# EDGAR Filing Document

**Accession Number:** 0000733099
**File Stem:** 0000733099-23-000006
**Filing Date:** 2023-3
**Character Count:** 454894
**Document Hash:** 9eb1c0f34e7fe5fe0308ed4c9b89faa2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000733099-23-000006.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0000733099-23-000006

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 180

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ROGERS COMMUNICATIONS INC
- **CENTRAL INDEX KEY:** 0000733099
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10805
- **FILM NUMBER:** 23721149

**BUSINESS ADDRESS:**
- **STREET 1:** 333 BLOOR STREET EAST
- **STREET 2:** 10TH FLOOR
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M4W 1G9
- **BUSINESS PHONE:** 4160353532

**MAIL ADDRESS:**
- **STREET 1:** 333 BLOOR STREET EAST
- **STREET 2:** 10TH FLOOR
- **CITY:** TORONTO, ONTARIO
- **STATE:** A6
- **ZIP:** M4W 1G9

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROGERS CABLESYSTEMS INC
- **DATE OF NAME CHANGE:** 19860425

?xml version="1.0" ? rci-20221231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F** 

**[Check one]**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2022** 

**Commission File Number 001-10805** 

**Rogers Communications Inc.** 

**(Exact name of Registrant as specified in its charter)**

**Not Applicable**

**(Translation of Registrant's name into English (if applicable))**

**British Columbia** 

**(Province or other jurisdiction of incorporation or organization)**

**4812, 4813, 4822, 4832, 4833, 4841** 

**(Primary Standard Industrial Classification Code Number (if applicable))**

**Not Applicable** 

**(I.R.S. Employer Identification Number (if applicable))**

**333 Bloor Street East, 10th Floor** 

**Toronto, Ontario M4W 1G9** 

**(416) 935-7777** 

**(Address and telephone number of Registrant's principal executive offices)**

**CT Corporation System** 

**111 Eighth Avenue, 13th Floor** 

**New York, New York 10011** 

**(212) 894-8940** 

**(Name, address (including zip code) and telephone number (including area code)**

**of agent for service in the United States)**

**Securities registered or to be registered pursuant to Section 12(b) of the Act.**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each exchange on which registered** |
| **Class B Non-Voting** | **RCI** | **New York Stock Exchange** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act.**

**Not Applicable**

**(Title of Class)**

SEC 2285 (05-21)

------

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.**

**Class B Non-Voting Shares**

**(Title of Class)**

For annual reports, indicate by check mark the information filed with this Form:

☒ Annual information form&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ☒ Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

**<u>111,152,011 Class A Voting shares; 393,773,306 Class B Non-Voting shares.</u>**

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

☒ Yes&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

☐

†The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒

**DISCLOSURE CONTROLS AND PROCEDURES**

The disclosure provided in Management's Discussion and Analysis under the heading *Disclosure Controls and Procedures* on page 71 of Exhibit 99.2: Management's Discussion and Analysis, is incorporated by reference herein.

**MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

The disclosure provided in Management's Discussion and Analysis under the heading *Management's Report on Internal Control over Financial Reporting* on page 71 of Exhibit 99.2: Management's Discussion and Analysis, is incorporated by reference herein.

**ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING FIRM**

The *Report of Independent Registered Public Accounting Firm* on the Company's internal control over financial reporting as of December 31, 2022 on page 4 of Exhibit 99.3: Annual Audited Consolidated Financial Statements is incorporated by reference herein.

 2

------

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

The disclosure provided in Management's Discussion and Analysis under the heading *Changes in Internal Control over Financial Reporting and Disclosure Controls and Procedures* on page 71 of Exhibit 99.2: Management's Discussion and Analysis, is incorporated by reference herein.

**AUDIT COMMITTEE FINANCIAL EXPERT**

The Board of Directors of Rogers Communications Inc. has determined that the Company has at least one "audit committee financial expert" (as defined in paragraph 8(b) of General Instruction B of Form 40-F) serving on its Audit and Risk Committee. The audit committee financial expert is Robert J. Gemmell.

Mr. Gemmell has been determined by the Board to be an independent director as such term is defined under the Canadian Securities Administrators' National Instrument 52-110 (Audit Committees), which is the Canadian corporate governance rule that applies to the Company, and under the standards of the U.S. Securities and Exchange Commission and the New York Stock Exchange relating to the independence of audit committee members. The Board's designation of Mr. Gemmell as an audit committee financial expert does not impose on him any duties, obligations or liability that are greater than the duties, obligations and liability imposed on him as a member of the Audit and Risk Committee and Board of Directors in the absence of such designation or identification. In addition, the designation of Mr. Gemmell as an "audit committee financial expert" does not affect the duties, obligations or liability of any other member of the Audit and Risk Committee or Board of Directors. See also *Item 17 - Audit and Risk Committee* on page 28 of the Company's Annual Information Form, attached as Exhibit 99.1 and incorporated by reference herein.

**CODE OF CONDUCT AND ETHICS AND BUSINESS CONDUCT POLICY**

The Company has adopted a Directors Code of Conduct and Ethics that applies to all directors and Business Conduct Policy that apply to all directors, officers (including the principal executive officer, principal financial officer, and principal accounting officer), and employees (the Codes). The Codes have been posted on the Rogers website under the Corporate Governance section at investors.rogers.com. A copy of the Codes will also be provided upon request to Investor Relations, 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Our independent registered public accounting firm is KPMG LLP, Toronto, ON, Canada, Auditor Firm ID: 85. The following table presents fees for professional services rendered by KPMG LLP to the Company for the audit of the Company's annual financial statements for 2022 and 2021, and fees billed for other services rendered by KPMG LLP, during the period from January 1, 2021 to December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Auditors' Fees** | **2022** | **2022** | **2021** | **2021** |
| **Auditors' Fees** | ($) | % | ($) | % |
| Audit Fees(1) | 7848350 | 92.1 | 6353314 | 86.1 |
| Audit-Related Fees(2) | 585153 | 6.9 | 669550 | 9.1 |
| Tax Fees(3) | 84172 | 1.0 | 181279 | 2.5 |
| All Other Fees(4) |  |  | 174200 | 2.3 |
| **Total** | 8517675 | 100.0 | 7378343 | 100.0 |

---

NOTES:

&nbsp;&nbsp;&nbsp;&nbsp;(1)Consists of fees related to audits of annual financial statements, involvement with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements, audits and reviews of subsidiaries for statutory or regulatory reporting, and consultations related to accounting matters impacting the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2)Consist primarily of pension plan audits, French translation of certain filings with regulatory authorities, other assurance engagements, and due diligence services in respect of potential acquisitions and divestitures.

&nbsp;&nbsp;&nbsp;&nbsp;(3)Consist of fees for tax consultation and compliance services, including indirect taxes.

&nbsp;&nbsp;&nbsp;&nbsp;(4)Consists of fees for advisory services related to the proposed acquisition of Shaw Communications Inc.

For the year ended December 31, 2022, none of the Company's audit-related fees, tax fees or all other fees described in the table above made use of the de minimis exception to pre-approval provisions contained in Rule 2-01 (c)(7)(i)(C) of U.S. Securities and Exchange Commission Regulation S-X or Section 2.4 of the Canadian Securities Administrators' National Instrument 52-110 (Audit Committees).

 3

------

The following is the pre-approval process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Annually, the Company will provide the Audit and Risk Committee with a list of the audit-related and non-audit services that are anticipated to be provided by the auditor during the year to the Company for pre-approval. The Audit and Risk Committee will review the services with the auditor and management, considering whether the provision of the service is compatible with maintaining the auditor's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above if the estimated fees do not exceed $500,000 per engagement per quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Audit and Risk Committee delegates authority to the Chair of the Audit and Risk 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 and Risk Committee. Any services approved by the Chair will be reported to the full Audit and Risk Committee at the next meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A listing of all audit and non-audit services and fees rendered to the Company and its subsidiaries by KPMG LLP will be reviewed each quarter by the Audit and Risk Committee.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Company does not have any off-balance sheet arrangements other than those described in Management's Discussion and Analysis under the heading *Off-Balance Sheet Arrangements* on page 56 of Exhibit 99.2: Management's Discussion and Analysis, which is incorporated by reference herein.

**TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS**

The information provided in Management's Discussion and Analysis under the heading *Commitments and Contractual Obligations* on page 56 of Exhibit 99.2: Management's Discussion and Analysis, is incorporated by reference herein.

**IDENTIFICATION OF THE AUDIT AND RISK COMMITTEE**

Our Board of Directors has established an Audit and Risk Committee. The Audit and Risk Committee consists of four directors: Messrs. Gemmell, Cockwell, Fecan, and Robinson who are appointed annually by our Board of Directors. Further disclosure is provided under *Item 17.2 — Composition of the Audit and Risk Committee* of the Company's Annual Information Form, attached as Exhibit 99.1 and incorporated by reference herein.

**DISCLOSURE PURSUANT TO REQUIREMENTS OF THE NEW YORK STOCK EXCHANGE**

The disclosure provided under the headings "*Composition of the Board*", "*Controlled Company Exemption*", "*Foreign Private Issuer Status*", "*Corporate Governance Practices*" and "*Conflicts of Interest*" beginning on page 24 of the Company's Annual Information Form, attached as Exhibit 99.1, is incorporated by reference herein.

 4

------

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications Inc. undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

Rogers Communications Inc. has previously filed with the Commission a Form F-X in connection with its securities. Any change to the name or address of the Company's agent for service of process shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Company.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Registrant: Rogers Communications Inc.

---

| | | |
|:---|:---|:---|
| By: | *"Tony Staffieri"* | *"Glenn Brandt"* |
|  | Tony Staffieri | Glenn Brandt |
|  | President and Chief Executive Officer | Chief Financial Officer |

---

Date: March 9, 2023

Subsidiary Guarantor/Co-Obligor: Rogers Communications Canada Inc.

---

| | | |
|:---|:---|:---|
| By: | *"Tony Staffieri"* | *"Glenn Brandt"* |
|  | Tony Staffieri | Glenn Brandt |
|  | President and Chief Executive Officer | Chief Financial Officer |

---

Date: March 9, 2023

 5

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |
| 23.1 | Consent of Independent Registered Public Accounting Firm |
| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1 | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 † |
| 99.1 | Annual Information Form for the fiscal year ended December 31, 2022 |
| 99.2 | Management's Discussion and Analysis for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission ("SEC") under cover of a Form 6-K dated March 9, 2023 |
| 99.3 | Annual Audited Consolidated Financial Statements, together with the reports of independent registered public accounting firm, for the fiscal year ended December 31, 2022 |

---

† This exhibit shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference on any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

 6

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of Rogers Communications Inc.

We, KPMG LLP, consent to the use of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our report dated March 9, 2023 on the consolidated financial statements of Rogers Communications Inc. (the "Company") which comprise the consolidated statements of financial position of the Company as of December 31, 2022 and December 31, 2021, the related consolidated statements of income, comprehensive income, changes in shareholders' equity and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our report dated March 9, 2023 on the effectiveness of the Company's internal control over financial reporting as of December 31, 2022,

each of which is included in this annual report on Form 40-F of the Company for the fiscal year ended December 31, 2022.

We, KPMG LLP, also consent to the incorporation by reference of such reports in Registration Statement No. 333-170234 on Form F-3D of the Company.

*"KPMG LLP"*

Chartered Professional Accountants, Licensed Public Accountants

March 9, 2023

Toronto, Canada

## Exhibit 31.1

**Exhibit 31.1**

**Section 302 Certification**

**Rogers Communications Inc.**

**CERTIFICATIONS**

I, Tony Staffieri, President and Chief Executive Officer, certify that:

1. I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit and risk committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 9, 2023 | *"Tony Staffieri"* |
| | Tony Staffieri |
| | President and Chief Executive Officer |

---

------

**Rogers Communications Canada Inc.**

**CERTIFICATIONS**

I, Tony Staffieri, President and Chief Executive Officer, certify that:

1. I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit and risk committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 9, 2023 | *"Tony Staffieri"* |
| | Tony Staffieri |
| | President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**Section 302 Certification**

**Rogers Communications Inc.**

**CERTIFICATIONS**

I, Glenn Brandt, Chief Financial Officer, certify that:

1. I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit and risk committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 9, 2023 | *"Glenn Brandt"* |
| | Glenn Brandt |
| | Chief Financial Officer |

---

------

**Rogers Communications Canada Inc.**

**CERTIFICATIONS**

I, Glenn Brandt, Chief Financial Officer, certify that:

1. I have reviewed this annual report on Form 40-F of Rogers Communications Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit and risk committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 9, 2023 | *"Glenn Brandt"* |
| | Glenn Brandt |
| | Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant to**

**18 U.S.C. Section 1350**

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

**Rogers Communications Inc.**

In connection with the Annual Report on Form 40-F of Rogers Communications Inc., a corporation organized under the laws of British Columbia (the "Company"), for the period ending December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of the Company certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: March 9, 2023 | *"Tony Staffieri"* |
| | Tony Staffieri |
| | President and Chief Executive Officer |
| Date: March 9, 2023 | *"Glenn Brandt"* |
| | Glenn Brandt |
| | Chief Financial Officer |

---

------

**Certification Pursuant to**

**18 U.S.C. Section 1350**

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

**Rogers Communications Canada Inc.**

In connection with the Annual Report on Form 40-F of Rogers Communications Inc., a corporation organized under the laws of British Columbia (the "Company"), for the period ending December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of Rogers Communications Canada Inc. certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: March 9, 2023 | *"Tony Staffieri"* |
| | Tony Staffieri |
| | President and Chief Executive Officer |
| Date: March 9, 2023 | *"Glenn Brandt"* |
| | Glenn Brandt |
| | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![rogerslogohiresa.jpg](rogerslogohiresa.jpg)

**ROGERS COMMUNICATIONS INC.**

ANNUAL INFORMATION FORM

(for the fiscal year ended December 31, 2022)

**March 9, 2023** 

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>1</sub> | **Fiscal 2022** |

---

------

**Annual Information Form Index**

The following is an index of the Annual Information Form (AIF) of Rogers Communications Inc. referencing the requirements of Form 51-102F2 and Form 52-110F1 of the Canadian Securities Administrators. Certain parts of this Annual Information Form are contained in Rogers Communications Inc.'s Management's Discussion and Analysis (MD&A) for the fiscal year ended December 31, 2022 (2022 MD&A) and Rogers Communications Inc.'s 2022 Annual Audited Consolidated Financial Statements, each of which is filed on SEDAR at sedar.com and incorporated herein by reference as noted below. All dollar amounts are in Canadian dollars unless otherwise stated.

---

| | | | |
|:---|:---|:---|:---|
| | | **Page reference / incorporated by<br>reference from** | **Page reference / incorporated by<br>reference from** |
| | | **Annual<br>Information Form<br>(Page #)** | **2022 MD&A<br>(Page #)** |
| **Item 1** | **Cover Page** | 1 |  |
| **Item 2** | **Index** | 2 |  |
| **Item 3** | **Corporate Structure** |  |  |
| 3.1 | Name, Address and Incorporation | [4](#i37fb8301a7364ca3823454733a0f6fcc_7) |  |
| 3.2 | Intercorporate Relationships | [4](#i37fb8301a7364ca3823454733a0f6fcc_10) |  |
| **Item 4** | **General Development of the Business** |  |  |
| 4.1 | Three-Year History | [8](#i37fb8301a7364ca3823454733a0f6fcc_16) |  |
| 4.2 | Significant Acquisitions | [15](#i37fb8301a7364ca3823454733a0f6fcc_19) |  |
| **Item 5** | **Narrative Description of the Business** |  |  |
| 5.1 | About Rogers | [16](#i37fb8301a7364ca3823454733a0f6fcc_25) | 13 |
|  | Understanding Our Business |  | 18 |
|  | Products and Services |  | 18 |
|  | Competition |  | 19 |
|  | Industry Trends |  | 21 |
|  | Our Strategy, Key Performance Drivers, and Strategic Highlights |  | 23 |
|  | Capability to Deliver Results |  | 26 |
|  | Employees |  | 38 |
|  | Commitments and Contractual Obligations |  | 56 |
|  | Properties, Trademarks, Environmental, and Other Matters | [16](#i37fb8301a7364ca3823454733a0f6fcc_25) |  |
| 5.2 | Risk Factors | [17](#i37fb8301a7364ca3823454733a0f6fcc_28) | 63 |
| **Item 6** | **Dividends** |  |  |
| 6.1 | Dividends | [17](#i37fb8301a7364ca3823454733a0f6fcc_31) | 54 |
| **Item 7** | **Description of Capital Structure** |  |  |
| 7.1 | General Description of Capital Structure | [17](#i37fb8301a7364ca3823454733a0f6fcc_37) |  |
| 7.2 | Constraints | [17](#i37fb8301a7364ca3823454733a0f6fcc_40) |  |
| 7.3 | Ratings | [18](#i37fb8301a7364ca3823454733a0f6fcc_43) |  |
| **Item 8** | **Market for Securities** |  |  |
| 8.1 | Trading Price and Volume | [19](#i37fb8301a7364ca3823454733a0f6fcc_49) |  |
| 8.2 | Prior Sales | [19](#i37fb8301a7364ca3823454733a0f6fcc_52) |  |
| **Item 9** | **Escrowed Securities and Securities Subject to Contractual Restriction on Transfer** | [20](#i37fb8301a7364ca3823454733a0f6fcc_55) |  |
| **Item 10** | **Directors and Officers** | [20](#i37fb8301a7364ca3823454733a0f6fcc_58) |  |
| 10.1 | Name, Occupation and Security Holding | [20](#i37fb8301a7364ca3823454733a0f6fcc_61) |  |
| 10.2 | Cease Trade Orders, Bankruptcies, Penalties, or Sanctions | [25](#i37fb8301a7364ca3823454733a0f6fcc_64) |  |
| 10.3 | Conflicts of Interest | [26](#i37fb8301a7364ca3823454733a0f6fcc_67) |  |
| **Item 11** | **Promoters** | [26](#i37fb8301a7364ca3823454733a0f6fcc_70) |  |
| **Item 12** | **Legal Proceedings and Regulatory Actions** |  |  |
| 12.1 | Legal Proceedings | [26](#i37fb8301a7364ca3823454733a0f6fcc_73) | 70 |
| 12.2 | Regulatory Actions | [26](#i37fb8301a7364ca3823454733a0f6fcc_73) |  |
| **Item 13** | **Interest of Management and Others in Material Transactions** | [26](#i37fb8301a7364ca3823454733a0f6fcc_76) |  |
| **Item 14** | **Transfer Agents and Registrars** | [26](#i37fb8301a7364ca3823454733a0f6fcc_79) |  |
| **Item 15** | **Material Contracts** | [27](#i37fb8301a7364ca3823454733a0f6fcc_82) |  |

---

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>2</sub> | **Fiscal 2022** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Page reference / incorporated by<br>reference from** | **Page reference / incorporated by<br>reference from** |
| | | **Annual<br>Information Form<br>(Page #)** | **2022 MD&A<br>(Page #)** |
| **Item 16** | **Interests of Experts** | | |
| 16.1 | Name of Experts | [27](#i37fb8301a7364ca3823454733a0f6fcc_85) |  |
| 16.2 | Interests of Experts | [27](#i37fb8301a7364ca3823454733a0f6fcc_85) |  |
| **Item 17** | **Audit and Risk Committee** |  |  |
| 17.1 | Audit and Risk Committee Mandate | [28](#i37fb8301a7364ca3823454733a0f6fcc_88) |  |
| 17.2 | Composition of the Audit and Risk Committee | [32](#i37fb8301a7364ca3823454733a0f6fcc_91) |  |
| 17.3 | Relevant Education and Experience | [32](#i37fb8301a7364ca3823454733a0f6fcc_94) |  |
| 17.4 | Reliance on Certain Exemptions | [32](#i37fb8301a7364ca3823454733a0f6fcc_97) |  |
| 17.5 | Reliance on the Exemption in Subsection 3.3(2) or Section 3.6 | [32](#i37fb8301a7364ca3823454733a0f6fcc_100) |  |
| 17.6 | Reliance on Section 3.8 | [32](#i37fb8301a7364ca3823454733a0f6fcc_103) |  |
| 17.7 | Audit and Risk Committee Oversight | [32](#i37fb8301a7364ca3823454733a0f6fcc_106) |  |
| 17.8 | Pre-Approval Policies and Procedures | [32](#i37fb8301a7364ca3823454733a0f6fcc_109) |  |
| 17.9 | External Auditors' Fees and Services | [33](#i37fb8301a7364ca3823454733a0f6fcc_112) |  |
| **Item 18** | **Additional Information** |  |  |
| 18.1 | Additional Information | [33](#i37fb8301a7364ca3823454733a0f6fcc_115) |  |

---

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>3</sub> | **Fiscal 2022** |

---

------

**ITEM 3 – Corporate Structure**

**ITEM 3.1 – NAME, ADDRESS, AND INCORPORATION**

Rogers Communications Inc. is a leading diversified Canadian technology and media company, and was amalgamated under the Business Corporations Act (British Columbia). The registered office is located at 2900-550 Burrard Street, Vancouver, British Columbia, V6C 0A3 and the head office is located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9.

*We, us, our, Rogers, Rogers Communications,* and *the Company* refer to Rogers Communications Inc. and its subsidiaries. *RCI* refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

Trademarks in this AIF are owned or used under license by Rogers Communications Inc. or an affiliate. This AIF also includes trademarks of other parties. The trademarks referred to in this AIF may be listed without the™ symbols.©2023 Rogers Communications.

**THREE REPORTABLE SEGMENTS**

For the purposes of this AIF, we report our results of operations in three reportable segments:

---

| | |
|:---|:---|
| **Segment** | **Principal activities** |
| Wireless | Wireless telecommunications operations for Canadian consumers and businesses. |
| Cable | Cable telecommunications operations, including Internet, television and other video (Video), telephony (Home Phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets. |
| Media | A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media. |

---

**ITEM 3.2 – INTERCORPORATE RELATIONSHIPS**

The following summary organization chart illustrates the structure of the principal subsidiaries of RCI and indicates the jurisdiction of organization of each entity shown as at January 1, 2023.

![rogersorgcharta02a.jpg](rogersorgcharta02a.jpg)

(1)&nbsp;&nbsp;&nbsp;&nbsp;Ownership percentages are 100%

(2)&nbsp;&nbsp;&nbsp;&nbsp;Blue Jays Holdco Inc., together with its subsidiaries, holds a 100% interest in the Toronto Blue Jays Baseball Club (Toronto Blue Jays) and in the Rogers Centre.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>4</sub> | **Fiscal 2022** |

---

------

**OVERVIEW**

**Rogers is Canada's Largest Provider of Wireless Communications Services**

As at December 31, 2022, we had:

• approximately 10.6 million wireless mobile phone subscribers; and

• approximately 30% subscriber and revenue share of the Canadian wireless market.

**One of Canada's Leading Providers of High-Speed Internet, Cable Television, and Phone Services**

As at December 31, 2022, we had:

• approximately 2.3 million retail Internet subscribers;

• approximately 1.5 million Video subscribers; and

• a network passing approximately 4.8 million homes in Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland.

**Diversified Canadian Media Company**

We have a broad portfolio of media properties, which most significantly includes:

• sports media and entertainment, such as *Sportsnet* and the *Toronto Blue Jays*;

• our exclusive national 12-year *National Hockey League* (NHL) Agreement, which runs through the 2025-2026 season;

• category-leading television and radio broadcasting properties;

• multi-platform televised and online shopping; and

• digital media.

**PRODUCTS AND SERVICES**

**Wireless**

Rogers is a Canadian leader in delivering a range of innovative wireless network technologies and services. We were the first Canadian carrier to launch a 5G network and we have the largest 5G network in Canada, serving over 1,900 communities as at December 31, 2022. Our postpaid and prepaid wireless services are offered under the *Rogers*, *Fido*, and *chatr* brands, and provide consumers and businesses with the latest wireless devices, services, and applications including:

• mobile high-speed Internet access, including our *Rogers Infinite* unlimited data plans;

• wireless voice and enhanced voice features;

• Express Pickup, a convenient service for purchasing devices online or through a customer care agent, with the ability to pick up in-store as soon as the same day;

• direct device shipping to the customer's location of choice;

• device financing;

• device protection;

• global voice and data roaming, including *Roam Like Home* and *Fido Roam*;

• wireless home phone;

• advanced wireless solutions for businesses, including wireless private network services;

• bridging landline phones with wireless phones; and

• machine-to-machine solutions and Internet of Things (IoT) solutions.

**Cable**

We are one of the largest cable providers in Canada. Our cable network provides an innovative and leading selection of high-speed broadband Internet access, Internet protocol-based (IP) television, applications, online viewing, phone, smart home monitoring, and advanced home WiFi services to consumers in Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland. We also provide services to businesses across Canada that aim to meet the increasing needs of today's critical business applications.

In 2021, we launched *Ignite Internet* Gigabit 1.5 in select areas, giving customers access to even faster Internet service. We also expanded the *Ignite WiFi* Hub app with enhanced Active Time Details and *Advanced Security* to give customers greater control over their home WiFi.

In 2022, we launched a new WiFi modem with WiFi 6E, currently the world's most powerful WiFi technology, and introduced new fibre-powered Ignite Internet packages and bundles with up to 8 gigabit per second (Gbps) symmetrical speeds in select areas.

Internet services include:

• Internet access through broadband and fixed wireless access (including basic and unlimited usage packages), security solutions, and e-mail;

• access speeds of up to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1 Gbps, covering our entire Cable footprint; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.5 Gbps, covering our entire Ontario Cable footprint, with some areas able to receive access speeds of up to 8 Gbps symmetrical speeds;

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>5</sub> | **Fiscal 2022** |

---

------

*• Rogers Ignite* and Fido Internet unlimited packages, combining fast and reliable speeds with the freedom of unlimited usage and options for self-installation;

• Rogers Ignite WiFi Hub, offering a personalized WiFi experience with a simple digital dashboard for customers to manage their home WiFi network, providing visibility and control over family usage; and

• *Rogers Smart Home Monitoring*, offering services such as monitoring, security, automation, energy efficiency, and smart control through a smartphone app.

Television services include:

• local and network TV, made available through traditional digital or IP-based *Ignite TV*, including starter and premium channel packages along with à la carte channels;

• on-demand television with Ignite TV services;

• cloud-based digital video recorders (DVRs) available with Ignite TV services;

• voice-activated remote controls, restart features, and integrated apps such as YouTube, Netflix, *Sportsnet NOW*, Amazon Prime Video, Disney+, and Apple TV+ on Ignite TV and *Ignite Streaming*;

• personal video recorders (PVRs), including Whole Home PVR and 4K PVR capabilities;

• an Ignite TV app, giving customers the ability to experience Ignite TV (including setting recordings) on their smartphone, tablet, laptop, or computer;

• Ignite Streaming, an entertainment add-on for Ignite Internet customers, giving them access to their favourite streaming services in one place;

• Download and Go, the ability to download recorded programs onto a customer's smartphone or tablet to watch at a later time using the Ignite TV app;

• linear and time-shifted programming;

• digital specialty channels; and

• 4K television programming, including regular season Toronto Blue Jays home games and select marquee NHL and National Basketball Association (NBA) games.

Phone services include:

• residential and small business local telephony service; and

• calling features such as voicemail, call waiting, and long distance.

Enterprise services include:

• voice, data networking, Internet protocol (IP), and Ethernet services over multi-service customer access devices that allow customers to scale and add services, such as private networking, Internet, IP voice, and cloud solutions, which blend seamlessly to grow with their business requirements;

• optical wave, Internet, Ethernet, and multi-protocol label switching services, providing scalable and secure metro and wide area private networking that enables and interconnects critical business applications for businesses that have one or many offices, data centres, or points of presence (as well as cloud applications) across Canada;

• simplified information technology (IT) and network technology offerings with security-embedded, cloud-based, professionally managed solutions;

• extensive cable access network services for primary, bridging, and back-up (including through our wireless network, if applicable) connectivity; and

• specialized telecommunications technical consulting for Internet service providers (ISPs).

**Media**

Our portfolio of Media assets, with a focus on sports and regional TV and radio programming, reaches Canadians from coast to coast.

In Sports Media and Entertainment, we own the Toronto Blue Jays, Canada's only Major League Baseball (MLB) team, and the *Rogers Centre* event venue, which hosts the Toronto Blue Jays' home games, concerts, trade shows, and special events.

Our NHL Agreement, which runs through the 2025-2026 NHL season, allows us to deliver more than 1,300 regular season games during a typical season across television, smartphones, tablets, and personal computers, and other streaming devices. It also grants Rogers national rights on those platforms to the Stanley Cup Playoffs and Stanley Cup Final, all NHL-related special events and non-game events (such as the NHL All-Star Game and the NHL Draft), and rights to sublicense broadcasting rights.

In Television, we operate several conventional and specialty television networks, including:

• Sportsnet's four regional stations along with *Sportsnet ONE*, *Sportsnet 360*, and *Sportsnet World*;

• *Citytv* network, which, together with affiliated stations, has broadcast distribution to approximately 78% of Canadian individuals;

• *OMNI* multicultural broadcast television stations, including OMNI Regional, which provide multilingual newscasts nationally to all digital basic television subscribers;

• specialty channels that include *FX* (Canada), *FXX* (Canada), and *OLN* (formerly Outdoor Life Network); and

• *Today's Shopping Choice*, Canada's only nationally televised shopping channel, which generates a significant and growing portion of its revenue from online sales.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>6</sub> | **Fiscal 2022** |

---

------

In Radio, we operate 54 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 *CHFI*, *CityNews 680, Sportsnet 590 The FAN, KiSS, JACK,* and *SONiC*.

We also offer a range of digital services and products, including:

• our digital sports-related assets, including sportsnet.ca and *SN NOW*;

• other digital assets, including *Citytv NOW*; and

• a range of other websites, apps, podcasts, and digital products associated with our various brands and businesses.

**Other**

We offer several credit cards, including the *Rogers World Elite Mastercard*, *Rogers Connections Mastercard,* and *Fido Mastercard*, which allow customers to earn cashback rewards points on credit card spending.

**Other Investments**

We hold interests in a number of associates and joint arrangements, some of which include:

• our 37.5% ownership interest in Maple Leaf Sports & Entertainment Ltd. (MLSE), which owns the Toronto Maple Leafs, the Toronto Raptors, Toronto FC, the Toronto Argonauts, and the Toronto Marlies, as well as various associated real estate holdings; and

• our 50% ownership interest in Glentel Inc. (Glentel), a large provider of multicarrier wireless and wireline products and services with several hundred Canadian retail distribution outlets.

We also hold a number of interests in marketable securities of publicly traded companies, including Cogeco Inc. and Cogeco Communications Inc.

**WIDESPREAD PRODUCT DISTRIBUTION**

**Wireless**

We have an extensive national distribution network and offer our wireless products nationally through multiple channels, including:

• company-owned Rogers, Fido, and chatr retail stores;

• customer self-serve using rogers.com, fido.ca, chatrwireless.com, and e-commerce sites;

• an extensive independent dealer network;

• major retail chains and convenience stores;

• other distribution channels, such as *WOW! mobile boutique*, as well as Wireless Wave and TBooth Wireless through our ownership interest in Glentel;

• our contact centres; and

• outbound telemarketing.

**Cable**

We distribute our residential cable products using various channels, including:

• company-owned Rogers and Fido retail stores;

• customer self-serve using rogers.com and fido.ca;

• our Canada-based contact centres, outbound telemarketing, and door-to-door agents; and

• major retail chains.

Our sales team and third-party retailers sell services to the business, public sector, and carrier wholesale markets. An extensive network of third-party channel distributors deals with IT integrators, consultants, local service providers, and other indirect sales relationships. This diverse approach gives greater breadth of coverage and allows for strong sales growth for next-generation services.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>7</sub> | **Fiscal 2022** |

---

------

**ITEM 4 – General Development of the Business**

**ITEM 4.1 – THREE-YEAR HISTORY**

**RECENT DEVELOPMENTS**

**2023 Highlights to Date**

• Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share in February 2023.

**2022 Highlights**

For revenue and other financial information on the two most recently completed financial years, see the section entitled "2022 Financial Results" in our 2022 MD&A. In 2022, we set out to perform better for our customers and our shareholders. To achieve this, we set the following focus areas.

*Successfully complete the Shaw acquisition*

• Received approval from the Canadian Radio-television and Telecommunications Commission (CRTC) for the transfer of Shaw Communications Inc.'s (Shaw) broadcasting services.

• Entered into a definitive agreement with Shaw and Quebecor Inc. (Quebecor) for the sale of Freedom Mobile Inc. (Freedom) to Quebecor (Freedom Transaction).

• Successfully obtained financing of $13 billion to fund the proposed acquisition of Shaw (Shaw Transaction), including the largest cross-border financing in Canadian history.

• Successfully argued for the dismissal by the Competition Tribunal (Tribunal) of the Competition Bureau's (Bureau) application to block the Shaw Transaction, with the panel concluding unanimously that the transactions are pro-competitive; the decision of the Tribunal was upheld by the Federal Court of Appeal on January 24, 2023.

*Invest in our networks to deliver world-class connectivity to Canadian consumers and businesses* 

• Invested a record $3.1 billion in capital investments in Canada, the majority of which was invested in our networks.

• Continued to expand Canada's largest 5G network as at December 31, 2022, reaching over 1,900 communities across the country.

• Became the first service provider in Canada to deploy 3500 MHz spectrum to increase 5G network capacity, boost speeds, and deliver ultra-low latency services, starting in Nanaimo, British Columbia and continuing its deployment across Canada, including in Calgary, Edmonton, Montreal, Ottawa, Toronto, Vancouver, and multiple rural areas.

• Committed to investing $20 billion in network reliability over the next five years and announced plans to separate our wireless and wireline IP core networks.

• Signed a memorandum of understanding with Canada's other major telecommunications carriers regarding reciprocal support for emergency roaming, mutual assistance, and communications protocols in the event of a future major network outage.

*Invest in our customer experience to deliver timely, high-quality customer service consistently to our customers*

• Introduced new fibre-powered Ignite Internet packages and bundles, with symmetrical download and upload speeds of up to 2.5 Gbps, with existing Ignite Internet Gigabit 1.5 customers upgraded at no extra cost.

• First major provider in Canada to launch a new Wi-Fi modem with Wi-Fi 6E, currently the world's most powerful Wi-Fi technology, and introduced premium Ignite Internet with 8 Gbps symmetrical speeds in certain areas.

• Continued to accelerate our digital-first plan to make it easier for customers, with digital adoption at 88% of eligible transactions; includes 24/7 virtual assistant support tools and the ability for Fido and Rogers customers to complete price plan changes, hardware upgrades, and other account updates online.

• Donated $1 million to *Jays Care Foundation* in support of their ambitious goal to bring programming to 45,000 kids across Canada through Indigenous Rookie League, Challenger Baseball, and Girls at Bat.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>8</sub> | **Fiscal 2022** |

---

------

*Improve execution and deliver strong financial performance across all lines of business*

• Attracted 545,000 net postpaid mobile phone subscribers to lead the Canadian industry, up 35% and our strongest results since 2007.

• Delivered on robust 2022 full-year guidance after increasing guidance ranges in April for total service revenue, adjusted EBITDA, and free cash flow excluding Shaw financing guidance.

• Generated total service revenue of $13,305 million, up 6%; adjusted EBITDA<sup>1</sup> of $6,393 million, up 9%; and net income of $1,674 million, up 8%.

• Generated free cash flow excluding Shaw financing<sup>1</sup> of $1,985 million, up 19%, and cash provided by operating activities of $4,504 million, up 8%.

• Paid dividends of $1,010 million to our shareholders.

*Other highlights*

*•* Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2022.

• Issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years in February. We received net proceeds of US$740 ($938) million from the issuance.

• Issued $13.3 billion of senior notes, consisting of US$7.05 billion ($9.05 billion) and $4.25 billion, in order to partially finance the cash consideration for the Shaw Transaction.

• Ended the year with approximately $4.9 billion of available liquidity<sup>1</sup>, including $4.4 billion available under our bank and letter of credit facilities and $0.5 billion in cash and cash equivalents.

**2021 Highlights**

On March 15, 2021, we announced an agreement with Shaw to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares for a price of $40.50 per share. The Shaw Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt. See Item 4.2 for more information on the Shaw Transaction.

*Create best-in-class customer experiences by putting our customers first in everything we do*

• Improved Wireless postpaid churn by 5 basis points to 0.95%.

• Continued to accelerate our digital-first plan to make it easier for customers, with digital adoption at 86%, up from 84% in 2020.

• Transformed 130 retail stores into dual-door locations that offer both Rogers and Fido brands, growing our distribution footprint nationally to a total of 140 dual-door locations, including our flagship store at Yonge and Dundas in Toronto.

• Launched Express Pickup through our customer care channels, a free service that allows customers to purchase a new device through a customer care agent and pick it up the same day in-store.

• Launched certified walk-in repairs in select Rogers and Fido locations, offering our customers fast and reliable service to fix batteries, screens, cameras, audio, software, and more.

