----

|     |                                                            | Page reference / incorporated |
|----------|-----------------------------------------------------------------|-------------------------------|
|     |                                                            | by reference from             |
|     |                                                            | Annual Information            |   | 2010 |
|     |                                                            | Form                          |   | MD&A |
|     |                                                            |                          |   |   |
| Item 1   | - Cover Page                                                    | p. 1                          |   |   |
| Item 2   | - Index                                                         | p. 2                          |   |   |
| Item 3   | - Corporate Structure                                           |                          |   |   |
| 3.1      | - Name, Address and Incorporation                               | p. 3                          |   |   |
| 3.2      | - Intercorporate Relationships                                  | pgs. 4-6                      |   |   |
| Item 4   | - General Development of the Business                           |                          |   |   |
| 4.1      | - Three Year History                                            | pgs. 6-10                     |   | pgs. 5, 11, 19 |
| 4.2      | - Significant Acquisitions                                      | p. 10                         |   |   |
| Item 5   | - Narrative Description of the Business                         |                          |   |   |
| 5.1      | - General - Business Overview                                   | pgs. 10-11                    |   | p. 3 |
|     | - Wireless Business                                             |                          |   | pgs. 8-14 |
|     | - Cable’s Business                                        |                          |   | pgs. 14-21 |
|     | - Media’s Business                                        |                          |   | pgs. 24-26 |
|     | - Employees                                                     |                          |   | p. 29 |
|     | - Properties, Trademarks, Environmental and Other Matters       | pgs. 10-11                    |   |   |
| 5.2      | - Risk Factors                                                  | p. 11                         |   |           pgs 41-45 |
| 45Item 6 | - Dividends                                                     |                          |   |   |
| 6.1      | - Dividends                                                     | p. 12                         |   |                     pgs 35-36 |
| Item 7   | - Description of Capital Structure                              |                          |   |   |
| 7.1      | - General Description of Capital Structure                      | p. 12                         |   |   |
| 7.2      | - Constraints                                                   | pgs. 12-13                    |   |   |
| 7.3      | - Ratings                                                       | p. 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                         |   |                     pgs 41-44 |
| 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. 22-26                    |   |   |
| 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                                        | pgs. 27-28                    |   |   |

