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|    |                                                                  | Page reference / incorporatedby reference from |
|---------|-----------------------------------------------------------------------|------------------------------------------------|
|    |                                                                  | Annual InformationForm                         | 2009MD&A |
| Item 1  |  - Cover Page                                                    | p. 1                                           |   |
| Item 2  |  - Index                                                         | p. 2                                           |   |
| Item 3  |  - Corporate Structure                                           |                                           |   |
| 3.1     |  - Name and Incorporation                                        | p. 3                                           |   |
| 3.2     |  - Intercorporate Relationships                                  | pgs. 3-6                                       |   |
| Item 4  |  - General Development of the Business                           |                                           |   |
| 4.1     |  - Three Year History                                            | pgs. 6-10                                      |   |
| 4.2     |  - Significant Acquisitions                                      | p. 10                                          |   |
| Item 5  |  - Narrative Description of the Business                         |                                           |   |
| 5.1     |  - General - Business Overview                                   | pgs. 10-11                                     | p. 2 |
|    |  - Rogers Wireless                                               |                                           | pgs. 7-13 |
|    |  - Rogers Cable                                                  |                                           | pgs. 14-23 |
|    |  - Rogers Media                                                  |                                           | pgs. 23-25 |
|    |  - Employees                                                     |                                           | p. 28 |
|    |  - Properties, Trademarks, Environmental and Other Matters       | pgs. 10-11                                     |   |
| 5.2     |  - Risk Factors                                                  | p. 11                                          |   |
| Item 6  |  - Dividends                                                     |                                           |   |
| 6.1     |  - Dividends                                                     | p. 11                                          |   |
| Item 7  |  - Description of Capital Structure                              |                                           |   |
| 7.1     |  - General Description of Capital Structure                      | p. 11                                          |   |
| 7.2     |  - Constraints                                                   | pgs. 11-12                                     |   |
| 7.3     |  - Ratings                                                       | pgs. 12-13                                     |   |
| Item 8  |  - Market for Securities                                         |                                           |   |
| 8.1     |  - Trading Price and Volume                                      | p. 14                                          |   |
| 8.2     |  - Prior Sales                                                   | p. 14                                          |   |
| Item 9  |  - Escrowed Securities                                           | p. 14                                          |   |
| Item 10 |  - Directors and Officers                                        | pgs. 14-19                                     |   |
| Item 11 |  - Promoters                                                     | p. 21                                          |   |
| Item 12 |  - Legal Proceedings and Regulatory Actions                      | p. 21                                          |   |
| 12.1    |  - Legal Proceedings                                             | p. 21                                          |   |
| 12.2    |  - Regulatory Actions                                            | p. 21                                          |   |
| Item 13 |  - Interest of Management and Others in Material Transactions    | p. 21                                          |   |
| Item 14 |  - Transfer Agents and Registrars                                | p. 21                                          |   |
| Item 15 |  - Material Contracts                                            | p. 21                                          |   |
| Item 16 |  - Interests of Experts                                          |                                           |   |
| 16.1    |  - Name of Experts                                               | p. 21                                          |   |
| 16.2    |  - Interests of Experts                                          | p. 21                                          |   |
| Item 17 |  - Audit Committee                                               |                                           |   |
| 17.1    |  - Audit Committee Mandate                                       | pgs. 21-25                                     |   |
| 17.2    |  - Composition of the Audit Committee                            | p. 26                                          |   |
| 17.3    |  - Relevant Education and Experience                             | p. 26                                          |   |
| 17.4    |  - Reliance on Certain Exemptions                                | p. 26                                          |   |
| 17.5    |  - Reliance on the Exemption in Subsection 3.3(2) or Section 3.6 | p. 26                                          |   |
| 17.6    |  - Reliance on Section 3.8                                       | p. 26                                          |   |
| 17.7    |  - Audit Committee Oversight                                     | p. 26                                          |   |
| 17.8    |  - Pre-Approval Policies and Procedures                          | p. 27                                          |   |
| 17.9    |  - External Auditor Service Fee                                  | p. 27                                          |   |
| Item 18 |  - Additional Information                                        |                                           |   |
| 18.1    |  - Additional Information                                        | p. 28                                          |   |

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|   | • | “Wireless”, which refers to our wireless communications operations, including Rogers Wireless Partnership (“RWP”) and Fido Solutions Inc. (“Fido”); |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | “Cable”, which refers to our cable communications operations, including Rogers Cable Communications Inc. (“RCCI”) and its subsidiary, Rogers Cable Partnership; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | “Media”, which refers to our wholly-owned subsidiary Rogers Media Inc. and its subsidiaries, including Rogers Broadcasting, which owns a group of 54 radio stations, the Citytv television network, the Rogers Sportsnet television network, The Shopping Channel, the OMNI television stations, and Canadian specialty channels including The Biography Channel Canada, G4TechTV and Outdoor Life Network; RogersPublishing, which publishes approximately 70 magazines and trade journals; and Rogers Sports Entertainment, which owns the Toronto Blue Jays Major League Baseball Club (“Blue Jays”) and Rogers Centre. Media also holds ownership interests in entities involved in specialty television content, television production and broadcast sales. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (1) | Unless otherwise noted ownership is 100% with the exception that (i) 101,064,777 partnership units of RWP are held by RCI and 1 partnership unit is held by each of Fido and RCCI; (ii) Fido holds 2,657,000 First Preferred shares of RCCI and 1,000,000 Series XXXIV Preferred shares of RCI; (iii) 1 million Series XXXV Preferred shares of RCI are held by 0862081 BC Ltd., a wholly owned subsidiary of RCI; and (iv)1 partnership unit of Rogers Cable Partnership is held by RCI and 100,000,001 units are held by RCCI. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Rogers Broadcasting Limited holds 100% of Rogers Sportsnet Inc. directly and indirectly through its subsidiary Rogers Sports Group Inc. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Blue Jays Holdco Inc., through its subsidiaries, holds a 100% interest in the Blue Jays and Rogers Centre. |
|-----|------------------------------------------------------------------------------------------------------------|