*Invest in our networks and technology to deliver leading performance, reliability and coverage*

• Expanded Canada's largest and most reliable 5G network which reached more than 1,500 communities and 70% of the Canadian population as at December 31, 2021.

• Invested $3.3 billion in 3500 MHz spectrum licences, covering 99.4% of the Canadian population, to enhance and accelerate the expansion of Canada's first, largest, and most reliable 5G network. This investment positions Rogers as the largest single investor in 5G spectrum in the country across rural, suburban, and urban markets.

• Awarded Best In Test and recognized as Canada's most reliable 4G and 5G network by umlaut, the global leader in mobile network benchmarking, for the third year in a row in July, and ranked number one in 5G Reach, 5G Availability,

<sup>1</sup> Adjusted EBITDA is a total of segments measure. Free cash flow excluding Shaw financing is a non-GAAP financial measure. Available liquidity is a capital management measure. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures, and "Financial Condition" for a reconciliation of available liquidity in our 2022 MD&A, available at www.sedar.com.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>9</sub> | **Fiscal 2022** |

---

------

5G Voice App Experience, 5G Games Experience, and tied first for 5G Upload Speed in Canada by OpenSignal in August.

• Recognized as Canada's most consistent national wireless and broadband provider by Ookla for Q4 2021, with the fastest fixed broadband Internet in Ontario, New Brunswick, and Newfoundland and Labrador.

• Completed the rollout of Canada's first national standalone 5G core to help bring the best of 5G to our customers and achieved the first 5G standalone device certification in Canada.

• Announced a multi-year partnership with Coastal First Nations in British Columbia, which includes a commitment to build five new cell towers, provide more than 100 kilometres of new service coverage along Highway 16 on Graham Island, and improve wireless connectivity throughout Haida Gwaii. We broke ground on the first tower in December 2021.

• Announced a $300 million agreement, alongside the Government of Canada, the Province of Ontario, and the Eastern Ontario Regional Network, to expand wireless connectivity in rural and remote communities throughout eastern Ontario, the largest wireless private-public partnership in Canadian history.

• Announced investments of over $350 million to connect almost 50,000 homes and businesses in Ontario, New Brunswick, and Newfoundland and Labrador, fully funded by Rogers.

• In partnership with the Governments of Canada and British Columbia, we announced 12 new cell tower sites to enhance wireless coverage along Highway 16 between Prince George and Prince Rupert; we broke ground on the first tower in December 2021.

• Announced the construction of seven new towers along Highway 14 from Sooke to Port Renfrew in partnership with Governments of Canada and British Columbia, and more than 90 kilometres of new coverage along Highways 95 and 97 in partnership with the government of British Columbia.

*Drive market-leading growth in each of our lines of business*

• Launched Ignite Internet Gigabit 1.5 to eligible customers, giving customers access to even faster Internet service.

• Launched the first "Wireless Private Network" managed solution nationally in Canada, through Rogers for Business, enabling large enterprises to transform their digital capabilities and drive innovation in their business.

• Unveiled Sportsnet's new state-of-the-art NHL Studio, one of the first entirely IP-based sports studios in North America, capable of delivering interactive and immersive content through augmented and virtual reality, real-time data and statistics, and in-broadcast versatility.

• Launched eight streaming services on our Ignite TV and Ignite Streaming platforms, including Disney+ and Spotify, enhancing Rogers industry-leading selection of streaming services.

• Relaunched Sportsnet NOW, delivering world-class stream quality and reliability combined with new pricing and packaging that gives customers more flexibility and choice; paid subscriber growth is up over 175% year-on-year.

• Launched a Cloud Unified Communications product in *Rogers Business*, a feature-rich, cloud-based phone system for enterprise business customers with complex needs.

*Drive best-in-class financial outcomes for our shareholders*

• Earned total service revenue of $12,533 million, up 5%.

• Attracted 448,000 net Wireless postpaid subscribers, 49,000 net Internet subscribers, and 244,000 net Ignite TV subscribers.

• Generated free cash flow<sup>2</sup> of $1,671 million and cash provided by operating activities of $4,161 million.

• Paid dividends of $1,010 million to our shareholders.

*Develop our people, drive engagement, and build a high-performing and inclusive culture*

• Awarded Canada's Top 100 Employers, including in the Greater Toronto Area, for Young People, Best Diversity Employer, and Greenest Employers by MediaCorp Canada Inc. in November 2021; LinkedIn Canada's Top 25

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow is a capital management measure. See "Non-GAAP and Other Financial Measures" in our 2022 MD&A for more information about this measure, available at www.sedar.com.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>10</sub> | **Fiscal 2022** |

---

------

Companies in April 2021; and Canada's Most Admired Corporate Cultures by Waterstone Human Capital in October 2021.

• Achieved a score of 89% for employee pride in our employee pulse survey in June 2021.

*Be a strong, socially and environmentally responsible leader in our communities*

• Awarded 90 Ted Rogers Community Grants across Canada in 2021, to organizations supporting Canadian youth. Nearly 400 Ted Rogers Community Grants have been awarded since 2017.

• Awarded Ted Rogers Scholarships to 375 young Canadians for post-secondary studies. Nearly three quarters of all scholarships in the Class of 2021 were awarded to youth from equity-deserving communities.

• Expanded our ESG Report and introduced an interactive multimedia Social Impact Report, celebrating and tracking our impact on the environment and our communities. We now disclose information in accordance with the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD) standards, and we committed to supporting the United Nations Sustainable Development Goals.

• Launched a 2021 Orange Shirt Day campaign in support of Indigenous communities across the country. Over the past two years, the Orange Shirt Day campaign has raised $250,000 for the Orange Shirt Society and the Indian Residential School Survivors Society (IRSSS).

• Launched our new corporate responsibility brand, *Generation Possible*, the youth and education pillar focused on giving the next generation the chance they need to succeed through Ted Rogers Scholarships, Community Grants, and Jays Care Foundation. Team Possible is about our team and partners' commitment to making a meaningful impact in communities through volunteering, bridging the digital divide, and partnering with organizations like Women's Shelters Canada.

• Expanded eligibility for *Connected for Success*, so even more Canadians can connect to social services, learning, employment, and loved ones. Now available to upwards of 750,000 Canadian households, the expanded low-cost high-speed Internet program is available across our Internet footprint in Ontario, New Brunswick, and Newfoundland to eligible customers receiving disability, seniors' or income support, and through rent-geared-to-income community housing partners.

*Other highlights*

• Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2021.

• Issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years in December. We received net proceeds of $1,980 million from the issuance.

• Ended the year with approximately $4.2 billion of available liquidity, including $3.1 billion available under our bank and letter of credit facilities, $0.4 billion available under our $1.2 billion receivables securitization program, and $0.7 billion in cash and cash equivalents.

**2020 Highlights**

*Create best-in-class customer experiences by putting our customers first in everything we do*

• Improved Wireless postpaid churn by 11 basis points to 1.00%.

• Accelerated our digital-first plan and added self-serve options during COVID-19, with overall digital adoption up 6 points to 84% and virtual assistant conversations up over 130%.

• Moved to 100% Canada-based customer care specialists and opened our Kelowna customer solution centre virtually.

• Introduced an Ignite self-installation program, including a Drop & Go option, as a safe, easy, no-contact way for customers to install our Ignite Internet and Ignite TV services, with over 93% of customers easily installing their products themselves since the beginning of April.

• Launched Blitzz, a remote visual assistance tool, with our technical support team to enable prompt virtual assistance and reduce the need to deploy field technicians for installation and service calls.

• Launched Express Pickup, making us the only national carrier to give customers the convenience of ordering online and picking up in-store on the same day.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>11</sub> | **Fiscal 2022** |

---

------

• Increased adoption of 5G-ready Rogers Infinite unlimited data plans to over 2.5 million subscribers, the largest unlimited customer base in Canada.

• Grew adoption of Fido Data Overage Protection plans to two-thirds of Fido customers.

• Launched chatr credit cards to help more Canadian residents build or rebuild their credit, facilitating participation in the digital economy.

• Launched *DAY PASS*, a daily payment option, and Top Up as a Guest, which allows customers to top up an account without signing in, on chatr, both new features focused on affordability and flexibility.

• Supported customers with goodwill measures at the onset of COVID-19 by waiving pay-per-use international roaming fees in all available destinations until April 30, 2020 and long-distance voice calling fees across Canada until June 30, 2020.

• Implemented flexible payment options for customers facing financial uncertainty as a result of COVID-19, with no account suspensions or disconnections for a designated period of time.

*Invest in our networks and technology to deliver leading performance and reliability*

• Launched and expanded Canada's first and largest 5G network serving over 170 cities and towns.

• Started rolling out Canada's first 5G standalone core network in Montreal, Ottawa, Toronto, and Vancouver to be ready to support future devices and chipsets as they become available.

• Awarded best wireless network in Canada for the second year in a row, in July, by umlaut, the global leader in mobile network benchmarking, and earned the number one spot in the Canada Wireless Network Quality Study by J.D. Power in the West and Ontario, in April.

• Ranked fastest broadband Internet provider in Ontario and New Brunswick and Canada's most consistent national wireless network and Internet provider in the fourth quarter, according to Ookla's Speedtest results.

• Evolved our 5G partner ecosystem and 5G research and development, including through the launch of Canada's first 5G smart city in Kelowna in partnership with the University of British Columbia and the launch of the 5G Create Lab at Communitech to develop leading 5G solutions.

• Became a founding member of the 5G Future Forum, which is focused on developing interoperable 5G standards across key geographic regions, including the Americas, Asia-Pacific, and Europe.

• Strengthened our Advanced Services portfolio to help make it easier for businesses and governments to serve their customers and citizens, including with new IoT collaborations, and established the Rogers Internet of Things Chair with the University of Calgary to advance IoT research.

• Expanded our cable network through the acquisition of Cable Cable Inc. and Ruralwave Inc., local telecommunications companies in the Ontario Kawartha Lakes region, and announced a partnership with Southwestern Integrated Fibre Technology (SWIFT) to bring services to underserved communities in the Regional Municipality of Waterloo and Dufferin, Norfolk, Oxford and Simcoe counties in Ontario.

• Started rolling out wireless home broadband Internet service to more than 100 communities in Southwestern Ontario as part of our commitment to expand connectivity to rural and remote areas.

• Added capacity and managed traffic where needed to ensure customers stayed connected during COVID-19, with total traffic on our wireline networks up by over 50% during the first months of COVID-19 as more people started working from home.

• Launched and added capacity for government 1-800 numbers to serve citizens during the public health crisis and enabled temporary COVID-19 health assessment centres.

*Deliver innovative solutions and compelling content that our customers will love*

• Launched Ignite Streaming, an entertainment add-on for Ignite Internet customers, to give customers access to their favourite streaming services in one place.

• Launched an exclusive offer in Canada to provide the first six months free when signing up to Apple Music for customers on select Rogers Infinite plans, delivering more value to our customers.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>12</sub> | **Fiscal 2022** |

---

------

• Launched 14 new apps and subscription video on-demand services on Ignite TV and expanded free content on Ignite TV with the introduction of new apps, including Fun at Home and Health at Home, tubi, XITE, and zone-ify; launched access to Amazon Music so customers can listen to their favourite music, as well as thousands of playlists and stations.

• Launched *Rogers Smart Community* in partnership with 1VALET to deliver a new platform that consolidates building and management activities into one seamless experience for multi-residential communities and condominiums.

• Leveraged our media assets to advance inclusion and diversity, including a prime-time special *Ending Racism: What Will it Take?*, a new digital series *LIVE: #Cityline Real on Race*, and a new Sportsnet interview series *Top of HER Game*.

• Launched two new national daily newscasts in Arabic and Filipino on *OMNI Television* to reflect these communities and shed light on underreported topics and issues.

• Brought gender equality in sports to the forefront with the first all-female broadcast team to call an NHL game, a week-long national programming campaign shining the spotlight on female sports game-changers, and partnered with Ryerson University on the Sportsnet Diversity & Gender Equity program.

• Provided free access for our customers to a rotating selection of channels for a select period of time during COVID-19 and temporarily removed data usage caps for customers on limited home Internet plans so they could stream, surf, and connect during the initial phase of the pandemic.

• Created original content and programming for Sportsnet viewers with the suspension of live sports during COVID-19.

• Delivered industry-leading coverage with the return of live sports, with Sportsnet the most-watched sports media brand in Canada in 2020 and Sportsnet National the number-one Canadian network overall in primetime in August.

*Drive profitable growth in all the markets we serve*

• Expanded consolidated adjusted EBITDA margin by 90 basis points.

• Attracted 245,000 net Wireless postpaid subscribers, 57,000 net Internet subscribers, and 218,000 net Ignite TV subscribers.

• Generated free cash flow of $2,366 million, up 4%.

*Develop our people and a high performance culture*

• Achieved an all-time high employee engagement score of 87% in our annual employee survey, up two points from 2019 and seven points above best-in-class.

• Achieved an all-time high score of 93% for employee pride in a company-wide pulse survey during the first months of COVID-19, six points above best-in-class.

• Received Canada's Top 100 Employers Award (2021) for the eighth year in a row, by Mediacorp Canada Inc., including Top Employers in the Greater Toronto Area (2021), Top Employers for Young People in Canada (2021), and Best Diversity Employers in Canada (2020).

• Reclaimed certification for Canada's Most Admired Corporate Cultures by Waterstone Human Capital in 2020.

• Accelerated progress during COVID-19 on our plan to offer increased flexibility to our employees through work-from-home programs across the company.

• Delivered enhanced programs and employee communications to ensure employees were supported and informed during COVID-19, with 83% of our teams reporting in our annual employee survey they felt supported on well-being & work-life balance during COVID-19.

• Extended our employee virtual health care solution in partnership with Sun Life to give employees and their families quick access to health care professionals during COVID-19.

• Launched a new five-year Inclusion and Diversity (I&D) Strategy with measurable targets, including representation goals for equity-seeking groups across the business, and held 85 I&D events and listening sessions through our Employee Resource Groups.

• Launched *For the Love of Work*, made possible by Rogers, a podcast that explores key themes at the heart of a winning employee experience, including resilience, inclusion and diversity, and values, to attract talent and build pride within our team; ranked top 5 in Careers Canada charts on Apple Podcasts from October to December.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>13</sub> | **Fiscal 2022** |

---

------

*Be a strong, socially responsible leader in our communities across Canada*

• Partnered with Food Banks Canada (FBC) and Jays Care Foundation for Step Up to the Plate, the largest food hamper program in the organization's history to distribute eight million meals for Canadian families; launched an awareness campaign across our media and digital assets to raise money for FBC to address acute food shortages during COVID-19; and donated more than one million meals through a corporate donation and employee contributions.

• Launched the 60,000 Hours Challenge as part of The 60 Project to mark our 60th anniversary in 2020, with employee volunteers supporting over 200 organizations.

• Announced a $10 million commitment over the next five years in free advertising and creative services to charities and small businesses that support Black, Indigenous and People of Colour (BIPOC) and equity-seeking communities by leveraging our sports and media assets as part of our I&D plan.

• Raised approximately $1 million through the Hearts and Smiles campaign in support of The Frontline Fund to help Canada's frontline health care workers during COVID-19.

• Provided thousands of devices and free voice and data plans as digital lifelines to vulnerable Canadians to help them stay connected, in partnership with Women's Shelters Canada, National Aboriginal Circle Against Family Violence, Big Brothers Big Sisters of Canada, Pflag Canada, LGBTQ2S+ organizations, seniors' homes, hospitals, and youth organizations.

• Provided advertising space across our media and digital assets to promote sheltersafe.ca for women escaping violence and abuse and provided financial support through our Fido brand to national organizations supporting LGBTQ2S+ people.

• Launched the Team Rogers Community Draft to support families as children return to sport, with assistance toward league fees and access to mentorship.

• Partnered with the Orange Shirt Society, in its efforts to expand Indigenous education across Canada and raise awareness on Indigenous reconciliation, with a specially designed t-shirt for Orange Shirt Day by Ojibwe artist Patrick Hunter sold on Today's Shopping Choice and raising nearly $100,000, with all proceeds going to the society.

• Donated $1 million to the Jays Care Foundation to deliver programs to support 35,000 youth across Canada, including virtual summer camps for 10,000 marginalized youth.

• Awarded scholarships, through the Ted Rogers Scholarship Fund, to over 400 young people to pursue post-secondary education, with an estimated 75% of community recipients from BIPOC.

• Provided nearly $1 million in community grants for the 2019-2020 year to organizations across Canada that support youth and education.

• Expanded our low-cost Internet program Connected for Success to reach over 250,000 households with 340 housing partners.

*Other highlights*

• Declared a quarterly dividend of $0.50 per each outstanding Class A Voting Share and Class B Non-Voting Share during 2020.

• Issued $1.5 billion 7-year 3.65% senior notes in March. We received net proceeds of $1,484 million from the issuance.

• Issued US$750 million 2-year LIBOR + 0.60% senior notes in June and fully hedged the foreign exchange risk. We received net proceeds of $1,014 million from the issuance.

• Ended the year with approximately $5.7 billion of available liquidity, including $2.6 billion available under our bank and letter of credit facilities, $0.6 billion available under our $1.2 billion receivables securitization program, and $2.5 billion in cash and cash equivalents.

• In April 2020, the TSX accepted a notice of our intention to commence a normal course issuer bid (NCIB) program (2020 NCIB) that allowed us to purchase, during the twelve-month period beginning April 24, 2020 and ending April 23, 2021, the lesser of 34.9 million Class B Non-Voting Shares and that number of Class B Non-Voting Shares that could be purchased under the 2020 NCIB for an aggregate purchase price of $500 million. We did not purchase any Class B Non-Voting Shares under the 2020 NCIB.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>14</sub> | **Fiscal 2022** |

---

------

**ITEM 4.2 – SIGNIFICANT ACQUISITIONS**

On March 15, 2021, we announced an agreement to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share. The Shaw Family Living Trust, the controlling shareholder of Shaw, and certain members of the Shaw family and certain related persons (Shaw Family Shareholders) will receive (i) $16.20 in cash and (ii) 0.417206775 Class B Non-Voting Shares of Rogers per Shaw Share held by the Shaw Family Shareholders. The Shaw Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt.

The Shaw Transaction will be implemented through a court-approved plan of arrangement under the *Business Corporations Act (Alberta)*. On May 20, 2021, Shaw shareholders voted to approve the Shaw Transaction at a special shareholders meeting. The Court of King's Bench of Alberta issued a final order approving the Shaw Transaction on May 25, 2021. The Shaw Transaction is subject to other customary closing conditions, including making certain filings with, and obtaining certain consents and approvals from, various governmental and regulatory authorities, including the Competition Bureau, ISED Canada, and the CRTC.

For a description of the Shaw Transaction, please see "Shaw Transaction" on page 16 of our 2022 MD&A.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **15** | **Fiscal 2022** |

---

------

**ITEM 5 – Narrative Description of the Business**

**ITEM 5.1 – GENERAL – BUSINESS OVERVIEW**

This section incorporates by reference the following sections contained in our 2022 MD&A:

---

| | |
|:---|:---|
| **About Rogers** | 13 |
| **Understanding Our Business** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 18 |
| **Products and Services** | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments | 19 |
| **Competition** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media | 20 |
| **Industry Trends** | 21 |
| **Our Strategy, Key Performance Drivers, and Strategic Highlights** | 23 |
| **Capability to Deliver Results** | 26 |
| **Employees** | 38 |
| **Commitments and Contractual Obligations** | 56 |

---

**PROPERTIES, TRADEMARKS, ENVIRONMENTAL, AND OTHER MATTERS**

In most instances, the Company, through its subsidiaries, owns the assets essential to its operations. Our major fixed assets are:

• transmitters; microwave systems; antennae; buildings; electronic transmission, receiving, and processing accessories; and other wireless network equipment (including switches, radio channels, base station equipment, microwave facilities, and cell equipment);

• coaxial and fibre optic cables; set-top terminals, cable modems, and home monitoring equipment; electronic transmission, receiving, processing, digitizing, and distributing equipment; IP routers; data storage servers and network management equipment; and microwave equipment and antennae; and

• radio and television broadcasting equipment (including television cameras and television and radio production facilities and studios).

We either own or license the operating systems and software related to these assets. We also lease various distribution facilities from third parties, including space on utility poles and underground ducts for the placement of some of the cable distribution system. We either own or lease land or premises for the placement of hub sites, head-ends, switches, and space for other portions of the cable distribution system. We also lease premises and space on buildings for the placement of antenna towers. We have highly clustered and technologically advanced broadband cable networks in the provinces of Ontario, New Brunswick, Nova Scotia, and on the island of Newfoundland.

We operate a North American transcontinental fibre-optic network extending 85,000 kilometres, providing a significant North American geographic footprint connecting Canada's largest markets while also reaching key US markets for the exchange of data and voice traffic, also known as peering.

We own or have licensed various brands and trademarks used in our businesses. Certain of our trade names and properties are protected by trademark and/or copyright. We maintain customer lists for our businesses. Our intellectual property, including our trade names, brands, properties, and customer lists, is important to our operations.

In 2022, we spent approximately $0.3 million relating to environmental protection and management requirements. Environmental protection and management requirements applicable to our operations are not expected to have a significant effect on our capital expenditures, earnings, or competitive position in the current or future fiscal years.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **16** | **Fiscal 2022** |

---

------

**ITEM 5.2 – RISK FACTORS**

The following section is incorporated by reference herein: "Risks and Uncertainties Affecting Our Business" contained on pages 63 to 71 of our 2022 MD&A.

**ITEM 6 – Dividends**

**ITEM 6.1 – DIVIDENDS**

On February 1, 2023, the RCI Board of Directors (the Board) declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 3, 2023, to shareholders of record on March 10, 2023.

The table below shows when dividends have been declared and paid on the Class A Voting Shares and Class B Non-Voting Shares for the three most recently completed financial years.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Declaration date | Record date | Payment date | Dividend per share<br>(dollars) | Dividends paid<br>(in millions of dollars) |
| January 26, 2022 | March 10, 2022 | April 1, 2022 | 0.50 | 252 |
| April 19, 2022 | June 10, 2022 | July 4, 2022 | 0.50 | 253 |
| July 26, 2022 | September 9, 2022 | October 3, 2022 | 0.50 | 253 |
| November 8, 2022 | December 9, 2022 | January 3, 2023 | 0.50 | 252 |
| January 27, 2021 | March 10, 2021 | April 1, 2021 | 0.50 | 252 |
| April 20, 2021 | June 10, 2021 | July 2, 2021 | 0.50 | 253 |
| July 20, 2021 | September 9, 2021 | October 1, 2021 | 0.50 | 253 |
| October 20, 2021 | December 10, 2021 | January 4, 2022 | 0.50 | 252 |
| January 21, 2020 | March 10, 2020 | April 1, 2020 | 0.50 | 252 |
| April 21, 2020 | June 10, 2020 | July 2, 2020 | 0.50 | 253 |
| July 21, 2020 | September 9, 2020 | October 1, 2020 | 0.50 | 253 |
| October 21, 2020 | December 10, 2020 | January 4, 2021 | 0.50 | 252 |

---

**ITEM 7 – Description of Capital Structure**

**ITEM 7.1 – GENERAL DESCRIPTION OF CAPITAL STRUCTURE**

The information required under the heading General Description of Capital Structure is contained in the 2022 Audited Consolidated Financial Statements, Note 24, and is incorporated herein by reference.

Each Class A Voting Share of RCI carries the right to fifty votes on a poll and may be voted at the meetings of shareholders of RCI. Holders of Class B Non-Voting Shares of RCI and any series of preferred shares of RCI are entitled to receive notice of and to attend meetings of shareholders of RCI, but except as required by law or stipulated by stock exchanges, are not entitled to vote at such meetings. If an offer is made to purchase outstanding Class A Voting Shares, there is no requirement under applicable law or RCI's constating documents that an offer be made for the outstanding Class B Non-Voting Shares and there is no other protection available to holders of Class B Non-Voting Shares under RCI's constating documents. If an offer is made to purchase both Class A Voting Shares and Class B Non-Voting Shares, the offer for the Class A Voting Shares may be made on different terms than the offer made to the holders of Class B Non-Voting Shares.

**ITEM 7.2 – CONSTRAINTS**

**RESTRICTIONS ON THE TRANSFER, VOTING, AND ISSUE OF SHARES**

We have ownership interests in several Canadian entities licensed or authorized to operate under applicable communications laws (the Laws) including the:

• Broadcasting Act (Canada);

• Telecommunications Act (Canada); and

• Radiocommunication Act (Canada).

The Laws have foreign ownership limits (the Limits) for various classes of licensed or authorized entities. A copy of the Limits can be obtained from our Corporate Secretary. The Laws also impose a number of restrictions on changes in

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **17** | **Fiscal 2022** |

---

------

effective control of licensees or authorized entities, and the transfer of licences held by them. RCI's Articles of Amalgamation therefore impose restrictions on the issue and transfer of its shares and the exercise of voting rights to ensure that we, and any corporation existing in a Canadian jurisdiction in which we have an interest, are:

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

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

If the Board considers that RCI's, or its subsidiaries', ability to hold and obtain licences, or to remain in compliance with the Laws, may be in jeopardy, the Board may invoke the restrictions in our Articles of Amalgamation on transfer, voting, and issue of our shares.

**ITEM 7.3 – RATINGS**

Credit ratings provide an independent measure of credit quality of an issue of securities and can affect our ability to obtain short-term and long-term financing and the terms of the financing. If rating agencies lower the credit ratings on our debt, particularly a downgrade below investment-grade, it could adversely affect our cost of financing and access to liquidity and capital.

We have engaged, and compensated, each of S&P Global Ratings Services (S&P), Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and DBRS Morningstar to rate certain of our public debt issues. During the last two years, we have made an annual payment of less than $100,000 to a credit rating organization for an information service other than a credit rating service. Below is a summary of the credit ratings on RCI's outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuance | S&P Global Ratings Services | Moody's | Fitch | DBRS Morningstar |
| Corporate credit issuer default rating | BBB+ CreditWatch Negative | Baa1 under review | BBB+ Rating Watch Negative | BBB (high), Under Review with Negative Implications |
| Senior unsecured debt | BBB+ CreditWatch Negative | Baa1 under review | BBB+ Rating Watch Negative | BBB (high), Under Review with Negative Implications |
| Subordinated debt | BBB- CreditWatch Negative | Baa3 under review | BBB- Rating Watch Negative | N/A <sup>1</sup> |
| US commercial paper | A-2 CreditWatch Negative | P-2 under review | N/A <sup>1</sup> | N/A <sup>1</sup> |

---

<sup>1</sup>We have not sought a rating from Fitch or DBRS Morningstar for our short-term obligations or from DBRS Morningstar for our subordinated debt

As a result of our agreement to acquire Shaw and the related commitments in connection with the Shaw Transaction, each of these rating agencies has put our credit rating under review. We expect S&P, Moody's, Fitch, and DBRS Morningstar to complete their reviews upon closing of the Shaw Transaction. See "Shaw Transaction" and "Risks and Uncertainties Affecting our Business - Shaw Transaction" on pages 16 and 63, respectively, of our 2022 MD&A for more information on our agreement with Shaw and the Shaw Transaction.

Ratings for long-term debt instruments across the universe of composite rates range from AAA (S&P, Fitch, and DBRS Morningstar) or Aaa (Moody's), representing the highest quality of securities rated, to D (S&P and DBRS Morningstar), Substantial Risk (Fitch), and C (Moody's) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered to range from BBB- (S&P and Fitch), BBB (DBRS Morningstar), or Baa3 (Moody's) to AAA (S&P, Fitch, and DBRS Morningstar) or Aaa (Moody's).

Ratings for short-term debt instruments across the universe of composite rates ranges from A-1+ (S&P) or P-1 (Moody's), representing the highest quality of securities rated, to C (S&P), and not prime (Moody's) for the lowest quality of securities rated. Investment-grade credit ratings are generally considered to be ratings of at least A-3 (S&P), or P-3 (Moody's) quality or higher.

Credit ratings are not recommendations to purchase, hold, or sell securities, nor are they a comment on market price or investor suitability. There is no assurance that a rating will remain in effect for a given period, or that a rating will not be revised or withdrawn entirely by a rating agency if it believes circumstances warrant it. The ratings on our senior debt provided by S&P, Fitch, Moody's, and DBRS Morningstar are investment-grade ratings.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **18** | **Fiscal 2022** |

---

------

**ITEM 8 – Market for Securities**

Class B Non-Voting Shares (CUSIP # 775109200) are listed in Canada on the Toronto Stock Exchange under the symbol RCI.B and in the United States on the New York Stock Exchange under the symbol RCI. Class A Voting Shares (CUSIP # 775109101) are listed on the Toronto Stock Exchange under the symbol RCI.A.

**ITEM 8.1 – TRADING PRICE AND VOLUME**

The following table sets forth, for the periods indicated, the reported high, low, and close prices and volume traded on the Toronto Stock Exchange for Class B Non-Voting Shares and Class A Voting Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RCI.B** | | | | |
| &nbsp;&nbsp;&nbsp;**Month** | **High<br>($)** | **Low<br>($)** | **Close<br>($)** | **Volume** |
| &nbsp;&nbsp;&nbsp;2022/01 | 65.41 | 59.58 | 64.47 | 25298941 |
| &nbsp;&nbsp;&nbsp;2022/02 | 67.67 | 63.98 | 65.49 | 23606266 |
| &nbsp;&nbsp;&nbsp;2022/03 | 71.26 | 64.95 | 70.76 | 58737303 |
| &nbsp;&nbsp;&nbsp;2022/04 | 80.85 | 69.74 | 69.98 | 23977180 |
| &nbsp;&nbsp;&nbsp;2022/05 | 70.19 | 62.67 | 64.87 | 31235465 |
| &nbsp;&nbsp;&nbsp;2022/06 | 65.04 | 57.90 | 61.68 | 48476137 |
| &nbsp;&nbsp;&nbsp;2022/07 | 63.18 | 58.37 | 58.87 | 21386190 |
| &nbsp;&nbsp;&nbsp;2022/08 | 59.62 | 55.55 | 56.55 | 26737678 |
| &nbsp;&nbsp;&nbsp;2022/09 | 56.90 | 52.75 | 53.21 | 56652258 |
| &nbsp;&nbsp;&nbsp;2022/10 | 57.99 | 50.53 | 56.71 | 20018196 |
| &nbsp;&nbsp;&nbsp;2022/11 | 62.32 | 56.04 | 61.88 | 23203833 |
| &nbsp;&nbsp;&nbsp;2022/12 | 64.81 | 59.25 | 63.37 | 35875751 |
| **RCI.A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Month** | **High<br>($)** | **Low<br>($)** | **Close<br>($)** | **Volume** |
| &nbsp;&nbsp;&nbsp;2022/01 | 66.90 | 61.50 | 65.15 | 57670 |
| &nbsp;&nbsp;&nbsp;2022/02 | 68.99 | 65.08 | 66.48 | 38139 |
| &nbsp;&nbsp;&nbsp;2022/03 | 71.50 | 65.40 | 71.45 | 40713 |
| &nbsp;&nbsp;&nbsp;2022/04 | 78.00 | 70.00 | 70.00 | 30495 |
| &nbsp;&nbsp;&nbsp;2022/05 | 70.18 | 62.56 | 66.00 | 20130 |
| &nbsp;&nbsp;&nbsp;2022/06 | 66.20 | 58.30 | 62.95 | 21205 |
| &nbsp;&nbsp;&nbsp;2022/07 | 64.00 | 59.53 | 61.06 | 14735 |
| &nbsp;&nbsp;&nbsp;2022/08 | 62.44 | 57.70 | 57.70 | 36076 |
| &nbsp;&nbsp;&nbsp;2022/09 | 59.80 | 54.57 | 54.66 | 21905 |
| &nbsp;&nbsp;&nbsp;2022/10 | 59.00 | 52.00 | 58.35 | 16170 |
| &nbsp;&nbsp;&nbsp;2022/11 | 62.01 | 57.20 | 62.01 | 20511 |
| &nbsp;&nbsp;&nbsp;2022/12 | 66.00 | 60.01 | 65.00 | 18748 |

---

**ITEM 8.2 – PRIOR SALES**

In February 2022, we issued US$750 million of 5.25% subordinated notes due 2082. In March 2022, we issued $4.25 billion and US$7.05 billion of senior notes, including:

• $1.25 billion of 3.1% senior notes due 2025;

• $1 billion of 3.75% senior notes due 2029;

• $1 billion of 4.25% senior notes due 2032;

• $1 billion of 5.25% senior notes due 2052;

• US$1 billion of 2.95% senior notes due 2025;

• US$1.3 billion of 3.2% senior notes due 2027;

• US$2 billion of 3.8% senior notes due 2032;

• US$750 million of 4.5% senior notes due 2042; and

• US$2 billion of 4.55% senior notes due 2052.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **19** | **Fiscal 2022** |

---

------

**ITEM 9 – Escrowed Securities and Securities Subject to Contractual Restriction on Transfer**

N/A

**ITEM 10 – Directors and Officers**

**ITEM 10.1 - Name, Occupations and Security Holding**

Set forth below is information regarding the directors and senior executive officers of RCI as at March 9, 2023, including their city, province or state, and country of residence, and their principal occupation(s) within the five preceding years. Each director is elected at the annual meeting of shareholders to serve until the next annual meeting or until a successor is duly elected unless, prior thereto, he or she resigns or his or her office becomes vacant by death or other cause under applicable law. Officers are appointed by, and serve at the discretion of, the Board.

---

| | |
|:---|:---|
| **Name** | **Position** |
| **Directors** | |
| Edward S. Rogers <sup>(1)(2)(3)(9)(10)</sup> | Director, Chair of RCI, and Chair of the Rogers Control Trust |
| Melinda M. Rogers-Hixon <sup>(2)(3)(5)(9)(10)</sup> | Director, Deputy Chair of RCI, and Vice Chair of the Rogers Control Trust |
| Tony Staffieri | Director, President and Chief Executive Officer |
| Jack L. Cockwell, C.M. <sup>(6)(7)(8)</sup> | Director |
| Michael J. Cooper | Director |
| Ivan Fecan <sup>(7)(8)</sup> | Director |
| Robert J. Gemmell <sup>(1)(2)(3)(6)(8)</sup> | Lead Director |
| Jan L. Innes <sup>(2)(4)(5)(7)</sup> | Director |
| John (Jake) C. Kerr, C.M., O.B.C <sup>(6)</sup> | Director |
| Dr. Mohamed Lachemi <sup>(5)(6)</sup> | Director |
| Philip B. Lind, C.M. <sup>(3)(4)(10)</sup> | Director, Vice Chair of RCI, and member of the Advisory Committee of the Rogers Control Trust |
| David A. Robinson <sup>(1)(2)(7)(8)(10)</sup> | Director and member of the Advisory Committee of the Rogers Control Trust |
| Martha L. Rogers <sup>(4)(9)(10)</sup> | Director and member of the Advisory Committee of the Rogers Control Trust |
| **Senior Executive Officers** |  |
| Tony Staffieri | Director, President and Chief Executive Officer |
| Glenn A. Brandt | Chief Financial Officer |
| Robert Dépatie | President and Chief Operating Officer, Home & Business |
| Lisa L. Durocher | Executive Vice-President, Financial and Emerging Services |
| Philip J. Hartling | President, Wireless |
| Bret D. Leech | Chief Human Resources Officer |
| Ron McKenzie | Chief Technology and Information Officer |
| Colette S. Watson | President, Rogers Sports & Media |
| Mahes S. Wickramasinghe | Chief Administrative Officer |
| Ted Woodhead | Chief Regulatory Officer and Government Affairs |
| Marisa L. Wyse | Chief Legal Officer and Corporate Secretary |

---

(1)Denotes member of Executive Committee

(2)Denotes member of Nominating Committee

(3)Denotes member of Finance Committee

(4)Denotes member of ESG Committee

(5)Denotes member of Pension Committee

(6)Denotes member of Corporate Governance Committee

(7)Denotes member of Human Resources Committee

(8)Denotes member of Audit and Risk Committee

(9)Each of Edward S. Rogers, Martha L. Rogers, and Melinda M. Rogers-Hixon 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 2022 Information Circular available on SEDAR at sedar.com.

(10)Voting control of RCI is held by the Rogers Control Trust. See "Outstanding Shares and Main Shareholders" in RCI's 2022 Information Circular available on SEDAR at sedar.com. Each of the individuals that are noted above as holding positions with the Rogers Control Trust have held such positions since December 2008.

**Edward S. Rogers** resides in Toronto, Ontario, Canada and has been a director of RCI since May 1997. Mr. Rogers currently serves as Chair of the Board of RCI. He was first appointed Chair in January 2018. Prior to that, he served as Deputy Chair of RCI from September 2009. Mr. Rogers is also Chair of Rogers Bank, Chair of the Toronto Blue Jays, and is on the Board of Directors of Maple Leaf Sports & Entertainment and Cablelabs. He is the Rogers Control Trust Chair. Mr. Rogers served in various management positions at Rogers Communications for over 20 years, including as President and

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **20** | **Fiscal 2022** |

---

------

CEO of Rogers Cable Inc. After graduating from the University of Western Ontario, Mr. Rogers spent three years with Comcast Corporation. Mr. Rogers was a member of the Economic Council of Canada from 2010 to 2013.

