This Management’s Discussion and Analysis (“MD&A”) of Rogers Sugar Inc.’s (“Rogers”) audited  consolidated financial statements for the years ended September 28, 2013 and September 29, 2012 should  be read in conjunction with the audited consolidated financial statements and related notes for the years  ended September 28, 2013 and September 29, 2012.  All financial information contained in this MD&A and audited consolidated financial statements are prepared in accordance  with International Financial Reporting Standards (“IFRS”).The 2009 and previous Rogers’s consolidated financial statements  were prepared in accordance with previous Canadian Generally Accepted Accounting Principles. For more information  regarding the conversion to IFRS, refer to the September 29, 2012 MD&A and audited consolidated financial statements.All  amounts are in Canadian dollars unless otherwise noted, and the term “dollar”, as well as the symbols “$”, designate Canadian  dollars unless otherwise indicated. Rogers’s audited consolidated financial statements have been approved by its Board of Directors upon the recommendation  of its audit committee prior to release.This MD&A is dated November 14, 2013. Additional information relating to Rogers and Lantic Inc., including the Annual Information Form, Quarterly and Annual  reports and supplementary information is available on the Rogers’s website at www.rogerssugar.com or on the SEDAR  website at www.sedar.com.  In analyzing the results, we supplement the use of financial measures that are calculated and presented in accordance with  IFRS with a number of non-GAAP financial measures.A non-GAAP financial measure is a numerical measure of a company’s  performance, financial position or cash flow that excludes (includes) amounts, or is subject to adjustments that have the  effect of excluding (including) amounts, that are included (excluded) in most directly comparable measures calculated and  presented in accordance with IFRS. Non-GAAP financial measures are not standardized; therefore, it may not be possible  to compare these financial measures with the non-GAAP financial measures of other companies having the same or similar  businesses.We strongly encourage investors to review the audited consolidated financial statements and publicly filed reports  in their entirety, and not to rely on any single financial measure. We use these non-GAAP financial measures in addition to, and in conjunction with, results presented in accordance with  IFRS.These non-GAAP financial measures reflect an additional way of viewing aspects of the operations that, when viewed  with the IFRS results and the accompanying reconciliations to corresponding IFRS financial measures, may provide a more  complete understanding of factors and trends affecting our business. In the MD&A, we discuss the non-GAAP financial measures, including the reasons why we believe these measures provide  useful information regarding the financial condition, results of operations, cash flows and financial position, as applicable.  We also discuss, to the extent material, the additional purposes, if any, for which these measures are used. Reconciliations  of non-GAAP financial measures to the most directly comparable IFRS financial measures are also contained in this MD&A. Rogers Sugar Inc. 4 NON-GAAP MEASURES ManageMent’s Discussion anD analysis