Smart People Buy Dumb Pipes

proven integration execution Cogent purchased $34 BILLION of original investment for $60 MILLION. Cogent has acquired $815 MILLION of cash Date Investment Original PP&E NetRail Sep 2001 $180 $35 Allied Riser Feb 2002 $590 $335 PSINet* Apr 2002 $5,180 $2,175 (Fiber Network Solutions, Inc) FNSI 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 Sprint (T-Mobile Wireline) May 2023 ~$20,000 $14,500 TOTAL ($ in millions) $34,050 $18,550 Network cogent Smart People Buy Dumb Pipes *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. 17 Peering Customers Building Access

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