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| • | Wireless is Canada’s largest wireless voice and data communications service provider serving approximately 8.5 million retail voice and data customers as at December 31, 2009. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Wireless operates a Global System for Mobile Communications and General Packet Radio Service (“GSM/GPRS”) network, with Enhanced Data for GSM Evolution (“EDGE”) technology and the next generation High Speed Packet Access (“HSPA”) network. Wireless’ GSM network provides coverage to approximately 95% of Canada’s population. Wireless has also deployed a next generationwireless data technology called UMTS/HSPA (“Universal Mobile Telephone System/High-Speed Packet Access”) across the major markets in Canada representing 84.3% of the population and has UMTS/HSPA roaming in 93 international destinations as well as access to these services across the U.S. through roaming agreements with various wireless operators. In 2009, Wireless announced the commercial availability of Rogers' next generation high-speed HSPA+ network to approximately 85% of Canadians across majorCanadian cities, with maximum speeds of up to 21 Mbps. |
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| • | Wireless markets its products and services under both the Rogers Wireless and Fido brands through an extensive nationwide distribution network of over 3,600 dealer and retail locations across Canada (excluding approximately 448 Rogers Retail locations, which is a segment of Cable), selling subscriptions to service plans, handsets and prepaid air time and thousands of additional locations selling prepaid cards.Wireless’ nationwide distribution network includes: an independent dealer network; Rogers Wireless and Fido stores which are managed by Rogers Retail, a division of RCCI; major retail chains; and convenience stores. Wireless also offers many of its products and services through telemarketing and on the Rogers.com and Fido.ca e-business websites. The information contained in or connected to our websites is not a part of and not incorporated into this AIF. As competition intensifies in the Canadian wirelessindustry, distribution challenges could arise as more carriers attempt to market their products and services through existing channels. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable is one of Canada’s largest providers of cable television, cable telephony and high-speed Internet access, and is also a facilities-based telecommunications alternative to the traditional telephone companies. |
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| • | Cable owns and operates cable systems in Ontario, New Brunswick and Newfoundland and Labrador serving approximately 2.3 million television subscribers as at December 31, 2009. |
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| • | Cable provides: advanced digital cable service to approximately 1.7 million households; residential High-speed Internet service to approximately 1.6 million residential subscribers; residential cable telephony services to approximately 937,000 subscribers in Ontario, New Brunswick and Newfoundland and Labrador; and residential circuit-switched telephonyservices to approximately 124,000 subscribers across Canada. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Rogers Retail segment operates a retail distribution chain with 448 stores at December 31, 2009, many of which provide customers with the ability to purchase any of Rogers’ primary services (cable television, Internet, cable telephony and wireless), to pay their Rogers bills, and to pick up or return Rogers digital and Internet equipment. The segment also offers digital video disc (“DVD”)and video game sales and rentals through Canada’s second largest chain of video rental stores. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable offers local and long-distance telephone, enhanced voice and data services, and IP access to medium and large Canadian businesses and governments, as well as making some of these offerings available on a wholesale basis to other telecommunications providers. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Rogers Publishing publishes more than 70 consumer magazines and trade and professional publications and directories in Canada. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------|

