFICIENCY AND OPTIMIZE INFRASTRUCTURE CONTINUE TO GENERATE MEANINGFUL UNLEVERED FREE CASH FLOW Set focus on sales performance to grow our revenue base Capex intensity maintained in the low 20%, a similar level to FY2017 16

FINANCIAL RESULTS

FINANCIAL HIGHLIGHTS Revenue and adjusted EBITDA growth of 2.3% and 2.2%, respectively, achieved in FY2017 FY2018 revenue and adjusted EBITDA expected to grow 11-13% and 10-12%, respectively, in constant currency (1) REVENUE (in millions of dollars, except percentages) ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (in millions of dollars, except percentages) PROFIT (LOSS) FOR THE YEAR (in millions of dollars) +11% - 13% (3) +10-12% (3) 299 2,176 2,227 983 1,005 45.2% 45.1% 44.6%-45.1% (190) (2) FY2016 FY2017 FY2018G (1) FY2016 FY2017 FY2018G (1) FY2016 FY2017 (1) Financial guidelines include an eight-month period of MetroCast s financial projections and are presented on a constant currency basis relative to FY2017. As a result, financials denominated in US dollars and GBP currency are translated at the average foreign exchange rates of FY2017 for illustrative purposes: CND/USD of 1.3205 and CND/GBP of 1.6711 (2) The FY2016 loss for the year was due to an after-tax impairment charge of $434 million related to Cogeco Peer 1 (3) The MetroCast acquisition is expected to contribute 9% to revenue growth and 10% to adjusted EBITDA growth. Non-recurring items which occurred in FY2017 and the first quarter of FY2018 negatively impacted adjusted EBITDA growth by 1%. 18

FINANCIAL HIGHLIGHTS FISCAL 2018 Capex intensity in Canadian broadband and Business ICT should remain relatively stable. Capex intensity in American broadband expected to increase as a result of continued expansion in Florida and the MetroCast and Fiberlight acquisitions Free cash flow, excluding non-recurring items, is expected to slightly decline mainly due to the Florida network expansion Free Cash Flow FY2018 Mid-range Guidance vs FY2017 Actuals Free Cash Flow (FCF) decline (14.5%) Non-recurring items: EBITDA items (1) 2.4% MetroCast transaction costs (2) 4.8% Fiberlight capex (3) 5.7% FCF decline excluding non-recurring items (1.6%) CASH FLOW FROM OPERATING ACTIVITIES (in millions of dollars) 745 957 468 CAPEX & CAPITAL INTENSITY (in millions of dollars, except percentages) 428 530-550 FREE CASH FLOW (in millions of dollars, except percentages) 281 374 (11%) (18%) 21.5% 19.2% 21-22% FY2016 FY2017 FY2016 FY2017 FY2018G (4) FY2016 FY2017 FY2018G (4) (1) Includes impact of previously disclosed non-recurring gains in FY2017 and costs in FY2018 (2) Integration, restructuring and acquisition costs of CND$18 million (3) Fiberlight dark fiber purchase of US$16.8 million (CND$ 21.2 million) (4) Financial guidelines include an eight-month period of MetroCast s financial projections and are presented on a constant currency basis relative to FY2017. As a result, financials denominated in US dollars and GBP currency are translated at the average foreign exchange rates of FY2017 for illustrative purposes: CND/USD of 1.3205 and CND/GBP of 1.6711 19

SUSTAINED DIVIDEND GROWTH ANNUAL DIVIDEND DECLARED PER SHARE +10.5% CAGR 12% $1.20 $1.40 $1.56 $1.72 $1.90 FY2014 FY2015 FY2016 FY2017 FY2018(1) Sustained free cash flow generation has allowed us to pursue growth objectives while returning capital to shareholders Conservative dividend payout ratio to FY2018 free cash flow guidelines (2) of 29% (1) Annualized quarterly dividend of $0.475 per share declared on November 2, 2017, January 10, 2018 and April 12, 2018. The dividend is subject to Board of Directors approval on a quarterly basis and there is no assurance that it will remain at the current level. (2) Based on Cogeco Communications mid-range financial guidelines 20

