Mr. Patrice Ouimet reports

COGECO COMMUNICATIONS ANNOUNCES THE RENEWAL OF ITS NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Cogeco Communications Inc.'s notice of intention for a normal course issuer bid in respect of its subordinate voting shares. Purchases pursuant to the notice will not commence prior to May 4, 2023, and will not continue beyond May 3, 2024.

The notice will enable Cogeco Communications to acquire up to 1,776,125 subordinate shares for cancellation, representing approximately 10.0 per cent of the 17,761,259 subordinate shares constituting the public float of the corporation's issued and outstanding as of April 24, 2023. There were a total of 28,793,378 subordinate shares issued and outstanding as of April 24, 2023.

Cogeco Communications believes that from time to time, the purchase of its subordinate shares under the normal course issuer bid is an appropriate and desirable use of available cash to increase shareholder value and that it provides additional investment returns to its shareholders.

All purchases will be conducted through the facilities of the TSX or Canadian alternative trading systems, if eligible, and will conform to their regulations. Purchases under the normal course issuer bid will be made by means of open market transactions.

Under TSX rules, the corporation will be allowed to purchase daily, through the facilities of the TSX, a maximum of 33,705 subordinate shares representing 25 per cent of the average daily trading volume, as calculated per the TSX rules. In addition, the corporation may make, once per week, a block purchase (as such term is defined in the TSX Company Manual) of subordinate shares not directly or indirectly owned by insiders of the corporation, in accordance with TSX rules. The subordinate shares purchased pursuant to the normal course issuer bid will be canceled.

The price to be paid by the corporation for any subordinate share will be the market price at the time of acquisition, plus brokerage fees where applicable.

The corporation has also entered into an automatic share purchase plan with a designated broker to allow for the purchase of subordinate voting shares under the normal course issuer bid at times when the corporation would ordinarily not be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods.

Under its current normal course issuer bid that commenced on May 4, 2022, and will end on May 3, 2023, Cogeco Communications received the approval of the TSX to purchase for cancellation a maximum of 1,960,905 subordinate shares. During the period from May 4, 2022, to April 24, 2023, inclusively, Cogeco purchased through the facilities of the TSX and Canadian alternative trading systems a total of 1,825,168 subordinate shares at a weighted average price per subordinate share of $78.46.

About Cogeco Communications Inc.

Rooted in the communities it serves, Cogeco is a growing competitive force in the North American telecommunications and media sectors with a legacy of more than 65 years. Through its business units Cogeco Connexion and Breezeline (formerly Atlantic Broadband), Cogeco provides Internet, video and phone services to 1.6 million residential and business customers in Quebec and Ontario in Canada, as well as in 13 states in the United States. Through Cogeco Media, it owns and operates 21 radio stations primarily in the province of Quebec as well as a news agency.

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