Axia Investor Presentation (All figures in C$ millions unless otherwise noted)

1. AxiaInvestor Presentation(All figures in C$ millions unless otherwise noted) AXX:TSX Cantor Fitzgerald Technology Conference September 2014

2. Forward-Looking Statements This presentation contains forward-looking statements, including, without limitation, statements containing the words “should”, “believe”, “anticipate”, “may”, “plan”, “will”, “continue”, “intend”, “expect”, “estimate” and other similar expressions which constitute “forward-looking information” within the meaning of applicable Canadian securities laws.  These statements are based on our current expectations, estimates, forecasts and assumptions about the operating environment, economies and markets in which we operate and are subject to important assumptions, risks and uncertainties that are difficult to predict.  Examples of these statements would include those where Axia forecasts its success and timing in winning new NGN business, the timing of completion and estimated total costs of our networks, the revenues and operating costs associated with these networks over time, and Axia’s ability to generate future cash flows and avail itself of other financing alternatives given current market conditions. The assumptions, risks and uncertainties that could cause actual results to differ materially from the forward-looking information, include, but are not limited to, changes in customer markets, changes in demand for our services, our inability to deliver services in a timely and cost efficient manner, technological change, general economic conditions and other risks detailed from time to time in our ongoing filings with the Canadian securities regulatory authorities, including those in our Annual Information Form, which filings can be found at www.sedar.com. Given these assumptions, risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.  Unless otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise. 

3. Delivering Mission Critical Fibre Optic Services Axia owns, operates and sells services over fibre optic networks • Lit (wavelengths, Ethernet, IP) and dark fibre services account for over 90% of revenue Focus on non-metro communities in Alberta and France • Over 75% of revenue from business / government end users Differentiated business model vs. incumbent telco/cableco • Focus on fibre transport and local access gives customer choice of web services • Leverage government grants to reduce initial capital cost of network build • Support public policy, deliver infrastructure to under-served regions Proven, repeatable growth strategy • Win market share and connect new customers to the network • Bring new services to market to meet customer needs • Selective expansion of network footprint to increase addressable market

4. Well Positioned For Growth Why customers switch to our services – compelling value

5. Company Snapshot 1. Excludes 5m shares held by Bell Canada

6. Alberta Fibre Infrastructure Province-wide network • Operational since 2005 • 13,000km of fibre • Connects to all 429 communities in the province $400m Infrastructure replacement cost • Combination of Axia capital (~$60m by year end) and government investment 130 employees • Fixed cost structure, network build subcontracted Direct and wholesale model • Over 90 service providers

7. France Fibre Infrastructure Axia led formation of Covage in 2006 • Axia 50% shareholder • Cube Infrastructure Fund other 50% shareholder 19 community networks • 6,000km of fibre • Long-term concessions or service contracts National fibre backbone • 3,400km of fibre • Proprietary network with unlimited capacity Over €300m of capital deployed to date • Combination of shareholder capital and government grants 130 employees • Fixed cost structure, network build subcontracted Wholesale only • Over 150 service providers

8. Q2/2014 Business Unit Trends Q2/14 customer connections grew 12% YoY to 10,166 from 9,041 Steadily increasing market penetration Low churn Customer Connections

9. Q2/2014 Business Unit Trends Recurring Revenue Q2/14 recurring revenue grew 21% YoY to $28.5m from $23.5m Total Revenue Approximately 90% of revenue is recurring Total revenue grew 21% YoY in Q2/14 In 2013 Axia adopted IFRS 11 which changed reporting for Covage from proportionate consolidation to equity accounting. To aid in the analysis of the business, Axiaprovides a business unit summary which equals 100% of North America, Covage and Corporate costs. Axia is a 50% shareholder of Covage.

10. Q2/2014 Business Unit Trends EBITDA Q2/14 EBITDA of $7.6m was unchanged YoY Q2/14 includes $1.2m of one-time growth-related expenses in Alberta Excluding the Alberta growth investment EBITDA grew 16% YoY

11. Selectively expand network footprint in Alberta and France • Return surplus cash to shareholders • Continue to gain market share in Alberta and France Balanced Plan To Increase Shareholder Value

12. Alberta Growth Investments – CiG and FTTP Community Interconnect Grid (CiG) Fibre To The Premise (FTTP)

13. France Growth Plans – Existing Footprint Goal is to double existing market penetration over next 5 years • Trailing 12 month service revenue $60m and EBITDA $20m • Incremental revenue is highly EBITDA accretive • Operations can scale without significant increase in headcount Free cash flow generation accelerates • Without growth investment, majority of capex is success-based, required to connect new customers to the network • H1/14 EBITDA of $11.1m vs. success-based capex of $8.0m

14. France Growth Plans – Current Bid Activity High-Broadband Plan Summary • Somme • 200,000 homes and enterprises • 15-year operating contract • Manche • 150,000 homes • 20-year operating contract Federal government ten-year plan to provide high-broadband infrastructure to 100% of homes and businesses by 2022 Combination of public and private funding Axia maximum capital commitment to Covage of $20 - $30m over the next 4 years • Aisne • 150,000 homes • 22-year operating contract • Bretagne • 1.2million homes • 17-year operating contract • Seine-et-Marne • 300,000 homes • 25-year concession and operating contract • Extension of existing Covage concession • Yvelines • 100,000 homes and enterprises • 10-year operating contract • Haute-Savoie • 120,000 homes and enterprises • 15-year operating contract • Lyon Metropole • 2nd largest French metropolitan area • 30,000 enterprises and 25,000+ homes • 25-year concession

15. Investment Summary Differentiated provider of mission critical fibre-based communications infrastructure and services Focused growth and investment in two key geographies; • Long track record of profitable operations in Alberta • Select investments to open up large FTTP opportunity in private sector market • French business has reached operational inflection point • Further penetrate market within existing network footprint • Pipeline of attractive potential new bids Prudent return of cash to shareholders Funding growth investments with strong balance sheet