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|   | • | “Wireless”, which refers to our wireless communications operations, carried on by Rogers Communications Partnership (“RCP”), formerly Rogers Wireless Partnership (“RWP”) and Fido Solutions Inc. (“Fido”); |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | “Cable”, which refers to our cable communications operations, carried on by RCP, formerly Rogers Cable Communications Inc. (“RCCI”) and its subsidiary, Rogers Cable Partnership; and |
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|   | • | “Media”, which refers to our wholly-owned subsidiary Rogers Media Inc. and its subsidiaries, including Rogers Broadcasting, Rogers Publishing, and Rogers Sports Entertainment. |
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| (1) | Unless otherwise noted ownership is 100% with the exception that (i) RCI holds an 88% interest in RCP and Fido holds a 12% interest in RCP; (ii) Fido holds 1,000,000 Series XXXIV Preferred shares of RCI. |
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| (2) | Rogers Broadcasting Limited holds 100% of Rogers Sportsnet Inc. directly and indirectly through its subsidiary Rogers Sports Group Inc. |
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| (3) | Blue Jays Holdco Inc., through its subsidiaries, holds a 100% interest in the Toronto Blue Jays Baseball Club (“Blue Jays”) and Rogers Centre. |
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| • | Wireless is the largest Canadian wireless communications service provider, serving approximately 9.0 million retail voice and data subscribers as at December 31, 2010, representing approximately 36% of Canadian wireless subscribers. |
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| • | Wireless operates on the global standards Global System for Mobile communications/High-Speed Packet Access (“GSM/HSPA”) wireless network technology platforms. Its underlying GSM/General Packet Radio Service/Enhanced Data for GSM Evolution (“GSM/GPRS/EDGE”) network provides coverage to approximately 95% of Canada’s population. Overlaying the GSM network is a next generation wireless data technology called Universal Mobile Telephone System/Evolved HSPA (“UMTS/HSPA+”) which covers approximately 88% of the population with wireless data services at speeds of up to 21 Mbps. Wireless customers are able to access their services in most parts of the world through roaming agreements with various other GSM and HSPA wireless network operators. Rogers has one of the largest roaming footprints and number of available destinations for its customers’ wireless usage in the world. With each roaming agreement, Rogers has established a direct relationship with the operator rather than implementing third party services. |
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| • | Wireless offers wireless voice, data and messaging services including related handsets devices and accessories, across Canada. Wireless’ services are generally all available under either postpaid or prepaid payment options. Wireless’ network provides customers with advanced high-speed wireless data services, including mobile access to the Internet, wireless e-mail, digital picture and video transmission, mobile video, music and application downloading, video calling and two-way short messaging service (“SMS” or “text messaging”). |
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| • | Wireless’ nationwide distribution network includes: an independent dealer network; Rogers Wireless, Fido and chatr stores, which are managed by Rogers Retail; major retail chains; and convenience stores. Wireless markets its products and services under the Rogers Wireless, Fido and chatr brands through an extensive nationwide distribution network across Canada of approximately 2,900 dealer and retail third party locations and approximately 400 Rogers Retail locations (which is a segment of Cable). The distribution network sells its service plans and devices, and there are thousands of additional locations selling its prepaid services. Wireless also offers many of its products and services through telemarketing and on the rogers.com, fido.ca, and chatrwireless.com e-business websites. The information contained in or connected to our websites is not a part of and not incorporated into this AIF. |
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| • | Cable is one of Canada’s largest providers of cable television, high-speed Internet access and cable telephony services, and is also a facilities-based telecommunications alternative to the traditional telephone companies. |
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| • | Cable has highly-clustered and technologically advanced broadband cable networks in the provinces of Ontario, New Brunswick and Newfoundland and Labrador. Its Ontario cable systems, which encompass approximately 90% of its 2.3 million television subscribers, are concentrated in and around three principal clusters: (i) the Greater Toronto Area, Canada’s largest metropolitan centre; (ii) Ottawa, the capital city of Canada; and (iii) the Guelph to London corridor in southwestern Ontario. The New Brunswick and Newfoundland and Labrador cable systems in Atlantic Canada comprise the balance of its cable systems and subscribers. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The Cable Operations segment had 2.3 million television subscribers at December 31, 2010, representing approximately 29% of all television subscribers in Canada. At December 31, 2010, it provided digital cable services to approximately 1.7 million of its television subscribers and high-speed Internet service to approximately 1.7 million residential subscribers. It provides local telephone and long-distance services under the Rogers Home Phone brand to residential customers with both voice-over-cable and circuit-switched technologies with over a million subscriber lines at December 31, 2010. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The Rogers Business Solutions (“RBS”) segment of Cable offers local and long-distance telephone, enhanced voice and data networking 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 and within Rogers. At December 31, 2010, there were 146,000 local line equivalents and 42,000 broadband data circuits in service. Cable and RBS are increasingly focusing its business segment sales efforts within its traditional cable television footprint, where it is able to provide and serve customers with voice and data telephony services provided over its own infrastructure. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The Rogers Retail segment operates a retail distribution chain with approximately 400 stores at December 31, 2010, many of which provide customers with the ability to purchase all of Rogers’ primary services (cable television, Internet, cable telephony and wireless), pay their Rogers bills, and pick up or return Rogers digital and Internet equipment. The segment also offers digital video disc (“DVD”) and video game sales and rentals. |
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| • | Media’s broadcasting group (“Broadcasting”) comprises 55 radio stations across Canada; the multicultural OMNI broadcast television stations; the five-station Citytv broadcast television network; specialty sports television services including Rogers Sportsnet, Sportnet ONE and Setanta Sports Canada; other specialty services including Outdoor Life Network, The Biography Channel Canada and G4 Canada; and The Shopping Channel, Canada’s only nationally televised shopping service. Media also holds 50% ownership in Dome Productions, a mobile sports and events production and distribution joint venture that is a leader in high-definition television (“HDTV”) production in Canada. |
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| • | Media’s publishing group (“Publishing”) publishes consumer magazines and trade and professional publications and directories in Canada. |
