Investor Presentation

elliot noss | president + ceo

August 2019 1 This presentation may contain forward-looking statements, relating to the Company’s operations or to the environment in which it operates, which are based on Tucows Inc.’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate or differ materially from actual future events or results. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, investors should not place undue reliance on these forward-looking statements, which are based on Tucows Inc.’s current expectations, estimates, projections, beliefs and assumptions. These forward-looking statements speak only as of the date of this presentation and are based upon the information available to Tucows Inc. at this time. Tucows Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2 Consistent reliable Cash flow generation + Growth

3 17 17 consecutive years consecutive years of revenue growth of positive cash flow from operations

18 18.9% years annual ROI as a public company since going public

4 Our business

5 Strong cash flowing Next phase businesses: of outsized growth:

6 : domain services

7 The Backbone of the Internet

Second largest domain name ~25 million registrar in the world Domains under management

Renewal rates well above ~1.5 million industry average Domain transactions every month

8 Wholesale Channel

World’s largest wholesale domain name registrar >37,000 Leading wholesale platforms for selling and reseller customers integrating domain names

Footprint in majority of the developing world >150 countries

9 Based on simple premise:

“What people are forced to put up with from mobile service providers just doesn’t make sense.

It’s too complicated, too opaque, too adversarial, too expensive and frankly too inhuman.

We’re changing that.”

10 So far, well received:

Consumer Reports: highest overall satisfaction rating in active subscribers the history of the survey

Net promoter scores Costco 78 Apple 76 Nordstrom 75 active accounts Ting Mobile 73 Amazon 69 Southwest Airlines 66 Mobile phone providers 16

11 Key Metrics ~157,300 280,300 1 1 accounts subscribers ~$23 60% average subscriber’s bill gross margin

2.95% <$100 2 churn customer acquisition costs

1. At Jun 30/19. 2. Average for TTM ended Jun 30/19. Inclusive of acquired customer bases. 12 Outsized Growth Opportunity

There are hundreds of millions of wireless customers who want and deserve a better mobile service 280,300 experience

Based on company filings 13 “There is every reason to believe that innovation will continue, that bandwidth needs will keep on growing – and that only Leveraging the fiber-to-the-home networks with Ting brand and gigabit/second speed with fiber’s superior reliability and plentiful operational base upstream capacity, will be able to for the fixed Internet keep delivering the necessary access market bandwidth.”

- Broadband Communities, 2013

14 Providing gigabit speeds over fiber-to-the-premise networks

50x 1000x Faster than avg Faster than avg US download speed US upload speed

15 Ting Internet Build Scorecard

16 Cost to build per serviceable Annual gross margin address 1 $1,000 - $1,500 $1,000

Monthly price2: Expected take rate: home $89 year 1 20% business $139 year 5 50%

1. Cost of installation varies but is less than $200/home or $400/business. 2. Ting Internet Box costs $200 upfront or $9/mo. 5/5 Mbps service is $19/mo + startup costs.

17 Financial review

1 revenue (US$ millions) adj. ebitda (US$ millions)

1. Adjusted EBITDA excludes depreciation, amortization of intangible assets, income tax provision, interest expense, interest income, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions and infrequently occurring items, including acquisition and transition costs. (Prior to 2013 Adjusted EBITDA included net deferred revenue and did not included foreign currency transactions or acquisition and transition costs) 2. Adjusted EBITDA for 2017 reflects the impact of the purchase price accounting adjustment related to the fair value write down of deferred revenue from the Enom acquisition which lowered Adjusted EBITDA by $7.8 million. 18 Market Data Key Financial Metrics

Listings: NASDAQ:TCX TSX: TC Cash1: US$12.0m

Price (NASDAQ): US$46.21 Debt1: US$99.9m

Shares out: ~10.8m

Market cap: ~US$499m

Note: Market data as of Aug 6/19. 1. At Jun 30/19. 19 Investment Summary

Consistency and reliability through high volume, low-cost subscription services

Dominant position in the global wholesale domain name market

Potential for continued outsized growth opportunity in Ting mobile

Opportunity for next phase of outsized long-term growth as a first mover in the fiber-to-the home industry

Committed to returning capital to shareholders portfolio of domain names with no ascribed value

20 thank you

elliot noss | [email protected] tucows.com/investors 21