| • | Media’s broadcasting group (“Broadcasting”) comprises 54 radio stations across Canada; multicultural OMNI broadcast television stations; the five station Citytv broadcast television network; specialty sports television services including regional sports service Rogers Sportsnet and Setanta Sports Canada; other specialty services including Outdoor Life Network, The Biography Channel Canadaand G4TechTV Canada; and Canada’s only nationally televised shopping service (“The Shopping Channel”). Media also holds 50% ownership in Dome Productions, a mobile production and distribution joint venture that is a leader in HDTV production in Canada. |
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| • | In addition to Media’s traditional broadcast and print media platforms, it also delivers content and conducts e-commerce over the Internet relating to many of its properties. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Rogers Sports Entertainment owns the Toronto Blue Jays Baseball Club (“Blue Jays”) and Rogers Centre sports and entertainment venue. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| • | In February 2010 we announced an increase in the annual dividend from $1.16 to $1.28 per Class A Voting and Class B Non-Voting share. The new annual dividend of $1.28 per share will be paid in quarterly amounts of $0.32 per each outstanding Class A Voting and Class B Non-Voting share. We also announced that the Toronto Stock Exchange (the “TSX”) approved the renewal of the Company’snormal course issuer bid (“NCIB”) program for the repurchase of up to the lesser of 43.6 million Class B Non-Voting shares, representing approximately 9.08% of Class B Non-Voting shares outstanding at February 11, 2010, and that number of Class B Non-Voting shares that can be repurchased under the NCIB for an aggregate purchase price of $1.5 billion during the next twelve months. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | On January 29, 2010, Cable acquired 100% of the outstanding common shares of Blink Communications Inc. (“Blink”), a wholly owned subsidiary of Oakville Hydro Corporation. Blink is a data focused telecom provider that delivers next generation and leading edge service, through its end-to-end owned network, to small and medium sized businesses, including municipalities, universities, schools and hospitals,in the Oakville and Mississauga, Ontario areas. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | On December 1, 2009, we increased our ownership position in Cogeco Cable Inc. and Cogeco Inc. with the acquisition of 3.2 million subordinate voting shares of Cogeco Cable Inc. and 1.6 million subordinate voting shares of Cogeco Inc. These purchases were made for investment purposes and increase Rogers’ ownership of Cogeco Cable Inc. to approximately 20% and of Cogeco Inc. to approximately 30%. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | At December 31, 2009, there were no advances outstanding under our $2.4 billion bank credit facility that matures in July 2013 and the full amount is available to be drawn, excluding letters of credit of $47 million. This liquidity position is also enhanced by the fact that our earliest scheduled debt maturity is in May 2011. This financial position provides us with substantial liquidity and flexibility. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | In December 2009, we redeemed the entire outstanding principal amount of our U.S. $400 million 8.00% Senior Subordinated Notes due 2012 at the prescribed redemption price of 102%. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | In March 2009 we announced the appointment of Nadir Mohamed as President and Chief Executive Officer. This appointment followed an extensive search carried out by our Board of Directors following the December 2008 passing of our founder and Chief Executive Officer, Ted Rogers. A communications industry veteran with more than 25 years of experience, Nadir Mohamed was previously President and Chief OperatingOfficer of our Communications Group division, which included our Wireless and Cable businesses. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | In February 2009 RCI renewed its prior NCIB, which was accepted by the TSX on February 18, 2009, for repurchases of its Class B Non-Voting shares through the facilities of the TSX for a further one-year period. The initial maximum number of Class B Non-Voting shares which the Company could purchase pursuant to the NCIB was the lesser of 15 million, representing approximately 2.9% of the number of Class B Non-Votingshares outstanding at December 31, 2008, and that number of Class B Non-Voting shares that could be purchased under the NCIB for an aggregate purchase price of $300 million. In May 2009 we announced an amendment to increase our Class B Non-Voting share buyback program authorization from $300 million to the lesser of $1.5 billion or 48 million Class B Non-Voting shares during the twelve month period commencing February 20, 2009 and ending February 19, 2010 under which we purchased for cancellation 43.8 millionoutstanding Class B Non-Voting shares during 2009 for $1.3 billion. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | In February 2009 we announced an increase in the annual dividend from $1.00 to $1.16 per Class A Voting and Class B Non-Voting share. The new annual dividend of $1.16 per share will be paid in quarterly amounts of $0.29 per each outstanding Class A Voting and Class B Non-Voting share. We paid $704 million in dividends to shareholders during the year. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | We issued $2.0 billion aggregate principal amount of investment grade debt offerings during the year, consisting of $1.0 billion of 5.80% Senior Notes due 2016 (the “2016 Notes”), $500 million of 5.38% Senior Notes due 2019 (the “2019 Notes”) and $500 million of 6.68% Senior Notes due 2039 (the “2039 Notes”). Amongst other things, proceeds of the latter offerings were usedto redeem our U.S. $400 million 8.00% Senior Subordinated Notes and to repay bank debt. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | In September 2009 we combined our Cable and Wireless operations into a single Communications Services organization to assist in creating one consistent end-to-end customer experience through the integrated management of every customer touch point. In addition, to create a more streamlined Rogers, we have further combined the strengths of Cable and Wireless by integrating the Cable and Wireless engineeringteams to leverage the breadth of our network expertise to deploy Canada’s leading networks. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Wireless network revenue increased by 7% to $6,245 million in 2009 from $5,843 million in 2008. |
|---------|-------------------------------------------------------------------------------------------------|

| • | Strong wireless subscriber growth continued in 2009, with net additions of 552,000, of which approximately 95% were postpaid subscribers. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------|

| • | Wireless postpaid subscriber monthly churn was 1.06% in 2009, compared to 1.10% in 2008. |
|---------|------------------------------------------------------------------------------------------|

| • | Wireless postpaid monthly average revenue per user (“ARPU”) decreased 2.0% from 2008 to $73.93, reflecting the impact of competitive intensity and declines in roaming and out-of-plan usage revenues as customers reduce travel and adjust their wireless usage during the economic recession, which offset the significant growth in wireless data revenue. |
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| • | Revenues from wireless data services grew approximately 44% year-over-year to $1,366 million in 2009 from $946 million in 2008, and represented approximately 22% of network revenue compared to 16% in 2008. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Wireless launched the next generation Apple iPhone 3GS in Canada which offers speeds up to two times faster than the previous iPhone 3G with download speeds of up to 7.2 Mbps. Wireless also launched the first two Android operating system powered smartphones in Canada featuring built-in integration with many of Google's leading mobile services including the Android Market, which features thousands of downloadablemobile applications. |
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| • | Grew cable telephony lines by 97,000, high-speed Internet subscribers by 48,000, and digital cable households by 114,000, while television subscribers declined by 24,000 in the year. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable’s Internet subscriber base continued to grow during the year and penetration is approximately 45% of the homes passed by our cable networks and 71% of our television customer base. In addition, digital penetration now represents approximately 72% of television households. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | HDTV digital cable subscribers increased 26% from December 31, 2008 to December 31, 2009, to 715,000. |
|---------|-------------------------------------------------------------------------------------------------------|

