MANAGEMENT’S DISCUSSION  AN D ANALYSIS DIVIDENDS AND SHARE INFORMATION Dividends 2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 65 ANNUALIZED DIVIDENDS PER SHARE AT YEAR END ($) 2013 2012 2011 $1.74 $1.58 $1.42 In February 2014, the Board approved an increase in the annualized dividend rate to $1.83 per Class A Voting and Class B Non-Voting share, a dividend increase to be paid in quarterly amounts of $0.4575 per share. In February 2013 the Board increased the annualized dividend rate from $1.58 to $1.74 per Class A Voting and Class B Non- Voting share. Quarterly dividends are only paid as declared by our Board. The table below shows when dividends have been declared and paid on both classes of shares over the past two years: We expect that the record and payment dates for the 2014 declaration of dividends to be as follows, subject to the declaration by our Board each quarter at their sole discretion: We use the weighted average number of shares outstanding to calculate earnings per share. See “Non-GAAP Measures” for more information. Declaration date Record date Payment date Dividend per share Dividends paid (in millions) February 21, 2012 March 19, 2012 April 2, 2012 $0.395 $207 April 25, 2012 June 15, 2012 July 3, 2012 $0.395 $205 August 15, 2012 September 14, 2012 October 3, 2012 $0.395 $204 October 24, 2012 December 14, 2012 January 2, 2013 $0.395 $204 February 14, 2013 March 15, 2013 April 2, 2013 $0.435 $224 April 23, 2013 June 14, 2013 July 3, 2013 $0.435 $224 August 15, 2013 September 13, 2013 October 2, 2013 $0.435 $224 October 23, 2013 December 13, 2013 January 2, 2014 $0.435 $224 Record date Payment date March 14, 2014 April 4, 2014 June 13, 2014 July 4, 2014 September 12, 2014 October 3, 2014 December 11, 2014 January 2, 2015 End of period weighted average number of shares outstanding (Number of shares outstanding in millions) Years ended December 31 2013 2012 Basic weighted average number of shares outstanding 515 519 Diluted weighted average number of shares outstanding 518 522 Outstanding Common S hares The table below shows our outstanding common shares at December 31, 2013 and 2012. In 2013, we purchased a total of 546,674 Class B Non-Voting shares for cancellation according to our normal course issuer bid for approximately $22 million. See Note 23 to our 2013 audited consolidated financial statements for more information. 1 Holders of our Class B Non-Voting shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Voting shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Voting shares may be made on different terms than the offer to the holders of Class B Non-Voting shares. At December 31 shares outstanding 2013 2012 Common shares 1 Class A Voting 112,462,000 112,462,014 Class B Non-Voting 402,281,178 402,788,156 Total common shares 514,743,178 515,250,170 Options to purchase Class B Non- Voting shares Outstanding options 6,368,403 8,734,028 Outstanding options exercisable 4,066,698 4,638,496