To Whom it May Concern: Trump's tariff letters cause a stir among world leaders
So Trump repackaged his plan to slap tariffs on almost every nation in a series of unusual presidential letters to foreign leaders that set new thresholds not just for trade negotiations — but also for diplomatic style, tone and delivery. Most are fill-in-the-blank form letters that include leaders' names and a tariff rate. Words are capitalized using Trump's distinct social media style. A few typos and formatting issues appear throughout.
They generally include an opening flourish of salutation, a grievance, the threat of a big jump in tariffs, a new deadline and an escape ramp allowing that 'we will, perhaps, consider an adjustment to this letter' if certain conditions are met. Rather than typical diplomatic talk of things like enduring mutual respect, Trump closes with, 'Thank you for your attention to this matter!' and 'Best wishes,' followed by his signature of three long strokes linked by and about 14 short ones.
He appears to have paid special attention to his letters to Canada, with which he's been fighting and taunting for months, and Brazil, which he singled out for 50% tariffs apparently based on a personal grudge rather than economics.
A negotiation tactic
The good news for the leaders of foreign countries, Trump suggested, is that if he sent you a letter, he wants to negotiate.
'A letter means a deal,' he said during a Cabinet meeting. 'We can't meet with 200 countries.'
But he's also managed to make his erratic trade policy baffling for American trading partners eager to negotiate a way to dodge his wrath. The president escalated a conflict he started with America's second-biggest trading partner and longstanding ally, raising the tariff — effectively a tax — on many Canadian imports to 35% effective Aug. 1. On Saturday, Trump announced more tariffs still, this time on two of the United States' biggest trade partners: the European Union and Mexico, at 30% each.
And it's far from clear that these tariffs would benefit Americans' bottom lines. Trump's threat to boost import taxes by 50% on Brazilian goods could drive up the cost of breakfast in the United States by making staples of the American diet, such as coffee and orange juice, more expensive.
Reception has been … spotty
The response to the letters, which the White House says will also be mailed, has been mixed.
Canadian Prime Minister Mark Carney's office issued a mild statement acknowledging the new Aug. 1 deadline and suggesting he would stay the course 'steadfastly defend(ing) our workers and businesses.'
Brazilian President Luiz Inácio Lula da Silva, meanwhile, vowed retaliatory tariffs and ordered his diplomats to return Trump's letter if it ever physically arrives at the presidential palace in Brasilia.
'Respect is good,' Lula told TV Record. 'I like to offer mine, and I like to receive it.'
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Canadian telecommunications' revenue decreased by 1.8%, mainly due to a lower revenue per customer as a result of a decline in video and wireline phone service subscribers as an increasing proportion of customers subscribe to Internet-only services, as well as a competitive pricing environment, partly offset by the cumulative effect of high-speed Internet service additions over the past year. Adjusted EBITDA decreased by 0.9% to $362.4 million. On a constant currency basis, adjusted EBITDA decreased by 2.4% mainly due to lower revenue in both the American and Canadian telecommunications segments, offset in part by lower operating expenses driven by cost reduction initiatives and operating efficiencies across the Corporation as a result of our ongoing three-year transformation program. American telecommunications' adjusted EBITDA decreased by 0.5%, or 3.7% in constant currency. Canadian telecommunications' adjusted EBITDA decreased by 1.5%, or 1.3% in constant currency. Profit for the period amounted to $73.3 million, of which $69.9 million, or $1.64 per diluted share, was attributable to owners of the Corporation compared to $76.3 million, $70.4 million, and $1.67 per diluted share, respectively, in the comparable period of fiscal 2024. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher depreciation and amortization expense, financial expense and income tax expense, as well as lower adjusted EBITDA, partly offset by lower acquisition, integration, restructuring and other costs. Adjusted profit attributable to owners of the Corporation (3) was $77.2 million, or $1.82 per diluted share (3), compared to $103.6 million, or $2.45 per diluted share, last year. Net capital expenditures were $125.5 million, a decrease of 25.5% compared to $168.4 million in the same period of the prior year. In constant currency, net capital expenditures (2) were $123.3 million, a decrease of 26.8% compared to last year, mainly due to operational efficiencies, lower spending in the Canadian telecommunications segment, partially due to the timing of certain initiatives, as well as lower spending in the American telecommunications segment, mostly due to lower construction activity. Net capital expenditures in connection with network expansion projects were $13.3 million ($13.2 million in constant currency) compared to $24.4 million in the same period of the prior year. Excluding network expansion projects, net capital expenditures were $112.2 million, a decrease of 22.1% compared to $144.0 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects (2) were $110.1 million, a decrease of 23.5% compared to last year. Fibre-to-the-home network expansion projects continued, mostly in Canada, with the addition of close to 9,500 homes passed during the third quarter of fiscal 2025. Capital intensity was 17.2% compared to 22.4% last year. Excluding network expansion projects, capital intensity was 15.4% compared to 19.2% in the same period of the prior year. Acquisition of property, plant and equipment decreased by 26.4% to $125.9 million, mainly resulting from lower spending. Free cash flow (1) increased by 63.2%, or 61.5% in constant currency, and amounted to $143.9 million, or $142.4 million in constant currency (2), mainly due to lower net capital expenditures and acquisition, integration, restructuring and other costs, offset in part by higher financial expense, lower adjusted EBITDA and higher current income taxes. Free cash flow, excluding network expansion projects (1) increased by 39.6%, or 38.2% in constant currency, and amounted to $157.2 million, or $155.6 million in constant currency. Cash flows from operating activities increased by 20.1% to $400.8 million, mostly due to higher cash from other non-cash operating activities, and lower income taxes paid, partly offset by higher interest paid. At its July 15, 2025 meeting, the Board of Directors of Cogeco Communications declared a quarterly eligible dividend of $0.922 per share, an increase of 8.0% compared to $0.854 per share in the comparable quarter of fiscal 2024. FISCAL 2025 REVISED FINANCIAL GUIDELINES Cogeco Communications has revised its fiscal 2025 financial guidelines as issued on October 31, 2024 for revenue, net capital expenditures, capital intensity and free cash flow. Adjusted EBITDA projections remain the same as previously disclosed. The Corporation expects additional pressure on its revenue, particularly in the United States, driven by increased competition. As part of its three-year transformation program, the Corporation has initiated several cost reduction initiatives and operating efficiencies across the organization in order to minimize the revenue impact on adjusted EBITDA. Additionally, net capital expenditures are expected to be lower than under the previous financial guidelines, partially resulting from operational efficiencies following the combination of the Canadian and U.S. management teams. Consequently, compared to fiscal 2024, on a constant currency and consolidated basis, we are lowering Cogeco Communications' revenue projections for fiscal 2025 to a low single digit decline, while adjusted EBITDA is expected to remain stable. In addition, due to some better-than-anticipated transformation-related cost savings and lower expected net capital expenditures, we are increasing the Corporation's free cash flow financial guidelines, from a decrease compared to fiscal 2024 to a stable free cash flow, while reducing net capital expenditures and capital intensity projections. (1) Percentage of changes compared to fiscal 2024. (2) Fiscal 2025 financial guidelines are based on a USD/CDN constant exchange rate of 1.3606 USD/CDN. (3) The assumed current income tax effective rate is approximately 11.5% (14% under the previous financial guidelines). These financial guidelines, including the various assumptions underlying them, contain forward-looking statements concerning the business outlook for Cogeco Communications, and should be read in conjunction with the "Forward-looking statements" section of this press release. Change in constant currency Change in constant currency Three and nine months ended May 31 2025 2024 (1) Change (2) (3) 2025 2024 (1) Change (2) (3) (In thousands of Canadian dollars, except % and per share data) $ $ % % $ $ % % Operations Revenue 730,679 750,583 (2.7) (4.1) 2,201,800 2,228,773 (1.2) (2.8) Adjusted EBITDA (3) 362,377 365,824 (0.9) (2.4) 1,084,091 1,071,896 1.1 (0.4) Adjusted EBITDA margin (3) 49.6 % 48.7 % 49.2 % 48.1 % Acquisition, integration, restructuring and other costs (4) 9,211 45,669 (79.8) 7,288 49,170 (85.2) Profit for the period 73,300 76,334 (4.0) 260,097 268,648 (3.2) Profit for the period attributable to owners of the Corporation 69,895 70,402 (0.7) 245,157 253,576 (3.3) Adjusted profit attributable to owners of the Corporation (3)(5) 77,186 103,597 (25.5) 248,553 301,377 (17.5) Cash flow Cash flows from operating activities 400,789 333,626 20.1 872,866 856,042 2.0 Free cash flow (1)(3) 143,946 88,185 63.2 61.5 409,407 327,832 24.9 23.8 Free cash flow, excluding network expansion projects (1)(3) 157,231 112,618 39.6 38.2 460,064 408,315 12.7 11.8 Acquisition of property, plant and equipment 125,933 171,034 (26.4) 438,547 504,830 (13.1) Net capital expenditures (3)(6) 125,462 168,384 (25.5) (26.8) 434,002 485,580 (10.6) (12.3) Net capital expenditures, excluding network expansion projects (3) 112,177 143,951 (22.1) (23.5) 383,345 405,097 (5.4) (7.4) Capital intensity (3) 17.2 % 22.4 % 19.7 % 21.8 % Capital intensity, excluding network expansion projects (3) 15.4 % 19.2 % 17.4 % 18.2 % Per share data (7) Earnings per share Basic 1.66 1.68 (1.2) 5.82 5.91 (1.5) Diluted 1.64 1.67 (1.8) 5.78 5.89 (1.9) Adjusted diluted (3)(5) 1.82 2.45 (25.7) 5.86 7.00 (16.3) Dividends per share 0.922 0.854 8.0 2.766 2.562 8.0 (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Proceeds from sale and leaseback and other disposals of property, plant and equipment amounted to $2.2 million and $22.7 million for the three and nine-month periods ended May 31, 2025, respectively ($0.9 million and $2.8 million, respectively, for the same periods of fiscal 2024). Comparative figures were restated to conform to the current presentation. For further details, please refer to the "Non-IFRS Accounting Standards and other financial measures" section of this press release. (2) Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current periods denominated in US dollars at the foreign exchange rates of the comparable periods of the prior year. For the three and nine-month periods ended May 31, 2024, the average foreign exchange rates used for translation were 1.3628 USD/CDN and 1.3578 USD/CDN, respectively. (3) Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial measures. Adjusted profit attributable to owners of the Corporation, free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS Accounting Standards measures. Change in constant currency, capital intensity, excluding network expansion projects and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS Accounting Standards and therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS Accounting Standards and other financial measures" section of this press release. (4) For the three and nine-month periods ended May 31, 2025, acquisition, integration, restructuring and other costs were mainly related to costs associated with the configuration and customization related to cloud computing and other arrangements, and additional restructuring costs incurred in connection with certain cost optimization initiatives undertaken. In addition, for the nine-month period ended May 31, 2025, acquisition, integration, restructuring and other costs were partly offset by a $13.8 million non-cash gain recognized during the first quarter of fiscal 2025 in connection with a sale and leaseback transaction of a building in Ontario. For the three and nine-month periods ended May 31, 2024, acquisition, integration, restructuring and other costs were mostly related to restructuring costs recognized during the third quarter of fiscal 2024 in connection with the strategic transformation announced in May 2024. (5) Excludes the impact of non-cash impairment charges, acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, all net of tax and non-controlling interest. (6) Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance. As at May 31, 2025 August 31, 2024 (In thousands of Canadian dollars) $ $ Financial condition Cash and cash equivalents 244,750 76,335 Total assets 9,866,415 9,675,009 Long-term debt Current 338,567 361,808 Non-current 4,437,846 4,448,261 Net indebtedness (1) 4,579,854 4,803,629 Equity attributable to owners of the Corporation 3,126,389 2,979,691 (1) Net indebtedness is a capital management measure. For more information on this financial measure, please consult the "Non-IFRS Accounting Standards and other financial measures" section of the Corporation's MD&A for the three and nine-month periods ended May 31, 2025, available on SEDAR+ at Forward-looking statements Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Communications Inc.'s ("Cogeco Communications" or the "Corporation") future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure" or other similar expressions concerning matters that are not historical facts. Particularly, statements relating to the Corporation's 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, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco Communications believes are reasonable as of the current date. Refer in particular to the "Corporate objectives and strategy" and "Fiscal 2025 financial guidelines" sections of the Corporation's fiscal 2024 annual Management's