| • | Independent research firm comScore Inc. found Rogers Hi-Speed Internet to have the fastest and most reliable Internet access speeds for Ontario customers. The results, which were based on over 300,000 network speed tests conducted over a three month period in mid-2009, showed that the Rogers Hi-Speed Internet product delivers the faster and more reliable Internet speeds when compared to Cable’s primaryDSL competitor. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | Cable launched DOCSIS 3.0 high-speed Internet service, including two new 25 Mbps and 50 Mbps tiers, the fastest residential Internet access service available in our Cable territory. As part of the DOCSIS 3.0 launch, Rogers introduced the first DOCSIS 3.0 wireless “N” cable gateway in North America. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable began the launch of its new 50 Mbps DOCSIS 3 high-speed Internet service, the fastest residential Internet access service currently available in the market. |
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| • | Cable furthered its lead as Canada’s premium video entertainment provider with the addition of 34 high-definition channels during 2009 to its already robust content lineup, bringing Cable’s offering to more than 100 fully dedicated HD channels and over 470 HD Movies, specials and TV shows On Demand. Rogers Cable customers can now receive four times more HD content choices than are available throughCanadian satellite TV offerings. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable launched TV Call Display, a new product enhancement to its Rogers Home Phone and Rogers Digital TV service whereby incoming calls are displayed and managed on customers’ TV screens, including the option for customers to send calls directly to their Rogers voicemail with their TV remote control. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable introduced the Rogers On Demand Online portal, Canada’s most comprehensive online destination for primetime and specialty TV programming, movies, sports and web-only extras. By expanding the TV experience to the Internet, Rogers’ Cable, Internet and Wireless customers can now enjoy their TV anywhere, anytime with a vast and rapidly expanding library of top programming wherever they have anInternet connection in Canada. |
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| • | We closed US$1.75 billion investment grade debt offerings on August 6, 2008, consisting of US$1.4 billion of 6.8% Senior Notes due 2018, and US$350 million 7.5% Senior Notes due 2038. Proceeds of the offerings were used in part to fund the $1.0 billion purchase of 20 MHz of spectrum in the Advanced Wireless Services (“AWS”) auction. |
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| • | We purchased for cancellation 4,077,400 outstanding Class B Non-Voting shares during the year for $136.7 million under Board approval to repurchase up to $300 million of outstanding shares. |
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| • | In January 2008, we announced an increase in the annual dividend from $0.50 to $1.00 per Class A Voting and Class B Non-Voting share. |
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| • | Network revenue increased by 13% to $5,843 million in 2008 from $5,154 million in 2007. |
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| • | Strong wireless subscriber growth continued in 2008, with net postpaid additions of 537,000 and net prepaid additions of 67,000. |
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| • | Wireless postpaid subscriber monthly churn was 1.10%, compared to 1.15% in 2007. |
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| • | Wireless postpaid monthly average revenue per user ARPU increased 4% from 2007 to $75.27, aided by strong increases in wireless data revenue. |
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| • | Revenues from wireless data services grew approximately 39% year-over-year to $946 million in 2008 from $683 million in 2007, and represented approximately 16% of network revenue, compared to 13% in 2007. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Wireless launched the Apple iPhone 3G in Canada on July 11, 2008 and activated approximately 385,000 of the devices during the second half of the year. Approximately 35% of these activations were to subscribers new to Wireless with the other 65% being to existing Rogers Wireless subscribers who upgraded to the iPhone and committed to new three year term contracts. The vast majority of iPhone subscribers haveattached both voice and monthly data packages and are generating monthly ARPU considerably above the monthly ARPU generated from Wireless’ overall subscriber base. The initial sales volumes of this device drove significantly higher acquisition and retention costs at Wireless. |
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| • | Canada’s AWS spectrum auction ended on July 21, 2008 following 39 days and 331 rounds of bidding with bids totalling $4.25 billion. Wireless was the only carrier to successfully acquire 20 MHz of AWS spectrum across all 13 provinces and territories with winning bids that totalled approximately $1.0 billion, or approximately $1.67/MHz/POP, where POP refers to person of population. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | Wireless announced the launch of its Fido UNO and Rogers Home Calling Zone plans that allow customers to make unlimited calls within their home using their wireless phone via a home WiFi broadband connection. This converged service utilizes technology known as Unlicensed Mobile Access (“UMA”) and provides our customers with the convenience of having one phone, one number, one address book and onevoicemail which they can use inside and outside of their home. |
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| • | Availability of the Rogers Portable Internet service was expanded to now include more than 150 urban and rural communities across Canada. With this most recent expansion, the Inukshuk joint venture’s network has become the second largest broadband fixed wireless network in the world. |
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| • | Through organic growth and acquisitions, Cable subscriptions increased cable telephony lines by 184,000, high-speed residential Internet subscribers by 117,000, digital cable households by 197,000 and television subscribers by 25,000 in the year. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | HDTV digital cable subscribers were up 37% from December 31, 2007 to December 31, 2008, to 568,000, while the number of purchases of Rogers on Demand products increased by approximately 15% year-over-year. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Independent research firm comScore Inc. found Rogers Hi-Speed Internet to be the fastest and most reliable Internet access service for residential customers in the Greater Toronto Area. The results, which were based on over 120,000 network speed tests conducted over a four month period in 2008, showed that the Rogers Hi-Speed Internet product delivers faster speeds across all service tiers when compared toCable’s primary DSL competitor. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | On June 12, 2008, we acquired 100% of the outstanding shares of Aurora Cable. Aurora Cable passes approximately 26,000 homes and provides cable television, Internet and telephony services in the Town of Aurora and the community of Oak Ridges, in Richmond Hill, Ontario. |
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| • | On April 30, 2008, we acquired the assets of Vancouver multicultural television station channel m, from Multivan Broadcast Corporation, for cash consideration of $61 million. The acquisition was accounted for using the purchase method with the results of operations consolidated with ours effective April 30, 2008. |
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| • | On July 31, 2008, we acquired the remaining two-thirds of the shares of Outdoor Life Network (“OLN”) that we did not already own, for cash consideration of $39 million. The acquisition was accounted for using the purchase method with the results of operations consolidated with ours effective July 31, 2008. |
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| • | Cable invested in switched digital video technology to allow for expansion of our available channel lineup and HDTV choices. |
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| • | In December 2008 Rogers’ founder, President and Chief Executive Officer, Ted Rogers passed away. Under his estate arrangements, voting control of RCI and its subsidiaries passed to the Rogers Control Trust, a trust of which the trust company subsidiary of a Canadian chartered bank is trustee and members of the family of the late Mr. Rogers are beneficiaries. See “Outstanding Shares and Main Shareholder”in RCI’s Information Circular. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | We completed the amalgamation of RCI with its wholly owned Cable and Wireless holding company subsidiaries, with RCI assuming all the rights and obligations under the outstanding Cable and Wireless public debt indentures and cross-currency interest rate exchange agreements. As part of the amalgamation process, RCI entered into a new unsecured $2.4 billion bank credit facility and the credit facilities of theseholding companies and Rogers Media Inc. were terminated. This amalgamation was effected principally to simplify our corporate structure to enable the streamlining of reporting and compliance obligations. |
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| • | We achieved investment grade credit status following the upgrade of our corporate debt ratings by credit rating agencies Fitch, Moody’s and Standard & Poor’s. |
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| • | We introduced a cash settlement feature for outstanding employee stock options to tax efficiently deploy cash to mitigate dilution that would otherwise occur upon the exercise of such options. The introduction of this cash settlement feature in the second quarter resulted in a one-time non-cash charge for accounting purposes of $452 million partially offset by a related future income tax benefit of $160 million. |
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| • | We redeemed Wireless’ US$550 million principal amount of Floating Rate Senior Notes due 2010 at the stipulated redemption price of 102.00% and its US$155 million principal amount of 9.75% Senior Debentures due 2016 at a redemption price of 128.42%. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | We repaid at maturity Cable’s $450 million aggregate principal amount of 7.60% Senior Secured Notes. |
|---------|------------------------------------------------------------------------------------------------------------|