SOLID BALANCE SHEET AND LIQUIDITY POSITION History of de-leveraging following acquisitions Following a change in notching methodology for BB+ corporate issuers in December 2016, S&P assigned a secured rating of BBB-. S&P s secured rating is now aligned with DBRS and Fitch s ratings CONSOLIDATED NET DEBT (1) / ADJUSTED EBITDA Acquisition of three companies operating in the business market in Ontario (2) Acquisition of Quiettouch & MTO Acquisition of Atlantic Broadband & Peer 1 Hosting Acquisition of Connecticut system SOLID LIQUIDITY POSITION February 28, 2018 ($ millions) 2.5 1.9 1.8 1.7 (3) 1.4 (3) Pro Forma Acquisition of MetroCast 3.5 (4) 3.0 3.3 (4) 2.9 2.3 3.4 (4) Revolving Credit Facilities 992 Amounts drawn 48 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 Q2-FY2018 BBB- BBB- BBB- BBB BBB BBB BBB BBB BBB BBB- BBB- S&P Senior Secured Rating Unused credit facilities 944 Cash, equivalents and short-term investments 208 Liquidity 1,152 (1) Represents the addition of bank indebtedness, balance due on business combination, intercompany note payable, principal on long-term debt and obligations under derivative financial instruments net of cash and equivalents and short-term investments (2) Includes Toronto Hydro Telecom Inc. which now operates under the name of Cogeco Peer 1, the assets of MaXess Networx and FibreWired Burlington Hydro Communications (3) Restated for IFRS purposes (4) Includes twelve months pro forma adjusted EBITDA of the acquisitions 21

MANAGEABLE MATURITIES AND LOW COST OF CAPITAL ($ MILLIONS) LONG-TERM DEBT MATURITIES (1) With the Atlantic Broadband refinancing, the Term loan B s maturity was extended by an additional 5 years August February 2017 2018 Average Cost of Debt (5) 4.4% 4.5% (4) Average Life 4.0Y 5.6Y COGECO COMMUNICATIONS (Excluding credit facility) ATLANTIC BROADBAND (Non-recourse financing) $512 (2) $2,041 (2) $200 $200 $300 $275 (2) $192 (2) $55 $32 (2) FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2025 Senior Secured Bonds and Notes Senior Unsecured Bonds Term loan B (3) (1) Maturities exclude ABB s US$150 million Revolver facility (US$32 million was drawn on February 28, 2018) maturing in FY2025 (2) Converted at the February 28, 2018 closing exchange rate of CND$1.2809 per US$1.00 (3) Annual mandatory repayments of US$17 million (CND$22 million) with the 1 st quarterly installment starting on August 2018 and balance payable in FY2025 (4) 68% of the interest rate on Atlantic Broadband s LIBOR based indebtedness has been fixed with swaps (5) Excludes amortization of debt issuance cost 22