**Melinda M. Rogers-Hixon** resides in Toronto, Ontario, Canada and has been a director of RCI since May 2002. Ms. Rogers-Hixon has served as Deputy Chair of the Board of RCI since January 2018 and as Vice Chair of Rogers Control Trust since 2008. Ms. Rogers-Hixon was also appointed a director of Rogers Bank on December 31, 2017. Ms. Rogers held progressively senior roles at Rogers after joining the Company in 2000. Most recently, she was Founder of Rogers Venture Partners from 2011 to 2018. Ms. Rogers-Hixon is a founding partner of Generation Trust Advisors, a global consultancy with a specialty in family enterprises, serves as Chair of The Jays Care Foundation, and as a Director of Maple Leaf Sports & Entertainment, Bombardier Inc., Rogers Bank, Huron University College, University Health Network Foundation, and as a Leadership Board Member of Cleveland Clinic International and Trustee at The Bishop Strachan School*.* Ms. Rogers-Hixon holds a B.A. from the University of Western Ontario and a M.B.A. from Joseph L. Rotman School of Management at the University of Toronto. Ms. Rogers-Hixon was awarded an honorary doctorate from Huron University College at Western University in November 2018.

**Jack L. Cockwell, C.M.** resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Mr. Cockwell is Chair of Brookfield Partners Foundation, was one of the founders of Partners Limited in 1995, and has been associated with Brookfield in numerous capacities, including as Chief Executive Officer, since 1968. Mr. Cockwell is a Heritage Governor of the Royal Ontario Museum. He is also an honorary member of the Toronto Metropolitan University's Board of Governors. Mr. Cockwell holds a M.Comm with Distinction from the University of Cape Town.

**Michael J. Cooper** resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Mr. Cooper is the President and Chief Responsible Officer of Dream Unlimited Corp. and founder of Dream Asset Management Corporation (DAM). He is also the Chair and Chief Executive Officer of Dream Office Real Estate Investment Trust. Mr. Cooper helped found DAM in 1996 and continues to lead the business as President and Chief Responsible Officer. Mr. Cooper was also involved in the formation of Dream Global Real Estate Investment Trust, previously a TSX-listed real estate investment trust, the assets and subsidiaries of which were sold in 2019. Mr. Cooper holds a LL.B from the University of Western Ontario and a M.B.A. from York University.

**Ivan Fecan** resides in Vancouver, British Columbia, Canada and has been a director of RCI since October 2021. Mr. Fecan is a Canadian media executive and producer. Mr. Fecan was President and CEO of Baton Broadcasting and its successors, CTV Inc. and CTVglobemedia, from 1996 to 2011. Previously, he was VP of English TV at the CBC and VP of Creative Development at NBC. Most recently, he was the Executive Chair of Thunderbird Entertainment Group Inc. Mr. Fecan serves on the boards of the University Health Network Foundation and the Council for Canadian American Relations. Mr. Fecan was the producer and executive producer of the hit Canadian sitcom Kim's Convenience. Mr. Fecan holds a B.A. from York University.

**Robert J. Gemmell** resides in Oakville, Ontario, Canada, has been a director of RCI since April 2017, and has served as Lead Director since November 2021. Mr. Gemmell spent 25 years as an investment banker in the United States and in Canada. Mr. Gemmell was President and Chief Executive Officer of Citigroup Global Markets Canada and its predecessor companies (Salomon Brothers Canada and Salomon Smith Barney Canada) from 1996 to 2008. In addition, he was a member of the Global Operating Committee of Citigroup Global Markets from 2006 to 2008. Mr. Gemmell holds a B.A. from Cornell University, a LL.B from Osgoode Hall Law School, and a M.B.A. from the Schulich School of Business.

**Jan L. Innes** resides in Toronto, Ontario, Canada and has been a director of RCI since October 2021. Ms. Innes is a board director and public affairs specialist. Ms. Innes spent most of her career at Rogers Communications. She joined Rogers in 1995 as Vice President, Communications, and in 2011, became Vice President, Government Relations. Ms. Innes retired from Rogers in 2015. Prior to joining Rogers, Ms. Innes was Vice President of Public Affairs at Unitel Communications Inc. Previously, Ms. Innes held senior political staff positions at both Queen's Park in Toronto and Parliament Hill in Ottawa. Ms. Innes sits on the Board of Directors of the Rogers Group of Funds. Ms. Innes holds a B.A. (Honours) from the University of Toronto and in 2014, completed the Directors Education Program at the Rotman School of Management, receiving the ICD.D designation.

**John (Jake) C. Kerr, C.M., O.B.C.** resides in Vancouver, British Columbia, Canada and has been a director of RCI since October 2021. Mr. Kerr is a Canadian executive. Mr. Kerr was the owner and managing partner of Lignum Forest Products, LLP from 2008 to 2015, and he was Chair and CEO of Lignum Ltd. from 1972 to 2005. Mr. Kerr is the majority owner and managing partner of Vancouver Professional Baseball LLP. He acquired the Vancouver Canadians Baseball Club in 2005. He is Chancellor Emeritus of Emily Carr University of Art + Design and Past Chair of the Vancouver Foundation. Mr. Kerr is the Chair of Mosaic Forest Management and is a member of the Chief Executives Organization. Mr. Kerr received a B.A. from the University of British Columbia and a M.B.A. from the University of California, Berkeley. He is a recipient of the Order of Canada and the Order of British Columbia.

**Dr. Mohamed Lachemi** resides in Mississauga, Ontario, Canada and has been a director of RCI since April 2022. Dr. Lachemi has been President and Vice-Chancellor of Toronto Metropolitan University since April 2016. Since joining Toronto Metropolitan University in 1998 as professor of civil engineering, Dr. Lachemi has served in progressively senior roles, including Dean of the Faculty of Engineering and Architecture Science, and Provost (COO) and Vice President Academic. Dr. Lachemi is the Chair of the Finance Committee of Universities Canada, a Fellow of the Canadian Society for

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **21** | **Fiscal 2022** |

---

------

Civil Engineering, a Fellow of the Canadian Academy of Engineering, and a board member of Trillium Health Partners. Dr. Lachemi also serves as a board member of Hackergal and DMZ Ventures. He is the past Chair of the Council of Ontario Universities and COU Holding Association Inc. and was a member of the NRC Council from 2018 to 2021. Dr. Lachemi holds a M.A.Sc. and Ph.D. from the University of Sherbrooke and a B.Sc. in Civil Engineering from the University of Science and Technology of Oran, Algeria.

**Philip B. Lind, C.M.** resides in Toronto, Ontario, Canada and has been a director of RCI since February 1979. Mr. Lind is non-executive Vice Chair of RCI and was Executive Vice President, Regulatory until his retirement in December 2014. Mr. Lind joined Rogers in 1969 as Programming Chief and has served as Secretary of the Board and Senior Vice President, Programming and Planning. Mr. Lind also serves as a director of the Art Gallery of Ontario and the Albright Knox Foundation Canada. Mr. Lind is a former member of the Board of the National Cable Television Association in the US and is a former Chairman of the Canadian Cable Television Association. He is also Chairman of the Board of the CCPTA (Channel 17, WNED) and a director of the Atlantic Salmon Federation and The US Cable Center, Denver. Mr. Lind holds a B.A. in Political Science and Sociology from the University of British Columbia and a M.A. in Political Science from the University of Rochester. In 2002, Mr. Lind received a Doctor of Laws, honoris causa, from the University of British Columbia as well as in 2016 he was awarded the UBC Alumni Award of Distinction. In 2002, Mr. Lind was appointed to the Order of Canada. In 2012, Mr. Lind was inducted into the US Cable Hall of Fame, the third Canadian to be so honoured.

**David A. Robinson** resides in Toronto, Ontario, Canada and has been a director of RCI since April 2022. Mr. Robinson is Chief Commercial Officer of Foghorn Payments Inc., a Canadian payment processing service provider for businesses. Mr. Robinson joined Rogers in 1990 and served in progressively more senior roles over his 30-year career at the Company. From August 2015 to June 2019, Mr. Robinson served as President and Chief Executive Officer of Rogers Bank. As SVP, Financial Services, Rogers Communications from 2014 to 2015, Mr. Robinson provided executive sponsorship of financial services efforts at Rogers, including Rogers Bank, the Today's Shopping Choice private label credit card program, as well as the Company's investments in its mobile-payment joint ventures, Enstream and Suretap. Mr. Robinson is a member of the Advisory Committee of the Rogers Control Trust. He also serves as a director of Mobi724 Global Solutions Inc. and Everyday People Financial Corp. Mr. Robinson holds a B.A. (Honours) from Queen's University, a M.B.A. from the University of Western Ontario, and in 2021, completed the Directors Education Program at the Rotman School of Management, receiving the ICD.D designation.

**Martha L. Rogers** resides in Toronto, Ontario, Canada and has been a director of RCI since December 2008, and previously served as a director of Rogers Wireless Communications Inc. and Rogers Media Inc. Ms. Rogers holds a Doctor of Naturopathic Medicine degree from the Canadian College of Naturopathic Medicine and a B.A. from the University of Western Ontario. Ms. Rogers serves on several charitable boards, including as Chair of the Rogers Foundation, and as a director of the Canadian Lyford Cay Foundation. Ms. Rogers also serves as a director of The Dolphin Project.

**Tony Staffieri** resides in Toronto, Ontario, Canada and has served as President and Chief Executive Officer and a director of RCI since January 2022. After joining Rogers in April 2012 as Chief Financial Officer, Mr. Staffieri also served as Interim President and Chief Executive Officer of the Company from November 2021 to January 2022. Prior to joining Rogers, Mr. Staffieri held senior executive positions with Bell Canada Enterprises and Celestica International Inc. and was a Partner with PricewaterhouseCoopers. Mr. Staffieri also serves as Chair of the Board of Governors for Toronto Metropolitan University and is a Board Director of MLSE. He is a Fellow Chartered Professional Accountant and Fellow Chartered Accountant. Mr. Staffieri holds a B.B.A. from the Schulich School of Business.

**Glenn A. Brandt** resides in Millgrove, Ontario, Canada and has served as Chief Financial Officer since January 2022. Since joining Rogers 31 years ago, Mr. Brandt has held several senior roles in the company, most recently as Senior Vice President, Corporate Finance from September 2016 to January 2022, overseeing various portfolios including Treasury, Tax, Corporate Development, Investor Relations, and Procurement and Supply Chain. Mr. Brandt is a trusted advisor with over 35 years in financial management, including extensive experience across corporate finance, raising capital, and working with credit rating agencies. Prior to joining Rogers, Mr. Brandt was with the Toronto Dominion Bank in Corporate & Investment and Commercial Banking. Mr. Brandt holds a B.Comm from the University of Toronto and a M.B.A. from the Schulich School of Business.

**Robert Dépatie** resides in Toronto, Ontario, Canada and has served as President and Chief Operating Officer, Home & Business since December 2021. Mr. Dépatie has 20 years of executive leadership in telecom and media experience, including four years as a member of the RCI Board of Directors from April 2017 to November 2021. Mr. Dépatie is responsible for delivering a strategic vision and growth plan across Home, Rogers Business, and customer experience at Rogers. This includes driving growth and enabling a best-in-class experience for customers across wireless, wireline, and large Corporate, Public Sector, and Small and Medium Enterprise segments. Mr. Dépatie has been the strategic advisor for Robert Depatie & Associates Inc. since July 2015. Prior to that, from February 2015 to June 2015, Mr. Dépatie was President of Groupe St-Hubert. Mr. Dépatie was President and CEO of Quebecor Inc. and Quebecor Media Inc. from May 2013 to April 2014, as well as President and CEO of Vidéotron ltée from June 2003 to May 2013. He joined Vidéotron ltée in December 2001 as Senior Vice President, Sales, Marketing and Customer Service.

**Lisa L. Durocher** resides in Toronto, Ontario, Canada and has served as Executive Vice-President, Financial and Emerging Services since January 2021. Financial and Emerging Services includes responsibility for Rogers Bank as well as new or adjacent services that differentiate the Rogers business. Ms. Durocher was appointed President and Chief Executive Officer

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **22** | **Fiscal 2022** |

---

------

of Rogers Bank in July 2021. Ms. Durocher was previously Chief Digital Officer from June 2017 to January 2021, and prior to that, was Senior Vice President, Digital from August 2016 to June 2017. Prior to joining Rogers, Ms. Durocher was at American Express in New York City, where she held several senior leadership positions from 2002 to 2016, most recently Senior Vice President, Charge and Benefits from June 2013 to August 2016. Ms. Durocher is a board member of the Rogers Bank, Fortis Inc., and is the Executive Sponsor of the Black Leadership Council at Rogers. Ms. Durocher holds an H.B.A. from Wilfrid Laurier University.

**Philip J. Hartling** resides in Toronto, Ontario, Canada and has served as President, Wireless since January 2022. Since joining Rogers in 2005 when it acquired Sprint Canada, Mr. Hartling has held various senior leadership positions within Rogers, in marketing, sales, customer service, and operations. Mr. Hartling's most recent position was Executive Vice President, Service Expansion from January 2021 to January 2022. Prior to that, he served as President, Connected Home from June 2018 to January 2021, and as Interim President, Consumer from December 2017 to June 2018. Mr. Hartling is responsible for the Company's Wireless business, including the Rogers, Fido, and chatr brands. Mr. Hartling holds a M.P.A. and a B.Comm from Dalhousie University.

**Bret D. Leech** resides in Toronto, Ontario, Canada and has served as Chief Human Resources Officer since February 2022. Mr. Leech is responsible for leading the Company's HR portfolio, including creating an engaging and inclusive employee experience that enables our teams to deliver the very best for our customers, communities, business, and each other. Prior to joining Rogers, Mr. Leech held a series of senior executive leadership positions with telecommunication, financial, and technology organizations in Canada, China, Japan, and the United States. Most recently, Mr. Leech was Group Vice President at Southeast Toyota Finance from January 2021 to December 2021. Prior to that, Mr. Leech was Division President Lending Solutions at Fiserv, Inc. from March 2016 to February 2018. In April 2018, Mr. Leech led the sale of Fiserv, Inc.'s Lending Solutions business to an independent joint venture, Sagent Lending Technologies (Sagent), becoming its President and CEO and member of the board. Following a series of acquisitions, Mr. Leech separated Sagent's two primary lines of business, taking a board and Executive Chairman position with Sagent in March 2021 and continuing as President and CEO of the second entity, defi SOLUTIONS, until October 2020. Mr. Leech holds a B.A. from Dalhousie University, a M.B.A. from the University of Toronto, and is a graduate of Harvard's Advanced Management Program.

**Ron McKenzie** resides in Calgary, Alberta, Canada and has served as Chief Technology and Information Officer since July 2022. Mr. McKenzie is responsible for leading an expert team of engineers, developers, and technology professionals responsible for designing, building, and operating the Company's wireline, wireless, and media networks, as well as IT and digital strategy and systems. Mr. McKenzie was formerly President, Business from June 2021 to July 2022, where he was responsible for delivering Wireless, Wireline, IoT, Advanced Services, and Data Centre products and solutions to small, medium, large, and public sector businesses across Canada. Mr. McKenzie was previously Senior Vice President, Technical Operations of Rogers from November 2019 to June 2021. Mr. McKenzie has more than 30 years' experience in the telecom industry across Canada and the United States. Prior to joining Rogers, Mr. McKenzie spent more than 10 years in senior leadership positions at Shaw Communications in Calgary, including SVP and Chief Operating Officer and SVP Business. He is currently Secretary of the Board of Directors of the Society of Cable Telecommunications Engineers (SCTE). Mr. McKenzie graduated with a B.A.Sc. in Electrical Engineering from the University of Toronto and has attended the CTAM Executive Management programs at Harvard.

**Colette S. Watson** resides in Ottawa, Ontario, Canada and has served as President, Rogers Sports & Media since January 2022. Ms. Watson was previously Senior Vice President, TV & Broadcast Operations from November 2016 to June 2020. Ms. Watson is responsible for driving strategy and overseeing operations for the Company's robust portfolio of media assets. Prior to rejoining Rogers, Ms. Watson was the President of CPAC, a not-for-profit, commercial-free specialty television channel from April 2019 to January 2022. Fluently bilingual, Ms. Watson has 32 years of experience across programming, regulatory, and communications, including a variety of senior roles across Rogers' Media, Regulatory, and Cable divisions. Ms. Watson joined Rogers in 1990 as Bureau Chief of the Rogers Ottawa Bureau. She became Vice President of Community Programming in 1995 and performed the dual role of President of CPAC and Vice President of Community Programming until her appointment to Rogers Media in 2016. Ms. Watson is also a past recipient of the esteemed Trailblazer of the Year award by Canadian Women in Communications. Ms. Watson holds a diploma in Communications from St. Lawrence College.

**Mahes S. Wickramasinghe** resides in Toronto, Ontario, Canada and has served as Chief Administrative Officer since January 2022. Mr. Wickramasinghe is responsible for key initiatives and operations to strengthen the strategic growth and performance of the Company, including Strategy, Corporate Development, Supply Chain and Procurement, Performance Management, Capital Management, Cyber Security, and Corporate Security. Mr. Wickramasinghe has spent over two decades in senior executive roles across large Canadian and global organizations, most recently as Executive Vice-President, Canadian Tire Corporation from September 2016 to October 2021, including as Chief Corporate Officer from September 2016 to March 2020, as President, Canadian Tire Financial Services and President & CEO, Canadian Tire Bank from March 2020 to July 2021, and as Chairman of Helly Hansen until October 2021. Prior to that, Mr. Wickramasinghe was Chief Strategy Officer at Canadian Tire from February 2014 to September 2016. Mr. Wickramasinghe also held executive leadership positions at BCE Inc. and Bell Aliant from 2003 to 2008. From 2008 to 2012, Mr. Wickramasinghe was Chief Administrative Officer of CIBC FirstCaribbean, based in Barbados, and from July 2012 to September 2013, he was Senior Vice President, Corporate Finance at Rogers. He started his career in public accounting and was a partner with Arthur Andersen and joined CIBC in 1995 and held a number of senior positions and was appointed Senior Vice President. Mr.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **23** | **Fiscal 2022** |

---

------

Wickramasinghe is a member of the Institute of Chartered Accountants (Sri Lanka) and the American Institute of Certified Public Accountants and a Fellow of the Chartered Institute of Management (UK). He is on the Board of Directors for SunOpta Inc. and Helly Hansen China.

**Ted Woodhead** resides in Ottawa, Ontario, Canada and has served as Chief Regulatory Officer and Government Affairs since January 2022 and was previously Senior Vice President, Regulatory since May 2020. Mr. Woodhead is responsible for overseeing Regulatory and Government Affairs at Rogers. Mr. Woodhead has over 25 years of experience in the telecommunications sector. He has represented Rogers at various proceedings before the Canadian Radio-television and Telecommunications Commission (CRTC) and other federal departments and agencies with respect to broadcasting and telecommunications matters. He joined Rogers in February 2000 as Director of Government Relations and Regulatory Affairs. In 2004, Mr. Woodhead joined TELUS where he was a Director of Regulatory Affairs, and then in 2008, he assumed the role of Vice President, Telecom Policy and Regulatory Affairs. In 2012, he became the Senior Vice President, Federal Government and Regulatory Affairs, and then in 2017, became Senior Vice President, Strategic Policy until December 2019. Mr. Woodhead is a member of the External Relations Committee of the Queens University Board of Trustees and is on the Boards of the Canadian Chamber of Commerce and the Canadian Wireless Telecommunications Association. Mr. Woodhead holds a B.A. (Honours) in Political Studies and History from Queen's University and a LL.B. from the University of Windsor.

**Marisa L. Wyse** resides in Toronto, Ontario, Canada and has served as Chief Legal Officer and Corporate Secretary since January 2022. Since joining Rogers in 2014 as Senior Tax Counsel, Ms. Wyse has held increasingly senior roles in Tax and Finance, most recently as Vice President, Corporate Development from November 2018 to January 2022. Prior to joining Rogers, Ms. Wyse practiced as a tax lawyer at a Canadian law firm from 2006 to 2013. Ms. Wyse holds a J.D. in Law from the University of Toronto and a Bachelor of Computer Engineering from McGill University. Ms. Wyse was admitted to the Ontario Bar in 2006.

As at December 31, 2022, RCI's directors and executive officers as a group owned, directly or indirectly, an aggregate of 108,835,918 Class A Voting Shares, representing approximately 97.9% of the issued and outstanding Class A Voting Shares. Certain directors have positions with, or are beneficiaries of, the Rogers Control Trust, which holds voting control of the Rogers group of companies for the benefit of successive generations of the Rogers family. See "Outstanding Shares and Main Shareholders" in RCI's 2022 Information Circular available on SEDAR at sedar.com.

**COMPOSITION OF THE BOARD**

The Board currently has 13 members.

**Independent Directors**

The Board is responsible for determining whether a director is "independent" within the meaning of National Instrument 58-101 - "Disclosure of Corporate Governance Practices" (NI 58-101). Certain directors may be principals of, partners in, or hold other positions with entities that provide legal, financial, or other services to us. The Board has adopted discretionary Director Material Relationship Standards for the purpose of assisting the Board in making determinations regarding whether or not a direct or indirect business, commercial, banking, consulting, professional, or charitable relationship a director may have with RCI or its subsidiaries is a material relationship that could, in the view of the Board, reasonably interfere with the exercise of the director's independent judgment. These standards can be reviewed in the Corporate Governance section of our website at investors.rogers.com/corporate-governance.

Based on the information provided by each director and the recommendations of the Corporate Governance Committee, the Board has determined that the following directors are independent in accordance with the requirements of NI 58-101 and the standards referred to above. In making this determination, the Board considered all of the relationships that each director has with the Company (taking the discretionary standards referred to above and other factors the Board considered relevant into account) and concluded that none of the relationships considered would likely impair the director's independent judgment.

Jack L. Cockwell, C.M.

Michael J. Cooper

Ivan Fecan

Robert J. Gemmell

Jan L. Innes

John C. Kerr, C.M., O.B.C.

Dr. Mohamed Lachemi

David A. Robinson

**Lead Director**

Pursuant to the Board Charter, the Board has appointed Robert J. Gemmell as Lead Director. The Lead Director facilitates the functioning of the Board independently of management of the Company and provides independent leadership to the Board. Shareholders wishing to contact the Lead Director may write to the Lead Director, in care of the Corporate Secretary, at the head office of the Company, 333 Bloor Street East, 10th Floor, Toronto, Ontario M4W 1G9, Canada.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **24** | **Fiscal 2022** |

---

------

**BOARD COMMITTEES**

The Board has eight permanent (or standing) committees. The Board may appoint special committees to deal with specific matters. A special committee might, for example, consider proposed material transactions between the significant shareholder and us or between our subsidiaries and us. In those cases, the committee would consist entirely of independent directors who have no relationship to us or to the significant shareholder other than as a director. Charters for the various Board committees can be reviewed in the Corporate Governance section of our website at investors.rogers.com/corporate-governance.

**CONTROLLED COMPANY EXEMPTION**

The NYSE listing standards require a listed company to have, among other things, a nominating committee consisting entirely of independent directors. The rules permit a "controlled company" to be exempt from these requirements. A "controlled company" is a company of which more than 50% of the voting power is held by an individual, group, or another company. The Board has determined that it is appropriate for directors affiliated with the controlling shareholder to serve on the Board committees, apart from the Audit and Risk Committee, because of the alignment of interests between our controlling shareholder and our minority shareholders, namely the creation of value and long-term growth. Accordingly, the Board has approved the Company's reliance on the controlled company exemption with regards to membership of the nominating committee.

**FOREIGN PRIVATE ISSUER STATUS**

Under the NYSE listing standards, a "foreign private issuer", such as the Company, is not required to comply with most of the NYSE corporate governance listing standards. However, foreign private issuers are required to disclose any significant ways in which their corporate governance practices differ from those followed by US companies under the NYSE listing standards.

*Appointment of Auditors*

The NYSE listing standards and US securities laws require the audit committee of a US company to be directly responsible for the appointment of any registered accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services. There is an exception for foreign private issuers that are required under a home country law to have auditors selected pursuant to home country standards. Pursuant to the Business Corporations Act (British Columbia), our auditors are to be appointed by the shareholders at the annual general meeting of RCI. Our Audit and Risk Committee is responsible for evaluating the auditors and advising the Board of its recommendation regarding the appointment of auditors.

*Shareholder Approval of Equity Compensation Plans*

The NYSE listing standards require shareholder approval of all equity compensation plans and material revisions to such plans, subject to limited exceptions. The definition of "equity compensation plan" covers plans that provide for the delivery of newly issued or treasury securities. The TSX rules provide that only the creation of, or material amendments to, equity compensation plans that provide for new issuances of securities are subject to shareholder approval in certain circumstances. We follow the TSX rules with respect to the requirements for shareholder approval of equity compensation plans and material revisions to such plans.

**CORPORATE GOVERNANCE PRACTICES**

The Board endorses the principle that our corporate governance practices are a fundamental part of our proper functioning as a corporation. The Board believes that these corporate governance practices enhance the interests of our security holders, employees, customers, and of others dealing with us. Our Statement of Corporate Governance Practices can be reviewed in the Corporate Governance section of our Company's website at investors.rogers.com/corporate-governance.

**ITEM 10.2 - Cease Trade Orders, Bankruptcies, Penalties, or Sanctions**

To our knowledge, based on information supplied by the directors and executive officers, none of our directors or senior executive officers, or a shareholder holding a sufficient number of securities to affect materially the control of the Company is, or within the ten years prior to the date hereof has been, a director or executive officer of any company that: (i) while that person was acting in that capacity was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days; (ii) was subject to an event that resulted, after the director or executive officer ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or (iii) within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver manager, or trustee appointed to hold its assets.

None of our directors or executive officers, or a shareholder holding a sufficient number of securities to affect materially the control of the Company has, within the ten years prior to the date hereof, become bankrupt, made a proposal under any

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **25** | **Fiscal 2022** |

---

------

legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement, or compromise with creditors, or had a receiver, receiver manager, or trustee appointed to hold the assets of the director, officer, or shareholder.

**ITEM 10.3 - Conflicts of Interest**

The Board has adopted both a Directors Code of Conduct and Ethics and the Business Conduct Policy for directors, officers, and employees, which we refer to as the Codes. The Codes require our directors, officers, and employees to disclose any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest, among other requirements.

To ensure the directors exercise independent judgment in considering transactions, agreements, or decisions in respect of which a director has a material interest, the directors follow a practice whereby any such director with a material interest must be absent during any board discussion pertaining thereto and must not cast a vote on such matter.

Issues arising in connection with the Codes, including conflicts of interest, are reported to the Audit and Risk Committee (in the case of the Business Conduct Policy) or to the Corporate Governance Committee (in the case of the Directors Code of Conduct and Ethics), each of which are responsible for monitoring compliance with the applicable Code and applying and interpreting the applicable Code in particular situations. The Committees must inform the Board of Code violations.

Processes are in place to ensure compliance with the Codes by the Board, officers, and employees, such as distribution of the Business Conduct Policy to our employees and the STAR Hotline, our anonymous whistleblower hotline.

The Codes can be reviewed in the Corporate Governance section of our website at investors.rogers.com/corporate-governance.

**ITEM 11 – Promoters**

N/A

**ITEM 12 – Legal Proceedings and Regulatory Actions**

**ITEM 12.1 – LEGAL PROCEEDINGS**

The following is incorporated by reference herein: "Litigation Risks", beginning on page 70 of our 2022 MD&A.

**ITEM 12.2 – REGULATORY ACTIONS**

N/A

**ITEM 13 – Interest of Management and Others in Material Transactions**

N/A

**ITEM 14 – Transfer Agents and Registrars**

RCI's Canadian Transfer Agent and Registrar is:

TSX Trust Company

301 - 100 Adelaide Street West

Toronto, Ontario M5H 4H1

RCI's United States Transfer Agent and Registrar is:

American Stock Transfer & Trust Company, LLC

6201-15th Ave.

Brooklyn, NY 11219

USA

Shareholders with questions relating to distributions, transfer of shares, lost stock certificates, and/or address changes should be directed to TSX Trust Company:

Tel: 1.800.387.0825 (US and Canada) / 416.682.3860 (Outside North America)

Fax: 1.888.249.6189

E-mail: shareholderinquiries@tmx.com

Website: www.tsxtrust.com

By mail/courier:

301 - 100 Adelaide Street West

Toronto, Ontario M5H 4H1

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **26** | **Fiscal 2022** |

---

------

**ITEM 15 – Material Contracts**

Set forth below are the material contracts we have entered into, other than those entered into in the ordinary course of business, during 2022 or that were still in effect throughout 2022.

1. Share Purchase Agreement dated August 12, 2022 between RCI, Videotron Ltd., Quebecor Inc., Shaw Communications Inc., Shaw Telecom Inc., and Freedom Mobile Inc. and filed on SEDAR on August 19, 2022. See "Shaw Transaction" on page 16 of our 2022 MD&A for more information.

2. Arrangement Agreement dated March 13, 2021 between RCI and Shaw Communications Inc. and filed on SEDAR on March 15, 2021. See "Item 4.2 - Significant Acquisitions" and "Shaw Transaction" on page 16 of our 2022 MD&A for more information.

3. Voting Support Agreement dated March 13, 2021 between RCI, the Shaw Family Living Trust (SFLT), and the Shaw Family Shareholders and filed on SEDAR on March 15, 2021, pursuant to which SFLT and the Shaw Family Shareholders irrevocably agreed to support the Arrangement Agreement and the transactions contemplated thereby, including by voting all of their Shaw Shares in favour of the Shaw Transaction at the special meeting of the common shareholders of Shaw that took place on May 20, 2021. SFLT and the Shaw Family Shareholders further agreed not to sell, transfer, gift, assign, grant a participation interest in, option, pledge, hypothecate, grant a security or voting interest in, or otherwise convey or encumber the Shaw Shares each owns.

4.$6,000,000,000 Credit Agreement dated April 22, 2021 between RCI and various lenders and filed on SEDAR on March 3, 2022 relating to funding for the Shaw Transaction. This consists of three tranches of $2 billion each and cannot be drawn upon until the closing date of the Shaw Transaction. The first tranche matures three years after the Shaw Transaction closing date and subsequent tranches mature in years four and five thereafter, respectively. At tranche maturity, any outstanding borrowings under that tranche must be repaid. The interest rate charged on borrowings ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

**ITEM 16 – Interests of Experts**

**ITEM 16.1 – NAME OF EXPERTS**

Our auditor is KPMG LLP, Chartered Professional Accountants, Toronto, Ontario, Canada, Firm ID: 85.

**ITEM 16.2 – INTERESTS OF EXPERTS**

KPMG LLP is our auditor and has confirmed that it is independent with respect to the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation and that they are independent accountants with respect to the Company under all relevant US professional and regulatory standards.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **27** | **Fiscal 2022** |

---

------

**ITEM 17 – Audit and Risk Committee**

**ITEM 17.1 – AUDIT AND RISK COMMITTEE MANDATE**

**OUR MAIN RESPONSIBILITIES:**

&nbsp;&nbsp;&nbsp;&nbsp;• oversee reliable, accurate and clear policies and practices for the preparation of financial reports to shareholders

&nbsp;&nbsp;&nbsp;&nbsp;• oversee the design, implementation and review of internal controls - the necessary checks and balances must be in place

&nbsp;&nbsp;&nbsp;&nbsp;• recommend to the Board the appointment of the external auditor, based on an evaluation of the qualifications, independence and oversight of the auditors' work - the shareholders' auditors report directly to the Audit and Risk Committee (the "Committee")

&nbsp;&nbsp;&nbsp;&nbsp;• meet with the Company's external and internal auditors and evaluate the effectiveness and independence of each

&nbsp;&nbsp;&nbsp;&nbsp;• oversee the establishment and maintenance of processes and controls that ensure the Company is in compliance with both the laws and regulations that apply to it as it relates to financial reporting and risk management

&nbsp;&nbsp;&nbsp;&nbsp;• review the annual strategic risk assessment, including management's implementation of risk policies and actions to monitor and control major risk exposures

&nbsp;&nbsp;&nbsp;&nbsp;• review the Company's business continuity and disaster recovery plans

&nbsp;&nbsp;&nbsp;&nbsp;• receive reports on, and approve, if appropriate, certain transactions with related parties

**PURPOSE OF THE AUDIT AND RISK COMMITTEE**

The Committee shall assist the Board of the Company in fulfilling its oversight responsibilities in the following principal areas:

&nbsp;&nbsp;&nbsp;&nbsp;(i)financial reporting processes and the integrity of financial statements provided by the Company to the public;

&nbsp;&nbsp;&nbsp;&nbsp;(ii)recommend to the Board the appointment of the external auditor, based on an evaluation of the qualifications, independence and oversight of the auditor's work;

&nbsp;&nbsp;&nbsp;&nbsp;(iii)the qualifications and performance of internal auditors;

&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Company's accounting systems, financial controls and disclosure controls;

&nbsp;&nbsp;&nbsp;&nbsp;(v)compliance with applicable legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;(vi)the implementation of appropriate risk assessment systems to identify and manage principal risks of the Company's business.

In addition to the responsibilities specifically enumerated in this Mandate, the Board may refer to the Committee as it sees fit, on matters and questions relating to the financial position of the Company and its subsidiaries.

**INDEPENDENCE**

The Committee is composed entirely of independent directors within the meaning of applicable securities laws and the Company's Director Material Relationship Standards.

The members meet regularly without management present.

The members have the authority to engage independent advisors, paid for by the Company, to help the Committee make the best possible decisions on the financial reporting, accounting and risk management policies and practices, disclosure practices and internal controls of the Company.

**MEMBERSHIP**

The Committee shall be comprised of not less than three members of the Board, each of whom shall be independent of management in accordance with applicable securities laws and based on the Company's Director Material Relationship Standards.

The Chief Executive Officer may attend each meeting of the Committee at the invitation of the Chair of the Committee (the "Chair").

The members shall be selected based upon the following, in accordance with applicable laws, rules and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;(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 that, in the view of the Board, could reasonably interfere with the exercise of a member's independent judgment.

&nbsp;&nbsp;&nbsp;&nbsp;(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 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. In addition, at least one member must be a financial expert as defined in accordance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(c)**Commitment.** In addition to being a member of the Committee and of any audit committee of any affiliate of the Company, if a member of the Committee is also on the audit committee of more than two additional public

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **28** | **Fiscal 2022** |

---

------

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 Committee.

**CHAIR AND SECRETARY**

The Chair shall be chosen by the Board and shall serve in that capacity until the next Annual General Meeting of Shareholders of the Company or until his or her earlier resignation or removal by resolution of the Board. The Secretary of the Company shall be the Secretary of the Committee, provided that if the Secretary is not present, the Chair of the meeting may appoint a secretary for the meeting with the consent of the Committee members who are present.

**MEETINGS**

The times and locations of meetings of the Committee and the calling of and procedures at such meetings, shall be determined from time to time by the Committee, in consultation with management when necessary, provided that there shall be a minimum of four meetings per year. Subject to the notice provisions of the Articles of the Company, written notice shall be provided no later than 48 hours prior to meetings, unless waived by all members of the Committee. Notice of every meeting shall be given to the external and internal auditors of the Company.

Agendas for meetings of the Committee shall be prepared by the Chair, in consultation with management and the Corporate Secretary, and shall be circulated to Committee members prior to Committee meetings. A quorum for meetings of the Committee shall be a majority of members.

A member of the Committee may be designated as the liaison member to report on the deliberations of the Committee to the Board.

**REMUNERATION**

The members of the Committee shall be entitled to receive such remuneration for acting as members of the Committee as the Board may determine from time to time.

**RESOURCES AND AUTHORITY**

The Committee shall have the resources and the authority to discharge its responsibilities, including the authority to engage, at the expense of the Company, outside consultants, independent legal counsel and other advisors and experts as it determines necessary to carry out its duties, without seeking approval of the Board or management.

The Committee shall have the authority to conduct any investigation necessary and appropriate to fulfill its responsibilities and has direct access to and the authority to communicate directly with the external auditors, internal auditors, the Chief Legal Officer of the Company and other officers and employees of the Company.

The members of the Committee shall have the right to inspect all the books and records of the Company and its subsidiaries and to discuss such accounts and records and any matters relating to the financial position, risk management and internal controls of the Company with the officers and external and internal auditors of the Company and its subsidiaries for the purpose of performing their duties. Any member of the Committee may require the external or internal auditors to attend any or every meeting of the Committee.

**RESPONSIBILITIES**

The Company's management is responsible for the preparation of the Company's financial statements and the external auditors are responsible for auditing those financial statements, in accordance with applicable standards. The Committee is responsible for overseeing the conduct of those activities by the Company's management and external auditors and overseeing the activities of the internal auditors. The Company's external auditors are accountable to the Committee.