Discussion and Analysis ("MD&A"), and the "Fiscal 2025 revised financial guidelines" section of the fiscal 2025 third-quarter MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco Communications currently expects. These factors include risks such as general market conditions, competitive risks (including changing competitive and technology ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, tax risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, trade tariffs, reduced consumer spending and increasing costs), talent management risks (including the highly competitive market for a limited pool of digitally skilled employees), human-caused and natural threats to the Corporation's network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, sustainability and sustainability reporting risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation's control. For more exhaustive information on these risks and uncertainties, the reader should refer to the "Uncertainties and main risk factors" section of the Corporation's fiscal 2024 annual MD&A and of the fiscal 2025 third-quarter MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco Communications and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release and the forward-looking statements contained in this press release represent Cogeco Communications' expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does 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. All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the Corporation's MD&A for the three and nine-month periods ended May 31, 2025, the Corporation's condensed interim consolidated financial statements and the notes thereto for the same periods prepared in accordance with IFRS ® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and the Corporation's fiscal 2024 Annual Report. Non-IFRS Accounting Standards and other financial measures This press release includes references to non-IFRS Accounting Standards and other financial measures used by Cogeco Communications. These financial measures are reviewed in assessing the performance of Cogeco Communications and used in the decision-making process with regard to its business units. Reconciliations between non-IFRS Accounting Standards and other financial measures to the most directly comparable IFRS Accounting Standards measures are provided below. Certain additional disclosures for non-IFRS Accounting Standards and other financial measures used in this press release have been incorporated by reference and can be found in the "Non-IFRS Accounting Standards and other financial measures" section of the Corporation's MD&A for the three and nine-month periods ended May 31, 2025, available on SEDAR+ at The following non-IFRS Accounting Standards measures are used as a component of Cogeco Communications' non-IFRS Accounting Standards ratios. Financial measures presented on a constant currency basis for the three and nine-month periods ended May 31, 2025 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.3628 USD/CDN and 1.3578 USD/CDN, respectively. Constant currency basis and foreign exchange impact reconciliation Consolidated Three months ended May 31 2025 2024 (1) Change (In thousands of Canadian dollars, except percentages) Actual Foreign exchange impact In constant currency Actual Actual In constant currency $ $ $ $ % % Revenue 730,679 (11,224) 719,455 750,583 (2.7) (4.1) Operating expenses 363,380 (5,932) 357,448 379,521 (4.3) (5.8) Management fees – Cogeco Inc. 4,922 — 4,922 5,238 (6.0) (6.0) Adjusted EBITDA 362,377 (5,292) 357,085 365,824 (0.9) (2.4) Free cash flow (1) 143,946 (1,552) 142,394 88,185 63.2 61.5 Net capital expenditures 125,462 (2,162) 123,300 168,384 (25.5) (26.8) (1) During the fourth quarter of fiscal 2024, the Corporation updated its free cash flow calculation to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. Nine months ended May 31 2025 2024 (1) Change (In thousands of Canadian dollars, except percentages) Actual Foreign exchange impact In constant currency Actual Actual In constant currency $ $ $ $ % % Revenue 2,201,800 (35,353) 2,166,447 2,228,773 (1.2) (2.8) Operating expenses 1,102,944 (18,930) 1,084,014 1,141,163 (3.3) (5.0) Management fees – Cogeco Inc. 14,765 — 14,765 15,714 (6.0) (6.0) Adjusted EBITDA 1,084,091 (16,423) 1,067,668 1,071,896 1.1 (0.4) Free cash flow (1) 409,407 (3,516) 405,891 327,832 24.9 23.8 Net capital expenditures 434,002 (8,192) 425,810 485,580 (10.6) (12.3) Canadian telecommunications segment Three months ended May 31 2025 2024 Change (In thousands of Canadian dollars, except percentages) Actual Foreign exchange impact In constant currency Actual Actual In constant currency $ $ $ $ % % Revenue 374,900 — 374,900 381,877 (1.8) (1.8) Operating expenses 176,281 (387) 175,894 180,204 (2.2) (2.4) Adjusted EBITDA 198,619 387 199,006 201,673 (1.5) (1.3) Net capital expenditures 