| • | We announced an increase in the annual dividend from $0.16 to $0.50 per Class A Voting and Class B Non-Voting share. In addition, subsequent to the year-end, we announced a further increase in the annual dividend from $0.50 to $1.00 per Class A Voting and Class B Non-Voting share. This reflects our Board of Directors’ continued confidence in the strategies that we have employed to positionourself as a growing and increasingly profitable communications company, while concurrently recognizing the importance of returning meaningful portions of the growing cash flows being generated by the business to shareholders. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Wireless launched the Rogers Vision suite of services on Wireless’ new HSPA 3G wireless network, the fastest wireless network in Canada, including the first wireless video calling service in North America. This powerful 3G technology significantly improves data download speeds on wireless devices, providing a user experience similar to broadband high-speed wireline services. |
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| • | Wireless decommissioned its TDMA and analog wireless networks effective May 31, 2007 and moved the remaining customers on these networks onto its more advanced GSM network. |
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| • | The Fido wireless brand was recognized by J.D. Power and Associates as being the number one rated Canadian wireless carrier for postpaid wireless service customer satisfaction. This independently conducted research determined that Fido outranked all six of the other Canadian wireless brands in terms of customer perceptions of billing, call quality, cost of service, customer service and service plan options.  Fidoalso earned the top score in the wireless retailer category. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Cable entered into a renegotiated agreement with Yahoo! Inc. (“Yahoo!”) that will eliminate monthly per subscriber fees and see both companies work jointly on advertising revenue opportunities leveraging Rogers’ high-speed Internet access portal and subscriber base. In connection with this new agreement, Cable made a one-time payment to Yahoo! in the fourth quarter of 2007 of $52 million,and Cable’s cost of providing its Internet service will be reduced by approximately $25 million per year over the four year term of the new agreement. Rogers’ branding of its Internet service is being transitioned to “Rogers Hi-Speed Internet”, while the on-line portal will continue to be branded as “Rogers Yahoo!”. |
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| • | Cable expanded the availability of its residential telephony service to approximately 95% of homes passed by its cable networks. |
|---------|----------------------------------------------------------------------------------------------------------------------------------|

| • | Media acquired the Citytv network of five television stations in Canada from CTVglobemedia Inc. for cash consideration of $405 million including acquisition costs. The acquisition was accounted for using the purchase method, with the results of operations consolidated with ours effective October 31, 2007. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Overview - Our Business         | p. 2       |
|---------------------------------|------------|
| Seasonality                     | p. 59      |
| Operating Unit Review:          |       |
| Wireless:                       |       |
| Wireless Business               | p. 7       |
| Wireless Products and Services  | p. 7       |
| Wireless Distribution           | p. 7       |
| Wireless Networks               | pgs. 7-8   |
| Wireless Strategy               | p. 8       |
| Wireless Competition            | pgs. 40-41 |
| Recent Wireless Industry Trends | pgs. 8-9   |
| Cable:                          |       |
| Cable Business                  | p. 14      |
| Cable Products and Services     | p. 14      |
| Cable Distribution              | pgs. 14-15 |
| Cable Networks                  | pgs. 15-16 |
| Cable Strategy                  | p. 16      |
| Cable Competition               | p. 41      |
| Recent Cable Industry Trends    | p. 16      |
| Media:                          |       |
| Media Business                  | p. 23      |
| Media Strategy                  | p. 23      |
| Media Competition               | pgs. 41-42 |
| Recent Media Industry Trends    | pgs. 23-24 |
| Related Party Transactions      | p. 57      |

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|   | • | Broadcasting Act (Canada) |
|--------|---------|---------------------------|

|   | • | Telecommunications Act (Canada) |
|--------|---------|---------------------------------|

|   | • | Radiocommunication Act (Canada) |
|--------|---------|---------------------------------|