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| • | Media’s sports entertainment group (“Sports Entertainment”) owns the Blue Jays, a Major League Baseball club, and Rogers Centre sports and entertainment venue. |
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| • | In addition to Media’s more traditional broadcast and print media platforms, it has also invested significantly in infrastructure, people and processes to enhance capabilities in providing digital content, selling advertising on behalf of other digital content providers and conducting e-commerce over the Internet. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | On February 22, 2011, we repurchased for cancellation, pursuant to a private agreement between RCI and an arm’s length third party, 1.4 million shares for an aggregate purchase price of $45 million. The transaction was made under an issuer bid exemption order issued by the Ontario Securities Commission and is included in calculating the number of Class B Non-Voting shares that we may purchase pursuant to the Normal Course Issuer Bid (“NICB”). |
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| • | On February 18, 2011, RCI announced that it had issued notices to redeem on March 21, 2011 all of the US$350 million principal amount of 7.875% Senior Notes due 2012 and all of the US$470 million principal amount of 7.25% Senior Notes due 2012, in each case at the applicable redemption price plus accrued interest to the date of redemption. In each case, the respective redemption price will include a make whole premium based on the present value of the remaining scheduled payments as prescribed in the applicable indenture. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | On February 16, 2011, we announced that the Toronto Stock Exchange (“TSX”) had accepted a notice filed by RCI of our intention to renew our NCIB for a further one-year period commencing February 22, 2011 and ending February 21, 2012, and during such one-year period we may purchase on the TSX up to the lesser of 39.8 million Class B Non-Voting shares and that number of Class B Non-Voting shares that can be purchased under the NCIB for an aggregate purchase price of $1.5 billion. |
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| • | On February 16, 2011, we announced an increase in the annual dividend from $1.28 to $1.42 per Class A Voting and Class B Non-Voting share. The new annual dividend of $1.42 per share will be paid in quarterly amounts of $0.355 per each outstanding Class A Voting and Class B Non-Voting share. |
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| • | On January 4, 2011, we acquired Atria Networks LP (“Atria”) for cash consideration of $425 million. Atria, based in Kitchener, Ontario, owns and operates one of the largest fibre-optic networks in Ontario, delivering on-net data networking services to business customers in approximately 3,700 buildings in and adjacent to Cable’s service area. |
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| • | On November 4, 2010, we increased our ownership position in Cogeco Cable Inc. and Cogeco Inc. for investment purposes with the acquisition of 892,250 subordinate voting shares of Cogeco Cable Inc. and 946,090 subordinate voting shares of Cogeco Inc. |
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| • | On October 26, 2010, the RCI Board of Directors (our or the “Board”) approved the Dividend Reinvestment Plan (“DRIP”) effective November 1, 2010. The DRIP enables eligible shareholders to have all or a portion of their regular quarterly cash dividends automatically reinvested in additional Class B Non-Voting shares of Rogers’ common stock. No commissions, service charges or brokerage fees will be payable by Plan participants in connection with additional shares acquired under the DRIP. |
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| • | On October 1, 2010, we acquired 100% of the outstanding common shares of BV! Media Inc. (“BV! Media”) for cash consideration of $24 million. BV! Media is a Canadian internet advertising network and publisher of news and information portals. |
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| • | On July 31, 2010, Cable divested certain assets related to its remaining circuit-switched operations, including co-location sites and related equipment. The remaining residential circuit-switched lines in Cable Operations are in the process of being transferred to a third party reseller.  The portion of RBS’s business customer lines provisioned over these circuit switched co-location facilities will continue to be serviced by RBS under a separate wholesale arrangement. |
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| • | On July 30, 2010, Cable acquired the assets of Kincardine Cable T.V. Ltd. ("Kincardine") for cash consideration of $20 million. Kincardine provides cable television and Internet services in Kincardine, Ontario and the surrounding area. |
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| • | On July 9, 2010, we acquired the assets of Cityfone Telecommunications Inc. (“Cityfone”) for cash consideration of $26 million. Cityfone is a Canadian mobile virtual network operator and offers postpaid wireless voice and data services in Canada to approximately 44,000 subscribers through private label programs with major Canadian brands. |
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| • | On June 30, 2010, Rogers Wireless Partnership changed its name to Rogers Communications Partnership. On July 1, 2010, the Company completed a reorganization which included the amalgamation of RCI and Rogers Cable Communications Inc. (“RCCI”) and another of RCI’s wholly-owned subsidiaries forming one amalgamated company under the name Rogers Communications Inc. Following this amalgamation, certain of the operating assets and operating liabilities of the amalgamated company together with all of its employees were transferred to RCP, subject to certain exceptions. The amalgamated company did not transfer its interest or obligations in or under: equity interests in any subsidiaries; long-term debt; derivative instruments; real estate assets; and intercompany notes. As a result of this reorganization, effective July 1, 2010, RCP holds substantially all of the Company’s shared services and Cable and Wireless operations. Reporting will continue to reflect the Cable and Wireless services as separate operating segments. In addition, RCCI ceased to be a separate legal entity on July 1, 2010 as a result of the amalgamation and effective July 1, 2010 RCCI is no longer a guarantor or obligor, as applicable, for the Company’s bank credit facility, public debt and derivative instruments. RCI continues to be the obligor in respect of each of these, while RCP remains either a co-obligor or guarantor, as applicable, for the public debt and a guarantor for the bank credit facility and derivative instruments. The Company’s respective obligations under the bank credit facility, the public debt and the derivative instruments continue to rank pari passu on an unsecured basis. There has been no impact on Media as a result of this reorganization. |
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| • | In February 2010, we renewed our prior NCIB for repurchases of our Class B Non-Voting shares through the facilities of the TSX for a further one-year period ending February 21, 2011. The maximum number of Class B Non-Voting shares which we could purchase pursuant to the NCIB was the lesser of 43.6 million, representing approximately 9.08% of the number of Class B Non-Voting shares outstanding at December 31, 2009, and that number of Class B Non-Voting shares that could be purchased under the NCIB for an aggregate purchase price of $1.5 billion. Under the NCIB we purchased for cancellation 37.1 million Class B Non-Voting shares during 2010 for $1.3 billion. |