It is recognized that members of the Committee are not full-time employees of the Company and do not represent themselves as accountants or auditors by profession or experts in the fields of accounting, auditing or the preparation of financial statements. It is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organizations within and outside the Company from whom it receives information, and (ii) the accuracy of the financial and other information provided to the Committee by such persons or organizations absent actual knowledge to the contrary.

The specific responsibilities of the Committee shall include those listed below. The enumerated responsibilities are not intended to restrict the Committee from reviewing and making recommendations regarding any matters related to its purpose.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **29** | **Fiscal 2022** |

---

------

**1. Financial Reporting Process and Financial Statements**

&nbsp;&nbsp;&nbsp;&nbsp;(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 Committee otherwise becomes aware;

&nbsp;&nbsp;&nbsp;&nbsp;(b)review all material transactions and material contracts entered into by the Company and its subsidiaries with any insider or related party of the Company, other than officer or employee compensation arrangements approved or recommended by the Human Resources Committee or director remuneration approved or recommended by the Corporate Governance Committee;

&nbsp;&nbsp;&nbsp;&nbsp;(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 discussed 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 the year-end 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 International Financial Reporting Standards (IFRS) and/or non-GAAP measures that have been discussed with management, 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;

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(e)resolve disagreements between management and the external auditors regarding financial reporting;

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

&nbsp;&nbsp;&nbsp;&nbsp;(g)review emerging accounting issues and their potential impact on the Company's financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;(h)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;

&nbsp;&nbsp;&nbsp;&nbsp;(i)meet separately, periodically, with management, with the internal auditors and with the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;(j)the interim consolidated financial statements, the Company's disclosure under "Management's Discussion and Analysis" for interim periods and interim earnings press releases may be approved by the Committee on behalf of the Board, provided that such approval is subsequently reported to the Board at its next meeting.

**2. External Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;(a)require the external auditors to report directly to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;(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 attestation services for the Company, and in such regard recommend to the Board the external auditors to be nominated for approval by the shareholders. A formal review of the qualifications, expertise, resources and the overall performance of the external auditors is conducted annually. A comprehensive review of the external auditors is conducted at least every five years and findings are presented to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;(c)recommend to the Board the compensation of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;(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 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 Committee will retain the external auditors. The 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 Committee to be provided by the external auditor and the exercise of such delegated pre-approvals shall be presented to the full Committee at its next scheduled meeting following such pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;(e)review and approve the Company's policies for the hiring of partners and employees and former partners and employees of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;(f)review the annual audit plan with the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;(g)consider, assess and report to the Board with regard to the independence, objectivity, professional skepticism, and performance of the external auditors, at least annually, including an evaluation of the lead partner and consideration of rotation of such lead partner and the audit firm itself; and

&nbsp;&nbsp;&nbsp;&nbsp;(h)request and review a report by the external auditors, to be submitted at least annually, regarding the auditing firm's relationships 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.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **30** | **Fiscal 2022** |

---

------

**3. Internal Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;(a)review and approve the internal audit charter annually;

&nbsp;&nbsp;&nbsp;&nbsp;(b)approve the annual internal audit plan and discuss internal audit's mandate with the Chief Audit Executive, including the staffing, responsibilities and budgets;

&nbsp;&nbsp;&nbsp;&nbsp;(c)obtain periodic reports from the Chief Audit Executive regarding internal audit findings and the Company's progress in remedying any significant audit findings;

&nbsp;&nbsp;&nbsp;&nbsp;(d)review the scope, responsibilities and effectiveness of the internal audit team, including its independence from management, credentials, resources and working relationship with the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;(e)review and recommend for approval the appointment and dismissal of the Chief Audit Executive.

**4. Accounting Systems, Internal Controls and Disclosure Controls**

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(b)review with senior management the controls and procedures 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;

&nbsp;&nbsp;&nbsp;&nbsp;(c)review and discuss with management, the external auditors and internal audit compliance with the Company's Disclosure Policy by Directors, Officers and other management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;(d)review with senior management and the Chief Audit Executive the adequacy of the internal controls 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

&nbsp;&nbsp;&nbsp;&nbsp;(e)review disclosures made to the Committee 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 that 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.

**5. Legal and Regulatory Requirements**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c)review disclosures related to the Committee required to be included in the Company's continuous disclosure filings;

&nbsp;&nbsp;&nbsp;&nbsp;(d)review with the Company's Chief Legal Officer legal compliance matters, significant litigation and other legal matters that could have a significant impact on the Company's financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;(e)assist the Board in the oversight of compliance with legal and regulatory requirements.

**6. Risk Management**

The Committee will review the Company's:

&nbsp;&nbsp;&nbsp;&nbsp;(a)annual strategic risk assessment identifying principal risks and their potential impact on the Company's ability to achieve its business objectives;

&nbsp;&nbsp;&nbsp;&nbsp;(b)processes for identifying, assessing and managing risks;

&nbsp;&nbsp;&nbsp;&nbsp;(c)major risk exposures and trends from all areas (e.g. information and cyber security, external threats, financial, data, privacy, physical security, environmental impact, new business initiatives) and management's implementation of risk policies and procedures to monitor and control such exposures;

&nbsp;&nbsp;&nbsp;&nbsp;(d)business continuity plans and disaster recovery plans;

&nbsp;&nbsp;&nbsp;&nbsp;(e)insurance coverage maintained by the Company at least annually; and

&nbsp;&nbsp;&nbsp;&nbsp;(f)other risk management matters from time to time as the Committee may consider appropriate or as the Board may specifically direct.

**7. Additional Responsibilities**

&nbsp;&nbsp;&nbsp;&nbsp;(a)establish procedures and policies for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;(b)prepare and review with the Board an annual performance evaluation of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;(c)review the adequacy of staffing of key financial functions and management's plans for improvements;

&nbsp;&nbsp;&nbsp;&nbsp;(d)review earnings guidance provided to stakeholders, including analysts and rating agencies;

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **31** | **Fiscal 2022** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(e)periodically review with senior management the status of significant taxation matters;

&nbsp;&nbsp;&nbsp;&nbsp;(f)report regularly to the Board, including 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, the performance of the risk management process and the performance and independence of the external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;(g)review and reassess the adequacy of the Committee's Mandate on an annual basis.

**ITEM 17.2 – COMPOSITION OF THE AUDIT AND RISK COMMITTEE**

The following individuals are the members of the Audit and Risk Committee, each of whom is considered to be independent:

Robert J. Gemmell (Chair)

Jack L. Cockwell, C.M.

Ivan Fecan

David A. Robinson

**ITEM 17.3 – RELEVANT EDUCATION AND EXPERIENCE**

Each member of the Audit and Risk Committee is financially literate and has the ability to perform his responsibilities as a member of the Audit and Risk Committee based on his education and experience as summarized below:

---

| | |
|:---|:---|
| Mr. Gemmell (Chair) | Former President and Chief Executive Officer of Citigroup Global Markets Canada. 25 years as an investment banker in the United States and in Canada. Mr. Gemmell holds a B.A. from Cornell University, a LL.B from Osgoode Hall Law School, and a M.B.A. from the Schulich School of Business. |
| Mr. Cockwell, C.M. | Chair of Brookfield Partners Foundation, one of the founders of Partners Limited in 1995, and has been associated with Brookfield in numerous capacities including as Chief Executive Officer, since 1968. Mr. Cockwell holds a M.Comm with Distinction from the University of Cape Town. |
| Mr. Fecan | Former President and CEO of Baton Broadcasting. Mr. Fecan holds a B.A. from York University. |
| Mr. Robinson | Chief Commercial Officer of Foghorn Payments Inc. From August 2015 to June 2019, Mr. Robinson served as President and Chief Executive Officer of Rogers Bank. As SVP, Financial Services, Rogers Communications from 2014 to 2015, Mr. Robinson provided executive sponsorship of financial services efforts at Rogers, including Rogers Bank, the Today's Shopping Choice private label credit card program, as well as the Company's investments in its mobile-payment joint ventures, Enstream and Suretap. Mr. Robinson holds a B.A. (Honours) from Queen's University, a M.B.A. from the University of Western Ontario, and was awarded the ICD.D. designation after completing the Directors Education Program at the Rotman School of Management at the University of Toronto. |

---

**ITEM 17.4 – RELIANCE ON CERTAIN EXEMPTIONS**

N/A

**ITEM 17.5 – RELIANCE ON THE EXEMPTION IN SUBSECTION 3.3(2) OR SECTION 3.6**

N/A

**ITEM 17.6 – RELIANCE ON SECTION 3.8**

N/A

**ITEM 17.7 – AUDIT AND RISK COMMITTEE OVERSIGHT**

N/A

**ITEM 17.8 – PRE-APPROVAL POLICIES AND PROCEDURES**

Our policy regarding pre-approval of all audit, audit-related and non-audit services is based upon compliance with the Sarbanes-Oxley Act of 2002, and subsequent implementing rules promulgated by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;(a)Annually management provides the Audit and Risk 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 and Risk 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.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **32** | **Fiscal 2022** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(b)Management may engage the auditor for specific engagements that are included in the list of pre-approved services referred to above if the estimated fees do not exceed $500,000 per engagement per quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(c)The Audit and Risk Committee delegates authority to the Chair of the Audit and Risk 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 and Risk Committee. Any services approved by the Chair will be reported to the full Audit and Risk Committee at the next meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(d)A review of all audit and non-audit services and fees rendered to the Company by KPMG LLP is reviewed each quarter by the Audit and Risk Committee.

Our policy regarding pre-approval of all audit, audit-related, and non-audit services is based upon compliance with the Sarbanes-Oxley Act of 2002, and subsequent implementing rules promulgated by the SEC. None of the audit-related fees, tax fees, or all other fees described in the table below were approved by the Audit and Risk Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**ITEM 17.9 – EXTERNAL AUDITORS' FEES AND SERVICES**

The following table presents fees for professional services rendered by KPMG LLP to us for the audit of our annual financial statements for 2022 and 2021, and fees billed for all other services rendered by KPMG LLP.

---

| | | |
|:---|:---|:---|
| **Auditors' Fees** | **2022** | **2021** |
| **Auditors' Fees** | $% | $% |
| Audit Fees <sup>(1)</sup> | 92.1 | 86.1 |
| Audit-Related Fees <sup>(2)</sup> | 6.9 | 9.1 |
| Tax Fees <sup>(3)</sup> | 1.0 | 2.5 |
| All Other Fees <sup>(4)</sup> |  | 2.4 |
| Total | 100.0 | 100.0 |

---

(1)Consists of fees related to audits of annual financial statements, involvement with registration statements and other filings with various regulatory authorities, quarterly reviews of interim financial statements, audits and reviews of subsidiaries for statutory or regulatory reporting, and consultations related to accounting matters impacting the consolidated financial statements.

(2)Consists primarily of pension plan audits, French translation of certain filings with regulatory authorities, other assurance engagements, and due diligence services in respect of potential acquisitions and divestitures.

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

(4)Consists of fees for advisory services related to the Shaw Transaction.

**ITEM 18 – Additional Information**

**ITEM 18.1 – ADDITIONAL INFORMATION**

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of our securities, and securities authorized for issuance under equity compensation plans, is contained in our management information circular for the most recent annual meeting of shareholders that involved the election of directors. Additional financial information is provided in our 2022 Annual Audited Consolidated Financial Statements and notes thereto and our 2022 MD&A.

Our Corporate Secretary can be contacted at our principal office, located at 333 Bloor Street East, 10th Floor, Toronto, Ontario, M4W 1G9 Canada (telephone: 416.935.7777). Additional information relating to RCI is also available on SEDAR at sedar.com, on EDGAR at sec.gov, or at investors.rogers.com.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **33** | **Fiscal 2022** |

---

## Exhibit 99.3

?xml version="1.0" ? rci-20221231_d2

**Exhibit 99.3**

![rci-20221231_g1.jpg](rci-20221231_g1.jpg)

**Management's Responsibility for Financial Reporting** 

**December 31, 2022** 

The accompanying consolidated financial statements of Rogers Communications Inc. and its subsidiaries and all the information in Management's Discussion and Analysis (MD&A) are the responsibility of management and have been approved by the Board of Directors.

Management has prepared the consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The consolidated financial statements include certain amounts that are based on management's best estimates and judgments and, in their opinion, present fairly, in all material respects, Rogers Communications Inc.'s financial position, results of operations, and cash flows. Management has prepared the financial information presented elsewhere in MD&A and has ensured that it is consistent with the consolidated financial statements.

Management has developed and maintains a system of internal controls that further enhances the integrity of the consolidated financial statements. The system of internal controls is supported by the internal audit function and includes management communication to employees about its policies on ethical business conduct.

Management believes these internal controls provide reasonable assurance that:

• transactions are properly authorized and recorded;

• financial records are reliable and form a proper basis for the preparation of consolidated financial statements; and

• the assets of Rogers Communications Inc. and its subsidiaries are properly accounted for and safeguarded.

The Board of Directors is responsible for overseeing management's responsibility for financial reporting and is ultimately responsible for reviewing and approving the consolidated financial statements. The Board of Directors carries out this responsibility through its Audit and Risk Committee.

The Audit and Risk Committee meets regularly with management, as well as the internal and external auditors, to discuss internal control over the financial reporting process, auditing matters, and financial reporting issues; to satisfy itself that each party is properly discharging its responsibilities; and to review MD&A, the consolidated financial statements, and the external auditors' reports. The Audit and Risk Committee reports its findings to the Board of Directors for its consideration when approving the consolidated financial statements for issuance to the shareholders. The Audit and Risk Committee also considers the engagement or re-appointment of the external auditors before submitting its recommendation to the Board of Directors for review and for shareholder approval.

The consolidated financial statements have been audited by KPMG LLP, the external auditors, in accordance with the standards of the Public Company Accounting Oversight Board (United States) on behalf of the shareholders. Our internal control over financial reporting as of December 31, 2022 has been audited by KPMG LLP, in accordance with the standards of the Public Company Accountability Oversight Board (United States). KPMG LLP has full and free access to the Audit and Risk Committee.

March 9, 2023

---

| | |
|:---|:---|
| *"Tony Staffieri"* | *"Glenn Brandt"* |
| Tony Staffieri | Glenn Brandt |
| President and Chief Executive Officer | Chief Financial Officer |

---

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>1</sub> | **2022 Annual Financial Statements** |

---

------

![rci-20221231_g2.jpg](rci-20221231_g2.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Rogers Communications Inc.

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated statements of financial position of Rogers Communications Inc. (the Company) as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and its financial performance and its cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 9, 2023 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the Audit and Risk Committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Recoverability of the carrying value of goodwill in the Media segment* 

As discussed in Note 9 to the consolidated financial statements, the Company tests goodwill for impairment once per year as of October 1, or more frequently if they identify indicators of impairment. Goodwill is impaired if the recoverable amount of a cash-generating unit (CGU) or group of cash-generating units (CGUs) that contain goodwill is less than the carrying amount. The Company makes judgments in determining CGUs and the allocation of goodwill for the purpose of impairment testing. Goodwill is monitored at an operating segment level in the Media segment. The goodwill balance in the Media segment as of December 31, 2022 was $969 million. A number of businesses within the Company's Media segment are partially reliant on traditional advertising revenues, are subject to a highly competitive environment and continue to have profitability challenges due to declining advertising revenue growth rates and increasing costs of producing and/or providing content. The estimate of the recoverable amount, which is determined based on the higher of fair value less costs to sell and value in use, is based on significant estimates developed by the Company relating to future cash flows, the terminal growth rate, and the discount rate applied in its valuation model.

We identified the assessment of the recoverability of the carrying value of goodwill in the Media segment as a critical audit matter. There was a high degree of auditor judgment applied in assessing the level at which goodwill was tested and in evaluating the key assumptions used in the valuation models, which included the CGUs' future cash flows, the discount rate and the terminal growth rate.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>2</sub> | **2022 Annual Financial Statements** |

---

------

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's impairment testing process, including controls related to the determination that goodwill should be tested at the Media segment level and the key assumptions used in estimating the recoverable amount of the Media segment. We compared the Company's historical cash flow forecasts to actual results achieved to assess the Company's ability to accurately forecast financial results. We compared the cash flow forecasts used to estimate the recoverable amount to approved plans. We assessed the assumptions used to determine the Media segment's future cash flows by comparing to underlying documentation and external market and relevant industry data. We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the discount rate, by comparing the Company's inputs to the discount rate to publicly available data for comparable entities, independently developing a range of reasonable discount rates and comparing those to the Company's rate, and the terminal growth rate for the Media segment, by comparing to underlying documentation and publicly available market data. We performed sensitivity analyses over the Company's key assumptions used to determine the recoverable amount to assess the impact of changes in those assumptions on the Company's determination of the recoverable amount.

*"KPMG LLP"*

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Company's auditor since 1969.

Toronto, Canada

March 9, 2023

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>3</sub> | **2022 Annual Financial Statements** |

---

------

![rci-20221231_g2.jpg](rci-20221231_g2.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of Rogers Communications Inc.

*Opinion on Internal Control Over Financial Reporting*

We have audited Rogers Communications Inc.'s internal control over financial reporting as of December 31, 2022, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, Rogers Communications Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2022 and 2021, the related consolidated statements of income, comprehensive income, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively, the consolidated financial statements), and our report dated March 9, 2023 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included under the heading Management's Report on Internal Control over Financial Reporting contained within Management's Discussion and Analysis for the year ended December 31, 2022. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*"KPMG LLP"*

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

March 9, 2023

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>4</sub> | **2022 Annual Financial Statements** |

---

------

**Consolidated Statements of Income**

(In millions of Canadian dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
| Years ended December 31 | *Note* | **2022** | 2021 |
| Revenue | *5* | **15396** | 14655 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating costs | *6* | **9003** | 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | *7, 8, 9* | **2576** | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring, acquisition and other | *10* | **310** | 324 |
| Finance costs | *11* | **1233** | 849 |
| Other (income) expense | *12* | **(15)** | 2 |
| Income before income tax expense |  | **2289** | 2127 |
| Income tax expense | *13* | **609** | 569 |
| Net income for the year |  | **1680** | 1558 |
| Earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | *14* | **$3.33** | $3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | *14* | **$3.32** | $3.07 |

---

The accompanying notes are an integral part of the consolidated financial statements.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>5</sub> | **2022 Annual Financial Statements** |

---

------

**Consolidated Statements of Comprehensive Income**

(In millions of Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
| Years ended December 31 | *Note* | **2022** | 2021 |
| Net income for the year |  | **1680** | 1558 |
| Other comprehensive (loss) income: |  |  |  |
| Items that will not be reclassified to net income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit pension plans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurements | *23* | **293** | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related income tax expense |  | **(78)** | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;Defined benefit pension plans |  | **215** | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investments measured at fair value through other comprehensive income (FVTOCI): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in fair value | *18* | **(349)** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related income tax recovery (expense) |  | **47** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity investments measured at FVTOCI |  | **(302)** | 7 |
| Items that will not be reclassified to net income |  | **(87)** | 442 |
| Items that may subsequently be reclassified to net income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedging derivative instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) in fair value of derivative instruments |  | **115** | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification to net income of (gain) loss on debt derivatives |  | **(1215)** | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification to net income or property, plant and equipment of (gain) loss on expenditure derivatives |  | **(19)** | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification to net income for accrued interest |  | **(16)** | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related income tax recovery |  | **102** | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedging derivative instruments |  | **(1033)** | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share of other comprehensive income of equity-accounted investments, net of tax |  | **10** | 2 |
| Items that may subsequently be reclassified to net income |  | **(1023)** | (31) |
| Other comprehensive (loss) income for the year |  | **(1110)** | 411 |
| Comprehensive income for the year |  | **570** | 1969 |

---

The accompanying notes are an integral part of the consolidated financial statements.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>6</sub> | **2022 Annual Financial Statements** |

---

------

**Consolidated Statements of Financial Position**

(In millions of Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
| | | As at<br>December 31 | As at<br>December 31 |
|  | *Note* | **2022** | 2021 |
| &nbsp;&nbsp;&nbsp;Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | **463** | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | *17* | **12837** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | *15* | **4184** | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | *16* | **438** | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of contract assets | *5* | **111** | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | *5* | **561** | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of derivative instruments | *17* | **689** | 120 |
| &nbsp;&nbsp;&nbsp;Total current assets |  | **19283** | 5829 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment | *7, 8* | **15574** | 14666 |
| &nbsp;&nbsp;&nbsp;Intangible assets | *9* | **12251** | 12281 |
| &nbsp;&nbsp;&nbsp;Investments | *18* | **2088** | 2493 |
| &nbsp;&nbsp;&nbsp;Derivative instruments | *17* | **861** | 1431 |
| &nbsp;&nbsp;&nbsp;Financing receivables | *15* | **886** | 854 |
| &nbsp;&nbsp;&nbsp;Other long-term assets | *5* | **681** | 385 |
| &nbsp;&nbsp;&nbsp;Goodwill | *9* | **4031** | 4024 |
| &nbsp;&nbsp;&nbsp;Total assets |  | **55655** | 41963 |
| &nbsp;&nbsp;&nbsp;Liabilities and shareholders' equity |  |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | *19* | **2985** | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | **3722** | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable |  | **—** | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | *17, 20* | **252** | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | *5* | **400** | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | *21* | **1828** | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities | *8* | **362** | 336 |
| &nbsp;&nbsp;&nbsp;Total current liabilities |  | **9549** | 8619 |
| &nbsp;&nbsp;&nbsp;Provisions | *20* | **53** | 50 |
| &nbsp;&nbsp;&nbsp;Long-term debt | *21* | **29905** | 17137 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | *8* | **1666** | 1621 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | *22* | **738** | 565 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | *13* | **3652** | 3439 |
| &nbsp;&nbsp;&nbsp;Total liabilities |  | **45563** | 31431 |
| &nbsp;&nbsp;&nbsp;Shareholders' equity | *24* | **10092** | 10532 |
| &nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity |  | **55655** | 41963 |
| &nbsp;&nbsp;&nbsp;Guarantees | *27* |  |  |
| &nbsp;&nbsp;&nbsp;Commitments and contingent liabilities | *28* |  |  |
| &nbsp;&nbsp;&nbsp;Subsequent events | *19, 21, 24, 30* |  |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

On behalf of the Board of Directors:

*"Edward S. Rogers"* *"Robert J. Gemmell"* <br> Edward S. RogersDirector Robert J. GemmellDirector

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>7</sub> | **2022 Annual Financial Statements** |

---

------

**Consolidated Statements of Changes in Shareholders' Equity**

(In millions of Canadian dollars, except number of shares)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Class A<br>Voting Shares | Class A<br>Voting Shares | Class B<br>Non-Voting Shares | Class B<br>Non-Voting Shares | | | | | |
| Year ended December 31, 2022 | Amount | Number<br>of shares<br>(000s) | Amount | Number<br>of shares<br>(000s) | Retained<br>earnings | FVTOCI investment reserve | Hedging<br>reserve | Equity<br>investment reserve | Total<br>shareholders'<br>equity |
| Balances, January 1, 2022 | 71 | 111153 | 397 | 393772 | 8912 | 993 | 161 | (2) | 10532 |
| Net income for the year |  |  |  |  | 1680 |  |  |  | 1680 |
| Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Defined benefit pension plans, net of tax |  |  |  |  | 215 |  |  |  | 215 |
| &nbsp;&nbsp;&nbsp;FVTOCI investments, net of tax |  |  |  |  |  | (302) |  |  | (302) |
| &nbsp;&nbsp;Derivative instruments accounted for as hedges, net of tax |  |  |  |  |  |  | (1033) |  | (1033) |
| &nbsp;&nbsp;Share of equity-accounted investments, net of tax |  |  |  |  |  |  |  | 10 | 10 |
| Total other comprehensive income (loss) |  |  |  |  | 215 | (302) | (1033) | 10 | (1110) |
| Comprehensive income (loss) for the year |  |  |  |  | 1895 | (302) | (1033) | 10 | 570 |
| Reclassification to retained earnings for disposition of FVTOCI investments |  |  |  |  | 19 | (19) |  |  |  |
| Transactions with shareholders recorded directly in equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared |  |  |  |  | (1010) |  |  |  | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchange |  | (1) |  | 1 |  |  |  |  |  |
| Total transactions with shareholders |  | (1) |  | 1 | (1010) |  |  |  | (1010) |
| **Balances, December 31, 2022** | **71** | **111152** | **397** | **393773** | **9816** | **672** | **(872)** | **8** | **10092** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Class A<br>Voting Shares | Class A<br>Voting Shares | Class B<br>Non-Voting Shares | Class B<br>Non-Voting Shares |  |  |  |  |  |
| Year ended December 31, 2021 | Amount | Number<br>of shares<br>(000s) | Amount | Number<br>of shares<br>(000s) | Retained<br>earnings | FVTOCI investment reserve | Hedging<br>reserve | Equity<br>investment<br>reserve | Total<br>shareholders'<br>equity |
| Balances, January 1, 2021 | 71 | 111154 | 397 | 393771 | 7916 | 999 | 194 | (4) | 9573 |
| Net income for the period |  |  |  |  | 1558 |  |  |  | 1558 |
| Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Defined benefit pension plans, net of tax |  |  |  |  | 435 |  |  |  | 435 |
| &nbsp;&nbsp;&nbsp;FVTOCI investments, net of tax |  |  |  |  |  | 7 |  |  | 7 |
| &nbsp;&nbsp;Derivative instruments accounted for as hedges, net of tax |  |  |  |  |  |  | (33) |  | (33) |
| &nbsp;&nbsp;Share of equity-accounted investments, net of tax |  |  |  |  |  |  |  | 2 | 2 |
| Total other comprehensive income (loss) |  |  |  |  | 435 | 7 | (33) | 2 | 411 |
| Comprehensive income (loss) for the year |  |  |  |  | 1993 | 7 | (33) | 2 | 1969 |
| Reclassification to retained earnings for disposition of FVTOCI investments |  |  |  |  | 13 | (13) |  |  |  |
| Transactions with shareholders recorded directly in equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends declared |  |  |  |  | (1010) |  |  |  | (1010) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share class exchange |  | (1) |  | 1 |  |  |  |  |  |
| Total transactions with shareholders |  | (1) |  | 1 | (1010) |  |  |  | (1010) |
| Balances, December 31, 2021 | 71 | 111153 | 397 | 393772 | 8912 | 993 | 161 | (2) | 10532 |

---

The accompanying notes are an integral part of the consolidated financial statements.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>8</sub> | **2022 Annual Financial Statements** |

---

------

**Consolidated Statements of Cash Flows**

(In millions of Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
| Years ended December 31 | *Note* | **2022** | 2021 |
| Operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income for the year |  | **1680** | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | *7, 8, 9* | **2576** | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program rights amortization | *9* | **61** | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance costs | *11* | **1233** | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | *13* | **609** | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-employment benefits contributions, net of expense | *23* | **19** | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  | **(24)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid |  | **6154** | 5626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net operating assets and liabilities | *29* | **(152)** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid |  | **(455)** | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid, net |  | **(1054)** | (802) |
| Cash provided by operating activities |  | **4493** | 4161 |
| Investing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | *7* | **(3075)** | (2788) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to program rights | *9* | **(47)** | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital related to capital expenditures and intangible assets |  | **(200)** | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and other strategic transactions, net of cash acquired | *9* | **(9)** | (3404) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **68** | 46 |
| Cash used in investing activities |  | **(3263)** | (6133) |
| Financing activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds received from short-term borrowings | *19* | **707** | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net issuance of long-term debt | *21* | **12711** | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net payments on settlement of debt derivatives and forward contracts | *17* | **(11)** | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs incurred | *21* | **(726)** | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments of lease liabilities | *8* | **(316)** | (269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | *24* | **(1010)** | (1010) |
| Cash provided by financing activities |  | **11355** | 203 |
| Change in cash and cash equivalents and restricted cash and cash equivalents |  | **12585** | (1769) |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning of period |  | **715** | 2484 |
| Cash and cash equivalents and restricted cash and cash equivalents, end of period |  | **13300** | 715 |
| Cash and cash equivalents |  | **463** | 715 |
| Restricted cash and cash equivalents | *17* | **12837** |  |
| Cash and cash equivalents and restricted cash and cash equivalents, end of period |  | **13300** | 715 |

---

Cash and cash equivalents are defined as cash and short-term deposits that have an original maturity of less than 90 days, less bank advances.

The accompanying notes are an integral part of the consolidated financial statements.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>9</sub> | **2022 Annual Financial Statements** |

---

------

**Notes to Consolidated Financial Statements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Page** | | **Note** | **Page** | | **Note** |
| [10](#i585e1b4c7c4d4dc795767c1cfee016d0_28) | Note 1 | Nature of the Business | [35](#i585e1b4c7c4d4dc795767c1cfee016d0_88) | Note 17 | Financial Risk Management and Financial Instruments |
| [12](#i585e1b4c7c4d4dc795767c1cfee016d0_31) | Note 2 | Significant Accounting Policies |  |  | Financial Risk Management and Financial Instruments |
| [14](#i585e1b4c7c4d4dc795767c1cfee016d0_34) | Note 3 | Capital Risk Management | [49](#i585e1b4c7c4d4dc795767c1cfee016d0_94) | Note 18 | Investments |
| [17](#i585e1b4c7c4d4dc795767c1cfee016d0_37) | Note 4 | Segmented Information | [50](#i585e1b4c7c4d4dc795767c1cfee016d0_100) | Note 19 | Short-Term Borrowings |
| [19](#i585e1b4c7c4d4dc795767c1cfee016d0_40) | Note 5 | Revenue | [53](#i585e1b4c7c4d4dc795767c1cfee016d0_106) | Note 20 | Provisions |
| [22](#i585e1b4c7c4d4dc795767c1cfee016d0_43) | Note 6 | Operating Costs | [54](#i585e1b4c7c4d4dc795767c1cfee016d0_109) | Note 21 | Long-Term Debt |
| [23](#i585e1b4c7c4d4dc795767c1cfee016d0_46) | Note 7 | Property, Plant and Equipment | [58](#i585e1b4c7c4d4dc795767c1cfee016d0_115) | Note 22 | Other Long-Term Liabilities |
| [25](#i585e1b4c7c4d4dc795767c1cfee016d0_55) | Note 8 | Leases | [58](#i585e1b4c7c4d4dc795767c1cfee016d0_118) | Note 23 | Post-Employment Benefits |
| [27](#i585e1b4c7c4d4dc795767c1cfee016d0_61) | Note 9 | Intangible Assets and Goodwill | [63](#i585e1b4c7c4d4dc795767c1cfee016d0_124) | Note 24 | Shareholders' Equity |
| [30](#i585e1b4c7c4d4dc795767c1cfee016d0_67) | Note 10 | Restructuring, Acquisition and Other | [64](#i585e1b4c7c4d4dc795767c1cfee016d0_130) | Note 25 | Stock-Based Compensation |
| [31](#i585e1b4c7c4d4dc795767c1cfee016d0_70) | Note 11 | Finance Costs | [67](#i585e1b4c7c4d4dc795767c1cfee016d0_139) | Note 26 | Related Party Transactions |
| [31](#i585e1b4c7c4d4dc795767c1cfee016d0_73) | Note 12 | Other (Income) Expense | [69](#i585e1b4c7c4d4dc795767c1cfee016d0_142) | Note 27 | Guarantees |
| [32](#i585e1b4c7c4d4dc795767c1cfee016d0_76) | Note 13 | Income Taxes | [69](#i585e1b4c7c4d4dc795767c1cfee016d0_145) | Note 28 | Commitments and Contingent Liabilities |
| [34](#i585e1b4c7c4d4dc795767c1cfee016d0_79) | Note 14 | Earnings Per Share | [72](#i585e1b4c7c4d4dc795767c1cfee016d0_148) | Note 29 | Supplemental Cash Flow Information |
| [34](#i585e1b4c7c4d4dc795767c1cfee016d0_82) | Note 15 | Accounts Receivable | [72](#i585e1b4c7c4d4dc795767c1cfee016d0_154) | Note 30 | Shaw Transaction |
| [35](#i585e1b4c7c4d4dc795767c1cfee016d0_85) | Note 16 | Inventories |  |  |  |

---

**NOTE 1: NATURE OF THE BUSINESS**

Rogers Communications Inc. is a diversified Canadian communications and media company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

*We, us, our, Rogers, Rogers Communications,* and *the Company* refer to Rogers Communications Inc. and its subsidiaries. *RCI* refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures.

We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:

---

| | |
|:---|:---|
| **Segment** | **Principal activities** |
| Wireless | Wireless telecommunications operations for Canadian consumers and businesses. |
| Cable | Cable telecommunications operations, including Internet, television and other video (Video), telephony (Home Phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets. |
| Media | A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media. |

---

During the year ended December 31, 2022, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other wholly owned subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries.

See note 4 for more information about our reportable operating segments.

**BUSINESS SEASONALITY**

Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses, which are described below. Fluctuations in net income from quarter to quarter can also be attributed to losses on the repayment of debt, other income and expenses, impairment of assets, restructuring, acquisition and other costs, and changes in income tax expense.

COVID-19 affected our operating results in 2021 in addition to the typical seasonal fluctuations in our business that are described below. In Wireless, the reduced customer travel due to global travel restrictions resulted in lower-than-pre-pandemic roaming revenue. In Media, due to postponed and condensed NBA and NHL seasons, sports-related revenue

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>10</sub> | **2022 Annual Financial Statements** |

---

------

and expenses, such as programming rights amortization, were recognized at different points in time than is typical. Furthermore, the Toronto Blue Jays being able to allow limited game-day attendance impacted revenue and operating expenses. In 2022, COVID-19 did not have a material impact on our operating results.

*Wireless*

Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions, resulting in higher subscriber acquisition- and activation-related expenses, typically in the third and fourth quarters. The third and fourth quarters typically experience higher volumes of activity as a result of "back to school" and holiday season-related consumer behaviour. Aggressive promotional offers are often advertised during these periods. In contrast, we typically see lower subscriber-related activity in the first quarter of the year.

The launch of new products and services, including popular new wireless device models, can also affect the level of subscriber activity. Highly anticipated device launches typically occur in the spring and fall seasons of each year. Wireless roaming revenue is dependent on customer travel volumes and timing, which in turn are affected by the foreign exchange rate of the Canadian dollar and general economic conditions.

*Cable*

Cable operating results are affected by modest seasonal fluctuations, typically caused by:

• university and college students who live in temporary residences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• moving out early in the second quarter and canceling their service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• students moving in late in the third quarter and signing up for cable service;

• individuals temporarily suspending service for extended vacations or seasonal relocations;

• the timing of service pricing changes; and

• the concentrated marketing we generally conduct in our fourth quarter.

Cable results from our enterprise customers do not generally have any unique seasonal aspects.

*Media*

Seasonal fluctuations relate to:

• periods of increased consumer activity and their impact on advertising and related retail cycles, which tend to be most active in the fourth quarter due to holiday spending and slower in the first quarter;

• the Major League Baseball season, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• games played are concentrated in the spring, summer, and fall months (generally the second and third quarters of the year);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue related to game day ticket sales, merchandise sales, and advertising is concentrated when games are played, with postseason games commanding a premium in advertising revenue and additional revenue from game day ticket sales and merchandise sales, if and when the Toronto Blue Jays play in the postseason (in the fourth quarter of the year); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• programming and production costs and player payroll are expensed based on the number of games aired or played, as applicable; and

• the National Hockey League (NHL) season, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regular season games are concentrated in the fall and winter months (generally the first and fourth quarters of the year) and playoff games are concentrated in the spring months (generally the second quarter of the year). We expect a correlation between the quality of revenue and earnings and the extent of Canadian teams' presence during the playoffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• programming and production costs are expensed based on the timing of when the rights are aired or are expected to be consumed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advertising revenue and programming expenses are concentrated when games are played, with playoff games commanding a premium in advertising revenue.

**STATEMENT OF COMPLIANCE**

We prepared our consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Board of Directors (the Board) authorized these consolidated financial statements for issue on March 9, 2023.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>11</sub> | **2022 Annual Financial Statements** |

---

------

**NOTE 2: SIGNIFICANT ACCOUNTING POLICIES**

**(a)BASIS OF PRESENTATION**

All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:

• certain financial instruments as disclosed in note 17, including investments (which are also disclosed in note 18), which are measured at fair value;

• the net deferred pension liability, which is measured as described in note 23; and

• liabilities for stock-based compensation, which are measured at fair value as disclosed in note 25.

**(b)BASIS OF CONSOLIDATION**

Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation.

**(c)FOREIGN CURRENCY TRANSLATION**

We translate amounts denominated in foreign currencies into Canadian dollars as follows:

• monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;

• non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and

• revenue and expenses other than depreciation and amortization - at the average rate for the month in which the transaction was recognized.

**(d)BUSINESS COMBINATIONS**

We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.

We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.

We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.

We expense the transaction costs associated with acquisitions as we incur them.

During the year ended December 31, 2021, we made several individually immaterial acquisitions and recognized $51 million of related goodwill, $37 million of which has been allocated to our Cable operating segment and $14 million of which has been allocated to our Media operating segment.

See note 30 for further information regarding our agreement to acquire Shaw Communications Inc. (Shaw).