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|   | • | qualified to hold or obtain any cable television, broadcasting or telecommunications licence or authorized to operate a similar entity under the Laws; and |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | not in breach of the Laws or any licences issued to us or to any of our Canadian subsidiaries, associates or affiliates under the Laws. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------|

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| Date                                                                                                                    | High  | Low         | Close  | Volume               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------|-------------|--------------------------------------------------------------------------------------------|
| 2009/01                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 40.50      | 34.00                                               | 36.49       | 112,440                                                                                    |
| 2009/02                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 38.00      | 30.20                                               | 31.85       | 43,979                                                                                     |
| 2009/03                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 33.30      | 27.72                                               | 31.00       | 39,930                                                                                     |
| 2009/04                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 31.90      | 28.40                                               | 30.81       | 80,848                                                                                     |
| 2009/05                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.77      | 31.03                                               | 33.90       | 40,575                                                                                     |
| 2009/06                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.95      | 30.10                                               | 32.12       | 47,066                                                                                     |
| 2009/07                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 33.51      | 30.15                                               | 32.02       | 29,570                                                                                     |
| 2009/08                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 32.80      | 30.94                                               | 31.90       | 37,216                                                                                     |
| 2009/09                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 33.10      | 30.73                                               | 31.30       | 44,355                                                                                     |
| 2009/10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.00      | 29.09                                               | 32.59       | 103,286                                                                                    |
| 2009/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.92      | 32.25                                               | 32.75       | 61,855                                                                                     |
| 2009/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.50      | 30.70                                               | 33.36       | 73,037                                                                                     |

| Date                                                                                                                    | High  | Low  | Close  | Volume  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------|-------------|--------------|
| 2009/01                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 37.50      | 31.34     | 34.58       | 33,824,408   |
| 2009/02                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 36.25      | 28.47     | 29.92       | 34,312,031   |
| 2009/03                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 31.00      | 25.40     | 29.05       | 51,378,979   |
| 2009/04                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 30.19      | 26.37     | 29.32       | 43,478,091   |
| 2009/05                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 33.18      | 29.30     | 32.42       | 45,340,945   |
| 2009/06                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 33.15      | 28.87     | 29.90       | 51,933,369   |
| 2009/07                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 31.88      | 28.29     | 29.93       | 35,341,579   |
| 2009/08                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 30.99      | 28.59     | 30.14       | 34,875,378   |
| 2009/09                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 31.33      | 29.46     | 30.23       | 44,568,991   |
| 2009/10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 33.34      | 27.40     | 31.75       | 61,022,260   |
| 2009/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.27      | 31.37     | 31.75       | 43,360,171   |
| 2009/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 34.06      | 29.80     | 32.69       | 55,963,535   |

----

|  Name                                                                             |  Position                                                                                                                                    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| Alan D. Horn (6)(9)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Director and Chairman and member of the Advisory Committee of the Rogers Control Trust                                                                 |
| Philip B. Lind (11)                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Director and member of the Advisory Committee of the Rogers Control Trust and Executive Vice President, Regulatory and Vice Chairman                   |
| Nadir H. Mohamed                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Director and President and Chief Executive Officer                                                                                                     |
| William W. Linton                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Executive Vice President, Finance and Chief Financial Officer                                                                                          |
| Robert W. Bruce                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | President, Communications                                                                                                                              |
| Edward S. Rogers (2)(3)(7)(8)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Director, Deputy Chairman and Executive Vice President, Emerging Businesses and Corporate Development  and Chair of the Rogers Control Trust |
| Anthony P. Viner                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | President, Rogers Media                                                                                                                                |
| Robert F. Berner                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Executive Vice President, Network and Chief Technology Officer                                                                                         |
| Jerry Brace                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Executive Vice-President, Information Technology and Chief Information Officer                                                                         |
| David P. Miller                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Senior Vice President, General Counsel and Secretary                                                                                                   |
| Kevin P. Pennington                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Senior Vice President, Human Resources and Chief Human Resources Officer                                                                               |
| Melinda M. Rogers (3)(6)(7)(8)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Director, Senior Vice President, Strategy and Development and Vice-Chair of the Rogers Control Trust                                                   |
| Ronald D. Besse (1)(5)(6)                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Director                                                                                                                                               |
| C. William D. Birchall (1)(3)(7)                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Director                                                                                                                                               |
| John H. Clappison (1)(6)                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Director                                                                                                                                               |
| Peter C. Godsoe, O.C. (2)(3)(4)(5)(7)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                          | Director and member of the Advisory Committee of the Rogers Control Trust                                                                              |
| Thomas I. Hull (2)(4)(5)(7)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Director and member of the Advisory Committee of the Rogers Control Trust                                                                              |
| Isabelle Marcoux (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Director                                                                                                                                               |
| The Hon. David R. Peterson, P.C., Q.C. (6)                                                                                                                                                                                                                                                                                                                                                                                                                                         | Director                                                                                                                                               |
| Loretta A. Rogers (8)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Director and member of the Advisory Committee of the Rogers Control Trust                                                                              |
| Martha L. Rogers (6)(8)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Director and member of the Advisory Committee of the Rogers Control Trust                                                                              |
| William T. Schleyer (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Director                                                                                                                                               |
| John A. Tory, Q.C. (2)(3)(4)(5)(7)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                             | Director and member of the Advisory Committee of the Rogers Control Trust                                                                              |
| J. Christopher C. Wansbrough (1)(2)(6)(7)                                                                                                                                                                                                                                                                                                                                                                                                                                          | Director                                                                                                                                               |
| Colin D. Watson (1)(10)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Director                                                                                                                                               |

| (1) | Denotes member of Audit Committee. |
|-----|------------------------------------|