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| • | In February 2010, we increased the annualized dividend from $1.16 to $1.28 per Class A Voting and Class B Non-Voting share. The annual dividend of $1.28 per share was paid in quarterly amounts of $0.32 per each outstanding Class A Voting and Class B Non-Voting share. We paid $734 million in dividends to shareholders during 2010. |
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| • | 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, for cash consideration of $131 million. Blink is a facilities-based, data network service 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, Milton and Mississauga, Ontario areas. |
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| • | We closed $1.7 billion aggregate principal amount of investment grade debt offerings during the year, consisting of $800 million of 6.11% Senior Notes due 2040 and $900 million of 4.70% Senior Notes due 2020. Among other things, proceeds of the offerings were used to repay bank debt and redeem our public debt issues maturing in 2011.We redeemed all three of our public debt issues maturing in 2011, including US$490 million of 9.625% Senior Notes, $460 million of 7.625% Senior Notes and $175 million of 7.25% Senior Notes. In total, we reduced our weighted average cost of borrowing to 6.68% at year end 2010 from 7.27% at December 31, 2009. |
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| • | Wireless commenced a Long Term Evolution (“LTE”) wireless network technical trial in the Ottawa area. LTE is a fourth generation (“4G”) wireless technology that enables network speeds of up to 150 Mbps. The trial seeks to validate how LTE technology performs across a variety of spectrum frequencies in urban, suburban and rural environments, as well as actual throughput speeds, performance quality and interoperability with our existing HSPA+ network. |
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| • | In the third quarter of 2009, Rogers initiated a network sharing arrangement with Manitoba Telecom Services (“MTS”) for the purpose of building a joint HSPA+ 3.5G wireless network in the province of Manitoba. This joint network was completed in 2010 and is being launched during the first quarter of 2011 covering approximately 96% of the Manitoba population. In addition, Rogers completed a business network sharing arrangement with TBayTel in 2010 that enables our combined base of customers in North Western Ontario to receive HSPA+ 3.5G wireless services under a joint brand (TBayTel with the power of Rogers) and Rogers customers in the rest of Canada to receive such services within the Thunder Bay coverage area in North Western Ontario. |
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| • | During 2010, Wireless entered into roaming agreements and launched services with certain new entrant carriers in Canada. |
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| • | On December 1, 2009, we increased our ownership position in Cogeco Cable Inc. and Cogeco Inc. for investment purposes with the acquisition of 3.2 million subordinate voting shares of Cogeco Cable Inc. and 1.6 million subordinate voting shares of Cogeco Inc. |
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| • | 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%. |
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| • | 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 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 Operating Officer of our Communications Group division, which included our Wireless and Cable businesses. |
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| • | In February 2009, we renewed our prior NCIB for repurchases of our 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 we could purchase pursuant to the NCIB was the lesser of 15 million, representing approximately 2.9% of the number of Class B Non-Voting shares 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 million outstanding 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 annual dividend of $1.16 per share was 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 2009. |
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| • | 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 further combined the strengths of Cable and Wireless by integrating the Cable and Wireless engineering teams to leverage the breadth of our network expertise to deploy Canada’s leading networks. |
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| • | 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, $500 million of 5.38% Senior Notes due 2019 and $500 million of 6.68% Senior Notes due 2039. Among other things, proceeds of the offerings were used to redeem our U.S. $400 million 8.00% Senior Subordinated Notes and to repay bank debt. |
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| • | 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 downloadable mobile applications. |
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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. |
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| • | Cable began the launch of its new 50 Mbps DOCSIS 3 high-speed Internet service, the fastest residential Internet access service then 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. |
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| • | 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. |
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| • | 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 an Internet connection in Canada. |
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| • | We closed US$1.75 billion aggregate principal amount of 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 our NCIB for 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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| • | 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 attached both voice and monthly data packages and were generating monthly average revenue per user (“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 one voicemail which they can use inside and outside of their home. |
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| • | Availability of the Rogers Portable Internet service was expanded to include more than 150 urban and rural communities across Canada. With this expansion, the Inukshuk joint venture’s network became the second largest broadband fixed wireless network in the world. |
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| • | 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 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. |
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| Overview - Our Business             | p. 3       |
|-------------------------------------|------------|
| Seasonality                         | p. 8       |
| Operating Segment Review:           |       |
| Wireless:                           |       |
| Wireless Business                   | p. 8       |
| Wireless Products and Services      | p. 8       |
| Wireless Distribution               | p. 8       |
| Wireless Networks and Spectrum      | p. 8       |
| Wireless Strategy                   | p. 9       |
| Wireless Competition                | p. 40      |
| Recent Wireless Industry Trends     | pgs. 9-10  |
| Cable:                              |       |
| Cable’s Business              | p. 14      |
| Cable’s Products and Services | p. 15      |
| Cable’s Distribution          | p. 15      |
| Cable’s Networks              | pgs. 15-16 |
| Cable’s Strategy              | p. 16      |
| Cable Competition                   | pgs. 40-41 |
| Recent Cable Industry Trends        | pgs. 16-17 |
| Media:                              |       |
| Media’s Business              | p. 24      |
| Media’s Strategy              | p. 25      |
| Media Competition                   | p. 41      |
| Recent Media Industry Trends        | p. 25      |
| Related Party Transactions          | P. 56      |