**(e)GOVERNMENT GRANTS**

We recognize government financial assistance when there is reasonable assurance that we will comply with the conditions of the assistance and the assistance will be received. Assistance related to expenses is recognized as a reduction of the related expense; assistance related to assets is recognized as a reduction to the carrying amount of the asset. During the year ended December 31, 2022, we have recognized $43 million (2021 - $7 million) in government grants related to assets.

During 2022, we signed an agreement with Canada Infrastructure Bank for a 30-year, $665 million senior unsecured non-revolving facility with a below-market interest rate (see note 21). The benefit of a below-market loan from a government entity is accounted for as a government grant and is equal to the difference between (i) the present value of the cash flows at the time of borrowing based on a market interest rate and (ii) the proceeds received. We recognize the difference within "other current liabilities" (when the grant will be recognized within one year of the date of the financial statements) or "other long-term liabilities" on our Consolidated Statements of Financial Position. The liability is subsequently measured at amortized cost using the effective interest method. The interest expense on the liability will be represented by the accretion of the loan liability over time. The government grant will be recognized as a reduction of the interest expense over the term of the loan. We have not recognized a government grant liability related to this loan as at December 31, 2022 as we have not yet borrowed against this facility.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>12</sub> | **2022 Annual Financial Statements** |

---

------

**(f)NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2022**

We adopted the following IFRS amendments in 2022. They did not have a material effect on our consolidated financial statements.

• Amendments to IFRS 3, *Business Combinations - Updating a Reference to the Conceptual Framework*, updating a reference in IFRS 3 to now refer to the Conceptual Framework.

• Amendments to IAS 16, *Property, Plant and Equipment: Proceeds before intended use*, prohibiting reducing the cost of property, plant and equipment by proceeds while bringing an asset to capable operations.

*•* Amendments to IAS 37, *Provisions, Contingent Liabilities and Contingent Assets - Onerous Contracts*, specifying costs an entity should include in determining the "cost of fulfilling" a potential onerous contract.

**(g)RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED** 

The IASB has issued the following new standard and amendments to existing standards that will become effective in future years:

• IFRS 17, *Insurance Contracts*, a replacement of IFRS 4, *Insurance Contracts,* that aims to provide consistency in the application of accounting for insurance contracts (January 1, 2023).

• Amendments to IAS 1, *Presentation of Financial Statements - Classification of Liabilities as Current or Non-current*, clarifying the classification requirements in the standard for liabilities as current or non-current (January 1, 2023).

• Amendments to IAS 1, *Presentation of Financial Statements - Disclosure of Accounting Policies*, requiring entities to disclose material, instead of significant, accounting policy information (January 1, 2023).

• Amendments to IAS 8, *Accounting Policies - Changes in Accounting Estimates and Errors*, clarifying the definition of "accounting policies" and "accounting estimates" (January 1, 2023).

*•* Amendments to IAS 12, *Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single Transaction,* narrowing the scope for exemption when recognizing deferred taxes (January 1, 2023).

• Amendments to IFRS 16, *Leases - Lease Liability in a Sale and Leaseback*, clarifying subsequent measurement requirements for sale and leaseback transactions for sellers-lessees. (January 1, 2024).

• Amendments to IAS 1, *Presentation of Financial Statements - Non-current Liabilities with Covenants*, modifying the 2020 amendments to IAS 1 to further clarify the classification, presentation, and disclosure requirements in the standard for non-current liabilities with covenants. (January 1, 2024).

We do not expect IFRS 17, *Insurance Contracts*, or the amendments effective January 1, 2023, will have an effect on our consolidated financial statements. We are assessing the impacts, if any, the remaining amendments will have on our consolidated financial statements; however we currently do not expect any material impacts.

**(h)ADDITIONAL SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS** 

When preparing our consolidated financial statements, we make judgments, estimates, and assumptions that affect how accounting policies are applied and the amounts we report as assets, liabilities, revenue, and expenses. Our significant accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:

• information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;

• information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and

• information on our significant accounting policies.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Note** | **Topic** | **Page** | **Accounting Policy** | **Use of Estimates** | **Use of Judgments** |
| 4 | Reportable Segments | [17](#i585e1b4c7c4d4dc795767c1cfee016d0_37) | X |  | X |
| 5 | Revenue Recognition | [19](#i585e1b4c7c4d4dc795767c1cfee016d0_40) | X | X | X |
| 7 | Property, Plant and Equipment | [23](#i585e1b4c7c4d4dc795767c1cfee016d0_46) | X | X | X |
| 8 | Leases | [25](#i585e1b4c7c4d4dc795767c1cfee016d0_55) | X | X | X |
| 9 | Intangible Assets and Goodwill | [27](#i585e1b4c7c4d4dc795767c1cfee016d0_61) | X | X | X |
| 10 | Restructuring, Acquisition and Other | [30](#i585e1b4c7c4d4dc795767c1cfee016d0_67) | X |  | X |
| 13 | Income Taxes | [32](#i585e1b4c7c4d4dc795767c1cfee016d0_76) | X |  | X |
| 14 | Earnings Per Share | [34](#i585e1b4c7c4d4dc795767c1cfee016d0_79) | X |  |  |
| 15 | Accounts Receivable | [34](#i585e1b4c7c4d4dc795767c1cfee016d0_82) | X |  | X |
| 16 | Inventories | [35](#i585e1b4c7c4d4dc795767c1cfee016d0_85) | X |  |  |
| 17 | Financial Instruments | [35](#i585e1b4c7c4d4dc795767c1cfee016d0_88) | X | X | X |
| 18 | Investments | [49](#i585e1b4c7c4d4dc795767c1cfee016d0_94) | X |  |  |
| 20 | Provisions | [53](#i585e1b4c7c4d4dc795767c1cfee016d0_106) | X | X | X |
| 23 | Post-Employment Benefits | [58](#i585e1b4c7c4d4dc795767c1cfee016d0_118) | X | X |  |
| 25 | Stock-Based Compensation | [64](#i585e1b4c7c4d4dc795767c1cfee016d0_130) | X | X |  |
| 28 | Commitments and Contingent Liabilities | [69](#i585e1b4c7c4d4dc795767c1cfee016d0_145) | X |  | X |

---

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>13</sub> | **2022 Annual Financial Statements** |

---

------

**NOTE 3: CAPITAL RISK MANAGEMENT**

Our objectives in managing capital are to ensure we have sufficient available liquidity to meet all our commitments and to execute our business plan. We define capital we manage as shareholders' equity, indebtedness (including the current portion of our long-term debt, long-term debt, short-term borrowings, the current portion of our lease liabilities, and lease liabilities), net of cash and cash equivalents, restricted cash and cash equivalents, and derivative instruments.

We manage our capital structure, commitments, and maturities and make adjustments based on general economic conditions, financial markets, operating risks, our investment priorities, and working capital requirements. To maintain or adjust our capital structure, we may, with approval from the Board as necessary, issue or repay debt and/or short-term borrowings, issue or repurchase shares, pay dividends, or undertake other activities as deemed appropriate under the circumstances. The Board reviews and approves the annual capital and operating budgets, as well as any material transactions that are not part of the ordinary course of business, including proposals for acquisitions or other major financing transactions, investments, or divestitures.

The wholly owned subsidiary through which our credit card programs are operated is regulated by the Office of the Superintendent of Financial Institutions, which requires a minimum level of regulatory capital be maintained. Our subsidiary was in compliance with that requirement as at December 31, 2022 and 2021. The capital requirements are not material to us as at December 31, 2022 or December 31, 2021.

With the exception of our credit card programs and the subsidiary through which they are operated, we are not subject to externally imposed capital requirements.

**KEY METRICS AND RATIOS**

We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the consolidated financial statements.

*Adjusted net debt and debt leverage ratio*

We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. As at December 31, 2022 and 2021, we met our objectives for these metrics.

On March 15, 2021, we announced an agreement with Shaw to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share (Shaw Transaction). The Shaw Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt. See note 30 for more information about the Shaw Transaction.

In connection with the Shaw Transaction, during the first quarter of 2021, we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an original amount of up to $19 billion (see note 19). During the second quarter of 2021, we entered into a $6 billion non-revolving credit facility (term loan facility, see note 21) related to the Shaw Transaction, which reduced the amount available under the committed credit facility to $13 billion. During the first quarter of 2022, we issued US$7.05 billion and $4.25 billion of senior notes (Shaw senior note financing), which reduced the amount available under the committed credit facility to nil and the committed credit facility was terminated. The arrangement agreement between Rogers and Shaw requires us to maintain sufficient liquidity to ensure we are able to fund the Shaw Transaction upon closing and, as a result of the termination of the committed credit facility, we have restricted the use of approximately $12.8 billion in funds, which are recognized as "restricted cash and cash equivalents" on our Consolidated Statements of Financial Position (see note 17). Adjusted net debt increases correspondingly with any debt issued or drawn, and the use of restricted cash, and our debt leverage ratio would increase correspondingly.

---

| | |
|:---|:---|
| **Rogers Communications Inc.**<sub>14</sub> | **2022 Annual Financial Statements** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | As at<br>December 31 | As at<br>December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Current portion of long-term debt | *21* | **1828** | 1551 |
| Long-term debt | *21* | **29905** | 17137 |
| Deferred transaction costs and discounts | *21* | **1122** | 185 |
|  |  | **32855** | 18873 |
| Add (deduct): |  |  |  |
| &nbsp;&nbsp;Subordinated notes adjustment <sup>1</sup> |  | **(1508)** | (1000) |
| &nbsp;&nbsp;Net debt derivative assets <sup>2</sup> | *17* | **(988)** | (1260) |
| &nbsp;&nbsp;Credit risk adjustment related to net debt derivative assets <sup>3</sup> |  | **(10)** | (18) |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | *19* | **2985** | 2200 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities | *8* | **362** | 336 |
| &nbsp;&nbsp;&nbsp;Lease liabilities | *8* | **1666** | 1621 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | **(463)** | (715) |
| &nbsp;&nbsp;Restricted cash and cash equivalents <sup>4</sup> | *17* | **(12837)** | **—** |
| Adjusted net debt |  | **22062** | **20037** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | As at<br>December 31 | As at<br>December 31 |
| (In millions of dollars, except ratios) | *Note* | **2022** | 2021 |
| Adjusted net debt |  | **22062** | 20037 |
| Divided by: trailing 12-month adjusted EBITDA | *4* | **6393** | 5887 |
| Debt leverage ratio |  | **3.5** | 3.4 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and we understand this approach is commonly used to evaluate debt leverage by rating agencies for at least the first five years after the issuance of the respective subordinated notes.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net debt derivative assets consists of the net fair value of our debt derivatives on issued debt.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>For accounting purposes in accordance with IFRS, we recognize the fair values of our debt derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. For purposes of calculating adjusted net debt, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.

<sup>4</sup> For the purposes of calculating adjusted net debt, we have deducted our restricted cash and cash equivalent as these funds were raised solely to fund a portion of the cash consideration of the Shaw Transaction or, if unable to be consummated, be used to redeem the applicable senior notes excluding any premium. Including only the underlying senior notes would not represent our view of adjusted net debt prior to the consummation of the Shaw Transaction or the redemption of the senior notes.

*Free cash flow*

We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is used as an indicator of financial capabilities.

---

| | | | |
|:---|:---|:---|:---|
| | | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Adjusted EBITDA | *4* | **6393** | 5887 |
| Deduct (add): |  |  |  |
| &nbsp;&nbsp;Capital expenditures <sup>1</sup> | *7* | **3075** | 2788 |
| &nbsp;&nbsp;&nbsp;Interest on borrowings, net and capitalized interest | *11* | **1090** | 728 |
| &nbsp;&nbsp;Cash income taxes <sup>2</sup> |  | **455** | 700 |
| Free cash flow |  | **1773** | 1671 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Cash income taxes are net of refunds received.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **15** | **2022 Annual Financial Statements** |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Cash provided by operating activities |  | **4493** | 4161 |
| Add (deduct): |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | *7* | **(3075)** | (2788) |
| &nbsp;&nbsp;&nbsp;Interest on borrowings, net of capitalized interest | *11* | **(1090)** | (728) |
| &nbsp;&nbsp;&nbsp;Interest paid, net |  | **1054** | 802 |
| &nbsp;&nbsp;&nbsp;Restructuring, acquisition and other | *10* | **310** | 324 |
| &nbsp;&nbsp;&nbsp;Program rights amortization | *9* | **(61)** | (68) |
| &nbsp;&nbsp;&nbsp;Change in net operating assets and liabilities | *29* | **152** | (37) |
| &nbsp;&nbsp;Other adjustments <sup>1</sup> | *12, 23* | **(10)** | 5 |
| Free cash flow |  | **1773** | 1671 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Other adjustments consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other (income) expense from our financial statements.

*Available liquidity*

Available liquidity fluctuates based on business circumstances. We continually manage, and aim to have sufficient, available liquidity at all times to help protect our ability to meet all our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2022 and 2021, we had sufficient liquidity available to us to meet this objective.

Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.

Our restricted cash and cash equivalents (see note 17) are not included in available liquidity as the funds were raised solely to fund a portion of the cash consideration of the Shaw Transaction (see note 30). Our $6 billion term loan facility is also not included in available liquidity as we can only draw on that facility to partially fund the Shaw Transaction. Our Canada Infrastructure Bank credit agreement (see note 21) is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As at December 31, 2022 |  | Total sources | Drawn | Letters of credit | US CP program <sup>1</sup> | Net available |
| (In millions of dollars) | *Note* | Total sources | Drawn | Letters of credit | US CP program <sup>1</sup> | Net available |
| Cash and cash equivalents |  | 463 |  |  |  | **463** |
| Bank credit facilities <sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revolving | *21* | 4000 |  | 8 | 215 | **3777** |
| &nbsp;&nbsp;&nbsp;Non-revolving | *19* | 1000 | 375 |  |  | **625** |
| &nbsp;&nbsp;&nbsp;Outstanding letters of credit | *21* | 75 |  | 75 |  | **—** |
| Receivables securitization <sup>2</sup> | *19* | 2400 | 2400 |  |  | **—** |
| Total |  | 7938 | 2775 | 83 | 215 | **4865** |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>The US CP program amounts are gross of the discount on issuance.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **16** | **2022 Annual Financial Statements** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| As at December 31, 2021 |  | Total sources | Drawn | Letters of credit | US CP program <sup>1</sup> | Net available |
| (In millions of dollars) | *Note* | Total sources | Drawn | Letters of credit | US CP program <sup>1</sup> | Net available |
| Cash and cash equivalents |  | 715 |  |  |  | 715 |
| Bank credit facilities <sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revolving | *21* | 4000 |  | 8 | 894 | 3098 |
| &nbsp;&nbsp;&nbsp;Non-revolving | *19* | 507 | 507 |  |  |  |
| &nbsp;&nbsp;&nbsp;Outstanding letters of credit | *21* | 72 |  | 72 |  |  |
| Receivables securitization <sup>2</sup> | *19* | 1200 | 800 |  |  | 400 |
| Total |  | 6494 | 1307 | 80 | 894 | 4213 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>The US CP program amounts are gross of the discount on issuance.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility.

**NOTE 4: SEGMENTED INFORMATION**

**ACCOUNTING POLICY**

*Reportable segments*

We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.

We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.

**JUDGMENTS**

We make significant judgments in determining our operating segments. These are components that engage in business activities from which they may earn revenue and incur expenses, for which operating results are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated and assess component performance, and for which discrete financial information is available.

**REPORTABLE SEGMENTS**

Our reportable segments are Wireless, Cable, and Media (see note 1). All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments, corporate administrative functions, and eliminations of inter-segment revenue and costs. Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **17** | **2022 Annual Financial Statements** |

---

------

**INFORMATION BY SEGMENT**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2022 | *Note* | Wireless | Cable | Media | Corporate items and eliminations | Consolidated totals |  |
| Year ended December 31, 2022 | *Note* | Wireless | Cable | Media | Corporate items and eliminations | Consolidated totals | (In millions of dollars) |
|  | *Note* | Wireless | Cable | Media | Corporate items and eliminations | Consolidated totals |  |
| Revenue | *5* | 9197 | 4071 | 2277 | (149) | **15396** |  |
| Operating costs | *6* | 4728 | 2013 | 2208 | 54 | **9003** |  |
| Adjusted EBITDA |  | 4469 | 2058 | 69 | (203) | **6393** |  |
| Depreciation and amortization | *7, 8, 9* |  |  |  |  | **2576** |  |
| Restructuring, acquisition and other | *10* |  |  |  |  | **310** |  |
| Finance costs | *11* |  |  |  |  | **1233** |  |
| Other income | *12* |  |  |  |  | **(15)** |  |
| Income before income tax expense |  |  |  |  |  | **2289** |  |
| Capital expenditures | *7* | 1758 | 1019 | 142 | 156 | **3075** |  |
| Goodwill | *9* | 1160 | 1902 | 969 |  | **4031** |  |
| Total assets |  | 26298 | 8040 | 2693 | 18624 | **55655** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2021 | *Note* | Wireless | Cable | Media | Corporate items and eliminations | Consolidated totals |  |
| Year ended December 31, 2021 | *Note* | Wireless | Cable | Media | Corporate items and eliminations | Consolidated totals | (In millions of dollars) |
|  | *Note* | Wireless | Cable | Media | Corporate items and eliminations | Consolidated totals |  |
| Revenue | *5* | 8768 | 4072 | 1975 | (160) | 14655 |  |
| Operating costs | *6* | 4554 | 2059 | 2102 | 53 | 8768 |  |
| Adjusted EBITDA |  | 4214 | 2013 | (127) | (213) | 5887 |  |
| Depreciation and amortization | *7, 8, 9* |  |  |  |  | 2585 |  |
| Restructuring, acquisition and other | *10* |  |  |  |  | 324 |  |
| Finance costs | *11* |  |  |  |  | 849 |  |
| Other expense | *12* |  |  |  |  | 2 |  |
| Income before income tax expense |  |  |  |  |  | 2127 |  |
| Capital expenditures | *7* | 1515 | 913 | 115 | 245 | 2788 |  |
| Goodwill | *9* | 1160 | 1895 | 969 |  | 4024 |  |
| Total assets |  | 25247 | 7887 | 2665 | 6164 | 41963 |  |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **18** | **2022 Annual Financial Statements** |

---

------

**NOTE 5: REVENUE**

**ACCOUNTING POLICY**

*Contracts with customers*

We record revenue from contracts with customers in accordance with the five steps in IFRS 15, *Revenue from contracts with customers*, as follows:

1. identify the contract with a customer;

2. identify the performance obligations in the contract;

3. determine the transaction price, which is the total consideration provided by the customer;

4. allocate the transaction price among the performance obligations in the contract based on their relative fair values; and

5. recognize revenue when the relevant criteria are met for each performance obligation.

Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.

Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).

The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.

---

| | |
|:---|:---|
| **Performance obligations from contracts with customers** | **Timing of satisfaction of the performance obligation** |
| Wireless airtime, data, and other services; television, telephony, Internet, and smart home monitoring services; network services; media subscriptions; and rental of equipment | As the service is provided (usually monthly) |
| Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services | As the service is provided |
| Wireless devices and related equipment | Upon activation or purchase by the end customer |
| Installation services for Cable subscribers | When the services are performed |
| Advertising | When the advertising airs on our radio or television stations or is displayed on our digital properties |
| Subscriptions by television stations for subscriptions from cable and satellite providers | When the services are delivered to cable and satellite providers' subscribers (usually monthly) |
| Toronto Blue Jays' home game admission and concessions | When the related games are played during the baseball season and when goods are sold |
| Toronto Blue Jays revenue from the Major League Baseball Revenue Sharing Agreement, which redistributes funds between member clubs based on each club's relative revenue, as well as other league distributions | In the applicable period, when the amount is determinable |
| Today's Shopping Choice and Toronto Blue Jays merchandise | When the goods are transferred to the end customer |
| Radio and television broadcast agreements | When the related programs are aired |
| Sublicensing of program rights | Over the course of the applicable licence period |

---

We also recognize interest revenue on credit card receivables using the effective interest method in accordance with IFRS 9, *Financial Instruments*.

Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Payment terms for typical Media performance obligations range from immediate (e.g. Toronto Blue Jays tickets) to 30 days (e.g. advertising contracts).

*Contract assets and liabilities*

We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are recognized in "other long-term assets" on our Consolidated Statements of Financial Position.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **19** | **2022 Annual Financial Statements** |

---

------

We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to Toronto Blue Jays ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are recognized in "other long-term liabilities" on our Consolidated Statements of Financial Position.

A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts. Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.

We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.

*Deferred commission cost assets*

We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in "other assets" and amortize them to "operating costs" over the pattern of the transfer of goods and services to the customer, which is typically evenly over 24 consecutive months.

**ESTIMATES**

We use estimates in the following key areas:

• determining the transaction price of our contracts requires estimating the amount of revenue we expect to be entitled to for delivering the performance obligations within a contract; and

• determining the stand-alone selling price of performance obligations and the allocation of the transaction price between performance obligations.

*Determining the transaction price*

The transaction price is the amount of consideration that is enforceable and to which we expect to be entitled in exchange for the goods and services we have promised to our customer. We determine the transaction price by considering the terms of the contract and business practices that are customary within that particular line of business. Discounts, rebates, refunds, credits, price concessions, incentives, penalties, and other similar items are reflected in the transaction price at contract inception.

*Determining the stand-alone selling price and the allocation of the transaction price*

The transaction price is allocated to performance obligations based on the relative stand-alone selling prices of the distinct goods or services in the contract. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. If a stand-alone selling price is not directly observable, we estimate the stand-alone selling price taking into account reasonably available information relating to the market conditions, entity-specific factors, and the class of customer.

In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which we are entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned.

**JUDGMENTS**

We make significant judgments in determining whether a promise to deliver goods or services is considered distinct and in determining whether our residual value arrangements constitute revenue-generating arrangements or leases.

*Distinct goods and services*

We make judgments in determining whether a promise to deliver goods or services is considered distinct. We account for individual products and services separately if they are distinct (i.e. if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it). The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. For distinct items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach.

*Residual value arrangements*

Under certain customer offers, we allow customers to defer a component of the device cost until contract termination. We use judgment in determining whether these arrangements constitute revenue-generating arrangements or leases. In making this determination, we use judgment to assess the extent of control over the devices that passes to our customer, including whether the customer has a significant economic incentive at contract inception to return the device at contract termination and to estimate the extent of device returns.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **20** | **2022 Annual Financial Statements** |

---

------

**CONTRACT ASSETS**

Below is a summary of our contract assets from contracts with customers, net of an allowance for doubtful accounts, and the significant changes in those balances during the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Balance, beginning of year | **204** | 621 |
| Additions from new contracts with customers, net of terminations and renewals | **121** | 121 |
| Amortization of contract assets to accounts receivable | **(128)** | (538) |
| Balance, end of year | **197** | 204 |
| Current | **111** | 115 |
| Long-term | **86** | 89 |
| Balance, end of year | **197** | 204 |

---

**CONTRACT LIABILITIES**

Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Balance, beginning of year | **446** | 405 |
| Revenue deferred in previous year and recognized as revenue in current year | **(397)** | (393) |
| Net additions from contracts with customers | **412** | 434 |
| Balance, end of year | **461** | 446 |
| Current | **400** | 394 |
| Long-term | **61** | 52 |
| Balance, end of year | **461** | 446 |

---

**DEFERRED COMMISSION COST ASSETS**

Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2022 and 2021. The deferred commission cost assets are presented within "other current assets" (when they will be amortized into net income within one year of the date of the financial statements) or other long-term assets.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Balance, beginning of year | **312** | 262 |
| Additions to deferred commission cost assets | **363** | 315 |
| Amortization recognized on deferred commission cost assets | **(301)** | (265) |
| Balance, end of year | **374** | 312 |
| Current | **265** | 219 |
| Long-term | **109** | 93 |
| Balance, end of year | **374** | 312 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **21** | **2022 Annual Financial Statements** |

---

------

**UNSATISFIED PORTIONS OF PERFORMANCE OBLIGATIONS**

The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2022. The unsatisfied portion of the transaction price of the performance obligations relates to monthly services; we expect to recognize it over the next three to five years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In millions of dollars) | **2023** | **2024** | **2025** | **Thereafter** | **Total** |
| Telecommunications service | 2132 | 875 | 223 | 176 | 3406 |

---

We have elected to utilize the following practical expedients and not disclose:

• the unsatisfied portions of performance obligations related to contracts with a duration of one year or less; or

• the unsatisfied portions of performance obligations where the revenue we recognize corresponds with the amount invoiced to the customer.

**DISAGGREGATION OF REVENUE**

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Wireless |  |  |
| &nbsp;&nbsp;&nbsp;Service revenue | **7131** | 6666 |
| &nbsp;&nbsp;&nbsp;Equipment revenue | **2066** | 2102 |
| Total Wireless | **9197** | 8768 |
| Cable |  |  |
| &nbsp;&nbsp;&nbsp;Service revenue | **4046** | 4052 |
| &nbsp;&nbsp;&nbsp;Equipment revenue | **25** | 20 |
| Total Cable | **4071** | 4072 |
| Total Media | **2277** | 1975 |
| Corporate items and intercompany eliminations | **(149)** | (160) |
| Total revenue | **15396** | 14655 |
| Total service revenue | **13305** | 12533 |
| Total equipment revenue | **2091** | 2122 |
| Total revenue | **15396** | 14655 |

---

**NOTE 6: OPERATING COSTS**

---

| | | | |
|:---|:---|:---|:---|
| | | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Cost of equipment sales | *16* | **2141** | 2161 |
| Merchandise for resale | *16* | **235** | 271 |
| Other external purchases |  | **4401** | 4155 |
| Employee salaries, benefits, and stock-based compensation |  | **2226** | 2181 |
| Total operating costs |  | **9003** | 8768 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **22** | **2022 Annual Financial Statements** |

---

------

**NOTE 7: PROPERTY, PLANT AND EQUIPMENT**

**ACCOUNTING POLICY**

The following accounting policy applies to property, plant and equipment excluding right-of-use assets recognized under IFRS 16. Our accounting policy for right-of-use assets is included in note 8.

*Recognition and measurement, including depreciation*

We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.

Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:

• the cost of materials and direct labour;

• costs directly associated with bringing the assets to a working condition for their intended use;

• expected costs of decommissioning the items and restoring the sites on which they are located (see note 20); and

• borrowing costs on qualifying assets.

We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:

---

| | | |
|:---|:---|:---|
| **Asset** | **Basis** | **Estimated useful life** |
| Buildings | Diminishing balance | 15 to 40 years |
| Cable and wireless network | Straight-line | 3 to 40 years |
| Computer equipment and software | Straight-line | 4 to 10 years |
| Customer premise equipment | Straight-line | 3 to 6 years |
| Leasehold improvements | Straight-line | Over shorter of estimated useful life or lease term |
| Equipment and vehicles | Diminishing balance | 3 to 20 years |

---

We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.

We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.

*Impairment testing, including recognition and measurement of an impairment charge*

See "Impairment Testing" in note 9 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.

**ESTIMATES**

Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.

We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.

Furthermore, we use estimates as described in note 9 in determining the recoverable amount of property, plant and equipment.

**JUDGMENTS**

We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **23** | **2022 Annual Financial Statements** |

---

------

**DETAILS OF PROPERTY, PLANT AND EQUIPMENT**

The tables below summarize our property, plant and equipment as at December 31, 2022 and 2021.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In millions of dollars) | Land and<br>buildings | Cable and<br>wireless<br>networks | Computer<br>equipment<br>and software | Customer<br>premise<br>equipment | Leasehold<br>improvements | Equipment<br>and vehicles | Construction<br>in process | **Total<br>owned<br>assets** | Right-of-<br>use assets<br>(note 8) | **Total<br>property,<br>plant and<br>equipment** |
| *Cost* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2022 | 1241 | 22307 | 6607 | 1955 | 680 | 1253 | 1330 | **35373** | 2626 | **37999** |
| &nbsp;&nbsp;Additions and transfers | 44 | 1657 | 729 | 165 | 34 | 70 | 376 | **3075** | 451 | **3526** |
| &nbsp;&nbsp;Acquisitions from business combinations |  | 10 |  |  |  |  |  | **10** |  | **10** |
| &nbsp;&nbsp;Disposals and other | (2) | (864) | (344) | (23) | (3) | (11) |  | **(1247)** | (149) | **(1396)** |
| &nbsp;&nbsp;**As at December 31, 2022** | **1283** | **23110** | **6992** | **2097** | **711** | **1312** | **1706** | **37211** | **2928** | **40139** |
| *Accumulated depreciation* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2022 | 531 | 14642 | 4682 | 1604 | 353 | 880 |  | **22692** | 641 | **23333** |
| &nbsp;&nbsp;Depreciation | 36 | 1170 | 739 | 210 | 40 | 86 |  | **2281** | 274 | **2555** |
| &nbsp;&nbsp;Disposals and other |  | (863) | (342) | (66) | (3) | (11) |  | **(1285)** | (38) | **(1323)** |
| &nbsp;&nbsp;**As at December 31, 2022** | **567** | **14949** | **5079** | **1748** | **390** | **955** | **—** | **23688** | **877** | **24565** |
| *Net carrying amount* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2022 | 710 | 7665 | 1925 | 351 | 327 | 373 | 1330 | **12681** | 1985 | **14666** |
| &nbsp;&nbsp;**As at December 31, 2022** | **716** | **8161** | **1913** | **349** | **321** | **357** | **1706** | **13523** | **2051** | **15574** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In millions of dollars) | Land and<br>buildings | Cable and<br>wireless<br>networks | Computer<br>equipment<br>and software | Customer<br>premise<br>equipment | Leasehold<br>improvements | Equipment<br>and vehicles | Construction<br>in process | **Total<br>owned<br>assets** | Right-of-<br>use assets<br>(note 8) | **Total<br>property,<br>plant and<br>equipment** |
| *Cost* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2021 | 1210 | 21913 | 6078 | 1954 | 618 | 1230 | 848 | **33851** | 2248 | **36099** |
| &nbsp;&nbsp;Additions and transfers | 29 | 1167 | 849 | 142 | 62 | 57 | 482 | **2788** | 380 | **3168** |
| &nbsp;&nbsp;Acquisitions from business combinations | 2 | 29 | 1 | 6 |  | 3 |  | **41** |  | **41** |
| &nbsp;&nbsp;Disposals and other |  | (802) | (321) | (147) |  | (37) |  | **(1307)** | (2) | **(1309)** |
| &nbsp;&nbsp;As at December 31, 2021 | 1241 | 22307 | 6607 | 1955 | 680 | 1253 | 1330 | **35373** | 2626 | **37999** |
| *Accumulated depreciation* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2021 | 496 | 14268 | 4253 | 1515 | 313 | 839 |  | **21684** | 397 | **22081** |
| &nbsp;&nbsp;Depreciation | 35 | 1170 | 751 | 245 | 41 | 80 |  | **2322** | 246 | **2568** |
| &nbsp;&nbsp;Disposals and other |  | (796) | (322) | (156) | (1) | (39) |  | **(1314)** | (2) | **(1316)** |
| &nbsp;&nbsp;As at December 31, 2021 | 531 | 14642 | 4682 | 1604 | 353 | 880 |  | **22692** | 641 | **23333** |
| *Net carrying amount* |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2021 | 714 | 7645 | 1825 | 439 | 305 | 391 | 848 | **12167** | 1851 | **14018** |
| &nbsp;&nbsp;As at December 31, 2021 | 710 | 7665 | 1925 | 351 | 327 | 373 | 1330 | **12681** | 1985 | **14666** |

---

During 2022, we recognized capitalized interest on property, plant and equipment at a weighted average rate of approximately 4.3% (2021 - 3.4%).

Annually, we perform an analysis to identify fully depreciated assets that have been retired from active use. In 2022, this resulted in an adjustment to cost and accumulated depreciation of $1,209 million (2021 - $1,157 million). The disposals had nil impact on the Consolidated Statements of Income.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **24** | **2022 Annual Financial Statements** |

---

------

**NOTE 8: LEASES** 

**ACCOUNTING POLICY**

At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:

• the contract involves the use of an identified asset;

• we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and

• we have the right to direct the use of the asset.

**LESSEE ACCOUNTING**

We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:

• the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus

• any initial direct costs incurred; and

• an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less

• any lease incentives received.

The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:

• the non-cancellable period of the lease;

• periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and

• periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.

If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.

Lease payments included in the measurement of the lease liability include:

• fixed payments, including in-substance fixed payments;

• variable lease payments that depend on an index or rate;

• amounts expected to be payable under a residual value guarantee; and

• the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.

We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.

*Variable lease payments*

Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments.

Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **25** | **2022 Annual Financial Statements** |

---

------

**LESSOR ACCOUNTING**

When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease.

In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease.

We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.

If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.

We recognize lease payments received under operating leases into income on a straight-line basis. All of the leases for which we act as lessor are classified as operating leases.

**ESTIMATES**

We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.

**JUDGMENTS**

*Lessee*

We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset.

We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.

We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.

Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our network leases, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.

*Lessor*

We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.

**LEASE LIABILITIES**

We primarily lease land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings, as well as customer premise equipment. The non-cancellable contract periods for our leases typically range from five to fifteen years. Variable lease payments during 2022 were $20 million (2021 - $21 million).

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **26** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the activity related to our lease liabilities for the year ended December 31, 2022. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $400 million as at December 31, 2022 (2021 - $338 million).

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Lease liabilities, beginning of year | **1957** | 1835 |
| Net additions | **383** | 386 |
| Interest expense on lease liabilities | **80** | 74 |
| Interest payments on lease liabilities | **(76)** | (69) |
| Principal payments of lease liabilities | **(316)** | (269) |
| Lease liabilities, end of year | **2028** | 1957 |
| Current liability | **362** | 336 |
| Long-term liability | **1666** | 1621 |
| Lease liabilities | **2028** | 1957 |

---

**NOTE 9: INTANGIBLE ASSETS AND GOODWILL**

**ACCOUNTING POLICY**

**RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION**

Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:

• its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and

• any directly attributable cost of preparing the asset for its intended use.

*Indefinite useful lives*

We do not amortize intangible assets with indefinite lives, including spectrum licences, broadcast licences, and the Rogers and Fido brand names.

*Finite useful lives*

We amortize intangible assets with finite useful lives, other than acquired program rights, into "depreciation and amortization" on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.

---

| | |
|:---|:---|
| **Intangible asset** | **Estimated useful life** |
| Customer relationships | 3 to 10 years |

---

*Acquired program rights*

Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize "program rights" on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in "operating costs" on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.

The costs for multi-year sports and television broadcast rights agreements are recognized in operating expenses during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the extent that prepayments are made for annual contractual fees within a season, they are included in "other current assets"

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **27** | **2022 Annual Financial Statements** |

---

------

on our Consolidated Statements of Financial Position, as the rights will be consumed within one year of the date of the financial statements.

*Goodwill* 

We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.

**IMPAIRMENT TESTING**

We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment.

If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.

Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combinations from which the goodwill arose.

*Recognition and measurement of an impairment charge*

An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU or asset is the higher of its:

• fair value less costs to sell; and

• value in use.

If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately.

We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years.

**ESTIMATES**

We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:

• future cash flows;

• terminal growth rates; and

• discount rates.

We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry.

We determine fair value less costs to sell in one of the following two ways:

• analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or

• using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry.

We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **28** | **2022 Annual Financial Statements** |

---

------

**JUDGMENTS**

We make significant judgments that affect the measurement of our intangible assets and goodwill.

Judgment is applied when deciding to designate our spectrum and broadcast licences as assets with indefinite useful lives since we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licences.

Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.

Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. In particular for Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on the interdependencies across Media and how it sells and goes to market.

**DETAILS OF INTANGIBLE ASSETS**

The tables below summarize our intangible assets as at December 31, 2022 and 2021.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Indefinite-life | Indefinite-life | Indefinite-life | Finite-life | Finite-life | | | |
| (In millions of dollars) | Spectrum licences | Broadcast licences | Brand names | Customer relationships | Acquired program rights | **Total intangible assets** | Goodwill | **Total intangible assets and goodwill** |
| *Cost* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2022 | 11714 | 330 | 420 | 1669 | 210 | **14343** | 4245 | **18588** |
| &nbsp;&nbsp;Accumulated impairment losses |  | (99) | (14) |  | (5) | **(118)** | (221) | **(339)** |
| &nbsp;&nbsp;Cost, net of impairment losses | 11714 | 231 | 406 | 1669 | 205 | **14225** | 4024 | **18249** |
| &nbsp;&nbsp;Additions |  |  |  | 5 | 47 | **52** | 7 | **59** |
| &nbsp;&nbsp;Disposals and other <sup>1</sup> |  |  |  |  | (68) | **(68)** |  | **(68)** |
| &nbsp;&nbsp;**As at December 31, 2022** | **11714** | **231** | **406** | **1674** | **184** | **14209** | **4031** | **18240** |
| *Accumulated amortization* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2022 |  |  | 270 | 1606 | 68 | **1944** |  | **1944** |
| &nbsp;&nbsp;Amortization <sup>2</sup> |  |  |  | 21 | 61 | **82** |  | **82** |
| &nbsp;&nbsp;Disposals and other <sup>1</sup> |  |  |  |  | (68) | **(68)** |  | **(68)** |
| &nbsp;&nbsp;**As at December 31, 2022** | **—** | **—** | **270** | **1627** | **61** | **1958** | **—** | **1958** |
| *Net carrying amount* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2022 | 11714 | 231 | 136 | 63 | 137 | **12281** | 4024 | **16305** |
| &nbsp;&nbsp;**As at December 31, 2022** | **11714** | **231** | **136** | **47** | **123** | **12251** | **4031** | **16282** |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes disposals, impairments, reclassifications, and other adjustments.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Of the $82 million of total amortization, $61 million related to acquired program rights is included in other external purchases in "operating costs" (see note 6), and $21 million in "depreciation and amortization" on the Consolidated Statements of Income.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **29** | **2022 Annual Financial Statements** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Indefinite-life | Indefinite-life | Indefinite-life | Finite-life | Finite-life | | | |
| (In millions of dollars) | Spectrum licences | Broadcast licences | Brand names | Customer relationships | Acquired program rights | **Total intangible assets** | Goodwill | **Total intangible assets and goodwill** |
| *Cost* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2021 | 8371 | 333 | 420 | 1623 | 233 | **10980** | 4194 | **15174** |
| &nbsp;&nbsp;Accumulated impairment losses |  | (99) | (14) |  | (5) | **(118)** | (221) | **(339)** |
| &nbsp;&nbsp;Cost, net of impairment losses | 8371 | 234 | 406 | 1623 | 228 | **10862** | 3973 | **14835** |
| &nbsp;&nbsp;Additions | 3343 |  |  | 46 | 54 | **3443** | 51 | **3494** |
| &nbsp;&nbsp;Disposals and other <sup>1</sup> |  | (3) |  |  | (77) | **(80)** |  | **(80)** |
| &nbsp;&nbsp;As at December 31, 2021 | 11714 | 231 | 406 | 1669 | 205 | **14225** | 4024 | **18249** |
| *Accumulated amortization* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2021 |  |  | 270 | 1589 | 77 | **1936** |  | **1936** |
| &nbsp;&nbsp;Amortization <sup>2</sup> |  |  |  | 17 | 68 | **85** |  | **85** |
| &nbsp;&nbsp;Disposals and other <sup>1</sup> |  |  |  |  | (77) | **(77)** |  | **(77)** |
| &nbsp;&nbsp;As at December 31, 2021 |  |  | 270 | 1606 | 68 | **1944** |  | **1944** |
| *Net carrying amount* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;As at January 1, 2021 | 8371 | 234 | 136 | 34 | 151 | **8926** | 3973 | **12899** |
| &nbsp;&nbsp;As at December 31, 2021 | 11714 | 231 | 136 | 63 | 137 | **12281** | 4024 | **16305** |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes disposals, impairments, reclassifications, and other adjustments.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Of the $85 million of total amortization, $68 million related to acquired program rights is included in other external purchases in "operating costs" (see note 6), and $17 million in "depreciation and amortization" on the Consolidated Statements of Income.

In July 2021, Innovation, Science and Economic Development Canada (ISED Canada) announced the results of the 3500 MHz spectrum licence auction that began in June 2021. We were awarded 325 spectrum licences covering the vast majority of the Canadian population at a total cost of $3.3 billion.

**ANNUAL IMPAIRMENT TESTING**

For purposes of testing goodwill for impairment, our CGUs, or groups of CGUs, correspond to our operating segments as disclosed in note 4.

Below is an overview of the methods and key assumptions we used in 2022, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions of dollars, except periods used and rates) | (In millions of dollars, except periods used and rates) | (In millions of dollars, except periods used and rates) | (In millions of dollars, except periods used and rates) |  |  |  |
|  | Carrying value of goodwill | Carrying value of indefinite-life intangible assets | Recoverable amount method | Period of projected cash flows (years) | Terminal growth rates (%) | Pre-tax discount rates (%) |
| Wireless | 1160 | 11848 | Value in use | 5 | 2.0 | 8.5 |
| Cable | 1902 |  | Value in use | 5 | 1.5 | 8.0 |
| Media | 969 | 232 | Fair value less cost to sell | 5 | 2.0 | 12.2 |

---

Our fair value measurement for Media is classified as Level 3 in the fair value hierarchy.

We did not recognize an impairment charge related to our goodwill or intangible assets in 2022 or 2021 because the recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying values.

**NOTE 10: RESTRUCTURING, ACQUISITION AND OTHER**

**ACCOUNTING POLICY**

We define restructuring costs as employee costs associated with the targeted restructuring of our employee base, or other costs associated with significant changes in either the scope of business activities or the manner in which business is conducted. Acquisition and integration costs are directly attributable to investigating or completing an acquisition or to integrating an acquired business. Other costs are costs that, in management's judgment about their nature, should be segregated from ongoing operating expenses.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **30** | **2022 Annual Financial Statements** |

---

------

**JUDGMENTS**

We make significant judgments in determining the appropriate classification of costs to be included in "restructuring, acquisition and other".

**RESTRUCTURING, ACQUISITION AND OTHER COSTS**

---

| | | | |
|:---|:---|:---|:---|
| | | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Restructuring and other |  | **118** | 187 |
| Shaw acquisition-related costs | *30* | **192** | 137 |
| Total restructuring, acquisition and other |  | **310** | 324 |

---

The acquisition costs in 2022 and 2021 primarily consisted of incremental costs supporting acquisition and integration activities related to the Shaw Transaction. The restructuring and other costs in 2022 were primarily severance costs associated with the targeted restructuring of our employee base. In 2021, the restructuring and other costs primarily consisted of severance costs associated with the targeted restructuring of our employee base, certain contract termination costs, incremental, temporary costs incurred in response to COVID-19, and other costs.

**NOTE 11: FINANCE COSTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Interest on borrowings |  | **907** | 745 |
| Interest on Shaw senior note financing |  | **447** |  |
| Total interest on borrowings <sup>1</sup> | *21* | **1354** | 745 |
| Interest earned on restricted cash and cash equivalents |  | **(235)** |  |
| Interest on borrowings, net |  | **1119** | 745 |
| Interest on lease liabilities | *8* | **80** | 74 |
| Interest on post-employment benefits liability | *23* | **(1)** | 14 |
| Loss on foreign exchange |  | **127** | 10 |
| Change in fair value of derivative instruments |  | **(126)** | (6) |
| Capitalized interest |  | **(29)** | (17) |
| Deferred transaction costs and other |  | **63** | 29 |
| Total finance costs |  | **1233** | 849 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest on borrowings includes interest on short-term borrowings and on long-term debt.

**FOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS**

We recognized $127 million in net foreign exchange losses in 2022 (2021 - $10 million in net losses). These losses were primarily attributed to our US$1 billion senior notes due 2025 (see note 21) and our US CP program borrowings (see note 17).

These foreign exchange losses were offset by the $126 million gain related to the change in fair value of derivatives (2021 - $6 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.

**NOTE 12: OTHER (INCOME) EXPENSE**

---

| | | | |
|:---|:---|:---|:---|
| | | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Losses from associates and joint ventures | *18* | **31** | 44 |
| Other investment income |  | **(46)** | (42) |
| Total other (income) expense |  | **(15)** | 2 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **31** | **2022 Annual Financial Statements** |

---

------

**NOTE 13: INCOME TAXES**

**ACCOUNTING POLICY**

Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.

Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.

Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:

• the same taxable entity; or

• different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.

We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.

**JUDGMENTS**

We make significant judgments in interpreting tax rules and regulations when we calculate income tax expense. We make judgments to evaluate whether we can recover a deferred tax asset based on our assessment of existing tax laws, estimates of future profitability, and tax planning strategies.

**INCOME TAX EXPENSE**

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Total current tax expense | **325** | 458 |
| Deferred tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;Origination of temporary differences | **284** | 111 |
| Total income tax expense | **609** | 569 |

---

Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars, except tax rates) | **2022** | 2021 |
| Statutory income tax rate | **26.5%** | 26.5% |
| Income before income tax expense | **2289** | 2127 |
| Computed income tax expense | **607** | 564 |
| Increase (decrease) in income tax expense resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;Non-deductible stock-based compensation | **10** | 1 |
| &nbsp;&nbsp;&nbsp;Non-deductible portion of equity losses | **9** | 12 |
| &nbsp;&nbsp;&nbsp;Non-taxable portion of capital gains | **(5)** |  |
| &nbsp;&nbsp;&nbsp;Non-taxable income from security investments | **(12)** | (11) |
| &nbsp;&nbsp;&nbsp;Other | **—** | 3 |
| Total income tax expense | **609** | 569 |
| Effective income tax rate | **26.6%** | 26.8% |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **32** | **2022 Annual Financial Statements** |

---

------

**DEFERRED TAX ASSETS AND LIABILITIES**

Below is a summary of the movement of net deferred tax assets and liabilities during 2022 and 2021.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Deferred tax assets (liabilities)<br>(In millions of dollars) | Property, plant and equipment and inventory | Goodwill and other intangibles | Investments | Non-capital loss carryforwards | Contract and deferred commission cost assets | Other | Total |
| December 31, 2021 | (1608) | (1578) | (135) | 24 | (124) | (18) | (3439) |
| (Expense) recovery in net income | (122) | (175) | (1) | (19) | 37 | (4) | (284) |
| Recovery in other comprehensive income |  |  | 47 |  |  | 24 | 71 |
| Acquisitions |  | (1) |  | 1 |  |  |  |
| **December 31, 2022** | **(1730)** | **(1754)** | **(89)** | **6** | **(87)** | **2** | **(3652)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Deferred tax assets (liabilities)<br>(In millions of dollars) | Property, plant and equipment and inventory | Goodwill and other intangibles | Investments | Non-capital loss carryforwards | Contract and deferred commission cost assets | Other | Total |
| December 31, 2020 | (1484) | (1450) | (130) | 16 | (183) | 35 | (3196) |
| (Expense) recovery in net income | (122) | (116) | (2) | 8 | 59 | 62 | (111) |
| Expense in other comprehensive income |  |  | (3) |  |  | (115) | (118) |
| Acquisitions | (2) | (12) |  |  |  |  | (14) |
| December 31, 2021 | (1608) | (1578) | (135) | 24 | (124) | (18) | (3439) |

---

We have not recognized deferred tax assets for the following items:

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Realized and accrued capital losses in Canada that can be applied against future capital gains | **73** | 75 |
| Tax losses in foreign jurisdictions <sup>1</sup> | **73** | 68 |
| Deductible temporary differences in foreign jurisdictions | **13** | 40 |
| Total unrecognized temporary differences | **159** | 183 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>$43 million of the tax losses in foreign jurisdictions expires between 2023 and 2037, the remaining $30 million can be carried forward indefinitely.

There are taxable temporary differences associated with our investments in Canadian domestic subsidiaries. We do not recognize deferred tax liabilities for these temporary differences because we are able to control the timing of the reversal and the reversal is not probable in the foreseeable future. Reversing these taxable temporary differences is not expected to result in any significant tax implications.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **33** | **2022 Annual Financial Statements** |

---

------

**NOTE 14: EARNINGS PER SHARE**

**ACCOUNTING POLICY**

We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.

We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.

Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.

**EARNINGS PER SHARE CALCULATION** 

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars, except per share amounts) | **2022** | 2021 |
| Numerator (basic) - Net income for the year | **1680** | 1558 |
| Denominator - Number of shares (in millions): |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares outstanding - basic | **505** | 505 |
| Effect of dilutive securities (in millions): |  |  |
| &nbsp;&nbsp;&nbsp;Employee stock options and restricted share units | **1** | 1 |
| Weighted average number of shares outstanding - diluted | **506** | 506 |
| Earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | **$3.33** | $3.09 |
| &nbsp;&nbsp;&nbsp;Diluted | **$3.32** | $3.07 |

---

For the years ended December 31, 2022 and 2021, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2022 was reduced by $2 million (2021 - $3 million) in the diluted earnings per share calculation.

For the year ended December 31, 2022, there were 7,806,315 options out of the money (2021 - 4,148,549) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.

**NOTE 15: ACCOUNTS RECEIVABLE**

**ACCOUNTING POLICY**

Accounts receivable represent (i) amounts owing to us that are currently due and collectible and (ii) amounts owed to us under device financing agreements that have not yet been billed. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **34** | **2022 Annual Financial Statements** |

---

------

**ACCOUNTS RECEIVABLE BY TYPE** 

---

| | | | |
|:---|:---|:---|:---|
| | | As at December 31 | As at December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Customer accounts receivable |  | **4417** | 4150 |
| Other accounts receivable |  | **835** | 791 |
| Allowance for doubtful accounts | *17* | **(182)** | (240) |
| Total accounts receivable |  | **5070** | 4701 |
| Current |  | **4184** | 3847 |
| Long-term |  | **886** | 854 |
| Total accounts receivable |  | **5070** | 4701 |

---

The long-term portion of our accounts receivable is recorded within "financing receivables" on our Consolidated Statements of Financial Position and is composed of our financing receivables that will be billed to customers beyond one year of the date of the financial statements.

Below is a breakdown of our financing receivable balances.

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Current financing receivables | **1922** | 1792 |
| Long-term financing receivables | **886** | 854 |
| Total financing receivables | **2808** | 2646 |

---

**NOTE 16: INVENTORIES**

**ACCOUNTING POLICY**

We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.

**INVENTORIES BY TYPE** 

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Wireless devices and accessories | **357** | 436 |
| Other finished goods and merchandise | **81** | 99 |
| Total inventories | **438** | 535 |

---

Cost of equipment sales and merchandise for resale includes $2,376 million of inventory costs for 2022 (2021 - $2,432 million).

**NOTE 17: FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS**

**ACCOUNTING POLICY**

*Recognition*

We initially recognize cash and cash equivalents, restricted cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **35** | **2022 Annual Financial Statements** |

---

------

*Classification and measurement*

We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.

The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:

---

| | |
|:---|:---|
| **Financial instrument** | **Classification and measurement method** |
| Financial assets |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Amortized cost |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | Amortized cost |
| &nbsp;&nbsp;&nbsp;Accounts receivable | Amortized cost |
| &nbsp;&nbsp;&nbsp;Financing receivables | Amortized cost |
| &nbsp;&nbsp;&nbsp;Investments, measured at FVTOCI | FVTOCI with no reclassification to net income <sup>1</sup> |
| Financial liabilities |  |
| &nbsp;&nbsp;&nbsp;Bank advances | Amortized cost |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | Amortized cost |
| &nbsp;&nbsp;&nbsp;Accounts payable | Amortized cost |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | Amortized cost |
| &nbsp;&nbsp;&nbsp;Long-term debt | Amortized cost |
| &nbsp;&nbsp;&nbsp;Lease liabilities | Amortized cost |
| Derivatives <sup>2</sup> |  |
| &nbsp;&nbsp;Debt derivatives <sup>3</sup> | FVTOCI and FVTPL |
| &nbsp;&nbsp;&nbsp;Interest rate derivatives | FVTOCI |
| &nbsp;&nbsp;&nbsp;Expenditure derivatives | FVTOCI |
| &nbsp;&nbsp;&nbsp;Equity derivatives | FVTPL <sup>4</sup> |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Derivatives can be in an asset or liability position at a point in time historically or in the future.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Debt derivatives related to our credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. All debt derivatives related to our senior notes and debentures are designated as hedges for accounting purposes and are measured at FVTOCI, with the exception of the debt derivatives related to our US dollar-denominated notes due 2025, which are not designated as hedges for accounting purposes.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".

*Restricted cash and cash equivalents*

Our $12,837 million in restricted funds are recognized as "restricted cash and cash equivalents" on the Consolidated Statements of Financial Position. The substantial majority of these funds were held as cash deposits with major financial institutions as at December 31, 2022. The remaining restricted cash equivalents have been invested in short-term, highly liquid investments and are readily convertible to cash with no associated penalties.

*Offsetting financial assets and financial liabilities*

We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **36** | **2022 Annual Financial Statements** |

---

------

*Derivative instruments*

We use derivative instruments to manage risks related to certain activities in which we are involved. They include:

---

| | | |
|:---|:---|:---|
| **Derivatives** | **The risk they manage** | **Types of derivative instruments** |
| Debt derivatives | Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities | Cross-currency interest rate exchange agreements<br>Forward cross-currency interest rate exchange agreements<br>Forward foreign exchange agreements |
| Interest rate derivatives | Impact of fluctuations in market interest rates on forecast interest payments for expected long-term debt | Forward interest rate agreements<br>Interest rate swap agreements<br>Bond forwards |
| Expenditure derivatives | Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures | Forward foreign exchange agreements and foreign exchange option agreements |
| Equity derivatives | Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense | Total return swap agreements |

---

We use derivatives only to manage risk, and not for speculative purposes.

When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.

We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.

We assess host contracts in order to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.

*Hedge ratio*

Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.

*Hedging reserve*

The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.

*Deferred transaction costs and discounts*

We defer transaction costs and discounts associated with issuing and amending long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.

*FVTOCI investment reserve*

The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.

*Impairment (expected credit losses)*

We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next one year of the date of the financial statements. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables,

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **37** | **2022 Annual Financial Statements** |

---

------

financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.

Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within one year of the reporting date or over the expected life of a financial instrument, whichever is shorter.

Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset.

We measure impairment for financial assets as follows:

• *contract assets* - we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 5);

• *accounts receivable* - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15);

• *financing receivables* - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 15); and

• *investments measured at FVTOCI -* we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.

We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which the individual asset has been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.

**ESTIMATES**

Fair value estimates related to our derivatives are made at a specific point in time based on relevant market information and information about the underlying financial instruments. These estimates require assessment of the credit risk of the parties to the instruments and the instruments' discount rates. These fair values and underlying estimates are also used in the tests of effectiveness of our hedging relationships.

**JUDGMENTS**

We make significant judgments in determining whether our financial instruments qualify for hedge accounting. These judgments include assessing whether the forecast transactions designated as hedged items in hedging relationships will materialize as forecast, whether the hedging relationships designated as effective hedges for accounting purposes continue to qualitatively be effective, and determining the methodology to determine the fair values used in testing the effectiveness of hedging relationships.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **38** | **2022 Annual Financial Statements** |

---

------

**FINANCIAL RISKS**

We are exposed to credit, liquidity, market price, foreign exchange, and interest rate risks. Our primary risk management objective is to protect our income, cash flows, and, ultimately, shareholder value. We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.

---

| | |
|:---|:---|
| **Financial instrument** | **Financial risks** |
| Financial assets |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | Credit and foreign exchange |
| &nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents | Credit |
| &nbsp;&nbsp;&nbsp;Accounts receivable | Credit and foreign exchange |
| &nbsp;&nbsp;&nbsp;Financing receivables | Credit |
| &nbsp;&nbsp;&nbsp;Investments, measured at FVTOCI | Liquidity, market price, and foreign exchange |
| Financial liabilities |  |
| &nbsp;&nbsp;&nbsp;Bank advances | Liquidity |
| &nbsp;&nbsp;&nbsp;Short-term borrowings | Liquidity, foreign exchange, and interest rate |
| &nbsp;&nbsp;&nbsp;Accounts payable | Liquidity |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | Liquidity |
| &nbsp;&nbsp;&nbsp;Long-term debt | Liquidity, foreign exchange, and interest rate |
| &nbsp;&nbsp;&nbsp;Lease liabilities | Liquidity and foreign exchange |
| Derivatives <sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;Debt derivatives | Credit, liquidity, and foreign exchange |
| &nbsp;&nbsp;&nbsp;Interest rate derivatives | Credit, liquidity, and interest rate |
| &nbsp;&nbsp;&nbsp;Expenditure derivatives | Credit, liquidity, and foreign exchange |
| &nbsp;&nbsp;&nbsp;Equity derivatives | Credit, liquidity, and market price |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Derivatives can be in an asset or liability position at a point in time historically or in the future.

**CREDIT RISK**

Credit risk represents the financial loss we could experience if a counterparty to a financial instrument, from whom we have an amount owing, failed to meet its obligations under the terms and conditions of its contracts with us.

Our credit risk exposure is primarily attributable to our cash and cash equivalents, our restricted cash and cash equivalents, our accounts receivable, our financing receivables, and to our debt, interest rate, expenditure, and equity derivatives. Our broad customer base limits the concentration of this risk. Our "accounts receivables" and "financing receivables" on the Consolidated Statements of Financial Position are net of allowances for doubtful accounts.

*Accounts receivable and financing receivables*

Our accounts receivable and financing receivables do not contain significant financing components as defined by IFRS 15 and therefore we measure our allowance for doubtful accounts using lifetime expected credit losses related to our accounts receivable and financing receivables. We believe the allowance for doubtful accounts sufficiently reflects the credit risk associated with our accounts receivable and financing receivables. As at December 31, 2022, $513 million (2021 - $442 million) of gross accounts receivable and financing receivables are considered past due, which is defined as amounts outstanding beyond normal credit terms and conditions for the respective customers.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **39** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Customer accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;Unbilled financing receivables | **2808** | 2646 |
| &nbsp;&nbsp;&nbsp;Less than 30 days past billing date | **977** | 895 |
| &nbsp;&nbsp;&nbsp;30-60 days past billing date | **236** | 214 |
| &nbsp;&nbsp;&nbsp;61-90 days past billing date | **111** | 89 |
| &nbsp;&nbsp;&nbsp;Greater than 90 days past billing date | **103** | 66 |
| Total customer accounts receivable (net of allowances of $182 and $240, respectively) | **4235** | 3910 |
| Total contract assets (net of allowances of $2 and $3, respectively) | **197** | 204 |
| Total customer accounts receivable and contract assets | **4432** | 4114 |

---

Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Balance, beginning of year | **243** | 250 |
| Allowance for doubtful accounts expense <sup>1</sup> | **87** | 155 |
| Net use | **(146)** | (162) |
| Balance, end of year | **184** | 243 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes a $60 million reversal in 2022 of the remaining incremental $90 million COVID-19-related allowance for doubtful accounts recognized in 2020.

We use various controls and processes, such as credit checks, deposits on account, and billing in advance, to mitigate credit risk. We monitor and take appropriate action to suspend services when customers have fully used their approved credit limits or violated established payment terms. While our credit controls and processes have been effective in managing credit risk, they cannot eliminate credit risk and there can be no assurance these controls will continue to be effective or our current credit loss experience will continue.

*Derivative instruments*

Credit risk related to our debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives arises from the possibility that the counterparties to the agreements may default on their obligations. We assess the creditworthiness of the counterparties to minimize the risk of counterparty default and do not require collateral or other security to support the credit risk associated with these derivatives. Counterparties to the entire portfolio of our derivatives are financial institutions with a S&P Global Ratings (or the equivalent) ranging from A to AA-.

**LIQUIDITY RISK**

Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We manage liquidity risk by managing our commitments and maturities, capital structure, and financial leverage (see note 3). We also manage liquidity risk by continually monitoring actual and projected cash flows to ensure we will have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **40** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2022 and 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2022 | Carrying | Contractual | Less than | More than |
| (In millions of dollars) | amount | cash flows | 1 year | 5 years |
| Short-term borrowings | 2985 | 2985 | 2985 |  |
| Accounts payable and accrued liabilities | 3722 | 3722 | 3722 |  |
| Long-term debt <sup>1</sup> | 31733 | 32855 | 1828 | 19921 |
| Lease liabilities | 2028 | 2616 | 362 | 1218 |
| Other long-term financial liabilities | 10 | 10 |  | 5 |
| Expenditure derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow (Canadian dollar) |  | 1200 | 1200 |  |
| &nbsp;&nbsp;&nbsp;Cash inflow (Canadian dollar equivalent of US dollar) |  | (1300) | (1300) |  |
| Equity derivative instruments |  | (54) | (54) |  |
| Debt derivative instruments accounted for as hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow (Canadian dollar) |  | 20221 | 1543 | 13001 |
| &nbsp;&nbsp;Cash inflow (Canadian dollar equivalent of US dollar) <sup>2</sup> |  | (22131) | (1986) | (14221) |
| Debt derivative instruments not accounted for as hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow (Canadian dollar) |  | 215 | 215 |  |
| &nbsp;&nbsp;Cash inflow (Canadian dollar equivalent of US dollar) <sup>2</sup> |  | (215) | (215) |  |
| Net carrying amount of derivatives (asset) | (1136) |  |  |  |
|  | 39342 | 40124 | 8300 | 19924 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on the five-year anniversary.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2021 | Carrying | Contractual | Less than | More than |
| (In millions of dollars) | amount | cash flows | 1 year | 5 years |
| Short-term borrowings | 2200 | 2200 | 2200 |  |
| Accounts payable and accrued liabilities | 3416 | 3416 | 3416 |  |
| Long-term debt <sup>1</sup> | 18688 | 18873 | 1551 | 11490 |
| Lease liabilities | 1957 | 2498 | 336 | 1177 |
| Other long-term financial liabilities | 14 | 14 |  | 5 |
| Expenditure derivative instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow (Canadian dollar) |  | 1374 | 1240 |  |
| &nbsp;&nbsp;&nbsp;Cash inflow (Canadian dollar equivalent of US dollar) |  | (1354) | (1217) |  |
| Equity derivative instruments |  | (36) | (36) |  |
| Debt derivative instruments accounted for as hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow (Canadian dollar) |  | 11313 | 1297 | 6905 |
| &nbsp;&nbsp;Cash inflow (Canadian dollar equivalent of US dollar) <sup>2</sup> |  | (11717) | (1084) | (7290) |
| Debt derivative instruments not accounted for as hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow (Canadian dollar) |  | 1390 | 1390 |  |
| &nbsp;&nbsp;Cash inflow (Canadian dollar equivalent of US dollar) <sup>2</sup> |  | (1401) | (1401) |  |
| Interest rate derivatives |  | 243 | 243 |  |
| Net carrying amount of derivatives (asset) | (895) |  |  |  |
|  | 25380 | 26813 | 7935 | 12287 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reflects repayment of the subordinated notes issued in December 2021 on the five-year anniversary.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **41** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2022 and 2021.

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2022 | Less than 1 year | 1 to 3 years | 4 to 5 years | More than 5 years |
| (In millions of dollars) | Less than 1 year | 1 to 3 years | 4 to 5 years | More than 5 years |
| Net interest payments | 1503 | 2639 | 2163 | 13345 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2021 | Less than 1 year | 1 to 3 years | 4 to 5 years | More than 5 years |
| (In millions of dollars) | Less than 1 year | 1 to 3 years | 4 to 5 years | More than 5 years |
| Net interest payments | 804 | 1444 | 1321 | 7789 |

---

**MARKET PRICE RISK**

Market price risk is the risk that changes in market prices, such as fluctuations in the market prices of our investments measured at FVTOCI or our share price, will affect our income, cash flows, or the value of our financial instruments.

*Market price risk - publicly traded investments*

We manage risk related to fluctuations in the market prices of our investments in publicly traded companies by regularly reviewing publicly available information related to these investments to ensure that any risks are within our established levels of risk tolerance. We do not engage in risk management practices such as hedging, derivatives, or short selling with respect to our publicly traded investments.

*Market price risk - Class B Non-Voting Shares*

Our liability related to stock-based compensation is remeasured at fair value each period. Stock-based compensation expense is affected by changes in the price of our Class B Non-Voting Shares during the life of an award, including stock options, restricted share units (RSUs), and deferred share units (DSUs). We use equity derivatives from time to time to manage the exposure in our stock-based compensation liability. As a result of our equity derivatives, a one-dollar change in the price of a Class B Non-Voting Share would not have a material effect on net income.

**FOREIGN EXCHANGE RISK**

We use debt derivatives to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities. We typically designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments and lease contracts, respectively. We have not designated the debt derivatives related to our US dollar-denominated senior notes due 2025 and our US CP program as hedges for accounting purposes. We use expenditure derivatives to manage the foreign exchange risk in our operations, designating them as hedges for certain of our forecast operational and capital expenditures. As at December 31, 2022, with the exception of the debt derivatives related to our US dollar-denominated senior notes due 2025, all of our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities were hedged against fluctuations in foreign exchange rates using debt derivatives. With respect to our long-term debt and US CP program, as a result of our debt derivatives, a one-cent change in the Canadian dollar relative to the US dollar would have no effect on net income.

A portion of our accounts receivable and accounts payable and accrued liabilities is denominated in US dollars. Due to the short-term nature of these receivables and payables, they carry no significant risk from fluctuations in foreign exchange rates as at December 31, 2022.

**INTEREST RATE RISK**

We are exposed to risk of changes in market interest rates due to the impact this has on interest expense for our short-term borrowings and bank credit facilities. As at December 31, 2022, 91.2% of our outstanding long-term debt and short-term borrowings was at fixed interest rates (2021 - 89.3%).

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **42** | **2022 Annual Financial Statements** |

---

------

*Sensitivity analysis*

Below is a sensitivity analysis for significant exposures with respect to our publicly traded investments, expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2022 and 2021 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Net income | Net income | Other comprehensive income | Other comprehensive income |
| (Change in millions of dollars) | **2022** | 2021 | **2022** | 2021 |
| Share price of publicly traded investments |  |  |  |  |
| &nbsp;&nbsp;$1 change | **—** |  | **17** | 17 |
| Debt derivatives |  |  |  |  |
| &nbsp;&nbsp;0.1% change in interest rates | **—** |  | **—** | 46 |
| Interest rate derivatives |  |  |  |  |
| &nbsp;&nbsp;0.1% change in interest rates | **—** |  | **—** | 76 |
| Expenditure derivatives - change in foreign exchange rate |  |  |  |  |
| &nbsp;&nbsp;$0.01 change in Cdn$ relative to US$ | **—** |  | **7** | 8 |
| Floating interest rate senior notes |  |  |  |  |
| &nbsp;&nbsp;1% change in interest rates | **—** | 7 | **—** |  |
| Short-term borrowings |  |  |  |  |
| &nbsp;&nbsp;1% change in interest rates | **22** | 16 | **—** |  |

---

**DERIVATIVE INSTRUMENTS** 

As at December 31, 2022 and 2021, all of our US dollar-denominated long-term debt instruments were hedged against fluctuations in foreign exchange rates for accounting purposes. Below is a summary of our net asset (liability) position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | As at December 31, 2022 | As at December 31, 2022 | As at December 31, 2022 | As at December 31, 2022 | As at December 31, 2022 | As at December 31, 2022 |
| (In millions of dollars, except exchange rates) | Notional<br>amount<br>(US$) | Exchange<br>rate | Notional<br>amount<br>(Cdn$) | Fair value <br>(Cdn$) | Current | Long-term |
| Debt derivatives accounted for as cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets | 7834 | 1.1718 | 9180 | **1330** | **469** | **861** |
| &nbsp;&nbsp;&nbsp;As liabilities | 7491 | 1.3000 | 9738 | **(414)** | **(16)** | **(398)** |
| Short-term debt derivatives not accounted for as hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets | 1173 | 1.2930 | 1517 | **72** | **72** | **—** |
| Net mark-to-market debt derivative asset |  |  |  | **988** | **525** | **463** |
| Expenditure derivatives accounted for as cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets | 960 | 1.2500 | 1200 | **94** | **94** | **—** |
| Net mark-to-market expenditure derivative asset |  |  |  | **94** | **94** | **—** |
| Equity derivatives not accounted for as hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets |  |  | 295 | **54** | **54** | **—** |
| Net mark-to-market equity derivative asset |  |  |  | **54** | **54** | **—** |
| Net mark-to-market asset |  |  |  | **1136** | **673** | **463** |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **43** | **2022 Annual Financial Statements** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | As at December 31, 2021 | As at December 31, 2021 | As at December 31, 2021 | As at December 31, 2021 | As at December 31, 2021 | As at December 31, 2021 |
| (In millions of dollars, except exchange rates) | Notional<br>amount<br>(US$) | Exchange<br>rate | Notional<br>amount<br>(Cdn$) | Fair value <br>(Cdn$) | Current | Long-term |
| Debt derivatives accounted for as cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets | 5859 | 1.1369 | 6661 | 1453 | 26 | 1427 |
| &nbsp;&nbsp;&nbsp;As liabilities | 5383 | 1.3025 | 7011 | (343) | (154) | (189) |
| Short-term debt derivatives not accounted for as hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets | 1104 | 1.2578 | 1389 | 11 | 11 |  |
| Net mark-to-market debt derivative asset (liability) |  |  |  | 1121 | (117) | 1238 |
| Interest rate derivatives accounted for as cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets (Cdn$) |  |  | 3250 | 40 | 40 |  |
| &nbsp;&nbsp;&nbsp;As liabilities (Cdn$) |  |  | 500 | (6) | (6) |  |
| &nbsp;&nbsp;&nbsp;As liabilities (US$) | 2000 |  |  | (277) | (277) |  |
| Net mark-to-market interest rate derivative liability |  |  |  | (243) | (243) |  |
| Expenditure derivatives accounted for as cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets | 438 | 1.2453 | 545 | 11 | 7 | 4 |
| &nbsp;&nbsp;&nbsp;As liabilities | 630 | 1.3151 | 829 | (30) | (30) |  |
| Net mark-to-market expenditure derivative (liability) asset |  |  |  | (19) | (23) | 4 |
| Equity derivatives not accounted for as hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;As assets |  |  | 265 | 36 | 36 |  |
| Net mark-to-market asset (liability) |  |  |  | 895 | (347) | 1242 |

---

Below is a summary of the net cash proceeds (payments) on debt derivatives and forward contracts.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Proceeds on debt derivatives related to US commercial paper | **9522** | 2911 |
| Proceeds on debt derivatives related to credit facility borrowings | **507** | 1003 |
| Proceeds on debt derivatives related to senior notes | **987** |  |
| Total proceeds on debt derivatives | **11016** | 3914 |
| Payments on debt derivatives related to US commercial paper | **(9458)** | (2926) |
| Payments on debt derivatives related to credit facility borrowings | **(498)** | (1005) |
| Payments on debt derivatives related to senior notes | **(1019)** |  |
| Total payments on debt derivatives | **(10975)** | (3931) |
| Net proceeds (payments) on settlement of debt derivatives | **41** | (17) |
| Proceeds on Canadian dollar-denominated interest rate derivatives | **113** | 9 |
| Payments on US dollar-denominated Interest rate derivatives | **(165)** |  |
| Net payments on settlement of debt derivatives and forward contracts | **(11)** | (8) |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **44** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the changes in fair value of our derivative instruments for 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2022 | Debt derivatives (hedged) | Debt derivatives (unhedged) | Interest rate derivatives | Expenditure derivatives | Equity derivatives | Total instruments |
| (In millions of dollars) | Debt derivatives (hedged) | Debt derivatives (unhedged) | Interest rate derivatives | Expenditure derivatives | Equity derivatives | Total instruments |
| Derivative instruments, beginning of year | 1110 | 11 | (243) | (19) | 36 | **895** |
| Proceeds received from settlement of derivatives | (987) | (10029) | (112) | (1248) |  | **(12376)** |
| Payment on derivatives settled | 1019 | 9956 | 165 | 1239 |  | **12379** |
| (Decrease) increase in fair value of derivatives | (226) | 134 | 190 | 122 | 18 | **238** |
| Derivative instruments, end of year | 916 | 72 |  | 94 | 54 | **1136** |
| Mark-to-market asset | 1330 | 72 |  | 94 | 54 | **1550** |
| Mark-to-market liability | (414) |  |  |  |  | **(414)** |
| Mark-to-market asset | 916 | 72 |  | 94 | 54 | **1136** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year ended December 31, 2021 | Debt derivatives (hedged) | Debt derivatives (unhedged) | Interest rate derivatives | Expenditure derivatives | Equity derivatives | Total instruments |
| (In millions of dollars) | Debt derivatives (hedged) | Debt derivatives (unhedged) | Interest rate derivatives | Expenditure derivatives | Equity derivatives | Total instruments |
| Derivative instruments, beginning of year | 1098 | (12) |  | (109) | 34 | 1011 |
| Proceeds received from settlement of derivatives |  | (3914) | (9) | (1201) | (3) | (5127) |
| Payment on derivatives settled |  | 3931 |  | 1305 |  | 5236 |
| Increase (decrease) in fair value of derivatives | 12 | 6 | (234) | (14) | 5 | (225) |
| Derivative instruments, end of year | 1110 | 11 | (243) | (19) | 36 | 895 |
| Mark-to-market asset | 1453 | 11 | 40 | 11 | 36 | 1551 |
| Mark-to-market liability | (343) |  | (283) | (30) |  | (656) |
| Mark-to-market asset (liability) | 1110 | 11 | (243) | (19) | 36 | 895 |

---

*Debt derivatives*

We use cross-currency interest rate agreements and foreign exchange forward agreements (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings (see note 19). We typically designate the debt derivatives related to our senior notes, debentures, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our US dollar-denominated senior notes due 2025 and our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.

