MANAGEMENT’S DISCUSSION AND ANALYSIS OUR STRENGTHS LEADER IN CANADIAN COMMUNICATIONS INDUSTRY SUPERIOR ASSET MIX PROVEN LEADERSHIP AND ENGAGED EMPLOYEE BASE POWERFUL BRANDS LEADING NETWORKS AND INNOVATIVE PRODUCTS MUST-HAVE PRODUCTS AND SERVICES CATEGORY-LEADING MEDIA ASSETS HEALTHY TRADING VOLUMES AND HISTORY OF DIVIDEND GROWTH FINANCIAL STRENGTH AND FLEXIBILITY Majority of revenue and cash flow is generated from wireless and Internet services. Canada’s largest wireless carrier and a leading cable television provider, offering quad-play services (i.e. wireless, television, Internet and telephony) to consumers and businesses. Strong nationally recognized and highly respected premium brands that we believe evoke innovation, entrepreneurial spirit, choice and value. Leading Canadian wireless and cable internet network platforms that have been recognized as offering fastest speeds upon which to deliver the innovative communications, media, information and entertainment services. A leading Canadian provider of communications and entertainment products and services that are becoming increasingly integrated and necessary in today’s world. Unique and complementary collection of leading Canadian broadcast radio and television, specialty TV, sports media and entertainment, publishing and digital media assets. Our common stock actively trades on the TSX and NYSE with an average daily trading volume of approximately 1.6 million shares. Dividends have increased in each of the last 5 years and each share paid an annualized dividend of $1.74 in 2013. In February 2014, we further increased our annualized dividend by 5 % to $1.83. Financially strong with an investment grade balance sheet, conservative debt leverage and significant available liquidity. Experienced performance-oriented management and operating teams, with highly developed industry expertise, supported by the spirit of innovation and an entrepreneurial culture. 30 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT