Smart People Buy Dumb Pipes

the netcentric IP opportunity Market Players Competitors National Regional • Lumen Technologies • AT&T Verizon • NTT • DT • Tata • Arelion (prev. Telia) Customers Connect in Data Centers Streaming/OTT • . CDNs • Access Networks/ISPS • 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 $18 ARPU (Rev/Mbit) -Avg Tbyts/s $16 $14 $12 $10 $8 $6 $4 $2 $0 cogent Smart People Buy Dumb Pipes m Sequential Revenue Growth Growth in Netcentric Revenue Q3 2023 90 15% 80 70 10% Q1 2010 60 50 5% 40 0% 30 20 -5% 10 -10% Avg 2.0% *Includes revenue growth from acquisition of Sprint Wireline business in May 60

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