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|   | • | Broadcasting Act (Canada) |
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|   | • | Telecommunications Act (Canada) |
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|   | • | 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 |
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|   | • | 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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|   | 1. | Increasing the limit for direct foreign investment in broadcasting and telecommunications common carriers to 49 percent; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Lifting restrictions on telecommunications common carriers with a 10 percent market share or less, by revenue; or |
|--------|----|-------------------------------------------------------------------------------------------------------------------|

|   | 3. | Removing telecommunications restrictions completely. |
|--------|----|------------------------------------------------------|

----

| Month   |   | High  |   | Low   |   | Close |   | Volume  |
|---------|--------|-------|--------|-------|--------|-------|--------|---------|
| 2010/01 |   | 34.19 |   | 31.50 |   | 33.61 |   | 194,799 |
| 2010/02 |   | 35.44 |   | 32.94 |   | 35.25 |   | 34,933  |
| 2010/03 |   | 36.87 |   | 34.42 |   | 35.25 |   | 75,640  |
| 2010/04 |   | 37.00 |   | 34.06 |   | 37.00 |   | 91,912  |
| 2010/05 |   | 37.98 |   | 34.71 |   | 36.31 |   | 91,841  |
| 2010/06 |   | 38.63 |   | 35.07 |   | 35.50 |   | 80,807  |
| 2010/07 |   | 38.75 |   | 34.75 |   | 36.91 |   | 131,146 |
| 2010/08 |   | 38.60 |   | 36.29 |   | 37.80 |   | 32,821  |
| 2010/09 |   | 40.50 |   | 37.30 |   | 39.20 |   | 128,589 |
| 2010/10 |   | 42.68 |   | 38.26 |   | 38.70 |   | 70,815  |
| 2010/11 |   | 39.68 |   | 37.51 |   | 38.10 |   | 48,855  |
| 2010/12 |   | 39.01 |   | 35.46 |   | 36.50 |   | 65,554  |