During 2022 and 2021, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| (In millions of dollars, except exchange rates) | Notional <br>(US$) | Exchange rate | Notional (Cdn$) | Notional <br>(US$) | Exchange rate | Notional (Cdn$) |
| *Credit facilities* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt derivatives entered | **—** | **—** | **—** | 1200 | 1.253 | 1503 |
| &nbsp;&nbsp;&nbsp;Debt derivatives settled | **400** | **1.268** | **507** | 800 | 1.254 | 1003 |
| &nbsp;&nbsp;&nbsp;Net cash received (paid) on settlement |  |  | **9** |  |  | (2) |
| *US commercial paper program* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Debt derivatives entered | **6745** | **1.302** | **8781** | 2568 | 1.260 | 3235 |
| &nbsp;&nbsp;&nbsp;Debt derivatives settled | **7292** | **1.306** | **9522** | 2312 | 1.259 | 2911 |
| &nbsp;&nbsp;&nbsp;Net cash received (paid) on settlement |  |  | **64** |  |  | (15) |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **45** | **2022 Annual Financial Statements** |

---

------

In 2022, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the US dollar-denominated senior notes issued (see note 21). Below is a summary of the debt derivatives we entered to hedge senior and subordinated notes issued during 2022. We did not enter into or settle any debt derivatives in 2021 on issued senior and subordinated notes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In millions of dollars, except for coupon and interest rates) | (In millions of dollars, except for coupon and interest rates) | (In millions of dollars, except for coupon and interest rates) | (In millions of dollars, except for coupon and interest rates) |  |  |
|  |  | US$ | US$ | Hedging effect | Hedging effect |
| Effective date | Principal/Notional amount (US$) | Maturity date | Coupon rate | Fixed hedged (Cdn$) interest rate <sup>1</sup> | Equivalent (Cdn$) |
| *2022 issuances* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;February 11, 2022 | 750 | 2082 | 5.250% | 5.635% | 951 |
| &nbsp;&nbsp;March 11, 2022 <sup>2</sup> | 1000 | 2025 | 2.950% | 2.991% | 1283 |
| &nbsp;&nbsp;&nbsp;March 11, 2022 | 1300 | 2027 | 3.200% | 3.413% | 1674 |
| &nbsp;&nbsp;&nbsp;March 11, 2022 | 2000 | 2032 | 3.800% | 4.232% | 2567 |
| &nbsp;&nbsp;&nbsp;March 11, 2022 | 750 | 2042 | 4.500% | 5.178% | 966 |
| &nbsp;&nbsp;&nbsp;March 11, 2022 | 2000 | 2052 | 4.550% | 5.305% | 2564 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>The derivatives associated with our US$1 billion senior notes due 2025 have not been designated as hedges for accounting purposes.

In March 2022, we repaid the entire outstanding principal amount of our US$750 million floating rate senior notes and the associated debt derivatives at maturity, resulting in a repayment of $1,019 million, including $75 million on settlement of the associated debt derivatives.

As at December 31, 2022, we had US$16,100 million (2021 - US$9,050 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged economically using debt derivatives.

During the year ended December 31, 2022, in connection with the issuance of the US$2 billion senior notes due 2052, we terminated US$2 billion notional amount of forward starting cross-currency swaps and received $43 million upon settlement. As at December 31, 2022, we had no forward starting cross-currency swaps outstanding (2021 - US$2 billion).

During 2022 and 2021, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| (In millions of dollars, except exchange rates) | Notional (US$) | Exchange rate | Notional (Cdn$) | Notional (US$) | Exchange rate | Notional (Cdn$) |
| Debt derivatives entered | **156** | **1.321** | **206** | 132 | 1.273 | 168 |
| Debt derivatives settled | **124** | **1.306** | **162** | 81 | 1.333 | 108 |

---

As at December 31, 2022, we had US$225 million notional amount of debt derivatives outstanding related to our outstanding lease liabilities (2021 - US$193 million) with terms to maturity ranging from January 2023 to December 2025 (2021 - January 2022 to December 2024), at an average rate of $1.306/US$(2021 - $1.301/US$).

*Interest rate derivatives*

From time to time, we use bond forward derivatives or interest rate swap derivatives (collectively, interest rate derivatives) to hedge interest rate risk on current and future debt instruments. Our interest rate derivatives are designated as hedges for accounting purposes.

Concurrent with our issuance of US$750 million subordinated notes in February 2022 (see note 21), we terminated $950 million of interest rate swap derivatives and received $33 million upon settlement.

Concurrent with our issuance of US$7.05 billion ($9.05 billion) and $4.25 billion senior notes in March 2022 (see note 21), we terminated:

• US$2 billion of interest rate swap derivatives and paid US$129 million ($165 million) upon settlement; and

• $500 million of bond forwards and $2.3 billion of interest rate swap derivatives and received $80 million upon settlement.

As at December 31, 2022, we had no interest rate derivatives outstanding.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **46** | **2022 Annual Financial Statements** |

---

------

*Expenditure derivatives* 

Below is a summary of the expenditure derivatives we entered and settled during 2022 and 2021 to manage foreign exchange risk related to certain forecast expenditures.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| (In millions of dollars, except exchange rates) | Notional (US$) | Exchange rate | Notional (Cdn$) | Notional (US$) | Exchange rate | Notional (Cdn$) |
| Expenditure derivatives entered | **852** | **1.251** | **1066** | 438 | 1.244 | 545 |
| Expenditure derivatives settled | **960** | **1.291** | **1239** | 960 | 1.360 | 1306 |

---

As at December 31, 2022, we had US$960 million of expenditure derivatives outstanding (2021 - US$1,068 million), at an average rate of $1.250/US$(2021 - $1.287/US$), with terms to maturity ranging from January 2023 to December 2023 (2021 - January 2022 to December 2023).

*Equity derivatives*

We have equity derivatives to hedge market price appreciation risk associated with Class B Non-Voting Shares that have been granted under our stock-based compensation programs (see note 25). The equity derivatives were originally entered into at a weighted average price of $50.37 with terms to maturity of one year, extendible for further one-year periods with the consent of the hedge counterparties. The equity derivatives have not been designated as hedges for accounting purposes.

As at December 31, 2022, we had equity derivatives outstanding for 5.5 million (2021 - 5.0 million) Class B Non-Voting Shares with a weighted average price of $53.65 (2021 - $53.10).

During the year ended December 31, 2022, we entered into 0.5 million equity derivatives (2021 - 0.4 million) with a weighted average price of $59.18 (2021 - $60.98).

During the year ended December 31, 2021, we reset the weighted average price to $59.64 and reset the expiry dates to April 2023 (from April 2021) on 0.5 million equity derivatives and made net payments of $3 million.

Additionally, we executed extension agreements for the remainder of our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2023 (from April 2022).

**FAIR VALUES OF FINANCIAL INSTRUMENTS**

The carrying values of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term natures of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.

We determine the fair value of each of our publicly traded investments using quoted market values. We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.

The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available. We determine the fair values of our debt derivatives and expenditure derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of debt derivatives and expenditure derivatives in an asset position, the credit spread for the financial institution counterparty is added to the risk-free discount rate to determine the estimated credit-adjusted value for each derivative. For these debt derivatives and expenditure derivatives in a liability position, our credit spread is added to the risk-free discount rate for each derivative.

The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.

Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:

• financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;

• financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and

• Level 3 valuations are based on inputs that are not based on observable market data.

There were no material financial instruments categorized in Level 3 as at December 31, 2022 and 2021 and there were no transfers between Level 1, Level 2, or Level 3 during the respective periods.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **47** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the financial instruments carried at fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | As at December 31 | As at December 31 |
| | Carrying value | Carrying value | Fair value (Level 1) | Fair value (Level 1) | Fair value (Level 2) | Fair value (Level 2) |
| (In millions of dollars) | **2022** | 2021 | **2022** | 2021 | **2022** | 2021 |
| Financial assets |  |  |  |  |  |  |
| Investments, measured at FVTOCI: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in publicly traded companies | **1200** | 1581 | **1200** | 1581 | **—** |  |
| Held-for-trading: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt derivatives accounted for as cash flow hedges | **1330** | 1453 | **—** |  | **1330** | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt derivatives not accounted for as hedges | **72** | 11 | **—** |  | **72** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives accounted for as cash flow hedges | **—** | 40 | **—** |  | **—** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditure derivatives accounted for as cash flow hedges | **94** | 11 | **—** |  | **94** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity derivatives not accounted for as hedges | **54** | 36 | **—** |  | **54** | 36 |
| Total financial assets | **2750** | 3132 | **1200** | 1581 | **1550** | 1551 |
| Financial liabilities |  |  |  |  |  |  |
| Held-for-trading: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt derivatives accounted for as cash flow hedges | **414** | 343 | **—** |  | **414** | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate derivatives accounted for as cash flow hedges | **—** | 283 | **—** |  | **—** | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditure derivatives accounted for as cash flow hedges | **—** | 30 | **—** |  | **—** | 30 |
| Total financial liabilities | **414** | 656 | **—** |  | **414** | 656 |

---

Below is a summary of the fair value of our long-term debt.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | As at December 31 | As at December 31 |
| (In millions of dollars) |  | **2022** |  | 2021 |
|  | Carrying amount | Fair value <sup>1</sup> | Carrying amount | Fair value <sup>1</sup> |
| Long-term debt (including current portion) | **31733** | **29355** | 18688 | 20790 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt (including current portion) is measured at Level 2 in the three-level fair value hierarchy, based on year-end trading values.

We did not have any non-derivative held-to-maturity financial assets during the years ended December 31, 2022 and 2021.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **48** | **2022 Annual Financial Statements** |

---

------

**NOTE 18: INVESTMENTS**

**ACCOUNTING POLICY**

*Investments in publicly traded and private companies*

We have elected to irrevocably classify our investments in companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them as follows:

• publicly traded companies - at fair value based on publicly quoted prices; and

• private companies - at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.

*Investments in associates and joint arrangements*

An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.

A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:

• joint ventures - when we have the rights to the net assets of the arrangement; and

• joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.

We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.

We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.

We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.

*Impairment in associates and joint ventures*

At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.

**INVESTMENTS BY TYPE** 

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Investments in: |  |  |
| &nbsp;&nbsp;&nbsp;Publicly traded companies | **1200** | 1581 |
| &nbsp;&nbsp;&nbsp;Private companies | **53** | 53 |
| Investments, measured at FVTOCI | **1253** | 1634 |
| Investments, associates and joint ventures | **835** | 859 |
| Total investments | **2088** | 2493 |

---

**INVESTMENTS, MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME** 

*Publicly traded companies*

We hold a number of interests in publicly traded companies, including Cogeco Inc. and Cogeco Communications Inc. This year, we recognized realized losses of nil and unrealized losses of $381 million (2021 - nil of realized losses and $17 million of unrealized gains) in other comprehensive income.

**INVESTMENTS, ASSOCIATES AND JOINT VENTURES**

We have interests in a number of associates and joint ventures, some of which include:

*Maple Leaf Sports and Entertainment Limited (MLSE)*

MLSE, a sports and entertainment company, owns and operates the Scotiabank Arena, the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS' Toronto FC, the CFL's Toronto Argonauts, the AHL's Toronto Marlies, and other assets. We,

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **49** | **2022 Annual Financial Statements** |

---

------

along with BCE Inc. (BCE), jointly own an indirect net 75% equity interest in MLSE with our portion representing a 37.5% equity interest in MLSE. Our investment in MLSE is accounted for as a joint venture using the equity method.

*Glentel*

Glentel is a large, multicarrier mobile phone retailer with several hundred Canadian wireless retail distribution outlets. We own a 50% equity interest in Glentel, with the remaining 50% interest owned by BCE. Our investment in Glentel is accounted for as a joint venture using the equity method.

Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.

---

| | | |
|:---|:---|:---|
| | As at or years ended December 31 | As at or years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Current assets | **657** | 537 |
| Long-term assets | **3187** | 3254 |
| Current liabilities | **(1559)** | (990) |
| Long-term liabilities | **(715)** | (1177) |
| Total net assets | **1570** | 1624 |
| Our share of net assets | **831** | 855 |
| Revenue | **2248** | 1805 |
| Expenses | **(2323)** | (1912) |
| Net loss | **(75)** | (107) |
| Our share of net loss | **(31)** | (44) |

---

One of our joint ventures has a non-controlling interest that has a right to require our joint venture to purchase that non-controlling interest at a future date at fair value.

**NOTE 19: SHORT-TERM BORROWINGS** 

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Receivables securitization program | **2400** | 800 |
| US commercial paper program (net of the discount on issuance) | **214** | 893 |
| Non-revolving credit facility borrowings | **371** | 507 |
| Total short-term borrowings | **2985** | 2200 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **50** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| | Notional | Exchange | Notional | Notional | Exchange | Notional |
| (In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) | (US$) | rate | (Cdn$) |
| Proceeds received from receivables securitization |  |  | **1600** |  |  | 150 |
| Net proceeds received from receivables securitization |  |  | **1600** |  |  | 150 |
| Proceeds received from US commercial paper | **6745** | **1.302** | **8781** | 2568 | 1.260 | 3235 |
| Repayment of US commercial paper | **(7303)** | **1.306** | **(9537)** | (2314) | 1.259 | (2914) |
| Net (repayment of) proceeds received from US commercial paper |  |  | **(756)** |  |  | 321 |
| Proceeds received from non-revolving credit facilities (Cdn$) |  |  | **865** |  |  |  |
| Proceeds received from non-revolving credit facilities (US$) | **—** | **—** | **—** | 1200 | 1.253 | 1503 |
| Total proceeds received from non-revolving credit facilities |  |  | **865** |  |  | 1503 |
| Repayment of non-revolving credit facilities (Cdn$) |  |  | **(495)** |  |  |  |
| Repayment of non-revolving credit facilities (US$) | **(400)** | **1.268** | **(507)** | (800) | 1.254 | (1003) |
| Total repayment of non-revolving credit facilities |  |  | **(1002)** |  |  | (1003) |
| Net (repayment of) proceeds received from non-revolving credit facilities |  |  | **(137)** |  |  | 500 |
| Net proceeds received from short-term borrowings |  |  | **707** |  |  | 971 |

---

**RECEIVABLES SECURITIZATION PROGRAM** 

We participate in a receivables securitization program with a Canadian financial institution that allows us to sell certain receivables into the program.

In March 2022, we amended the terms of our receivables securitization program and increased the maximum potential proceeds under the program from $1.2 billion to $1.8 billion. In May 2022, we further amended the terms of the program and increased the maximum potential proceeds to $2 billion. In October 2022, we further amended the terms of the program and increased the maximum potential proceeds to $2.4 billion.

We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended this year to an expiration date of April 25, 2024. The buyer's interest in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral for any other purpose. The buyer of our trade receivables has no claim on any of our other assets.

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Receivables sold to buyer as security | **2914** | 2679 |
| Short-term borrowings from buyer | **(2400)** | (800) |
| Overcollateralization | **514** | 1879 |

---

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Receivables securitization program, beginning of year | **800** | 650 |
| Net proceeds received from receivables securitization | **1600** | 150 |
| Receivables securitization program, end of year | **2400** | 800 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **51** | **2022 Annual Financial Statements** |

---

------

**US COMMERCIAL PAPER PROGRAM**

We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.

Below is a summary of the activity relating to our US CP program for the years ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| | Notional | Exchange | Notional | Notional | Exchange | Notional |
| (In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) | (US$) | rate | (Cdn$) |
| US commercial paper, beginning of year | **704** | **1.268** | **893** | 449 | 1.272 | 571 |
| Net (repayment of) proceeds received from US commercial paper | **(558)** | **1.355** | **(756)** | 254 | 1.264 | 321 |
| Discounts on issuance <sup>1</sup> | **12** | **1.250** | **15** | 1 | n/m | 2 |
| Loss (gain) on foreign exchange <sup>1</sup> |  |  | **62** |  |  | (1) |
| US commercial paper, end of year | **158** | **1.354** | **214** | 704 | 1.268 | 893 |

---

n/m - not meaningful

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Included in "finance costs".

Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 17). We have not designated these debt derivatives as hedges for accounting purposes.

**NON-REVOLVING CREDIT FACILITY**

In December 2022, we entered into non-revolving credit facilities with an aggregate limit of $1 billion, including $375 million maturing in December 2023, $375 million maturing in January 2024, and $250 million maturing one year from when it is drawn. Any borrowings under these facilities will be recorded as "short-term borrowings" as they will be due within 12 months. Borrowings under the facilities are unsecured, guaranteed by RCCI, and rank equally in right of payment with all of our senior notes and debentures. As at December 31, 2022, we had borrowed $375 million and received $370 million net of the discount on issuance, under the facility maturing in December 2023. In January 2023, we borrowed US$273 million under the facility maturing in January 2024. In February 2023, we borrowed US$186 million under the remaining facility, maturing in February 2024. As a result, we have fully drawn on the facilities.

In June 2021, we entered into non-revolving credit facilities with an aggregate limit of US$1.6 billion that matured in June 2022. Borrowings under these facilities were recorded as "short-term borrowings". Borrowings under the facilities were unsecured, guaranteed by RCCI, and ranked equally in right of payment with all of our senior notes and debentures. In December 2021, we terminated the undrawn non-revolving credit facilities with an aggregate limit of US$1.2 billion. In February 2022, we repaid the outstanding US$400 million and terminated the facility.

Below is a summary of the activity relating to our non-revolving credit facilities for the year ended December 31, 2022 and year ended December 31, 2021.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Non-revolving credit facility, beginning of year | **507** |  |
| Net (repayment of) proceeds received from non-revolving credit facilities | **(137)** | 500 |
| Loss on foreign exchange <sup>1</sup> | **1** | 7 |
| Non-revolving credit facility, end of year | **371** | 507 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Included in "finance costs".

**COMMITTED CREDIT FACILITY**

In March 2021, in connection with the Shaw Transaction (see note 30), we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an amount up to $19 billion. As a result of entering into the Shaw term loan facility (see note 21), the maximum amount we can draw on this committed facility decreased to $13 billion. Subsequently, as a result of issuing US$7.05 billion ($9.05 billion) and $4.25 billion senior notes (see note 21) during the first quarter of 2022, the maximum amount we could have drawn decreased to nil and the facility was terminated.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **52** | **2022 Annual Financial Statements** |

---

------

**NOTE 20: PROVISIONS** 

**ACCOUNTING POLICY**

*Decommissioning and restoration costs*

We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.

When we recognize a decommissioning liability, we recognize a corresponding asset in "property, plant and equipment" (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to "finance costs" on the Consolidated Statements of Income.

*Restructuring*

We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as "provisions"; otherwise they are recognized as accrued liabilities. All charges are recognized in "restructuring, acquisition and other" on the Consolidated Statements of Income (see note 10).

*Onerous contracts*

We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.

**ESTIMATES**

We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.

**JUDGMENTS**

Judgment is required to determine when we are subject to unavoidable costs arising from onerous contracts. These judgments may include, for example, whether a certain promise is legally binding or whether we may be successful in negotiations with the counterparty.

**PROVISIONS DETAILS** 

---

| | | | |
|:---|:---|:---|:---|
| (In millions of dollars) | Decommissioning Liabilities | Other | Total |
| December 31, 2021 | 52 | 1 | 53 |
| Additions |  | 13 | 13 |
| Adjustments to existing provisions | 4 | (1) | 3 |
| December 31, 2022 | 56 | 13 | 69 |
| Current (recorded in "other current liabilities") | 5 | 11 | 16 |
| Long-term | 51 | 2 | 53 |

---

*Decommissioning and restoration costs*

Cash outflows associated with our decommissioning liabilities are generally expected to occur at the decommissioning dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will ultimately be required for these sites is uncertain.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **53** | **2022 Annual Financial Statements** |

---

------

**NOTE 21: LONG-TERM DEBT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | As at December 31 | As at December 31 |
| (In millions of dollars, except interest rates) | Due date |  | Principal amount | Interest rate | **2022** | 2021 |
| Senior notes | 2022 | US | 750 | Floating | **—** | 951 |
| Senior notes | 2022 |  | 600 | 4.000% | **—** | 600 |
| Senior notes | 2023 | US | 500 | 3.000% | **677** | 634 |
| Senior notes | 2023 | US | 850 | 4.100% | **1151** | 1078 |
| Senior notes | 2024 |  | 600 | 4.000% | **600** | 600 |
| Senior notes <sup>1</sup> | 2025 | US | 1000 | 2.950% | **1354** |  |
| Senior notes <sup>1</sup> | 2025 |  | 1250 | 3.100% | **1250** |  |
| Senior notes | 2025 | US | 700 | 3.625% | **948** | 886 |
| Senior notes | 2026 | US | 500 | 2.900% | **677** | 634 |
| Senior notes | 2027 |  | 1500 | 3.650% | **1500** | 1500 |
| Senior notes <sup>1</sup> | 2027 | US | 1300 | 3.200% | **1761** |  |
| Senior notes <sup>1</sup> | 2029 |  | 1000 | 3.750% | **1000** |  |
| Senior notes | 2029 |  | 1000 | 3.250% | **1000** | 1000 |
| Senior notes <sup>1</sup> | 2032 | US | 2000 | 3.800% | **2709** |  |
| Senior notes <sup>1</sup> | 2032 |  | 1000 | 4.250% | **1000** |  |
| Senior debentures <sup>2</sup> | 2032 | US | 200 | 8.750% | **271** | 254 |
| Senior notes | 2038 | US | 350 | 7.500% | **474** | 444 |
| Senior notes | 2039 |  | 500 | 6.680% | **500** | 500 |
| Senior notes | 2040 |  | 800 | 6.110% | **800** | 800 |
| Senior notes | 2041 |  | 400 | 6.560% | **400** | 400 |
| Senior notes <sup>1</sup> | 2042 | US | 750 | 4.500% | **1016** |  |
| Senior notes | 2043 | US | 500 | 4.500% | **677** | 634 |
| Senior notes | 2043 | US | 650 | 5.450% | **880** | 823 |
| Senior notes | 2044 | US | 1050 | 5.000% | **1422** | 1331 |
| Senior notes | 2048 | US | 750 | 4.300% | **1016** | 951 |
| Senior notes | 2049 | US | 1250 | 4.350% | **1693** | 1585 |
| Senior notes | 2049 | US | 1000 | 3.700% | **1354** | 1268 |
| Senior notes <sup>1</sup> | 2052 | US | 2000 | 4.550% | **2709** |  |
| Senior notes <sup>1</sup> | 2052 |  | 1000 | 5.250% | **1000** |  |
| Subordinated notes <sup>3</sup> | 2081 |  | 2000 | 5.000% | **2000** | 2000 |
| Subordinated notes <sup>3</sup> | 2082 | US | 750 | 5.250% | **1016** |  |
|  |  |  |  |  | **32855** | 18873 |
| Deferred transaction costs and discounts |  |  |  |  | **(1122)** | (185) |
| Less current portion |  |  |  |  | **(1828)** | (1551) |
| Total long-term debt |  |  |  |  | **29905** | 17137 |

---

<sup>1</sup> Included in Shaw senior note financing.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2022 and 2021.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date.

Each of the above senior notes and debentures are unsecured and, as at December 31, 2022, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 17).

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **54** | **2022 Annual Financial Statements** |

---

------

The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2022 and 2021.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| (In millions of dollars, except exchange rates) | Notional | Exchange | Notional | Notional | Exchange | Notional |
| (In millions of dollars, except exchange rates) | (US$) | rate | (Cdn$) | (US$) | rate | (Cdn$) |
| Senior note issuances (Cdn$) |  |  | **4250** |  |  |  |
| Senior note issuances (US$) | **7050** | **1.284** | **9054** |  |  |  |
| Total senior note issuances |  |  | **13304** |  |  |  |
| Senior note repayments (Cdn$) |  |  | **(600)** |  |  | (1450) |
| Senior note repayments (US$) | **(750)** | **1.259** | **(944)** |  |  |  |
| Total senior note repayments |  |  | **(1544)** |  |  | (1450) |
| Net issuance (repayment) of senior notes |  |  | **11760** |  |  | (1450) |
| Subordinated note issuances (Cdn$) |  |  | **—** |  |  | 2000 |
| Subordinated note issuances (US$) | **750** | **1.268** | **951** |  |  |  |
| Total subordinated note issuances |  |  | **951** |  |  | 2000 |
| Net issuance of long-term debt |  |  | **12711** |  |  | 550 |

---

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Long-term debt net of transaction costs, beginning of year | **18688** | 18201 |
| Net issuance of long-term debt | **12711** | 550 |
| Loss (gain) on foreign exchange | **1271** | (50) |
| Deferred transaction costs incurred | **(988)** | (31) |
| Amortization of deferred transaction costs | **51** | 18 |
| Long-term debt net of transaction costs, end of year | **31733** | 18688 |
| Current | **1828** | 1551 |
| Long-term | **29905** | 17137 |
| Long-term debt net of transaction costs, end of year | **31733** | 18688 |

---

In early 2022, we entered into a $665 million senior unsecured non-revolving credit facility with a fixed 1% interest rate with Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. As at December 31, 2022, we had not drawn on the credit facility. See note 2(e) for our accounting policy related to borrowings on this facility.

In April 2021, we entered into a $6 billion term loan facility consisting of three tranches of $2 billion each. The facility cannot be drawn upon until the closing date of the Shaw Transaction. The first tranche matures three years after the Shaw Transaction closing date and subsequent tranches mature in years four and five thereafter, respectively. At tranche maturity, any outstanding borrowings under that tranche must be repaid. The interest rate charged on borrowings from the term loan facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.65% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate. In May 2022, we extended the drawdown period of the term loan facility to December 31, 2022. In September 2022, we further extended the drawdown period to December 31, 2023.

**WEIGHTED AVERAGE INTEREST RATE**

As at December 31, 2022, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 4.50% (2021 - 3.95%).

**BANK CREDIT AND LETTER OF CREDIT FACILITIES** 

Our $4.0 billion revolving credit facility is available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facility ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the bankers' acceptance rate or London Inter-Bank Offered Rate.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **55** | **2022 Annual Financial Statements** |

---

------

In 2021, we amended our revolving credit facility to, among other things, increase the total credit limit and extend the maturity dates. We increased the total credit limit from $3.2 billion to $4 billion by increasing the limits of the two tranches to $3 billion and $1 billion (from $2.5 billion and $700 million), respectively. We also extended the maturity date of the $3 billion tranche from September 2023 to April 2026 and the $1 billion tranche from September 2022 to April 2024. In January 2023, we amended our revolving credit facility to further extend the maturity date of the $3 billion tranche to January 2028, from April 2026 and the $1 billion tranche to January 2026, from April 2024.

**SENIOR AND SUBORDINATED NOTES AND DEBENTURES** 

We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.

We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.

*Issuance of senior and subordinated notes and related debt derivatives*

Below is a summary of the senior and subordinated notes we issued in 2022 and 2021.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In millions of dollars, except interest rates and discounts) | (In millions of dollars, except interest rates and discounts) | (In millions of dollars, except interest rates and discounts) | (In millions of dollars, except interest rates and discounts) |  |  |  | Transaction costs and discounts <sup>2</sup> (Cdn$) | Transaction costs and discounts <sup>2</sup> (Cdn$) |
| Date issued |  | Principal amount | Due date | Interest rate | Discount/ premium at issuance | Total gross proceeds <sup>1</sup> (Cdn$) | Upon issuance | Upon modification <sup>3</sup> |
| *2022 issuances* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;February 11, 2022 (subordinated) <sup>4</sup> | US | 750 | 2082 | 5.250% | At par | 951 | 13 |  |
| &nbsp;&nbsp;March 11, 2022 (senior) <sup>5</sup> | US | 1000 | 2025 | 2.950% | 99.934% | 1283 | 9 | 50 |
| &nbsp;&nbsp;March 11, 2022 (senior) |  | 1250 | 2025 | 3.100% | 99.924% | 1250 | 7 |  |
| &nbsp;&nbsp;March 11, 2022 (senior) | US | 1300 | 2027 | 3.200% | 99.991% | 1674 | 13 | 82 |
| &nbsp;&nbsp;March 11, 2022 (senior) |  | 1000 | 2029 | 3.750% | 99.891% | 1000 | 7 | 57 |
| &nbsp;&nbsp;March 11, 2022 (senior) | US | 2000 | 2032 | 3.800% | 99.777% | 2567 | 27 | 165 |
| &nbsp;&nbsp;March 11, 2022 (senior) |  | 1000 | 2032 | 4.250% | 99.987% | 1000 | 6 | 58 |
| &nbsp;&nbsp;March 11, 2022 (senior) | US | 750 | 2042 | 4.500% | 98.997% | 966 | 20 | 95 |
| &nbsp;&nbsp;March 11, 2022 (senior) | US | 2000 | 2052 | 4.550% | 98.917% | 2564 | 55 | 250 |
| &nbsp;&nbsp;March 11, 2022 (senior) |  | 1000 | 2052 | 5.250% | 99.483% | 1000 | 12 | 62 |
| *2021 issuance* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;December 17, 2021 (subordinated) <sup>4</sup> |  | 2000 | 2081 | 5.000% | At par | 2000 | 20 |  |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Gross proceeds before transaction costs, discounts, and premiums.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Accounted for as a modification of the respective financial liabilities. Reflects initial consent fee of $557 million incurred in September 2022 and additional consent fee of $262 million incurred in December 2022.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Deferred transaction costs and discounts in the carrying value of the subordinated notes are recognized in net income using the effective interest method over a five-year period.

<sup>5&nbsp;&nbsp;&nbsp;&nbsp;</sup>The US$1 billion senior notes due 2025 can be redeemed at par on or after March 15, 2023.

During the year ended December 31, 2021, we issued $2 billion subordinated notes due 2081 with an initial coupon of 5% for the first five years. Concurrently, we terminated the $750 million bond forwards entered into in July 2021 to hedge the interest rate risk associated with future debt issuances. We used the proceeds to partially fund the remaining payment required to obtain the 3500 MHz spectrum licences.

In February 2022, we issued US$750 million subordinated notes due 2082 with an initial coupon of 5.25% for the first five years. Concurrently, we terminated $950 million of interest rate derivatives entered into in 2021 to hedge the interest rate risk associated with future debt issuances. We received net proceeds of US$740 million ($938 million) from the issuance.

Each of the subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of such subordinated notes would automatically convert into preferred shares.

In connection with the subordinated notes issuances, the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I and Series II have been authorized for up to 3.3 million and 1.4 million preferred

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **56** | **2022 Annual Financial Statements** |

---

------

shares, respectively, have no voting rights, have par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

In March 2022, we issued $13.3 billion of senior notes, consisting of US$7.05 billion ($9.05 billion) and $4.25 billion, in order to partially finance the cash consideration for the Shaw Transaction (Shaw senior note financing). Each of the notes (except the $1.25 billion senior notes due 2025) contains a "special mandatory redemption" provision (SMR notes), which required them to be redeemed at 101% of their principal amount (plus accrued interest) if the Shaw Transaction was not consummated prior to December 31, 2022 (SMR outside date). At the same time, we terminated the committed credit facility we had arranged in March 2021. The arrangement agreement between Rogers and Shaw requires us to maintain sufficient liquidity to ensure we are able to fund the cash consideration portion of the Shaw Transaction upon closing and as such, we have recognized approximately $12.8 billion of the net proceeds as "restricted cash and cash equivalents" on our Consolidated Statements of Financial Position.

In August 2022, we received consent from the holders of SMR notes to extend the SMR outside date to December 31, 2023, to ensure financing remained in place should the Shaw Transaction not have closed by December 31, 2022. As a result, we paid an initial consent fee to the note holders, including other directly attributable transaction costs, in September 2022 of $557 million ($121 million and US$331 million). Since the Shaw Transaction did not close prior to December 31, 2022, we were required to pay to the holders of SMR notes an additional consent fee of $262 million ($55 million and US$152 million) on January 9, 2023. The transaction costs are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method. The liability associated with the additional consent fee has been recognized within "accounts payable and accrued liabilities" on our Consolidated Statement of Financial Position as at December 31, 2022.

Concurrent with the Shaw senior note financing, we terminated certain derivatives (see note 11) we had entered into in 2021 to hedge the interest rate risk associated with future debt issuances. Concurrent with the US dollar-denominated issuances, we also entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$6.95 billion ($8.93 billion) from the US dollar-denominated issuances.

*Repayment of senior notes and related derivative settlements* 

During the year ended December 31, 2022, we repaid the entire outstanding principal amount of our $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes. We also repaid the entire outstanding principal amount of our US$750 million floating rate senior notes and the associated debt derivatives at maturity. As a result, we repaid $1,019 million, including $75 million on settlement of the associated debt derivatives.

During the year ended December 31, 2021, we repaid the entire outstanding principal amount of our $1.45 billion 5.34% senior notes at maturity. There were no derivatives associated with these senior notes.

**PRINCIPAL REPAYMENTS**

Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2022.

---

| | |
|:---|:---|
| (In millions of dollars) |  |
| 2023 | 1828 |
| 2024 | 600 |
| 2025 | 3552 |
| 2026 | 3693 |
| 2027 <sup>1</sup> | 3261 |
| Thereafter | 19921 |
| Total long-term debt | 32855 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Reflects repayment of the subordinated notes issued in December 2021 and February 2022 on the five-year anniversary.

**TERMS AND CONDITIONS**

As at December 31, 2022 and 2021, we were in compliance with all financial covenants, financial ratios, and all of the terms and conditions of our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.

The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2022, these public debt securities were assigned an investment-grade rating by each of the three specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **57** | **2022 Annual Financial Statements** |

---

------

**NOTE 22: OTHER LONG-TERM LIABILITIES**

---

| | | | |
|:---|:---|:---|:---|
| | | As at December 31 | As at December 31 |
| (In millions of dollars) | Note | **2022** | 2021 |
| Deferred pension liability | *23* | **—** | 3 |
| Supplemental executive retirement plan | *23* | **83** | 96 |
| Stock-based compensation | *25* | **60** | 49 |
| Derivative instruments | *17* | **398** | 189 |
| Contract liabilities | *5* | **61** | 52 |
| Other |  | **136** | 176 |
| Total other long-term liabilities |  | **738** | 565 |

---

**NOTE 23: POST-EMPLOYMENT BENEFITS**

**ACCOUNTING POLICY**

*Post-employment benefits - defined benefit pension plans*

We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.

We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.

We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.

The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:

• expected rates of salary increases for calculating increases in future benefits;

• mortality rates for calculating the life expectancy of plan members; and

• past service costs from plan amendments are immediately expensed in net income.

We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in "operating costs" on the Consolidated Statements of Income in the periods the employees provide the related services.

*Post-employment benefits - defined contribution pension plan*

In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan.

We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company.

*Termination benefits* 

We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.

**ESTIMATES**

Detailed below are the significant assumptions used in the actuarial calculations used to determine the amount of the defined benefit pension obligation and related expense.

Significant estimates are involved in determining pension-related balances. Actuarial estimates are based on projections of employees' compensation levels at the time of retirement. Retirement benefits are primarily based on career average earnings, subject to certain adjustments. The most recent actuarial funding valuations were completed as at January 1, 2022.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **58** | **2022 Annual Financial Statements** |

---

------

*Principal actuarial assumptions*

---

| | | |
|:---|:---|:---|
| | **2022** | 2021 |
| Weighted average of significant assumptions: |  |  |
| *Defined benefit obligation* |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **5.3%** | 3.3% |
| &nbsp;&nbsp;&nbsp;Rate of compensation increase | **1.0% to 4.5%, based on employee age** | 1.0% to 4.5%, based on employee age |
| &nbsp;&nbsp;&nbsp;Mortality rate | **CPM2014Priv with Scale CPM-B** | CPM2014Priv with Scale CPM-B |
| *Pension expense* |  |  |
| &nbsp;&nbsp;&nbsp;Discount rate | **3.3%** | 2.7% |
| &nbsp;&nbsp;&nbsp;Rate of compensation increase | **1.0% to 4.5%, based on employee age** | 1.0% to 4.5%, based on employee age |
| &nbsp;&nbsp;&nbsp;Mortality rate | **CPM2014Priv with Scale CPM-B** | CPM2014Priv with Scale CPM-B |

---

*Sensitivity of key assumptions*

In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.

---

| | | |
|:---|:---|:---|
| | Increase (decrease) in accrued benefit obligation | Increase (decrease) in accrued benefit obligation |
| (In millions of dollars) | **2022** | 2021 |
| Discount rate |  |  |
| &nbsp;&nbsp;Impact of 0.5% increase | **(163)** | (251) |
| &nbsp;&nbsp;Impact of 0.5% decrease | **183** | 285 |
| Rate of future compensation increase |  |  |
| &nbsp;&nbsp;Impact of 0.25% increase | **10** | 17 |
| &nbsp;&nbsp;Impact of 0.25% decrease | **(10)** | (17) |
| Mortality rate |  |  |
| &nbsp;&nbsp;Impact of 1 year increase | **42** | 67 |
| &nbsp;&nbsp;Impact of 1 year decrease | **(45)** | (72) |

---

**POST-EMPLOYMENT BENEFITS STRATEGY AND POLICY**

We sponsor a number of contributory and non-contributory pension arrangements for employees, including defined benefit and defined contributions plans. We do not provide any non-pension post-retirement benefits. We also provide unfunded supplemental pension benefits to certain executives.