| (2) | Denotes member of Executive Committee. |
|-----|----------------------------------------|

| (3) | Denotes member of the Nominating Committee |
|-----|--------------------------------------------|

| (4) | Denotes member of the Corporate Governance Committee. |
|-----|-------------------------------------------------------|

| (5) | Denotes member of the Compensation Committee. |
|-----|-----------------------------------------------|

| (6) | Denotes member of the Pension Committee. |
|-----|------------------------------------------|

| (7) | Denotes member of the Finance Committee. |
|-----|------------------------------------------|

| (8) | Each of Edward S. Rogers, Loretta A. Rogers, Martha L. Rogers and Melinda M. Rogers, are immediate family members of each other and members of the family of the late Ted Rogers. For additional information, please see “Outstanding Shares and Main Shareholders”, in the RCI’s Information Circular. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Mr. Horn was a director of AT&T Canada Inc., as a representative of the Company, when it filed for bankruptcy protection on October 15, 2002. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Mr. Watson was a director of Cygnal Technologies Corporation. On November 14, 2007 Cygnal Technologies obtained an order from the Ontario Superior Court of Justice granting it relief under the Companies’ Creditors Arrangement Act. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (11) | Voting control of RCI is held by the Rogers Control Trust. See the section entitled “2008 Highlights” under Item 4.1 above. Each of the individuals that are noted above as holding positions with the Rogers Control Trust have held such positions since December 2008. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | Independence. Each member shall be independent in accordance with applicable securities laws and based on the Company’s Director Material Relationship Standards and in such regard shall have no direct or indirect material relationship with the Company which could, in the view of the Board, reasonably interfere with the exercise of a member’sindependent judgment. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Financially Literate. Each member shall be financially literate or must become financially literate within a reasonable period of time after his or her appointment to the Audit Committee. For these purposes, an individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth andlevel of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Commitment. In addition to being a member of the Audit Committee and of any audit committee of any affiliate of the Company, if a member of the Audit Committee is also on the audit committee of more than two additional public companies, the Board, or the Nominating Committee, shall determine that such simultaneous service does not impair the ability ofsuch member to serve effectively on the Company’s Audit Committee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | in consultation with the external auditors and the internal auditors, review the integrity of the Company’s financial reporting process, both internal and external, and any material issues as to the adequacy of the internal controls and any special audit steps adopted in light of material control deficiencies identified to it by the external or internal auditors or of which the Audit Committee otherwisebecomes aware; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | review all material transactions and material contracts entered into by the Company (and any subsidiary) with any insider or related party of the Company, other than officer or employee compensation arrangements approved or recommended by the Compensation Committee or director remuneration approved or recommended by the Corporate Governance Committee; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | review and discuss with management and the external auditors the Company’s annual audited consolidated financial statements and its interim unaudited consolidated financial statements, and discuss with the external auditors the matters required to be disclosed by generally accepted auditing standards in Canada and/or the United States, as applicable, as may be modified or supplemented, and for such purpose,receive and review an annual report by the external auditors describing: (i) all critical accounting policies and practices used by the Company, (ii) all material alternative accounting treatments of financial information within generally accepted accounting principles that have been discussed with management of the Company, including the ramifications of the use of such alternative treatments and disclosures and the treatment preferred by the external auditors, and (iii) other material written communicationsbetween the external auditors and management, and discuss such annual report with the external auditors; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | following completion of the annual audit, review with each of management, the external auditors and the internal auditors any significant issues, concerns or difficulties encountered during the course of the audit; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | resolve disagreements between management and the external auditors regarding financial reporting; |
|--------|-----|---------------------------------------------------------------------------------------------------|

|   | (f) | review the interim quarterly and annual financial statements and annual and interim press releases prior to the release of earnings information; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | review and be satisfied that adequate procedures are in place for the review and timely disclosure of any public disclosure of financial information by the Company extracted or derived from the Company’s financial statements, other than the disclosure referred to in (f), and periodically assess the adequacy of those procedures; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | meet separately, periodically, with management, with the internal auditors and with the external auditors. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (a) | require the external auditors to report directly to the Audit Committee; |
|--------|-----|--------------------------------------------------------------------------|

|   | (b) | be directly responsible for the selection, nomination, retention, termination and oversight of the work of the Company’s external auditors engaged for the purpose of preparing or issuing an auditor’s report or performing other audit, review or attest services for the Company, and in such regard recommend to the Board the external auditors to be nominated for approval by the shareholders; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | recommend to the Board the compensation of the external auditors; |
|--------|-----|-------------------------------------------------------------------|