| Month   |   | High  |   | Low   |   | Close |   | Volume     |
|---------|--------|-------|--------|-------|--------|-------|--------|------------|
| 2010/01 |   | 33.92 |   | 30.64 |   | 33.36 |   | 37,757,007 |
| 2010/02 |   | 35.00 |   | 32.40 |   | 34.67 |   | 39,128,018 |
| 2010/03 |   | 35.98 |   | 33.57 |   | 34.69 |   | 47,320,302 |
| 2010/04 |   | 36.65 |   | 33.45 |   | 36.21 |   | 32,520,184 |
| 2010/05 |   | 37.29 |   | 34.49 |   | 36.08 |   | 38,529,737 |
| 2010/06 |   | 37.71 |   | 34.42 |   | 34.78 |   | 37,557,817 |
| 2010/07 |   | 38.13 |   | 34.05 |   | 35.75 |   | 37,756,174 |
| 2010/08 |   | 38.20 |   | 35.52 |   | 37.01 |   | 26,585,530 |
| 2010/09 |   | 39.23 |   | 36.81 |   | 38.51 |   | 46,388,927 |
| 2010/10 |   | 41.64 |   | 36.75 |   | 37.16 |   | 39,660,598 |
| 2010/11 |   | 37.57 |   | 36.03 |   | 36.29 |   | 43,214,163 |
| 2010/12 |   | 36.91 |   | 34.03 |   | 34.60 |   | 40,832,763 |

----

| Name                                                                             |   | Position                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Alan D. Horn (2)(6)(7)(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                                                                                                                                            |
| Keith W. Pelley                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 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                                                                                                                                                                                                                                                                               |
| Stephen A. Burch (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Director                                                                                                                                                                                                                                                                               |
| John H. Clappison (1)(6)                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Director                                                                                                                                                                                                                                                                               |
| Peter C. Godsoe, O.C., O. Ont. (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)(5)                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 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 H. Tory (3)(4)(11)                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Director and member of the Advisory Committee of the Rogers Control Trust                                                                                                                                                                                                              |
| 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 RCI’s Information Circular available on SEDAR at sedar.com. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 (CCAA). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

|   | (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’s independent 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 and level 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 of such 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 otherwise becomes 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 communications between 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 which the 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 preceding five 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 adversely affect 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. Burch               |  -       | former President and Chief Executive Officer of Virgin Media; former President of the Atlantic Division of Comcast Cable Communications                                 |
|                    |          |                                                                                                                                                                    |
| Mr. Clappison           |  -       | Chartered Accountant; former Greater Toronto Area Managing Partner of PricewaterhouseCoopers                                                                            |
|                    |          |                                                                                                                                                                    |
| 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 RCI and its subsidiaries by KPMG LLP is reviewed each quarter by the Audit Committee. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|                  |   | Year ended December 31, |       |
|-----------------------|--------|-------------------------|------------|
|                  |   | 2010                    |       |   | 2009 |   |
| Audit Fees(1)         |   | $                       | 7,892,753  |   |   | $ | 7,256,109 |   |
| Audit-related Fees(2) |   |                    | 363,375    |   |   |   | 446,625 |   |
| Tax Fees(3)           |   |                    | 1,410,326  |   |   |   | 1,473,710 |   |
| All Other Fees(4)     |   |                    | 1,140,305  |   |   |   | 572,570 |   |
| Total                 |   | $                       | 10,806,759 |   |   | $ | 9,749,014 |   |

| (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, accounting consultations related to the audited financial statements and procedures on adoption of International Financial Reporting Standards (IFRS). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Consist mainly of 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 and French translation of certain filings with regulatory authorities. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|