Management’s Discussion and Analysis FOR THE YEAR ENDED DECEMBER 31, 2013 This Management’s Discussion and Analysis (MD&A) contains important information about our business and our performance for the year ended December 31, 2013. This MD&A is current as of February 12, 2014 and was approved by our Board of Directors. You should read this MD&A together with our 2013 Audited Consolidated Financial Statements and Notes, which have been prepared in accordance with International Financial Reporting Standards (IFRS). We report our results of operations in four segments: Wireless, Cable, Business Solutions and Media. Wireless, Cable and Business Solutions are operated by Rogers Communications Partnership and our other wholly owned subsidiaries. Media is operated by our wholly owned subsidiary Rogers Media Inc. and its subsidiaries. We , us , our , Rogers , Rogers Communications and the Company refer to Rogers Communications Inc. and our subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including our subsidiaries. RCI also holds interests in various investments and ventures. We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). All amounts are in Canadian dollars unless otherwise stated. All percentage changes are calculated using the rounded numbers as they appear in the tables. Charts, graphs and diagrams are included for reference; however, they do not form part of this MD&A. In this MD&A, this year refers to the year ended December 31, 2013, and last year refers to the year ended December 31, 2012. This MD&A includes “forward-looking information” within the meaning of applicable securities laws, and assumptions about, among other things, our business, operations and financial performance and condition approved by management on the date of this MD&A. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates or intentions. Forward-looking information and statements: Actual events and results can be substantially different from what is expressed or implied by forward-looking information because of risks, uncertainties and other factors, many of which are beyond our control. These include but are not limited to: Except as otherwise indicated, this MD&A and our forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be considered or announced or may occur after the date the statement containing the forward-looking information is made. We base our conclusions, forecasts and projections (including the aforementioned guidance) on the following factors, among others: Specific forward-looking information included or incorporated in this document include, but is not limited to, our information and statements under “Financial and Operating Guidance” relating to our 2014 consolidated guidance on adjusted operating profit, property plant and equipment expenditures and after-tax free cash flow. All other statements that are not historical facts are forward-looking statements. Our forward-looking information and statements include forecasts and projections related to the following items, among others: 24 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT GLYPH<129> typically include words like could , expect , may , anticipate , assume , believe , intend , estimate , plan , project , guidance, outlook and similar expressions, although not all forward-looking information and statements include them GLYPH<129> include conclusions, forecasts and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions and other factors, most of which are confidential and proprietary and that we believe to be reasonable at the time they were applied but may prove to be incorrect GLYPH<129> were approved by our management on the date of this MD&A. GLYPH<129> revenue GLYPH<129> adjusted operating profit GLYPH<129> the emergence of new opportunities. GLYPH<129> the level of competitive intensity GLYPH<129> litigation and tax matters GLYPH<129> regulatory changes GLYPH<129> changing conditions in the entertainment, information and communications industries GLYPH<129> unanticipated changes in content or equipment costs GLYPH<129> the integration of acquisitions GLYPH<129> technological change GLYPH<129> economic conditions GLYPH<129> new interpretations and new accounting standards from accounting standards bodies GLYPH<129> general economic and industry growth rates GLYPH<129> currency exchange rates GLYPH<129> product pricing levels and competitive intensity GLYPH<129> subscriber growth GLYPH<129> pricing, usage and churn rates GLYPH<129> changes in government regulation GLYPH<129> availability of devices GLYPH<129> technology deployment GLYPH<129> timing of new product launches GLYPH<129> content and equipment costs GLYPH<129> the integration of acquisitions GLYPH<129> industry structure and stability. GLYPH<129> property, plant and equipment expenditures GLYPH<129> cash income tax payments GLYPH<129> free cash flow before and after cash income taxes GLYPH<129> dividend payments GLYPH<129> expected growth in subscribers and the services they subscribe to GLYPH<129> the cost of acquiring and retaining subscribers and deployment of new services GLYPH<129> continued cost reductions and efficiency improvements GLYPH<129> the growth of new products and services GLYPH<129> all other statements that are not historical facts. RISKS AND UNCERTAINTIES ABOUT FORWARD-LOOKING INFORMATION