|   | (d) | pre-approve all audit engagements and the provision by the external auditors of all non-audit services, including fees and terms for all audit engagements and non-audit engagements, and in such regard the Audit Committee may establish the types of non-audit services the external auditors shall be prohibited from providing and shall establish the types of audit, audit related and non-audit services for whichthe Audit Committee will retain the external auditors. The Audit Committee may delegate to one or more of its members the authority to pre-approve non-audit services, provided that any such delegated pre-approval shall be exercised in accordance with the types of particular non-audit services authorized by the Audit Committee to be provided by the external auditor and the exercise of such delegated pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting following such pre-approval; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | review and approve the Company’s policies for the hiring of partners and employees and former partners and employees of the external auditors; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | consider, assess and report to the Board with regard to the independence and performance of the external auditors, including an evaluation of the lead partner and consideration of rotation of such lead partner and the audit firm itself; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | request and review a report by the external auditors, to be submitted at least annually, regarding the auditing firm’s relationship with the Company, internal quality-control procedures, any material issues raised by the most recent internal quality-control review, or peer review, of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the precedingfive years, respecting one or more independent audits carried out by the external auditors, and any steps taken to deal with any such issues. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | oversee management’s design and implementation of and reporting on internal controls, receive and review reports from management, the internal auditors and the external auditors with regard to the reliability and effective operation of the Company’s accounting system and internal controls; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | review the activities, organization and qualifications of the internal auditors and discuss with the external auditors the responsibilities, budget and staffing of the internal audit function; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | review with senior management the controls and procedures that have been adopted by the Company to confirm that material information about the Company and its subsidiaries that is required to be disclosed under applicable law or stock exchange rules is disclosed within the required time periods; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (d) | review with senior management the adequacy of the internal controls that have been adopted by the Company to safeguard assets from loss and unauthorized use, to prevent, deter and detect fraud, and to verify the accuracy of the financial records and review any special audit steps adopted in light of material weaknesses or significant deficiencies; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | review disclosures made to it by the Chief Executive Officer and Chief Financial Officer during their certification process for applicable securities law filings about any significant deficiencies and material weaknesses in the design or operation of the Company’s internal control over financial reporting which are reasonably likely to adverselyaffect the Company’s ability to record, process, summarize and report financial information required to be disclosed by the Company in the reports that it files or submits under U.S. federal securities law or applicable Canadian federal and provincial legislation and regulations within the required time periods, and any fraud, whether or not material, involving management or other employees who have a significant role in the Company’s internal control over financial reporting. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | receive and review timely analysis by management of significant issues relating to public disclosure and reporting; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (b) | review, prior to finalization, periodic public disclosure documents containing financial information, including the Management’s Discussion and Analysis and Annual Information Form; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | prepare the report of the Audit Committee required to be included in the Company’s periodic filings; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (d) | review with the Company’s General Counsel legal compliance matters, significant litigation and other legal matters that could have a significant impact on the Company’s financial statements; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | assist the Board in the oversight of compliance with legal and regulatory requirements. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (a) | discuss policies with respect to risk assessment and risk management; |
|--------|-----|-----------------------------------------------------------------------|

|   | (b) | establish procedures and policies for the following: |
|--------|-----|------------------------------------------------------|

|   | (i) | the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | prepare and review with the Board an annual performance evaluation of the Audit Committee; |
|--------|-----|--------------------------------------------------------------------------------------------|

|   | (d) | review earnings guidance provided to analysts and rating agencies; |
|--------|-----|--------------------------------------------------------------------|

|   | (e) | report regularly to the Board, including with regard to matters such as the quality or integrity of the Company’s financial statements, compliance with legal or regulatory requirements, the performance of the internal audit function, and the performance and independence of the external auditors; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | review and reassess the adequacy of the Audit Committee’s mandate on an annual basis. |
|--------|-----|---------------------------------------------------------------------------------------------|

----

|  Mr. Besse (Chair) |   - | former Chairman, President & Chief Executive Officer, Gage Learning Corporation                                                                                     |
|-------------------------|---------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |          |                                                                                                                                                                    |
| Mr. Birchall            |  -       | Chartered Accountant; Director & Vice Chairman of Barrick Gold Corporation; Chairman of Barrick International Banking Corporation                                   |
|                    |          |                                                                                                                                                                    |
| Mr. Clappison           |  -       | Chartered Accountant; former Greater Toronto Area Managing Partner of PricewaterhouseCoopers                                                                            |
|                    |          |                                                                                                                                                                    |
| Mr. Wansbrough          |  -       | Chartered Financial Analyst; former President of National Trust Company                                                                                                 |
|                    |          |                                                                                                                                                                    |
| Mr. Watson              |  -       | former President & Chief Executive Officer of Vector Aerospace Corporation; former Vice Chairman, President & Chief Executive Officer of Spar Aerospace Limited |

----

|   | 1. | Annually management provides the Audit Committee with a list of the audit-related and non-audit services that are anticipated to be provided during the year for pre-approval. The Audit Committee reviews the services with the auditor and management and considers whether the provision of the service is compatible with maintaining the auditor’s independence. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above for engagements if the fees do not exceed (i) $100,000 per engagement or (ii) $500,000 per quarter. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The Audit Committee delegates authority to the Chairman of the Audit Committee to approve requests for services not included in the pre-approved list of services or for services not previously pre-approved by the Audit Committee. Any services approved by the Chairman will be reported to the full Audit Committee at the next meeting. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | A review of all audit and non-audit services and fees rendered to the Company and its subsidiaries by KPMG LLP is reviewed each quarter by the Audit Committee. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  |   | Year ended December 31, |      |
|-----------------------|--------|-------------------------|-----------|
|                  |   | 2009                    |      |   | 2008 |   |
| Audit Fees(1)         |   | $                       | 7,256,109 |   |   | $ | 6,783,318 |   |
| Audit-related Fees(2) |   |                    | 446,625   |   |   |   | 373,872 |   |
| Tax Fees(3)           |   |                    | 1,473,710 |   |   |   | 3,078,698 |   |
| All Other Fees(4)     |   |                    | 572,570   |   |   |   | 1,482,189 |   |
| Total                 |   | $                       | 9,749,014 |   |   | $ | 11,718,077 |   |

| (1) | Consist of fees related to statutory audits, related audit work in connection with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements and accounting consultations related to the audited financial statements. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Consist mainly of advice relating to compliance with Canadian and U.S. rules on internal controls, pension plan audits and other specified procedures engagements. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Consist of fees for tax consultation and compliance services, including indirect taxes. |
|-----|-----------------------------------------------------------------------------------------|

| (4) | Consist mainly of fees for operational advisory and risk management services, consultations relating to adoption of IFRS and French translation of certain filings with regulatory authorities. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----