US$ DEBT REDUCES FREE CASH FLOW FX EXPOSURE AND HEDGES NET INVESTMENTS IN US SUBSIDIARIES Cogeco Communications is mostly naturally hedged from a free cash flow perspective as US$ EBITDA exposure is offset by interest expense on US denominated debt and capex The following table (1) highlights in Canadian dollars, the impact of a 5.0% or $0.07 (2) decrease in the US dollar and a 2.2% or $0.04 (2) increase in the British Pound against the Canadian dollar on Cogeco Communications segmented and consolidated operating results for the six-months ended February 28, 2018: Favorable / (Unfavorable) impact (in millions CND$) Cogeco Connexion ABB Cogeco Peer 1 Consolidated (3) Revenue - (19.1) (2.7) (21.8) Adjusted EBITDA 1.0 (8.0) (1.1) (8.1) Financial expense 3.0 Other items (4) 0.4 Capex 2.3 5.0 0.5 7.9 Free Cash Flow (FCF) impact 3.2 Foreign exchange risk related to the net investments in ABB and Cogeco Peer 1 USA is hedged at 83% through debt in the same currency As of February 28, 2018 US$M ABB and Cogeco Peer 1 USA net investments 952.5 US$ indebtedness designated as hedge 790.0 Hedge ratio 83% (1) FX impact related to revenue, adjusted EBITDA and CAPEX is disclosed on page 21 of Cogeco Communications 2 nd quarter of FY2018 shareholders report. The impact on financial expense can be derived from the long-term debt note disclosure on page 39 of the 2 nd quarter of FY2018 shareholders report. The financials include the 2 months impact of the MetroCast acquisition which closed on January 4, 2018. (2) Decrease of the USD relative to the average exchange rate of CND/US 1.3238 and increase in the British Pound relative to the average exchange rate of CND/GBP 1.6597 for the 6 months ended February 28, 2017 (3) The consolidated results do not correspond to the addition of the operating segment s results as inter-segment eliminations and other are not presented. (4) Other items include the impact of integration, restructuring and acquisition costs, current income taxes and the amortization of deferred costs and discounts on long-term debt related to ABB and Cogeco Peer 1. 23

Cogeco

COGECO COGECO Public market value of equity $1,130M (16.5M shares at $68.44 (1) ) 15.7M shares of CCA Investment in COGECO COMMUNICATIONS $1,094M ($66.32 per CGO share (1)(2) ) COGECO MEDIA (Radio broadcasting) (1) As of April 10, 2018 (2) Based on a CCA share price of $69.75 multiplied by a ratio of 0.95. Ratio equals shares of CCA held by CGO divided by CGO shares outstanding 25

MEDIA PROFILE: COGECO MEDIA 30 years as a radio operator Second most important radio player in Québec 13 radio stations covering most demographics No. 1 in share of hours tuned in Montréal and in Québec City Radio is an important media for Quebecers 86% tune in every week Time spent listening of 17 hours per week News agency with a presence in more than 50 cities in Québec 26

STRONG NETWORK OF RADIO STATIONS 27

INVESTMENT HIGHLIGHTS

INVESTMENT HIGHLIGHTS Strong Canadian Cable Franchises Leveraging superior Internet speeds in most of our footprint Stable growth with strong adjusted EBITDA margin Strong free cash flow generation Successful U.S. Cable Expansion Strategy Strong organic growth opportunity in our largely non-metropolitan markets with fragmented competition Higher service penetration opportunity through new Internet and video product introductions in newly acquired MetroCast areas U.S. Cable s contribution to consolidated adjusted EBITDA increases from 25% (1) to 35% pro forma the acquisition of MetroCast Leveraging investments at Cogeco Peer 1 Positioned to capitalize on recent investments Unlevered free cash flow of $34.3 millions (2) and $17 millions generated in FY2017 and first-half of FY2018 Strong Financial Performance Attractive adjusted EBITDA margins, strong FCF, dividend growth and low dividend payout Prudent financial management with a history of de-leveraging following acquisitions (1) Prior to MetroCast s acquisition (2) Excludes non-recurring gains 29

APPENDICES

COGECO CONNEXION: INTER-CITY FIBER NETWORK 31

CUSTOMER PROFILE February 28, 2018 Cogeco Connexion Atlantic Broadband Total Homes passed 1,742,762 833,778 2,576,540 Primary service units (1) 1,914,178 874,090 2,788,268 Internet service customers 786,314 412,887 1,199,201 Video service customers 708,584 321,317 1,029,901 Telephony service customers 419,280 139,886 559,166 Internet service penetration (2) 45.1% 49.5% 46.5% Video service penetration (2) 40.7% 38.5% 40.0% Telephony service penetration (2) 24.1% 16.8% 21.7% (1) Includes Internet, video and telephony customers (2) As a percentage of homes passed 32

ACRONYMS CAGR DOCSIS Gbps Mbps Compound Average Growth Rate Data Over Cable Service Interface Specifications Gigabits per second Megabits per second 33