64,295 (346) 63,949 91,093 (29.4) (29.8) Nine months ended May 31 2025 2024 Change (In thousands of Canadian dollars, except percentages) Actual Foreign exchange impact In constant currency Actual Actual In constant currency $ $ $ $ % % Revenue 1,122,377 — 1,122,377 1,131,804 (0.8) (0.8) Operating expenses 531,788 (1,118) 530,670 535,018 (0.6) (0.8) Adjusted EBITDA 590,589 1,118 591,707 596,786 (1.0) (0.9) Net capital expenditures 212,564 (1,046) 211,518 285,274 (25.5) (25.9) American telecommunications segment Three months ended May 31 2025 2024 Change (In thousands of Canadian dollars, except percentages) Actual Foreign exchange impact In constant currency Actual Actual In constant currency $ $ $ $ % % Revenue 355,779 (11,224) 344,555 368,706 (3.5) (6.6) Operating expenses 178,325 (5,543) 172,782 190,327 (6.3) (9.2) Adjusted EBITDA 177,454 (5,681) 171,773 178,379 (0.5) (3.7) Net capital expenditures 57,612 (1,812) 55,800 72,782 (20.8) (23.3) Nine months ended May 31 2025 2024 Change (In thousands of Canadian dollars, except percentages) Actual Foreign exchange impact In constant currency Actual Actual In constant currency $ $ $ $ % % Revenue 1,079,423 (35,353) 1,044,070 1,096,969 (1.6) (4.8) Operating expenses 545,448 (17,798) 527,650 574,070 (5.0) (8.1) Adjusted EBITDA 533,975 (17,555) 516,420 522,899 2.1 (1.2) Net capital expenditures 211,741 (7,131) 204,610 191,490 10.6 6.9 Adjusted profit attributable to owners of the Corporation Three months ended May 31 Nine months ended May 31 2025 2024 2025 2024 (In thousands of Canadian dollars) $ $ $ $ Profit for the period attributable to owners of the Corporation 69,895 70,402 245,157 253,576 Acquisition, integration, restructuring and other costs 9,211 45,669 7,288 49,170 Impairment of property, plant and equipment 1,574 — 1,574 — Loss on debt extinguishment (1) — — — 16,880 Tax impact for the above items (2,546) (12,081) (4,126) (17,461) Non-controlling interest impact for the above items (948) (393) (1,340) (788) Adjusted profit attributable to owners of the Corporation 77,186 103,597 248,553 301,377 (1) Included within financial expense. Free cash flow and free cash flow, excluding network expansion projects reconciliations Three months ended May 31 Nine months ended May 31 2025 2024 (1) 2025 2024 (1) (In thousands of Canadian dollars) $ $ $ $ Cash flows from operating activities 400,789 333,626 872,866 856,042 Changes in other non-cash operating activities (103,315) (76,679) (4,798) (21,491) Income taxes paid (received) (12,101) 3,918 1,981 (807) Current income taxes (11,103) (3,177) (35,401) (19,594) Interest paid 69,857 62,509 193,523 194,769 Financial expense (75,861) (64,308) (204,353) (215,765) Loss on debt extinguishment (2) — — — 16,880 Amortization of deferred transaction costs and discounts on long-term debt (2) 2,608 2,272 6,300 6,953 Net capital expenditures (3) (125,462) (168,384) (434,002) (485,580) Proceeds from sale and leaseback and other disposals of property, plant and equipment (1) 2,188 885 22,732 2,784 Repayment of lease liabilities (3,654) (2,477) (9,441) (6,359) Free cash flow (1) 143,946 88,185 409,407 327,832 Net capital expenditures in connection with network expansion projects 13,285 24,433 50,657 80,483 Free cash flow, excluding network expansion projects (1) 157,231 112,618 460,064 408,315 Adjusted EBITDA reconciliation Three months ended May 31 Nine months ended May 31 2025 2024 2025 2024 (In thousands of Canadian dollars) $ $ $ $ Profit for the period 73,300 76,334 260,097 268,648 Income taxes 20,180 11,199 69,709 47,117 Financial expense 75,861 64,308 204,353 215,765 Impairment of property, plant and equipment 1,574 — 1,574 — Depreciation and amortization 182,251 168,314 541,070 491,196 Acquisition, integration, restructuring and other costs 9,211 45,669 7,288 49,170 Adjusted EBITDA 362,377 365,824 1,084,091 1,071,896 Net capital expenditures and free cash flow, excluding network expansion projects reconciliations Net capital expenditures Free cash flow (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. (1) During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. Additional information Additional information relating to the Corporation is available on SEDAR+ at and on the Corporation's website at About Cogeco Communications Inc. Cogeco Communications Inc. is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. We also offer wireless services in most of our U.S. operating territory. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline brand in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Cogeco Communications Inc.'s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA). For information: Investors Troy Crandall Head, Investor Relations Cogeco Communications Inc. Tel.: 514 764-4600 [email protected] Media Claudja Joseph Director, Communications Cogeco Communications Inc. Tel.: 514 764-4600 [email protected]