The Rogers Defined Benefit Pension Plan provides a defined pension based on years of service and earnings, with no increases in retirement for inflation. The plan was closed to new members in 2016. Participation in the plan was voluntary and enrolled employees are required to make regular contributions into the plan. An unfunded supplemental pension plan is provided to certain senior executives to provide benefits in excess of amounts that can be provided from the defined benefit pension plan under the Income Tax Act (Canada)'s maximum pension limits.

We also sponsor smaller defined benefit pension plans in addition to the Rogers Defined Benefit Pension Plan. The Pension Plan for Employees of Rogers Communications Inc. and the Rogers Pension Plan for Selkirk Employees are closed legacy defined benefit pension plans. The Pension Plan for Certain Federally Regulated Employees of Rogers Cable Communications Inc. is similar to the main pension plan but only federally regulated employees from the Cable business were eligible to participate; this plan was closed to new members in 2016.

In addition to the defined benefit pension plans, we provide various defined contribution plans to certain groups of employees of the Company and to employees hired after March 31, 2016 who choose to join. Additionally, we provide other tax-deferred savings arrangements, including a Group RRSP and a Group TFSA program, which are accounted for as deferred contribution arrangements.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **59** | **2022 Annual Financial Statements** |

---

------

The Pension Committee of the Board oversees the administration of our registered pension plans, which includes the following principal areas:

• overseeing the funding, administration, communication, and investment management of the plans;

• selecting and monitoring the performance of all third parties performing duties in respect of the plans, including audit, actuarial, and investment management services;

• proposing, considering, and approving amendments to the plans;

• proposing, considering, and approving amendments to the Statement of Investment Policies and Procedures;

• reviewing management and actuarial reports prepared in respect of the administration of the pension plans; and

• reviewing and approving the audited financial statements of the pension plan funds.

The assets of the defined benefit pension plans are held in segregated accounts that are isolated from our assets. They are invested and managed following all applicable regulations and the Statement of Investment Policies and Procedures with the objective of having adequate funds to pay the benefits promised by the plans. Investment and market return risk is managed by:

• contracting professional investment managers to execute the investment strategy following the Statement of Investment Policies and Procedures and regulatory requirements;

• specifying the kinds of investments that can be held in the plans and monitoring compliance;

• using asset allocation and diversification strategies; and

• purchasing annuities from time to time.

The defined benefit pension plans are registered with the Office of the Superintendent of Financial Institutions and are subject to the Federal Pension Benefits Standards Act. Two of the defined contribution pension plans are registered with the Financial Services Regulatory Authority, subject to the Ontario Pension Benefits Act. The plans are also registered with the Canada Revenue Agency and are subject to the Income Tax Act (Canada). The benefits provided under the plans and the contributions to the plans are funded and administered in accordance with all applicable legislation and regulations.

The defined benefit pension plans are subject to certain risks related to contribution increases, inadequate plan surplus, unfunded obligations, and market rates of return, which we mitigate through the governance described above. Any significant changes to these items may affect our future cash flows.

**POST-EMPLOYMENT BENEFIT PLAN DETAILS**

Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.

---

| | | | |
|:---|:---|:---|:---|
| | | As at December 31 | As at December 31 |
| (In millions of dollars) | *Note* | **2022** | 2021 |
| Plan assets, at fair value |  | **2770** | 3198 |
| Accrued benefit obligations |  | **(2430)** | (3171) |
| Surplus of plan assets over accrued benefit obligations |  | **340** | 27 |
| Effect of asset ceiling limit |  | **(42)** | (9) |
| Net deferred pension asset |  | **298** | 18 |
| Consists of: |  |  |  |
| &nbsp;&nbsp;&nbsp;Deferred pension asset |  | **298** | 21 |
| &nbsp;&nbsp;&nbsp;Deferred pension liability | *22* | **—** | (3) |
| Net deferred pension asset |  | **298** | 18 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **60** | **2022 Annual Financial Statements** |

---

------

Below is a summary of our pension fund assets.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Plan assets, beginning of year | **3198** | 2791 |
| Interest income | **108** | 78 |
| Remeasurements, recognized in other comprehensive income and equity | **(604)** | 223 |
| Contributions by employees | **31** | 32 |
| Contributions by employer | **134** | 177 |
| Benefits paid | **(93)** | (99) |
| Administrative expenses paid from plan assets | **(4)** | (4) |
| Plan assets, end of year | **2770** | 3198 |

---

Below is a summary of the accrued benefit obligations arising from funded obligations.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Accrued benefit obligations, beginning of year | **3171** | 3365 |
| Current service cost | **124** | 156 |
| Interest cost | **103** | 89 |
| Benefits paid | **(93)** | (99) |
| Contributions by employees | **31** | 32 |
| Remeasurements, recognized in other comprehensive income and equity | **(906)** | (372) |
| Accrued benefit obligations, end of year | **2430** | 3171 |

---

Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Equity securities | **1281** | 1879 |
| Debt securities | **1474** | 1302 |
| Other - cash | **15** | 17 |
| Total fair value of plan assets | **2770** | 3198 |

---

Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Plan cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current service cost | **124** | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest cost | **(5)** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net pension expense | **119** | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expense | **4** | 4 |
| Total pension cost recognized in net income | **123** | 171 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **61** | **2022 Annual Financial Statements** |

---

------

Net interest cost, a component of the plan cost above, is included in "finance costs" and is outlined as follows:

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Interest income on plan assets | **(108)** | (78) |
| Interest cost on plan obligation | **103** | 89 |
| Net interest cost, recognized in finance costs | **(5)** | 11 |

---

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| (Loss) return on plan assets (excluding interest income) | **(604)** | 223 |
| Change in financial assumptions | **942** | 390 |
| Effect of experience adjustments | **(36)** | (18) |
| Change in asset ceiling | **(33)** | (9) |
| Remeasurement gain, recognized in other comprehensive income and equity | **269** | 586 |

---

We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Accrued benefit obligation, beginning of year | **96** | 92 |
| Pension expense, recognized in employee salaries and benefits expense | **13** | 12 |
| Net interest cost, recognized in finance costs | **4** | 3 |
| Remeasurements, recognized in other comprehensive income | **(24)** | (7) |
| Benefits paid | **(6)** | (4) |
| Accrued benefit obligation, end of year | **83** | 96 |

---

We also have defined contribution plans with total pension expense of $24 million in 2022 (2021 - $18 million), which is included in employee salaries and benefits expense.

**ALLOCATION OF PLAN ASSETS**

---

| | | | |
|:---|:---|:---|:---|
| | Allocation of plan assets | Allocation of plan assets | Target asset allocation percentage |
| | **2022** | 2021 | Target asset allocation percentage |
| Equity securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Domestic | **9.6%** | 11.8% | 8% to 18% |
| &nbsp;&nbsp;&nbsp;International | **36.7%** | 47.0% | 37% to 67% |
| Debt securities | **53.2%** | 40.7% | 25% to 45% |
| Other - cash | **0.5%** | 0.5% | 0% to 2% |
| &nbsp;&nbsp;&nbsp;Total | **100.0%** | 100.0% |  |

---

Plan assets consist primarily of pooled funds that invest in common stocks and bonds. The pooled funds have investments in our equity securities. As a result, approximately $9 million (2021 - $12 million) of plan assets are indirectly invested in our own securities under our defined benefit plans.

We make contributions to the plans to secure the benefits of plan members and invest in permitted investments using the target ranges established by our Pension Committee, which reviews actuarial assumptions on an annual basis.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **62** | **2022 Annual Financial Statements** |

---

------

Below is a summary of the actual contributions to the plans.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Employer contribution | **134** | 177 |
| Employee contribution | **31** | 32 |
| Total contribution | **165** | 209 |

---

We estimate our 2023 employer contributions to our funded plans to be $73 million. The actual value will depend on the results of the 2023 actuarial funding valuations. The average duration of the defined benefit obligation as at December 31, 2022 is 14 years (2021 - 17 years).

Plan assets recognized an actual net loss of $499 million in 2022 (2021 - $297 million net gain).

We have recognized a cumulative gain in "other comprehensive income" and "retained earnings" of $59 million as at December 31, 2022 (2021 - $157 million loss) associated with post-retirement benefit plans.

**NOTE 24: SHAREHOLDERS' EQUITY**

**CAPITAL STOCK**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Share class | Number of shares authorized for issue | Features | Features | Voting rights | Voting rights |
| Preferred shares | 400000000 | ● | Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series | ● |  |
| RCI Class A Voting Shares | 112474388 | ● | Without par value | ● | Each share entitled to 50 votes |
| RCI Class A Voting Shares | 112474388 | ● | Each share can be converted into one Class B Non-Voting share | ● | Each share entitled to 50 votes |
| RCI Class B Non-Voting Shares | 1400000000 | ● | Without par value | ● |  |

---

RCI's Articles of Continuance under the Business Corporations Act (British Columbia) impose restrictions on the transfer, voting, and issue of Class A Shares and Class B Non-Voting Shares to ensure we remain qualified to hold or obtain licences required to carry on certain of our business undertakings in Canada. We are authorized to refuse to register transfers of any of our shares to any person who is not a Canadian, as defined in RCI's Articles of Continuance, in order to ensure Rogers remains qualified to hold the licences referred to above.

In relation to our issuances of subordinated notes in December 2021 and February 2022 (see note 21), the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I has been authorized for up to 3.3 million preferred shares and Series II has been authorized for up to 1.4 million preferred shares. Both series have no voting rights, par values of $1,000 per share, and will be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **63** | **2022 Annual Financial Statements** |

---

------

**DIVIDENDS** 

We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:

---

| | | |
|:---|:---|:---|
| | | Dividend per |
| Date declared | Date paid | share (dollars) |
| January 26, 2022 | April 1, 2022 | 0.50 |
| April 19, 2022 | July 4, 2022 | 0.50 |
| July 26, 2022 | October 3, 2022 | 0.50 |
| November 8, 2022 | January 3, 2023 | 0.50 |
|  |  | 2.00 |
| January 27, 2021 | April 1, 2021 | 0.50 |
| April 20, 2021 | July 2, 2021 | 0.50 |
| July 20, 2021 | October 1, 2021 | 0.50 |
| October 20, 2021 | January 4, 2022 | 0.50 |
|  |  | 2.00 |

---

The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above $0.05 per share.

On February 1, 2023, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 3, 2023, to shareholders of record on March 10, 2023.

**NOTE 25: STOCK-BASED COMPENSATION** 

**ACCOUNTING POLICY**

*Stock option plans*

Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to "operating costs" or "restructuring, acquisition and other", as applicable, using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).

*Restricted share unit (RSU) and deferred share unit (DSU) plans*

We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to "operating costs" over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within "operating costs" or "restructuring, acquisition and other", as applicable, in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.

*Employee share accumulation plan*

Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in "operating costs".

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **64** | **2022 Annual Financial Statements** |

---

------

**ESTIMATES**

Significant management estimates are used to determine the fair value of stock options. The table below shows the weighted average fair value of stock options granted during 2022 and 2021 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| | **2022** | 2021 |
| Weighted average fair value | **$9.65** | $7.46 |
| Risk-free interest rate | **1.0%** | 0.3% |
| Dividend yield | **2.8%** | 3.4% |
| Volatility of Class B Non-Voting Shares | **23.1%** | 23.1% |
| Weighted average expected life | **5 years** | 5.1 years |

---

Volatility has been estimated based on the actual trading statistics of our Class B Non-Voting Shares.

**STOCK-BASED COMPENSATION EXPENSE**

Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Stock options | **28** | 3 |
| Restricted share units | **51** | 57 |
| Deferred share units | **9** | 6 |
| Equity derivative effect, net of interest receipt | **(21)** | (6) |
| Total stock-based compensation expense | **67** | 60 |

---

As at December 31, 2022, we had a total liability recognized at its fair value of $229 million (2021 - $199 million) related to stock-based compensation, including stock options, RSUs, and DSUs. The current portion of this is $169 million (2021 - $150 million) and is included in "accounts payable and accrued liabilities". The long-term portion of this is $60 million (2021 - $49 million) and is included in "other long-term liabilities" (see note 22).

The total intrinsic value of vested liabilities, which is the difference between the exercise price of the share-based awards and the trading price of the Class B Non-Voting Shares for all vested share-based awards, as at December 31, 2022 was $85 million (2021 - $95 million).

We paid $72 million in 2022 (2021 - $76 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature, representing a weighted average share price on the date of exercise of $65.44 (2021 - $57.52).

**STOCK OPTIONS**

Options to purchase our Class B Non-Voting Shares on a one-for-one basis may be granted to our employees, directors, and officers by the Board or our Management Compensation Committee. There are 65 million options authorized under various plans; each option has a term of seven to ten years. The vesting period is generally graded vesting over four years; however, the Management Compensation Committee may adjust the vesting terms on the grant date. The exercise price is typically equal to the fair market value of the Class B Non-Voting Shares, determined as the five-day average before the grant date as quoted on the TSX.

*Performance options*

We granted 2,469,014 performance-based options to certain key executives in 2022 (2021 - nil). These performance options have certain non-market vesting conditions, including closing of the Shaw Transaction and the achievement of certain preset integration-related milestones over the next two years. As at December 31, 2022, we had 3,159,161 performance options (2021 - 1,068,776) outstanding. The outstanding options that were granted prior to 2022 vest on a graded basis over four years provided certain targeted stock prices are met on or after each anniversary date.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **65** | **2022 Annual Financial Statements** |

---

------

*Summary of stock options*

Below is a summary of the stock option plans, including performance options.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Year ended December 31, 2022 | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2021 |
| (In number of units, except prices) | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price |
| Outstanding, beginning of year | **6494001** | **$61.62** | 4726634 | $62.10 |
| Granted | **4234288** | **$65.73** | 1848655 | $60.61 |
| Exercised | **(301467)** | **$50.87** | (10988) | $58.45 |
| Forfeited | **(566614)** | **$64.04** | (70300) | $67.58 |
| Outstanding, end of year | **9860208** | **$63.58** | 6494001 | $61.62 |
| Exercisable, end of year | **3440894** | **$61.84** | 2373717 | $59.68 |

---

Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Options outstanding | Options outstanding | Options outstanding | Options exercisable | Options exercisable |
| Range of exercise prices | Number outstanding | Weighted average remaining contractual life (years) | Weighted average exercise price | Number exercisable | Weighted average exercise price |
| $42.85 - $44.99 | 153937 | 1.82 | $44.24 | 153937 | $44.24 |
| $45.00 - $49.99 | 280949 | 1.85 | $49.41 | 280949 | $49.41 |
| $55.00 - $59.99 | 1619007 | 6.76 | $58.39 | 991135 | $58.28 |
| $60.00 - $64.99 | 2746987 | 5.72 | $62.52 | 1154996 | $62.56 |
| $65.00 - $69.99 | 4054418 | 8.90 | $65.74 | 106197 | $66.38 |
| $70.00 - $73.00 | 1004910 | 4.95 | $73.00 | 753680 | $73.00 |
|  | 9860208 | 6.95 | $63.58 | 3440894 | $61.84 |

---

Unrecognized stock-based compensation expense as at December 31, 2022 related to stock option plans was $14 million (2021 - $11 million) and will be recognized in net income within periods of up to the next four years as the options vest.

**RESTRICTED SHARE UNITS**

The RSU plan allows employees, directors, and officers to participate in the growth and development of Rogers. Under the terms of the plan, RSUs are issued to the participant and the units issued vest over a period of up to three years from the grant date.

On the vesting date, we redeem all of the participants' RSUs in cash or by issuing one Class B Non-Voting Share for each RSU. We have reserved 4,000,000 Class B Non-Voting Shares for issue under this plan.

*Performance RSUs*

We granted 206,719 performance-based RSUs to certain key executives in 2022 (2021 - 295,958). The number of units that vest and will be paid three years from the grant date will be within 0% to 100% of the initial number granted and reinvested dividends based upon the achievement of certain annual targets.

*Summary of RSUs*

Below is a summary of the RSUs outstanding, including performance RSUs.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In number of units) | **2022** | 2021 |
| Outstanding, beginning of year | **2691288** | 2573894 |
| Granted and reinvested dividends | **990702** | 1341801 |
| Exercised | **(678634)** | (1041890) |
| Forfeited | **(600867)** | (182517) |
| Outstanding, end of year | **2402489** | 2691288 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **66** | **2022 Annual Financial Statements** |

---

------

Unrecognized stock-based compensation expense as at December 31, 2022 related to these RSUs was $48 million (2021 - $64 million) and will be recognized in net income over the next three years as the RSUs vest.

**DEFERRED SHARE UNITS**

The DSU plan allows directors, certain key executives, and other senior management to elect to receive certain types of compensation in DSUs. Under the terms of the plan, DSUs are issued to the participant and the units issued cliff vest over a period of up to three years from the grant date.

*Performance DSUs*

We granted 6,934 performance-based DSUs to certain key executives in 2022 (2021 - 7,517) through reinvested dividends. All performance-based DSUs currently outstanding are fully vested.

*Summary of DSUs*

Below is a summary of the DSUs outstanding, including performance DSUs.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In number of units) | **2022** | 2021 |
| Outstanding, beginning of year | **1421342** | 1619941 |
| Granted and reinvested dividends | **70692** | 78939 |
| Exercised | **(350803)** | (277439) |
| Forfeited | **(1347)** | (99) |
| Outstanding, end of year | **1139884** | 1421342 |

---

Unrecognized stock-based compensation expense as at December 31, 2022 related to these DSUs was nil (2021 - nil).

**EMPLOYEE SHARE ACCUMULATION PLAN**

Participation in the plan is voluntary. Employees can contribute up to 15% of their regular earnings through payroll deductions (up to an annual maximum contribution of $25 thousand). The plan administrator purchases Class B Non-Voting Shares on a bi-weekly basis on the open market on behalf of the employee. On a bi-weekly basis, we make a contribution of 25% to 50% of the employee's contribution that period and the plan administrator uses this amount to purchase additional shares on behalf of the employee. We recognize our contributions made as a compensation expense.

Compensation expense related to the employee share accumulation plan was $55 million in 2022 (2021 - $52 million).

**EQUITY DERIVATIVES**

We have entered into equity derivatives to hedge a portion of our stock-based compensation expense (see note 17) and recognized a $21 million recovery (2021 - $6 million recovery) in stock-based compensation expense for these derivatives.

**NOTE 26: RELATED PARTY TRANSACTIONS**

**CONTROLLING SHAREHOLDER**

Voting control of Rogers Communications Inc. is held by the Rogers Control Trust (the Trust) for the benefit of successive generations of the Rogers family and, as a result, the Trust is able to elect all members of the Board and to control the vote on most matters submitted to shareholders, whether through a shareholder meeting or a written consent resolution. The beneficiaries of the Trust are a small group of individuals who are members of the Rogers family, several of whom are also directors of the Board. The trustee is the trust company subsidiary of a Canadian chartered bank.

We entered into certain transactions with private Rogers family holding companies controlled by the Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid were less than $1 million for each of 2022 and 2021.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **67** | **2022 Annual Financial Statements** |

---

------

**TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL**

Key management personnel include the directors and our most senior corporate officers, who are primarily responsible for planning, directing, and controlling our business activities.

*Compensation*

Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Salaries and other short-term employee benefits | **13** | 19 |
| Post-employment benefits | **11** | 4 |
| Stock-based compensation <sup>1</sup> | **23** | 21 |
| Total compensation | **47** | 44 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.

*Transactions*

We entered into business transactions with Transcontinental Inc., a company that provides us with printing and prepress services. Isabelle Marcoux, C.M., is chair of the board of Transcontinental Inc. and was a Director of RCI until June 2021; total amounts paid to this related party between January and June 2021 were $3 million. We have also entered into business transactions with companies controlled by our Directors Michael J. Cooper and John C. Kerr, which became related parties in October 2021. These companies include Dream Unlimited Corp. and Vancouver Professional Baseball LLP, respectively. Dream Unlimited Corp. is a real estate company that rents spaces in office and residential buildings. Vancouver Professional Baseball LLP controls the Vancouver Canadians, the Toronto Blue Jays' High-A affiliate minor league team. Total amounts paid to these related parties were nominal during the period from October 2021 to December 2021 and for the year ended December 31, 2022.

We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and due for payment in cash within one month of the date of the transaction.

**SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS**

We have the following material operating subsidiaries as at December 31, 2022 and 2021:

• Rogers Communications Canada Inc.; and

• Rogers Media Inc.

We have 100% ownership interest in these subsidiaries. They are incorporated in Canada and have the same reporting period for annual financial statements reporting.

When necessary, adjustments are made to conform the accounting policies of the subsidiaries to those of RCI. There are no significant restrictions on the ability of subsidiaries, joint arrangements, and associates to transfer funds to us as cash dividends or to repay loans or advances, subject to the approval of other shareholders where applicable.

We carried out the following business transactions with our associates and joint arrangements, being primarily MLSE (broadcasting rights) and Glentel (Wireless distribution support). Transactions between us and our subsidiaries have been eliminated on consolidation and are not disclosed in this note.

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Revenue | **74** | 31 |
| Purchases | **194** | 180 |

---

Outstanding balances at year-end are unsecured, interest-free, and settled in cash.

---

| | | |
|:---|:---|:---|
| | As at December 31 | As at December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Accounts receivable | **87** | 112 |
| Accounts payable and accrued liabilities | **138** | 95 |

---

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **68** | **2022 Annual Financial Statements** |

---

------

**NOTE 27: GUARANTEES**

We had the following guarantees as at December 31, 2022 and 2021 as part of our normal course of business:

**BUSINESS SALE AND BUSINESS COMBINATION AGREEMENTS**

As part of transactions involving business dispositions, sales of assets, or other business combinations, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, intellectual property right infringement, loss or damages to property, environmental liabilities, changes in laws and regulations (including tax legislation), litigation against the counterparties, contingent liabilities of a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.

**SALES OF SERVICES**

As part of transactions involving sales of services, we may be required to make payments to counterparties as a result of breaches of representations and warranties, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

**PURCHASES AND DEVELOPMENT OF ASSETS**

As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property, changes in laws and regulations (including tax legislation), or litigation against the counterparties.

**INDEMNIFICATIONS**

We indemnify our directors, officers, and employees against claims reasonably incurred and resulting from the performance of their services to Rogers. We have liability insurance for our directors and officers and those of our subsidiaries.

No amount has been accrued in the Consolidated Statements of Financial Position relating to these types of indemnifications or guarantees as at December 31, 2022 or 2021. Historically, we have not made any significant payments under these indemnifications or guarantees.

**NOTE 28: COMMITMENTS AND CONTINGENT LIABILITIES**

**ACCOUNTING POLICY**

Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.

**JUDGMENTS**

We are exposed to possible losses related to various claims and lawsuits against us for which the outcome is not yet known. We therefore make significant judgments in determining the probability of loss when we assess contingent liabilities.

**SUMMARY OF COMMITMENTS**

Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Less than | | | After | |
| (In millions of dollars) | 1 Year | 1-3 Years | 4-5 Years | 5 Years | Total |
| Player contracts <sup>1</sup> | 170 | 183 | 119 | 33 | 505 |
| Purchase obligations <sup>2</sup> | 333 | 299 | 130 | 156 | 918 |
| Program rights <sup>3</sup> | 694 | 1199 | 421 | 346 | 2660 |
| Total commitments | 1197 | 1681 | 670 | 535 | 4083 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Toronto Blue Jays players' salary contracts into which we have entered and are contractually obligated to pay.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Contractual obligations under service, product, and wireless device contracts to which we have committed.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Agreements into which we have entered to acquire broadcasting rights for sports broadcasting programs and films for periods in excess of one year at contract inception.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **69** | **2022 Annual Financial Statements** |

---

------

Below is a summary of our other contractual commitments that are not included in the table above.

---

| | |
|:---|:---|
| | As at December 31 |
| (In millions of dollars) | **2022** |
| Acquisition of property, plant and equipment | **192** |
| Acquisition of intangible assets | **2** |
| Our share of commitments related to associates and joint ventures | **320** |
| Total other commitments | **514** |

---

**CONTINGENT LIABILITIES**

We have the following contingent liabilities as at December 31, 2022:

*July 2022 network outage* 

On July 8, 2022, a network outage occurred across both wireless and wireline services following a maintenance update in our core network that caused some of our routers to malfunction. We disconnected the specific equipment and redirected traffic, which allowed our network and services to come back online over time as we managed traffic volumes returning to normal levels.

As a result of the network outage, and our promise to customers that we would proactively provide five days of credits on their services, we refunded approximately $150 million. The amount refunded has been recognized in our consolidated statement of income as a reduction of revenue.

Further, a total of four applications have now been filed in the Quebec Superior Court seeking authorization to commence a class action against Rogers in relation to this network outage. One of the applications was subsequently withdrawn and a second application has since been suspended. Each of the remaining two applications seeks to institute a class action on behalf of all persons in Quebec who, among other things, experienced a wireless or wireline service interruption as a result of, or were otherwise impacted by, the outage. Each remaining application also claims various damages, including, among others, contractual damages, damages for lost profits, and punitive damages.

At this time, we are unable to assess the likelihood of success of these applications, or predict the magnitude of any liability we might incur by virtue of the claims underlying those applications or any corresponding or similar claims that may be brought against us in the future. As such, we have not recognized a liability for this contingency. If successful, one of those claims could have a material adverse effect on our business, financial results, or financial condition. It is also possible that similar or corresponding claims could be filed in other jurisdictions.

*Wholesale Internet costing and pricing* 

On August 15, 2019, in Telecom Order CRTC 2019-288, *Follow-up to Telecom Orders 2016-396 and 2016-448 - Final rates for aggregated wholesale high-speed access services* (Order), the Canadian Radio-television and Telecommunications Commission (CRTC) set final rates for facilities-based carriers' wholesale high-speed access services, including our third-party Internet access service. The Order set final rates for us that are significantly lower than the interim rates that were previously billed and it further determined that these final rates will apply retroactively to March 31, 2016.

We did not believe the final rates set by the CRTC were just and reasonable as required by the Telecommunications Act as we believed they were below cost. On May 27, 2021, the CRTC released Telecom Decision CRTC 2021-181 *Requests to review and vary Telecom Order 2019-288 regarding final rates for aggregated wholesale high-speed access services*. The CRTC decided to adopt the interim rates in effect prior to the Order as the final rates, with certain modifications, including the removal of the supplementary markup of 10% for incumbent local exchange carriers.

The final rates are lower than the rates we previously billed to the resellers for the period of March 31, 2016 to October 6, 2016. We recognized a refund in 2021 of amounts previously billed to the resellers of approximately $25 million, representing the impact on a retroactive basis for that period.

On May 28, 2021 a wholesale Internet Service Provider (ISP) petitioned the Governor in Council to, among other things, restore the 2019 Order and make the rates established in that order final. In addition, on June 28, 2021, the same wholesale ISP filed a motion seeking leave to appeal the 2021 Decision to the Federal Court of Appeal, which was granted on September 15, 2021. We, along with several other cable companies, have intervened in these matters.

*Videotron Ltd.*

On October 29, 2021, Videotron Ltd. launched a lawsuit against Rogers in the Quebec Superior Court, in connection with the agreement entered into by the parties in 2013 for the development and operation of a joint LTE network in the province of Quebec. The lawsuit involves allegations by Videotron Ltd. that Rogers has breached its contractual obligations

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **70** | **2022 Annual Financial Statements** |

---

------

by developing its own network in the territory. Videotron is seeking compensatory damages in the amount of $850 million. We intend to vigorously defend this lawsuit. We have not recognized a liability for this contingency.

*System access fee - Saskatchewan*

In 2004, a class action was commenced against providers of wireless communications in Canada under the Class Actions Act (Saskatchewan). The class action relates to the system access fee wireless carriers charge to some of their customers. The plaintiffs are seeking unspecified damages and punitive damages, which would effectively be a reimbursement of all system access fees collected.

In 2007, the Saskatchewan Court granted the plaintiffs' application to have the proceeding certified as a national, "opt-in" class action where affected customers outside Saskatchewan must take specific steps to participate in the proceeding. In 2008, our motion to stay the proceeding based on the arbitration clause in our wireless service agreements was granted. The Saskatchewan Court directed that its order, in respect of the certification of the action, would exclude customers who are bound by an arbitration clause from the class of plaintiffs.

In 2009, counsel for the plaintiffs began a second proceeding under the Class Actions Act (Saskatchewan) asserting the same claims as the original proceeding. If successful, this second class action would be an "opt-out" class proceeding. This second proceeding was ordered conditionally stayed on the basis that it was an abuse of process.

At the time the Saskatchewan class action was commenced, corresponding claims were filed in multiple jurisdictions across Canada. The claims in all provinces other than Saskatchewan have now been dismissed or discontinued. We have not recognized a liability for this contingency.

*911 fee*

In June 2008, a class action was launched in Saskatchewan against providers of wireless communications services in Canada. It involves allegations of breach of contract, misrepresentation, and false advertising, among other things, in relation to the 911 fee that had been charged by us and the other wireless telecommunication providers in Canada. The plaintiffs are seeking unspecified damages and restitution. The plaintiffs intend to seek an order certifying the proceeding as a national class action in Saskatchewan. We have not recognized a liability for this contingency.

*Income taxes*

We provide for income taxes based on all of the information that is currently available and believe that we have adequately provided for these items. The calculation of applicable taxes in many cases, however, requires significant judgment (see note 13) in interpreting tax rules and regulations. Our tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities and provisions, and could, in certain circumstances, result in the assessment of interest and penalties.

*Other claims*

There are certain other claims and potential claims against us. We do not expect any of these, individually or in the aggregate, to have a material adverse effect on our financial results.

*Outcome of proceedings*

The outcome of all the proceedings and claims against us, including the matters described above, is subject to future resolution that includes the uncertainties of litigation. It is not possible for us to predict the result or magnitude of the claims due to the various factors and uncertainties involved in the legal process. Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of these proceedings and claims, individually or in total, will have a material adverse effect on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us and such claim is estimable, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **71** | **2022 Annual Financial Statements** |

---

------

**NOTE 29: SUPPLEMENTAL CASH FLOW INFORMATION** 

**CHANGE IN NET OPERATING ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
| | Years ended December 31 | Years ended December 31 |
| (In millions of dollars) | **2022** | 2021 |
| Accounts receivable, excluding financing receivables | **(201)** | (78) |
| Financing receivables | **(162)** | (840) |
| Contract assets | **8** | 417 |
| Inventories | **98** | (56) |
| Other current assets | **25** | 13 |
| Accounts payable and accrued liabilities | **36** | 556 |
| Contract and other liabilities | **44** | 25 |
| Total change in net operating assets and liabilities | **(152)** | 37 |

---

**NOTE 30: SHAW TRANSACTION**

On March 15, 2021, we announced an agreement with Shaw to acquire all of Shaw's issued and outstanding Class A Participating Shares and Class B Non-Voting Participating Shares (collectively, Shaw Shares) for a price of $40.50 per share. The Shaw Family Living Trust, the controlling shareholder of Shaw, and certain members of the Shaw family and certain related persons (Shaw Family Shareholders) will receive (i) $16.20 in cash and (ii) 0.417206775 Class B Non-Voting Shares of Rogers per Shaw Share held by the Shaw Family Shareholders. The Shaw Transaction is valued at approximately $26 billion, including the assumption of approximately $6 billion of Shaw debt.

The Shaw Transaction will be implemented through a court-approved plan of arrangement under the *Business Corporations Act (Alberta)*. On May 20, 2021, Shaw shareholders voted to approve the Shaw Transaction at a special shareholders meeting. The Court of King's Bench of Alberta issued a final order approving the Shaw Transaction on May 25, 2021. The Shaw Transaction is subject to other customary closing conditions, including compliance with, or receipt of, applicable approvals under the *Competition Act (Canada)* and the *Radiocommunication Act (Canada)* (collectively, Key Regulatory Approvals).

In connection with the Shaw Transaction, we entered into a binding commitment letter for a committed credit facility with a syndicate of banks in an original amount up to $19 billion (see note 19). During the year ended December 31, 2021, we entered into the $6 billion Shaw term loan facility (see note 21), which served to reduce the amount available under the committed credit facility to $13 billion. During the three months ended March 31, 2022, we issued the Shaw senior note financing, which served to reduce the amount available under the committed credit facility to nil and the facility was terminated. We also expect that RCI will either assume Shaw's senior notes or provide a guarantee of Shaw's payment obligations under those senior notes upon closing the Shaw Transaction and, in either case, RCCI will guarantee Shaw's payment obligations under those senior notes.

On March 24, 2022, the CRTC approved our acquisition of Shaw's broadcasting services, subject to a number of conditions and modifications. The CRTC approval only relates to the broadcasting elements of the Shaw Transaction.

On May 9, 2022, the Competition Bureau (Bureau) announced it had filed applications to the Competition Tribunal (Tribunal) opposing the Shaw Transaction and requesting an injunction to prevent closing of the Shaw Transaction until the Bureau's application to challenge the Shaw Transaction could be decided. On May 30, 2022, Rogers and Shaw agreed with the Bureau that we would not seek to close the Shaw Transaction until we reached an agreement with the Bureau or the Tribunal rules in our favour.

On June 17, 2022, we announced a proposed divestiture agreement with Shaw and Quebecor Inc. (Quebecor) for the sale of Freedom Mobile Inc. (Freedom) to Quebecor (Freedom Transaction). The agreement provides for the sale of all Freedom-branded wireless and Internet customers and all of Freedom's infrastructure, spectrum licences, and retail locations. The Freedom Transaction also includes long-term agreements to provide transport (including backhaul and backbone), roaming, and other services to Quebecor. Subsequent to closing, Rogers and Quebecor will provide each other with customary transition services as necessary to operate Freedom's business for a reasonable period of time and to facilitate the separation of Freedom's business from the other businesses and operations of Shaw and its affiliates. The agreement does not contemplate the sale of Shaw Mobile-branded wireless subscribers. Under the terms of the agreement, Quebecor has agreed to pay Shaw $2.85 billion on a cash-free, debt-free basis.

The Freedom Transaction is conditional, among other things, on the completion of the Shaw Transaction, compliance with the *Competition Act (Canada),* and the approval of the Minister of Innovation, Science and Industry and would close

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **72** | **2022 Annual Financial Statements** |

---

------

substantially concurrently with closing of the Shaw Transaction. On August 12, 2022, we announced Rogers and Shaw had entered into definitive agreements with Quebecor.

On October 25, 2022, the Minister for Innovation, Science and Industry as an administrative matter denied our initial March 2021 request to transfer Freedom's spectrum licences to Rogers. In contemplation of the proposed Freedom Transaction, the Minister set out certain conditions (which Quebecor announced its intention to accept) before the Minister would consider approving a transfer of Freedom's spectrum licences to Videotron Inc. (Videotron). On December 31, 2022, the Minister indicated he would not render his decision on the transfer of Freedom's spectrum licences to Videotron until there is clarity on the ongoing legal process arising from the Tribunal's decision. The proposed Freedom Transaction continues to be reviewed by ISED Canada.

The Tribunal proceedings commenced on November 7, 2022 and final oral arguments were completed on December 14, 2022. On December 29, 2022, the Tribunal released its summary decision, dismissing the Bureau's application to block the Shaw Transaction. Subsequently, on December 30, 2022, the Bureau announced it would appeal the Tribunal's decision to the Federal Court of Appeal. The Federal Court of Appeal held a hearing on January 24, 2023, during which it issued a ruling from the bench dismissing the Bureau's appeal and upholding the Tribunal's decision. On January 24, 2023, following the Federal Court of Appeal's decision, the Bureau announced it would not be pursuing a further appeal in the case. On January 25, 2023, the House of Commons Standing Committee on Industry and Technology held a second public hearing regarding the Shaw Transaction, including the proposed Freedom Transaction, at which members of management for Rogers, Shaw, and Quebecor, among others, appeared.

Given the ongoing regulatory process and the parties' continued commitment to the Shaw Transaction, Rogers, Shaw, and the Shaw Family Living Trust have agreed to extend the outside date for closing the Shaw Transaction to March 31, 2023 (with the consent of Quebecor). The outside date for the proposed Freedom Transaction coincides with the outside date of the Shaw Transaction. Nonetheless, the time required for ISED Canada to issue its approval is uncertain and could result in further delays in, or prevent the closing of, the Shaw Transaction and the Freedom Transaction.

Under certain circumstances, if the Key Regulatory Approvals are not obtained, or any law or order relating to the Key Regulatory Approvals or the Competition Act is in effect that would make the consummation of the Shaw Transaction illegal, and the failure to obtain the Key Regulatory Approvals is not caused by, and is not a result of, the failure by Shaw to perform in all material respects any of its covenants or agreements under the arrangement agreement, we would be obligated to pay a $1.2 billion reverse termination fee to Shaw. We would also be responsible to reimburse Shaw for certain costs relating to the May 2021 exercise of our right to require Shaw to redeem its issued and outstanding preferred shares.

---

| | | |
|:---|:---|:---|
| **Rogers Communications Inc.** | **73** | **2022 Annual Financial Statements** |

---